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    4 Replies Latest reply on Nov 21, 2008 7:33 AM by intechspecial

    where do i begin?

    legfam101 Newbie

      my husband recently lost his job and hasnt been able to find a new one. it seems people are doing more laying off than they are doig hiring. him not being able to fing a job has encourage us to start our own business. we have a small savings, 401k, and our credit is well,.. fair. we want to open a smog test only shop in the high desert. we know the business well and know that it will be profitable. we need funds for the initial start up. we need between $15-20,000.00. any advise?
        • Re: where do i begin?
          DomainDiva Ranger

          Depending on your age, (under 45) you may want to use your 401K money and savings. However you need to be sure that you have available cash each month for rent, food, utilities etc. Sit down and make a budget and a list of how much money you have and are willing to put into the deal.

          You need a business plan, google 'business plan' and use one of the formats that come up. Garage.com has some good executive summary and business plan pointers as well (even if it is a technology start VC. ). If a lender sees that you are outting cash into the deal, you may be able to get some kind of financing.

          So you need: Personal budget, list of financial accounts and amounts, business plan.

          Good Luck, DD
          • Re: where do i begin?
            DomainDiva Ranger
            Do you live in Victorville CA? If so that area has grown quite a bit. I was first there in 1997 and then again on and off throught the last 10 years. Every time I go up there it's amazing how I have to relearn my way around. The banks in that area may be willing to work with you.
            • Re: where do i begin?
              LUCKIEST Guide
              Where do I begin??, Welcome

              Begin by giving us your first name and some additional info on Members page.

              I am a SCORE Counselor and I tell everybody who wants to start a business to visit SCORE.
              SCORE is FREE both in person and online.
              SCORE can help you develop both a Business and a Marketing Plan (FREE).
              Your local SCORE knows your area and can also recommend local bankers.

              Good luck, LUCKIEST
              • Re: where do i begin?
                intechspecial Ranger
                First thing is you are going to need a business plan. SCORE and SBA can help you with a business plan as well as offer great advice. They do not charge and you can find both offices local to you.

                Also, you are going to need a great credit score to even be considered by lenders, banks and such.

                If you have a great credit score, you will have a great chance at success if your business plan is well written.

                Welcome to the community!