ForumsFinancing Tips

Katzeyes75,

You asked a great question. I have asked that question and have gotten some pretty vague answers--even from business owners. The main thing, that I have found through my own research, was writing a business plan, having your filed DBA credentials, and having your EIN (AKA Federal Tax ID Number) is the starting point. I have done all but the business plan. I have looked up how to accomplish one and the formalities of it seem overwhelming to me. I would seek professional help for that one.

On a more creative and fast-track note, you could just offer to purchase your previous employer's business. You could offer them their price with your terms, with a large owner carry-back percentage (like 60-75%). With something like that, I don't see a bank (or any lender) denying you that small amount of start-up. You would be purchasing an already reputable business and not starting one. So, instead of a business plan, outlining the reinvetion of the wheel, you are showing a profit and loss statement of how the wheel has and will be rolling. I offered this as a possibility, because, there seems to be plenty of programs out there for purchasing/assuming a business, but there is very little out there that walks you through the process of starting one. Everyone throws the tytpical formalities at you, but they don't tell you how it ends or what happens in between.

I will follow this discussion, because your answer can help me as well.

I would love to know WHERE to take your business plan to and HOW to even pitch the plan. What comes first? The chicken or the egg? LOL!

the FUTURE...