I am 21 years old and wanting to start my own business but need money and I have bad credit.?

Question

Can it be done................uuuu who am I kidding of course it can be but my question is How?

Answer 1

Tell me more about the business, where, what, etc. What's your business plan?

You can find people who will invest in the idea, if it's good.

Would I want to invest in a 21 year old that can't pay his bills, YES I would because he might have ideas that rich little spoiled boys or old men have never thought of. Bill Gates dropped out of college and started a little company called Microsoft in his parent's garage.

Answer 2

OK, I'm not going to go into the basic SBA answer or family and friends cuz their too obvious. What you need to do is find financial backers for your business, investors. Network thru family, friends,co-workers, and basically anybody you know.. There are plenty of people who have money that are willing to invest in something if they feel it will become successful and make them richer.

In order to do this, you will need to prepare a business proposal that spells out what your business consists of and why your product/service is either needed or superior to others out there. The proposal should have a cost breakdown and prices of what you plan to sell. Gather information from similar operations in your area (or further if none are around your area) to guesstimate your sales and net profits. Make sure that you are prepared to answer questions from these people, remember it's their money and they want to be absolutely sure before they make any decisions.

Once you have found people who have agreed to invest in your business, you'll probably be asked to include them as business partners in return for their financial investment. This is standard practice and is the best way to acquire funds for your new venture. In the event that your business fails, you don't owe money to anyone, but will have some very upset investors so be wary if you plan to do this.

Answer 3

If you want a business and you have bad credit now, unless you are selling Sunshine and hot weather to the UK , you will get in even more in debt, one good bit of advice I can give you, always have a good amount of cash behind you before starting up your own business. You need money, determination, good staff and the wages to pay them, not to mention the premises and the bills and the tax man... the list is endless, I have had my own business for 15 years.

Answer 4

1. Ask friends and family who believe in you and the product or service you will provide.
2. Go to the Small Business Administration www.sba.gov. Go to the section "Starting a Business".
They have local field offices or district offices all over the country.
You will also see a link to SCORE. Go there. I did. They have answers from other professionals who did this. You can even sign up for a mentor to help guide you along. Oh yeah, I forgot, since it's a non-profit organization, IT'S FREE !!!
I have found these sources awesome.
Good luck.....

Answer 5

What kind of business? My brother is 22, he started his own business, with very poor credit. I also had poor credit and started the business It is only $49 to start up, and we are both doing well.

Answer 6

Get a business plan together, try to get help from family and friends. Try to stay away from bank loans because if your business doesn't do well and tanks you still have the loans to pay off. I dont really know what type of business you want to open but just keep your overhead as low as possible and stay away from charging on credit cards. Check out the SBA www.sba.gov for a lot of small business help.

Answer 7

hey its good idea tat u wanna start ur own business at this young age well finance is tha basic source of any business n basically wat type of business u wanna start tat also depends ny ways do swot analysis of ur product n then prepare a project report with tha help of charted accountant n then offer to ny bank which provide loan with less intrest rate coz it will be profitable 4 u in future n then u can get finance ........but remember project report should be convincieng n attractive it should contain all good n bad poinyts of ur product.

Answer 8

How about Purse Party? It's only $199 to start!

Answer 9

Your probably not going to open a buisiness anytime soon because starting a buisiness means you have to have money, good credit, and you need to be dedicated. If you have only one than you need to work on the others until you have all three.

Answer 10

Let me think: as a lender, do I want to risk my money on a 21 year old who has already shown that they're not responsible enough to pay their debts on time?

Hm.

No.