On Friday i will have only two more payments left on a 5year IVA. Woo hoo!!! Now is the time I have allowed myself to look into the future for when I have the Completion certificate in my hand. My query is this....
I currently have a job that I desperately want to leave but will only leave once I have the completion certificate. My dream then is to start my own business. There is a gap in the market in my town and I think I can fill it!!! Is this a dream far out of reach guys or is it possible to start a business so soon after an IVA???? Staying in my current job will leave me on medication to get thru the days (no joke) so I want out. Any, any advice will be greatly received.
My hopes and dreams are pinned on your replies so be kind!!! [:D]
Thanks
at least we are living and not just existing...
Last payment left account 10th March 2014
IVA finished on the 25th March 2014
Hi. There is no reason caused by the IVA that would stop you starting your own business. You will have to work the finances out really thoroughly though as, of course, credit will be hard to come by, so the new business won't be able to borrow and trade accounts will be problematic for a while.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My line of business would be floristry. Our town is crying out for a decent florist!! I would have issues getting card payment readers but I could get around that for a year or so until the IVA had dropped off my files. Guess I would go as a sole trader and gingerly ask my bank about a second account. They may not credit check me as we have run a clean account with them for 5 years (or maybe that's wishful thinking). Just so excited that this dream may actually become a reality. As a family we would live off my husbands wage. As my wage pays the IVA and current professional fees once we are free of the IVA payments it's money we technically would not miss, if you know what I mean!
at least we are living and not just existing...
Last payment left account 10th March 2014
IVA finished on the 25th March 2014
Oh I am so jealous! For years I have wanted to do the same thing - and will do when I retire!
Be careful about placing too much business with internet based retailers such as Interflora. They demand very inflexible stocking requirements, which can often leave you paying for perishable goods which will not be used, and their commissions are high. A good local reputation will earn more money in the long run.
That is great advice Melanie, Thankyou. I am hoping cash flow won't be a MASSIVE issue as I will make customers pay upfront for weddings, funerals etc. No payment, no flowers!! That way the customers will already have paid for their flowers and sundries before I have even bought them! Will keep perishables to a minimum for sure. Can even see my window displays in my head!! It's what gets me thru my days at work.....
at least we are living and not just existing...
Last payment left account 10th March 2014
IVA finished on the 25th March 2014
I wish you the best of luck. One of my former clients locally now runs a florist, and she has managed to get some good contracts with our local football and rugby clubs, and also corporate clients who like to have nice flowers in their reception areas.
In my office we hire office plants from a floristry firm, and they come to water them and tidy them up every week. The service is very cheap, so worth considering as a sideline as well.
