Anyone know where I can get some money to start my lingerie business?

Question

My boyfriend and I have been wanting to start a Lingerie Business for a couple years now. We just need the funds to get started. We both have poor credit becuase of things when we were 18..we are working on fixing it but its gunna take a while. So do you know of any place that could help us with the funds to start it?

Answer 1

You can start your business with little capital -- but it will not be easy. But if you're willing to work hard, and be creative and willing to learn, you can surely do it.

With poor credit or limited money, getting a low-cost loan from the Small Business Administration will be a difficult option. In SBA's document "CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW" http://www.sba.gov/financing/preparation... you can qualify for an SBA loan if you have 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.

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:

How to Raise Money to Start a Business http://www.powerhomebiz.com/vol8/HowtoRaise.htm
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

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!

Answer 3

check out this site www.fredericks.com ..

Its a very simple and impressive online lingerie store..

Maybe you guys should start something online first and if your products are good and if you guys have the right tools and knowledge to promote your site online.. then im sure there is nothing thats gonna stop you guys from not just making money but also enough money to start your own Lingerie company..

a good idea is to have a collection of Lingerie brands on your site and slowly in time .. you should start promoting your own brand design, fabric, what not.. etc.. and im sure the money will come to you guys thru your online store..

Good luck to you guys..

i got some ideas about this maybe we should catch up sometime on my yahoo messager.. my id is rizwangroup

- Riz

Answer 4

I know banks are not really loaning money right now! But I have recently tried a few things

I took this test to see if I would qualify : Your credit has to be above 690 or someone else
http://www.fundabilitytest.com/10430

Also : Angel Investor Group

And : women start up funding

Kickstarter

I hope this helps!!
You need more than 10 grand!! FYI it takes a lot !! You can do it!! Bless you!

Answer 5

If you own a home you can take a home loan...contact [e-mail] maybe she can help you. If that doesn't work, search the internet for government small business loans

Answer 6

Going to need credit. Or find a sub-co-signer. =)

Eek. Have to find somone you trust.

Or find a reasonable bank, and see what they can do for you.

LOOK AROUND!!

=)

Answer 7

model your creations

Answer 8

www.prosper.com