E&PP - Buisness and financial advice

The aim of todays exercise was to visit some banks and retrieve information relevant to opening a business after university. This proved to to be a great insight into how to get the ball rolling when starting a new business venture, it was very appropriatte also and marc and i are aiming to do the exact same thing once graduated in trying to open a studio for our design company OBEKO.

We decided upon visiting HSBC located in St Davids street Cardiff as it was our own personal branch, we concluded that as we were some what familar with their methods it was best to seek their advice first. Upon arrival we were greeted through the doors by a polite business adviser almost immediatly. We explained what that we were seeking informative advice into what they can offer in financial support and service in helping us set up the studio. The business adviser offered us some brochures concerning the topics and asked us then to sit down and discuss further about what we were looking for. He then advised us about opening up a buisness account with them but it proved to be very costley to use when taking on all the added costs and implications. He advised to begin it would be easier to set up a joint account until we deal with larger amounts of money annually, we could then think about opening a buisness account.

The adviser then went on to say that while it being a tedious and hard working process they will try support us in every way they can giving the best financial advice and support possible, which we re-assuring. As starting a new business can have its downfalls with an over clouding dept we then discussed about getting buisness grants and they where very helpful. He said that until he takes a closer look as our business plan, figures and forecasts he can not help much further as when he gets this information they can asses in properly and judge what they can offer in terms of financial loans. We were then advised to seek out grants for graduates from people such as venture wales who help young graduates recieve a KEF grant. Since then we have looked into the process and are due to meet with venture wales about the possibility of delivering our business plan.

Overall HSBC were very informative, supportive and most important friendly they did not seem be-littling in any way. The adviser was clear in what had to be done aswell as giving in hand information packs and applications to get us started. I would recommend them to anyone after this meeting to be honest they were very helpful.