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    4 Replies Latest reply on Jan 7, 2008 5:14 PM by CorpCons08

    How do I get start up funding with not so good credit?

    Suzetra Newbie
      I am looking to open a women's boutique or start a women's clothing line. I'm looking for $200,000-$300,000. My question is how can I get the funds to do this? My credit is not good and my family and friends are not an option. I have about $100,000 of equity in my home, but with the market the way it is I don't even know if I'd get that. Here's some answers to some of your questions that I've noticed people asking:

      I've been a retail buyer before
      I have a rough draft of a business plan
      I've met with a retail consultant and this is the loan amount that we've come up with. This includes everything from inventory to salaries.

      Any suggestions?
        • Re: How do I get start up funding with not so good credit?
          CorpCons08 Ranger

          I would be interested in speaking to you further about this deal to see if we can uncover some possibilities.
          If it is not too much trouble, shoot me an email at, and we can talk further.

          Warmest regards,

          • Re: How do I get start up funding with not so good credit?
            LUCKIEST Guide
            I am a SCORE Counselor and SCORE helps people in business (with advice, NOT money)
            Maybe the following will help, LUCKIEST
            h3. Steps to Small Business Success

            1. Start Smart
            2. Plan Ahead
            3. Set up Systems
            4. Seek out Sales
            5. Aim for Growth
            6. Leverage Opportunities


            1. Start Smart.
            Identify a niche. Don't compete to be the lowest cost provider. Look
            for what makes your product or service unique and adds a special value
            for the client and charge for that value. Every business has many
            facets. Start with what you know and like; start a business that has
            meaning to you. Keep in mind that we don't know what the future holds,
            many of the jobs and businesses of tomorrow don't exist today. You can
            create your own success.


            Now is the time to dream. To start smart, you should like the idea of
            the business. The way to earn a good income and build wealth is by
            serving clients well, making their life better in some way-it's more
            than filling a need in the marketplace. To succeed you want to test the
            idea to make sure your potential clients like the idea too. Test your

            2. Plan Ahead.
            People often ask me why bother with a business plan? Look at the
            lottery as an example. You may get lucky and get the winning ticket,
            but the odds are against you when you rely on random chance. I'm a risk
            taker...but not that much, minimize the risk of going into business and
            maximize your potential for success. Take the time to write a plan of
            how you get from point A to point B. A plan gives you a clear future
            focus and increases your chances of success.


            The first rule of a start-up is put some of your own money in the
            business. As the owner you must be willing to capitalize the business.
            The second rule is put as little of your own money as possible in the
            business. Prepare your plan and look for funding for your business from
            multiple sources, which can include a business loan or business line of



            3. Set up Systems.
            The most basic system every business should have is a good financial
            system. Ask yourself how am I going to generate enough income to
            support myself and my family. Begin here. Put together a personal
            budget, so you know what it costs you to live. Now, you can move on to
            the business budget and sales planning, so you can see how many sales
            you need to break even and make a profit. The start-up expense plan,
            operating budget and your accounting software are vital to your


            4. Seek out Sales.
            The daunting question is how do you go about seeking out your first
            sale. Recognize that since you don't have a big ad budget to be seen by
            everyone, you need to target a niche and get connected in your market
            community, be it local, regional or national. You need other people
            selling for you-not employees-goodwill referrals. Get out and talk to
            as many people as you can. Join organizations that would have clients
            for your product or service. Become a visible part of your market, and
            then ask for the sale. You begin the sales process with people that you
            know. Yes, it's okay to start with friends and family as your first
            customers, and then broaden from there.


            5. Aim for Growth.
            The basic tenant of creating a company is that you own the company. You
            are not just creating a job for yourself. It's less risk and less
            investment to get a job. Building a business is creating a company that
            is more than the job itself. Think about the future. How large do you
            want the company to be in terms of sales, net profit and employees?
            Your answer to each of these questions will influence how you grow.
            There are varying costs and profits associated with growth. It's
            important to make a deliberate choice early about how you want to grow
            your company.


            6. Leverage Opportunities.
            Good luck. Good fortune. Good timing. All play a part in business. As a
            business owner, be very clear about your core focus for the business
            and how it serves clients. Your core business is what pays the bills.
            Then, as an entrepreneur you are about opportunity. When you see a
            potential opportunity or stroke of luck measure it against your core
            business focus. Good fortune is great, when it matches your vision for
            the business. Always consider if a good opportunity is the right fit
            for your business. If something looks great, but it's not in sync with
            your long-term plan and budget, think carefully before committing your
            company's resources.

            Take advantage of good opportunities that make sense for you long term.