I want to start a clothing retail store in Dallas, TX. What do I need to start? Are there any grants...?

Question

Are there any grants that can aid me in building this business? Do the same clothing companies distribute the apparel, or somebody else? How can the SBA help me out. I'm going through a tough financial crisis, and am NOT able to get a loan. What does "capita" mean? Your assistance is appreciated.

I don't have a credit card. Is it necessary to apply for one to start my business? By the way, I'm running short on money. Yes, yes... I know how credit cards work.

Answer 1

The SBA can help you learn about how to start your business and help you get a loan -- if and only if you are able to meet their requirements. Unfortunately, SBA loans require equity investment (they want to see you invested in your business) and collateral. If you don't have those things, then it is impossible to get SBA loans.

It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html...

"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."

Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

For private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.

You have several options at this point:

1. Downscale your plans
2. Wait until your financial condition improves
3. Find an investor to bankroll your business

It is hard to start a retail business with limited cash. Your landlord will not care if you don't have a sale as long you pay your store rent every month.

Answer 2

I don't know anything about grants etc but let me tell you a few things that should help. First I am a former Loss Prevention Manager for a major retailer so I do know what I am talking about. If you want to be a success you should do one of two things.

Have a Loss Prevention Department

or

Hire a consultant to show you how to reduce shrinkage

Now matter how much you sale if you lose money to internal or external theft and in store accidents you wont make it. Protect your profits! Even some small stores like DD's and Ross have LP departments. These Loss Prevention people will be able to reduce shrink monitor it as well as document. I might add after time word of mouth will get out and some theft will be reduced this way as well. There is a reason major retailers have LP on staff use their example

Answer 3

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Start Your Own Clothing Store (Entrepreneur Magazine's Start Up) by Entrepreneur Press
* Start and Run a Profitable Retail Business by Jim Dion, Ted Topping
* Retail Business Kit for Dummies by Rick Segel
* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
* So You Want To Own The Store: Secrets to Running a Successful Retail Operation by Mort Brown

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!

Answer 4

If you are in a finance crisis and have bad credit and no one with very deep pockets you will not be able to start a large clothing store. If however you plan to do a recycled clothing store try starting it on the net where your over head is low. If you were a venture capitalist would you invest in your self why and why not be honest and fix your faults.
Here is a plan that will work for you
Many will pay and never learn the knowledge that I am about to tell you. This is the secret. Most people who start businesses will have to come up with their own starting capital. So save this list and when you feel you will never reach your finical goals read it. I failed many times prior to succeeding.
Work hard, save harder. Buy appreciating assets such as land and homes and never borrow to buy a car (at least not until you can deduct the interest). Learn about the world and its financial markets, learn about risk, Learn how to read contracts, how interest works and Get a college education in anything you like (it may not make you lots of money but it will gain you respect with those who matter and teach you about the world). Ask your self do you want to be rich to buy deprecating assets or to own your time thereby controlling your life. If you can not afford college fill out the FASFA the US government will Pell Grant your college education or will give you pretty good loans if you do not qualify for grants. This may not make you rich but It will guarantee you a finically secure life. Use the following web sites to educate your self on saving, business and learn about the currencies that the world uses below you can open a free account to play like a game https://fxtrade.oanda.com/
http://www.pcbanker.com/ http://troubleshooter.com/

Answer 5

add this to your retail store, you will get more customer.

Answer 6

Yes, there are grants, just have to do research. Yes, starting a clothing store is a nice dream but I don't want to smash it, but you will have lots of competion. What kind of advertising do you plan to do. You will need lots for Dallas. You will have to be a niche. Are you prepared to work long hours, have lazy employees that may steal from you, cust. steal. You probably will have to buy your merchandise, you may have to really reduce it if it's not flying off the racks. Will you be prepared to deal with a/c breaking down if not in lease agreement, lots of questions. The answer above is really good. People will steal from you and that a fact. You can go help a cust. and be back, a thief just took off with merchandise. Employees stealing merchandise, stealing from "fake" refunds. My store averages over $1500 loss in 4 month period and that's good! Good luck.

Answer 7

There are few companies out there that will lend money to applicants with poor credit; however, I can steer you in the right direction. You can use a personal asset to secure start-up funds, such as a car, watch, jewelry, art, boat or any just about any asset of value. There is NEVER a credit check and the loan usually funds within 24 hours.

The lender would loan you money using your personal asset(s) as the basis for the loan. Your asset is returned to you when your loan is paid back (our loans are usually 6 months in length).

If you can’t fully pay the loan back when it is due, you may opt to extend by creating a new loan, or let us assist you with the sale of your asset(s). You will receive a check for the full sale price less what you may owe.

One company that offers a personal loan to start a business is Flexborrow. Flexborrow lends when others will not, with speed, ease, and convenience. Flexborrow has the flexibility to make loans for just about any amount, depending on collateral.

I work for Flexborrow and I think we can help you.

Answer 8

I've just got back from Hong Kong and china..helping people started their boutique..Let me know if u need my profeesinal help:-)