Starting a small business...?

Question

My husband has been wanting to start his own "hot shotting" business and I was wondering if anyone knew of any types of loans to apply for. We are new at all this business stuff so I am not sure what we need to be looking for. He will probably need around a 75,000 dollar loan. Do I look for a small business loan or what?

Answer 1

Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"

Here are six steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market

I recommend that you read the following books:

- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed

If you are looking for a low-cost loan, go to the Small Business Administration. In SBA's document "CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW" http://www.sba.gov/financing/preparation/qualify.html you can learn how you can qualify for an SBA loan. Two of the requirements are equity investment and collateral -- which both means money. SBA wants to see that you yourself is invested in your business, so they want to make sure that you have money in your business as well. Without money, then you cannot be approved for a loan.

Here are some articles that can give you ideas of what to do when you want to start a business yet you do not have capital:

Starting a Business with Little Cash? http://www.powerhomebiz.com/vol30/nocash.htm
10 Rules for Starting A Business on a Shoestring Budget http://www.powerhomebiz.com/vol70/shoestringrules.htm
No Money? No Problem! http://www.entrepreneur.com/article/0,4621,288954,00.html
Seth Godin's Bootstrapper Bible http://www.changethis.com/8.BootstrappersBible
How to Start a Business With No Money http://www.smbtrendwire.com/start-business-no-money/

I suggest you read the following books as well. Borrow them from your library or buy them from your favorite bookstore

- 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
- The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki

It may help you if you could talk with a small business expert or free mentors to give you ideas on how to make your dream of starting a business come true even without money. Here are some places where you can find a mentor:

Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org
Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
Industry and trade associations
Local business groups, such as the chamber of commerce
Local chapters of business groups

Answer 2

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

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

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

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 3

Find Small Business Administration (SBA) in your area, they should be in the telephone book. They'll help you from conception to getting it off the ground, including loans. But, basically, you need to think through the entire business cycle and create a draft business plan, which includes among other things market research. Establishing a name is another thing and type of entity it will be has an important legal and tax consequences.

Answer 4

Not sure what you mean by "hot shotting", and it depends upon his experience and background, as well as, to some extent, your personal credit history, but the previous person who answered absolutely had the right idea with the SBA. I personally recommend their web page and a LOT of research before you actually go and talk to them.

Once you click on the link below, there are multiple areas that can help you. I personally would start in the area on the top, right side "starting a business", "financing your business", etc.

Answer 5

Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m

Answer 6

I will advocate you to devise an commercial procedure for your online business. Today commencing a brand new trade isn't that significant venture however precise venture is to market it that trade in a greater method. Start a trade which has scope to your field. Whenever any person thinks to begin new trade first he/she must do not forget field (nation, state and goal shoppers) then make a correct procedure for brand spanking new trade.

Answer 7

Yeah, I can understand your situation. Starting a small business is not that much easy at initial level but by using proper planning and strategies you will surely get positive results.