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    3 Replies Latest reply on May 28, 2009 8:32 PM by flameofwest

    Help with my business idea would be greatly appreciated.

    lonewolf801 Newbie
      I realize that there are a lot of professionals here and if I am in the wrong place I apologize. Ok, here goes. I made some stupid financial desisions when I was younger, and now I am paying for them in the form of garnishments on my paychecks and terrible credit. Now I realize I owe what I owe and I am not disputing any garnishment. This has been going on for three years now with no end in site. I have a full time job I have been at for six years. I am a Property Manager. I now have an idea for a business. nothing big. I want to start out with storage unit auctions. I take what I find in these units and resell on ebay, my own site and local markets. My dream is to have my own store.

      Of course the problem is the terrible credit and less than half my paycheck. As you can imagine, investment capitol is nearly impossible for me. It wont take much, But there are some investments in supplies, a trailer, somewhere to separate the things being sold etc. The property I work is a low income hotel, and after six years on site, It has gone stale. Especially when some of my tenants work a freeway sign and rake in the money giving people bullcrap stories all day. I don't want to be like that. I am really trying to pay for my mistakes. But is it too much to ask to have somthing more while I am paying. Any way, There has got to be someone here who is sucessfull now but was down where I am. I have applied for every loan, and tried every way I know to help myself. So if anyone could just give me some brilliant advice or ideas I have not thought of, I would be so grateful.

      I found out in my research for this business that poeple put anything and everything in these units. And when the bill is not paid, owners need the stuff out so they can re-rent. top of the line products, everything from electronics to vehicles can be found. so I know I will make great money, I just need some advice on how to get the financing. Thank you

      Again, sorry If I posted in the wrong place.
        • Re: Help with my business idea would be greatly appreciated.
          phanio Pioneer
          You have two options as I see it:

          First, if you are being turned down for a loan because of your credit - then start working on fixing your credit. Do whatever it takes to clear negative items and bring everything current - without great credit, your ability to obtain financing is very, very limited. I know you are working on it - but, is there more you can do? There are a lot of stories on the web that show how people with similar situations have worked themselves out in very short time periods. You can always do more.

          Second, why would you need capital? You can start with small items that can fit into you vehicle - here, all you need is an agreement with the storage owner. Then, as you build up your business, you can increase what you offer. if you don't have a vehicle or have a very small one - do you have a friend with a truck or the likes that you can pay a small fee to after you sell the items?

          If you are serious about your business idea - then, work on the issues that are holding you back. You will not be able to get lenders to change their lending policies - you can only control or change your personal situation to fit those policies.

          Business Money Today
          www.BusinessMoneyToday.com
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