What do you need to do to set up your own business?
2006-08-12 06:58:03 · 11 answers · asked by Lavenderrose 2 in Business & Finance ➔ Small Business
yes if you plan to get loans or grants to assist you in starting your business.
no if you have the funds available to you to start your business
if you have the funds decide what type of business you want to open, complete a business plan [include a cost projection, ]
and then look up city, county and state requirements to be legal, and irs good luck
2006-08-15 15:42:56 · answer #1 · answered by churchonthewayseniors 6 · 0⤊ 0⤋
If you have loads of cash you will not need credit . They will look at your credit rating and as the owner of the company they will base alot on that . If you have a great credit score you will probably pay . If you have a lousy credit score chances are you will not pay and they will not grant you credit based on your history . My credit rating was 758 and i had no problem getting credit . I just picked the wrong product . I was the largest Black and white manufacturer of TVs in the world . I nebver envisioned color being so big . Then with the gas crisis I bought the largest { actually only } buggy whip manufacturer in the world and that went south too . Guess I am just a loser .
2006-08-12 09:54:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No you don't have to have good credit but it does help. All you need to do is get a business license unless you are running a business that calls for human consumption. You can start most businesses on a shoestring budget if they are businesses you are starting from scratch. I would devise a business plan it does not have to be formal unless you are going to the bank for a loan. Thus there would be where you would have to have the good credit. Otherwise go for it. Good luck.
2006-08-12 12:04:51 · answer #3 · answered by Medical and Business Information 5 · 0⤊ 0⤋
A good credit rating opens the bank doors brother and helps in business.
2006-08-12 20:24:20 · answer #4 · answered by fistfull-of-$ 3 · 0⤊ 0⤋
No, you don't need any credit at all, in theory.
Most business fail because they don't have enough start-up capital. So basically you need enough money to keep above water until the business grows enough to be self sustaining.
Most start-up capital comes from personal savings, home equity (a very bad idea, IMHO) or venture capital.
2006-08-12 07:04:11 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
the short answer is no, however if you have a negative rating then you will find v. difficult to borrow money on business to finance it, also obtaining Merchant Services (taking credit card payments may prove difficult)
2006-08-12 07:09:13 · answer #6 · answered by CHARLOTTE B 3 · 0⤊ 0⤋
One wager would be going to the SBA and seeing in the event that they'd assist you with getting a private loan. by utilising dealing with them, they'd leverage a greater useful loan then you definately would have the skill to get on your man or woman. One observe to warning, based upon your business enterprise in techniques, the 10k you estimate won't be adequate for persisted opperations to your business enterprise. you are able to truly forcast your expenses and ensure that the inital loan which you're inquiring for would be adequate for 6months-one 3 hundred and sixty 5 days till now your business enterprise will exchange into worthwhile. final situation you opt for for whilst commencing out is to ask for 10k then discover out some months later you are able to have asked for 15k, via fact getting that 5k afterwards would be lots tougher. A financial business enterprise will think of that your business enterprise is failing, whilst its in certainty doing properly yet you opt for for the greater capital to maintain up with call for. The third situation you are able to attempt is going to a private financial business enterprise your self. basically flow in case you have a valid business enterprise plan, they're going to learn it and look at the prospect of the non-public loan based upon it. additionally Small businesses are greater risky then a loan so the cost would be greater. Goodluck!
2016-11-04 10:48:50 · answer #7 · answered by pachter 4 · 0⤊ 0⤋
no lots of money because people do not pay you. forget business plans just have good accounts that chase the money all the time
2006-08-12 07:02:51 · answer #8 · answered by brandit2001uk 3 · 0⤊ 0⤋
we run our own buisness and it doesn't take a fortune take a look at our web site you could apply for the info its free
2006-08-12 10:53:52 · answer #9 · answered by dizzydogblack 2 · 0⤊ 0⤋
only if you need to borrow. You'll need a good business plan.
2006-08-12 07:01:52 · answer #10 · answered by Gypsie 5 · 0⤊ 0⤋