There are ways to finance the first year of the business without having the all the funds yourself. Some other options are:
- Grants: development loans may be available if you live in certain parts of the UK
- Loan guarantee scheme: there is a scheme called the small business loan guarantee scheme which provides loans to start up businesses at reasonable rates. It is specifically helpful where you don’t have the assets to back a conventional loan
- Bank loans: having a business plan to explain your thoughts and assets you can use will help enormously
I have not included venture capital as while it is a theoretical source of funding, I doubt its relevance at this stage.