2007-07-27 00:52:59 · 7 answers · asked by Yancy 3 in Business & Finance ➔ Small Business
Start with as little debt as you can! (Someone else said that).
If you have a good idea you may be able to find an equity investor (that is they take a share for their money rather than you trying to repay a debt!). There are 'business angels' who work on this idea.
Test your idea small. If you can prove it, use the proceeds to establish a good simple credit rating and to convince a mainstream lender.
Do NOT, under any circumstances, use a 'loan shark'. You know the one's .... "Bad Credit, No Problem". You will never be out of debt. Most businesses run on an 'Internal Rate of Return" (the return on investment) of between 15 and 25% - which means if you're paying exhorbitant interest rates you are merely working for the loan shark and never earning or creating wealth yourself.
2007-07-27 02:29:35 · answer #1 · answered by Quandary 7 · 1⤊ 0⤋
If you have a great idea, then you might be able to find an investor. Instead of the SBA as someone mentioned, you will be better off visiting the Small Business Development Center. Here's the link to find the office nearest you.
http://www.sba.gov/aboutsba/sbaprograms/sbdc/sbdclocator/SBDC_LOCATOR.html
2007-07-27 09:02:15 · answer #2 · answered by jdkilp 7 · 0⤊ 0⤋
Small Business Agency.
www.sba.gov
2007-07-27 07:57:00 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
1. Save
2. Borrow from a financial institution.
3. Get a grant.
2007-07-27 08:57:02 · answer #4 · answered by Feeling Mutual 7 · 0⤊ 0⤋
The same as rich people. It doesn't matter so much how rich or poor you are, but more how good or poor your credit rating is.
You can be "rich" and drowning in debt, or "poor" with great credit.
Credit matters more than money.
2007-07-27 08:35:46 · answer #5 · answered by Luis 6 · 0⤊ 1⤋
It is better not to borrow money.
Start smaller and grow organically.
Most businesses fail because they took on debt.
2007-07-27 07:58:43 · answer #6 · answered by Keith 6 · 1⤊ 0⤋
information about banks, investment services,venture capital in US:
http://business.whyandhow.org/company/list/i105-r200/Finance-Law-Real-Estate-USA.shtml
2007-07-27 09:14:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋