We desperately need start up funds. We have a business plan and market research that is 2 years in the making. I have Incorporated, but can barely pay my personal bills, let alone fund my business. my have some great innovative ideas and are certain it will be profitable, quickly.
The problem with angel investors is that they tend to invest in It companies etc. We are custom Motorcycle builders. Our vision consists of us being the ONE place for people to go for ALL their custom needs. Basically one-stop-shopping for custom work. Be it motorcycles, automotive, or even tractor/trailer rigs. Our diverse pool of talent has immense experience in all these areas.
2006-06-20 05:30:28 · 8 answers · asked by Anonymous in Business & Finance ➔ Corporations
Honey, dont fret!!
Your government can help.
go to your local SBA small business administration dept.
if you qualify, they help you start up with a loan with a very affordable low interest. if your a woman or a minority you hit the jackpot!
2006-06-20 05:36:17 · answer #1 · answered by mgllpz 3 · 0⤊ 0⤋
You can probably find some SBA loans, but the disadvantage to these are the length of time it takes to secure them. I am assuming you have already tried friends and family as sources of funding to no avail.
The other major option, and potentially the best option, is angel investment. An angel investor is typically a wealthy individual, many times with experience in starting a company. Depending on the angel, they can provide anywhere from $10,000 up to $500,000 or more.
Angel investors usually invest close to where they live so they can watch their investments more easily, so try networking with local professionals i.e. lawyers, accountants, etc. if you don't know any right now.
There are also some groups of angels with websites as some others have mentioned. The Go BIG Network, at www.gobignetwork.com, has also connected many entrepreneurs with angel investors.
You should be prepared to show any investors your financials and why they are reasonable along with the other basics in any business plan. They may want to know the reason behind your lack of money--if it is poor management on your part, then they may want you to hire capable people to handle that aspect.
2006-06-28 04:23:50 · answer #2 · answered by Wendell G 1 · 0⤊ 0⤋
To get started, I suggest contacting the Small Business Administration Financing Page (SBA) – links below. Entrepreneur also offers a great site dedicated to money & finance – see below.
Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:
* Free Money for Small Businesses and Entrepreneurs by Laurie Blum
* Finding Money: The Small Business Guide to Financing (Small Business Series) by Kate Lister, Tom Harnish
* Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-06-22 08:40:29 · answer #3 · answered by TM Express™ 7 · 0⤊ 0⤋
I think you need investors for your corporation. Unfortunately, their attention can be hard to get, so I would recommend making a business plan and some financial projections - otherwise, they won't listen to you!! However, if both of those things are good, investors should be happy to hand over their money to you.
Also, make sure you protect your business, even if you have to hire an expensive attorney to handle those things. It may seem like a lot now, but leaving something unprotected could run your business through the wall.
Looks like a good idea, though!
2006-06-20 05:38:36 · answer #4 · answered by Josefina R 2 · 0⤊ 0⤋
If you have bad credit or little money to work with, you can start out by brokering. Find a trusted supplier for the goods you would like to sell and establish a relationship with them. With some goods, its difficult to find honest and trustworthy suppliers. Once you determine you have a reliable source, start advertising your goods online. You can do this on various websites for free such as blogs, forums, chat rooms, etc. Eventually, you will find someone interested in your items. Set up a safe payment method for them such as a merchant account or Paypal, let them pay you, and you forward the order to your supplier. He sends you the goods and you ship them out to your client. You could also use a dropshipper if you wish, but I have found that many are scams or have poor customer service. Just a thought... Good Luck!
2016-05-20 05:03:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go to your future customers - try local bike clubs. Also check the chamber of commerce where you want to start the business if they have small business loans available or go to a bank and get a loan.
2006-06-20 05:35:32 · answer #6 · answered by parsonsel 6 · 0⤊ 0⤋
best place to start a buisness is in new york or Philidelphia.
2006-07-01 03:44:01 · answer #7 · answered by faithfulgodsend 1 · 0⤊ 0⤋
SBA, Banks, and the lottery
2006-06-20 06:55:51 · answer #8 · answered by ES 3 · 0⤊ 0⤋
How much do you need?
2006-06-20 11:55:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋