starting a business

[jims plan b]

i want to start my own business and need some captial has any one had any luck with grants or sba loans?
where do i even start ? i am not sure about all the sites that come up when you do a search on line ...so many scams out there. any help would be great.

 

[aspeck]

Re: starting a business

First place I would go is your LOCAL Chamber of Commerce. They should be able to direct you and help you with the business plans necessary to apply for the applicable grants and low interest loans available in your area.

 

[CaptainKickback]

Re: starting a business

Start with your local bank. They will do all the SBA paperwork. You'll get the loan through the bank.

 

[Beefer]

Re: starting a business

Put 51% in your wife's name. If she's a minority as well, that'll help even more. Now if you don't trust/like your wife, then I have no constructive input for you.

 

[southkogs]

Re: starting a business

Watch yer' tail out there right now starting a business on borrowed capital - the market is REAL uneasy, and ROI can be a bit difficult to achieve quickly.

I like the check the local Chamber route, but you may also call some similar businesses outside of your market area and see how they financed.

 

[ziggy]

Re: starting a business

where do i even start ?

this may not be helpful. but i started $100 out of my paycheck ea. pay period while i was still employed. after about the first three years of this, i started doing my biz part time, after hours, while still being employed. that went on for another 10 or so years before i finally made the jump to un (self) employed. my small biz has always operated in the black.

 

[skargo]

Re: starting a business

Put 51% in your wife's name. If she's a minority as well, that'll help even more. Now if you don't trust/like your wife, then I have no constructive input for you.

I wish I could find out more. My wife and I both own our own businesses. My wife has had hers for 3 years and no added benefits to her being female.

 

[aspeck]

Re: starting a business

Put 51% in your wife's name. If she's a minority as well, that'll help even more. Now if you don't trust/like your wife, then I have no constructive input for you.

Only helps if you are doing government contracts or contracts with people who are doing gov. contracts... so depends on your business.

 

[Beefer]

Re: starting a business

Along with the gubberment, we found it also has helped with accessing credit. According to all paperwork, my wife owns 90%, I own 10%. The banks have seemed to like it so far.

 

[jims plan b]

Re: starting a business

Thanks for the input every one ...it is "her that rules" that wants to start some thing, She wants a thrift store in the town we live in and maybe in the next town over as well. We both feel that it would work out well here as there is a good population, but low income. The yard sale bizz on the week ends is in full swing around here with people needing every day items at below what they would have to pay for new. She has the idea of buying storage lockers and advertising to buy out your yard sale items befor you do a yard sale of your own in order to stock the stores as well as consignment sales

 

[skargo]

Re: starting a business

Interesting, my wife has a consignment shop.

 

[jims plan b]

Re: starting a business

Skargo i have sent you a PM

 

[Bob_VT]

Re: starting a business

http://www.sba.gov/content/small-business-development-centers-sbdcs

 

[oops!]

Re: starting a business

Thanks for the input every one ...it is "her that rules" that wants to start some thing, She wants a thrift store in the town we live in and maybe in the next town over as well. We both feel that it would work out well here as there is a good population, but low income. The yard sale bizz on the week ends is in full swing around here with people needing every day items at below what they would have to pay for new. She has the idea of buying storage lockers and advertising to buy out your yard sale items befor you do a yard sale of your own in order to stock the stores as well as consignment sales

i started my new and used furniture store from an auction and 5 bux......with in a few years.....i had 2 stores, a semi, a fleet of delivery vehicles 35 full time employees, over 30.000 sq feet combined. was doing close to 2 mill a year.....and all my money.......if you start buying and selling......you wont need a bank. just grow naturally.

to me....that locker acution show is a joke.......small fish. really small fish......but you gotta start somewhere.....

i just went down when the market crashed in nov 08. (and many many goverment audits )...

im about to start another business that is far less labour intensive.

if i was to start another...i would buy into the franchise of habitat for humaniity resale stores....

 

[southkogs]

Re: starting a business

^^^^ That was my veiled point earlier ^^^^

I've seen too many businesses in the last 5 or 6 years leveraged to the hilt just to keep the wheels turning. I've never owned my own though, so it's tough to speak from experience.

 

[sublauxation]

Re: starting a business

I started with a home equity line. Friend of mine had an SBA loan and the terms were lousy in comparison. My best advice is to keep overhead low. I started with grander plans than I should have and it cost me about 55K over the last 7 years including unneeded build out. I tried to grow into a space instead of growing out of a smaller space. There are some pretty cheap and easy computer programs for processing credit cards and stuff like that. I probably save $600 a year by just refilling my own printer cartridges (some are really easy to do). My friends dad owns a bunch of Gift shops in Door Cty WI. He swears it's better to have a small store and pack it full..as long as it's organized, than having a big store with lots of open space.
Good luck!

 

[chriscraft254]

Re: starting a business

Self financing is fine, but if you go bankrupt at any point, all your hard earned/invested money is down the drain. Get a business loan or a grant if you can and then you can go bankrupt without losing your own money. I'm joking, but not really. Make sure your business is a LLC or limited liability company also. By the way,pawn shop will make you more money than consignment. You don't see to many pawn shops go out of business, they thrive on the down times, which is all to often these days. Good luck. I would like to open a nice bar.

 

[skargo]

Re: starting a business

Self financing is fine, but if you go bankrupt at any point, all your hard earned/invested money is down the drain. Get a business loan or a grant if you can and then you can go bankrupt without losing your own money. I'm joking, but not really. Make sure your business is a LLC or limited liability company also. By the way,pawn shop will make you more money than consignment. You don't see to many pawn shops go out of business, they thrive on the down times, which is all to often these days. Good luck. I would like to open a nice bar.

My wife's consignment shop makes great money, and has been in business almost 30 years. They also thrive on down times. How many pawn shops and consignment shops have you owned?

 

[chriscraft254]

Re: starting a business

My wife's consignment shop makes great money, and has been in business almost 30 years. They also thrive on down times. How many pawn shops and consignment shops have you owned?

One! Do you make interest money? Nope!

 

[jims plan b]

Re: starting a business

please lets not get in to a fight over who has the better shop We are just looking for some advice and ideas here not who has the bigger @#&*