I want to start a business, I dont have very good credit, because I am only 22. Where do I start?...and what m
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Im in the same boat as you. I have bad credit and debit. I for me figure get a 2ed job pay off all my bills save save save then try for a loan when the bank sees no more debit you have a better chance. I'm starting a business now, well it's already in the books but need more money to fund it.
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Credit is the lifeblood of American business, especially for the smaller firm. It helps an entrepreneur get started, purchase equipment, build inventory, develop new lines of merchandise or expand. Credit helps businesses grow.\n\nSurveys have found that, aside from personal savings, banks are the major source of capital for starting new firms. According to a report by the National Federation of Independent Business, 85% of loans to operating small businesses come from banks.\n\nIf your small business needs financing, you need to begin preparing long before you enter the bank. By knowing what lenders are looking for, you can speed lender consideration of your application.\n\nBy presenting your case in the best possible light, you enhance your chances of getting the financing you need. Remembering this basic rule may save you time and effort when seeking bank financing for your business. Here are basic guidelines\n\nThe first thing you need to know is narrow down your request by answering the following questions:\n\n1. How much do you need?\n\n2. What are you going to use the proceeds of the loan for, and for how long?\n\n3. How are you going to repay the loan, and under what terms?\n\n4. Who is going to borrow the money? Is it going to be you personally or other legal entity such as a corporation or a partnership?\n\n5. What assets can you pledge to secure your loan, which would make your loan officer sleep soundly at night, if he decides to approve your loan?\n\nThe Groundwork\n\nIn seeking a loan for your firm, you essentially ask the bank to become your business partner. Before entering the market for a loan, make sure you've done all necessary groundwork.\n\nWhat shape is your business in? Remember, loans are the products that banks sell. Look for the best combination of price, quality and reputation of supplier. In the end, getting a loan depends upon your credit-worthiness. Ask your banker for assistance.
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Apply through the bank where you keep your business checking account. You would want to be free of overdrafts. It helps to have at least a few thousand dollars in there as well, but not necessarily a requirement.\n\nA loan may take longer, but that same bank could be a good place for that as well. You would want to have a good business plan in place. An existing source of income will help.
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you need money to start a business\nyou do not need money to start working......\n\nwork for someone and think about what business to start.\n\nstart the business part time then when you are making money go full time\n\nwhen you work for someone..they provide the insurance and benefits for you, but you are at their beck and call..when they want you to work you work doing what they want...\n\nwhen you work for your self you provide the insurance and other benefits and you work when you want to work...which is a lot...and you usually have to do what the customer wants any way..\n\ngood luck
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The best routes to take are to research the process of starting a business as well as the industry you're interested in.\n\nI recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.\n\nAssociations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links. \n\nResearch, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here's what I found:\n\n* Start Your Own Vending Business (Entrepreneur Magazine's Start Up) by Anne Rawland Gabriel\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
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You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation/requirements.html )\n\nSince that is a small amount, your best course is to use a microlending facility. Microlenders, by their very name, provides loans of very small amounts often not exceeding $30K (and average loan amount is $10K). They typically do not require business plans unlike banks (and even SBA), but need your personal tax returns\n\nBut microlenders are no less strict than banks, and often asks the questions:\n\n- Is this a start-up or existing business? \n- How much money is needed, and for what purpose are the funds intended? \n- Who is included in the management team, and what is their experience? \n- What collateral is available? \n- How much have you already invested or are you willing to invest? \n\nTalk to them and find out if a microlender is right for you. See a list of state by state SBA accredited microlenders here\n\nOtherwise, if microlenders look for collateral and you really can't provide any, my advice is to simply use your credit card. Credit card requires no collaterals - but only after trying to get a loan from your parents, family and friends and couldnt get any. Credit cards are an expensive source of funds, but if you have no other recourse, then max out your cards (if you have any left)
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The best routes to take are to research the process of starting a business as well as the industry you're interested in.\n\nI recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.\n\nResearch, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:\n* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert\n* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert\n* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman \n* Business Start-Up Kit by Steven D. Strauss \n* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
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If you cannot manage your personal finances. What makes you think you can manage a business?\n\nI suggest you to repair your credit score and save half your income.
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I assume you can start at any age. Please check with your local government office (business license). They will tell you exactly what you need to have a legal business license. One of them will probably be your driver's license. However, you can have you parents register the company and you run it for now even if you cannot register yourself. \n\nGood luck, my friend!
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Having anything in your name will help.  Cell phone, car payment, car gas card, but if you really want to build credit you need to get a credit card.  Go to your bank and ask about a "student visa" card.  Those usualy only have a $500 limit, so you can't really get into to much trouble with it.  And then just put like $50 a month on it and always pay it off.  That is how I started, and I have great credit!
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It's hard to answer your question in specifics since we don't know what type of business you're involved in, so I thought I would just list some links that'll help you get started on your way. There's links related to starting, financing & advertising.\n\nHope that helps! I wish you much success & happiness in all your ventures!
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Credit cards are easy to get.  TOO easy if you ask me.  You can apply online, call the company, or apply through your bank.  BE CAREFUL though because they will give you a card and a maximum limit and it is so easy to just start spending.  I have a friend who racked up credit cards when she was 17 and 18 and she barely, barely paid them off (she is 27).  They are not your friends.  Make a habit of only spending what you make and having one to only use in emergencies like unexpected car repair.  Good luck and God bless.
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When I started a business I went tot he library and checked out a ton fo books. I talked to freinds and the city I lived in and found out the licences and certificates I needed. \n\nMake sure your personal financial house is in order. You are going to want to ask banks to loan you money if you want to expand and they are more likely to do that if you have good credit. \n\nMaybe have a look at a Martha Stewart biography. She began her "empire" with catering. \n\nRealize the restaurant business is very difficult. That doesnt' mean you can't be a big success, just be aware of all the failures that came before you. \n\nHave fun and GOOD LUCK!
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I suggest you check out the following websites that could help you in starting a new business. These websites contain lots of useful advice and information in starting a new business:\n\nEntrepreneur http://www.entrepreneur.com\nInc.com http://www.inc.com\nSBA http://www.sba.gov/starting_business/\nPowerHomeBiz.com http://www.powerhomebiz.com\n\nYou may also want to check the following books:\n\n- What No One Ever Tells You About Starting Your Own Business: Real Life Start-Up Advice from 101 Successful Entrepreneurs  http://www.amazon.com/exec/obidos/ASIN/1574101129/ref=nosim/powerhomebizguid \n- If You're Clueless About Starting Your Own Business and Want to Know More  http://www.amazon.com/exec/obidos/ASIN/1574100939/ref=nosim/powerhomebizguid \n- Start Your Own Business : The Only Start-Up Book You'll Ever Need  http://www.amazon.com/exec/obidos/ASIN/1891984217/ref=nosim/powerhomebizguid \n- Steps to Small Business Start-Up : Everything You Need to Know to Turn Your Idea into a Successful Business http://www.amazon.com/exec/obidos/ASIN/1574101323/ref=nosim/powerhomebizguid\n\nI have also written a 173-page ebook called "Checklist for Starting a Small Business" http://www.powerhomebiz.com/Index/checklist.htm that is meant to be a guide for those starting their own businesses. It starts with determining if you have what it takes to be an entrepreneur to financing your business to managing its growth.
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It's clear you don't want to do it the old fashioned way or you might never have ended up with bad credit to begin with. However let me take devil's advocate position just for an excercise in fairness. Pay off your debt as fast as you can & then speak with the Small Business Administration. You'll find a ton of help there. While you're paying off your debt?, try working in the field you want to start up to gain insider tips  on how best to run that business.Look for the link Starting Your Business
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establish your own bank account and credit cards.  Start creating your own credit score.
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I don't know which state you live,  but there is always some organization that is willing to help and loan some money to start your business, but buying a franchise would be difficult to get  loan especially if you have a bad credit. Not unless you meet a good Samaritan. Why don't you find a silent partner instead or an investor, you never know, if you have a good business plan they might invest in your venture. Good luck.