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    2 Replies Latest reply on Sep 20, 2010 6:36 PM by phanio

    New Endeavor, Looking for Direction!

    JewelBot Newbie

      I have opened a store on as a starting point for selling my jewelry. Would it be beneficial to actually create a small business under the same name? Would this be necessary even, for selling out of the shop on Etsy?


      Also, I am trying to get more information on a small loan for start-up costs. I am only looking at something, possibly less but no more than, $5,000, for supplies and materials needed to create a healthy supply of stock to begin with. Of course, I would have to begin the small business to apply for a small business loan (if they even allow such a small amount for a SB Loan), but would it be more beneficial to just do a personal loan at this point? Or is there another way that would be more recommended?


      Thank you for any information that would help!!
        • Re: New Endeavor, Looking for Direction!
          BiznessLender Wayfarer
          The best way to fund will really depend on your circumstances, but for a small startup, and especially for such a small amount, I would recommend finding altnernate forms of finance.

          • A personal signature line at your bank might be one way to go, if they offer it and your credit qualifies.
          • Cash advance against your credit card, or purchasing your goods on a credit card might be another way to go, if the numbers make sense, and you bring in enough profit.
          • Loans from family members. You might have to look at less than $5000, but it would be a start
          • Take a loan against an asset. For example, if you have a CD or some kind of retirement account, you can often borrow against. You need to make sure that the expense of the loan makes sense, and that you will generate enough revenue to pay back the loan and still remain profitable. We have also had luck with some other programs such as loans against stock portfolios, merchant cash advances, and others.

          These are just a few of the ideas that I use with some of my clients. I hope this has helped.

          Best regards,

          Rafael Pabon
          President, Business Lending Associates
          • Re: New Endeavor, Looking for Direction!
            phanio Pioneer
            Given your situation - you might not have to form a formal business to get funding as most of your options will be on the personal side of things. But, forming a formal business could protect you in the long-run against personal liability.

            Regarding funding, most in your position would use personal credit - like personal credit cards. However, there are other ways to raise that small amount. Look into micro loans or peer-to-peer loans. We list information about these on our site. Or, there are non-bank lenders that will provide the amount you are seeking - also listed on our site.

            Most of the lenders we list - like to start with smaller amounts to see how you handle them. Once you demonstrate that you can and are willing to make payments - then you can always go back for more as your business grows.

            Business Money Today