I want to set up my own business but have no money and bad credit!?

Question

I cant get credit so a bank loan is out of the question. I work and want to make some textiles items in my spare time to make some extra money but I need some money to pay for the initial equipment costs. How can I get funding? I cant afford to save! I know if you are on benefits for 26 weeks they give you a grant but this isnt my style. Any sensible advice would be greatly appreciated.

Answer 1

You can start your business with no money -- 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, getting a low-cost loan from the Small Business Administration will not be an option. In SBA's document "CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW" http://www.sba.gov/financing/preparation/qualify.html 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:

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

Here are some tips on how you can start a business and earn more money even if you are short of cash today:

1. Find a business that you can start for little money (e.g. an errand business where your main cost is telephone and gasoline is easier to start than starting a Subway franchise)

2. Consider your time and effort - if you have little cash, you may have to work harder for the money because you will have no resource to outsource or employ others to do certain tasks for you; or you have no money to buy equipment so you can only do certain things the long way

3. Get your creative juices flowing. With no money, the only thing you have is your imagination. Be creative and find ways to get things done

4. Be prepared to do all the work yourself - from doing your business plan, finding financing, writing emails, shipping and handling, marketing or whatever processes your business requires.

5. Be prepared to invite investors - you may need financing help from someone down the road so be prepared to share some of the pie.

Answer 2

TV is produced to the cheapest common denominator - i.e., the average IQ of the general public, whereas a reserve is written to the highest common denominator

Answer 3

I love watching television, The pet is cherished by me shows, the medical shows and the Judges and court docket shows

Answer 4

I don't know your personal situation, but it sounds like you need to find a better way to make $ then you have to discipline yourself and save about 10% of every paycheck and get yourself financially stable first, then you will have what it takes to get yourself going with a business.

Answer 5

Visit http://www.businesslink.gov.uk designed to help small,medium and large business. You can book an appointment and have a chat with a business advisor, pleny of grants etc available ........ Good luck

Answer 6

Borrow from banks

Answer 7

you can get what you need at (www.nslds.ed.gov.)or http://www.ogslp.org/borrowers/***.shtml DO IT RIGHT, YOU CAN ONLY DO IT ONE TIME