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    4 Replies Latest reply on Oct 12, 2009 11:25 AM by Peacepod

    Skin care business/International partner

    Peacepod Newbie
      Hi, I'm new to the forum, this is my first post.
      I have got into my head that I should start a business. It's proving to be challenging but I know I want it. I feel like I'm wading in deep water. I am a single mother of two boys.
      Anyway I would like to start a skin care business. I am home-based, I mix the bodu butter at home. My partner will be my mother. She used to live in England and has retired back to Zimbabwe.
      The vision is to have a US base and Zimbabwe base.
      I know just about nothing about starting a business. I have approached SCORE and have an appointment set up to meet with someone there by the end of this month.
      The Carol's Daughter story has been my motivating factor. I'm passionate about my product but between my regular job and children I feel like I'm just sorta dead in the water, nothing is really 'happening'.

      So what are my chances of finding funding for a business like this where there's an international partner involved?

      I have other questions buit they're so nit-picky at the moment that I'll maybe keep on firguring it out myself before I bring it to th board.
      Thanks so much.
      I hope I did this right.
        • Re: Skin care business/International partner
          bizgrow Newbie
          Hi. Joining this community is a good place to start. SCORE is also a good source of info. You will need to write a business plan. You first need to write down what you are trying to accomplish and then break that down into specific sections such as customers, marketing, projected sales, financing, etc. A comprehensive business plan will help you determine how much you will need and when you can pay it back. Also consider building some business credit and work on your personal credit as well. You will need a 720 fico score to open a few doors. Also try alternative funding sources. Good Luck.
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            • Re: Skin care business/International partner
              Peacepod Newbie

              Thank you so much. (wow, my spelling was atrocious). I have written a rough business plan. (8 pgs give or take). I hadn't realised I'd need business credit too, how do I go about building that? I have horrible personal credit at the moment due to a combination of mortgage issues and little changes at my place of employment, does that mean I should maybe shelve this until I have dug myself out of my personal hole and have built up the business credit as you mentioned?

              Can I use my mother's credit perhaps?
              Thanks in advance.

              Shandi
                • Re: Skin care business/International partner
                  bizgrow Newbie

                  Hi. You should not shelve the idea. You can continue to work on it while simultaneously building corporate credit and also working to restore your personal credit. You can use your mother's credit since she will be your partner. It is possible and important to set up a company and build its credit so that you can obtain credit and eventually funding based on your business credit. The first thing to do is set up an LLC, then apply for a Tax id from the IRS, ( this is your business equivalent of a Social Security Number), You then need to open some vendor accounts ( usually net 30 terms ) and progressively apply for higher level accounts until you have established files with the 3 business credit bureaus ( Dunn & Bradstreet, Experian Business and Equifax ). These bureaus all formulate a score and some ratings that tell lenders and vendors how your company pays its bills.
                  You should use vendor accounts that carry items that you may use to package your product e.g bags,decorative items or containers. The key to good business credit is making sure that you set up your company correctly and that you always pay on time. ( early when you can ). It is also useful to open accounts that are relevant to your business and report to the business credit bureaus.
                  Do not be discouraged by your credit situation ( it is fixable and probably not as bad as you think ). If you have a good idea and are willing to work at it 24/7 , you will find a way to make it work. Good luck. If you have further questions , you can reach me at 314-503-8781. Ask for Nicholas.
                  1 of 1 people found this helpful