What can I do to prepare for business startup?

[kirstyamy]

Hi everyone,

Just a quick question really...

Bit of background... My partner is going through recruitment to the police but it has been put of hold for at least a year, more like a few years, due to government funding. We have a 16 month old daughter who I look after full time.

I inherited some money from my late father a few years ago and was able to buy a house outright, which is worth about £135k atm ( I bought it for £150k)

I have always been interested in property development and it is something that I would seriously LOVE to follow as a career. I dont feel that this is viable until my parter has got a steady income though, so that we are able to live on his income incase anything were to go wrong with any properties.

What I want to know really is if there is anything I can do to "prepare" for setting up a business in the meantime, over the next few years?
Is there anything that you wish you'd learnt etc before becoming a property developer?

Thankyou for taking the time to read this
Kirsty

[kirstyamy]

I forgot to say, my main reason for waiting until my partner gets his job is that I do not want to sell my house in order to buy a project.

I want to get a mortgage on my development property so that I can keep a secure home for my family. The mortgage would be paid for with my partners income.

[googler]

What makes you think that you can make money developing property in the current climate?

Given the current lack of availability of mortgages, do you think anyone is prepared to pay (say) a £40k premium on a house that you've redevloped with (say) £20k of work and materials?

What happens if property prices continue to fall? How will you make money?

As regards preparing to start a business -

Make a Business Plan
Do some financial projections
Review Business Plan with a trusted advisor or mentor
Revise Business Plan and review again