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    3 Replies Latest reply on Jan 5, 2010 6:35 PM by phanio

    Want to start a business...

    miyoshi82 Adventurer
      Hello is it possible to start up a business from nothing? I've tried going to SCORE, but I'm scared they'll turn me down and discourage me from starting up my own business because of my possible bad credit and that I have $30,000 in student loans.
        • Re: Want to start a business...
          Tracker

          Miyoshi82:

           


          If you truly want to get your business started, don't let your fear hold you back. You won't know until you get started with some research. Plus, SCORE isn't your only option.

           


          As to your question whether you can start a business for "nothing", the answer is, no. You can start a business for very little - i.e. less than $1,000, but it really depends on the type of business you are trying to start. You can start an Internet service / marketing business for very little whereas if you plan on starting a restaurant, you will need significantly more start-up capital.

           


          Some questions I have for you (that you can answer for yourself or share with the group here, if you choose) are:

           


          1. Can you financially afford to start a business with your current debt if you do not earn an immediate income?

           

          2. Have you developed what your UVP (unique value proposition)?

           

          3. Have you clearly defined your target market?

           

          4. Have you performed market research and analysis to see if your UVP has a strong potential to be profitable?

           

          5. Have you developed a plan around your UVP?

           


          I recommend that you answer these questions prior to potentially giving up based upon your current credit.

           


          Please let me know if I can help further.

           


          All the Best,

           


          Doug Dolan

           

          The Solopreneur's Guide

           

          http://thesologuide.com/
          • Re: Want to start a business...
            LUCKIEST Guide
            Want to start a business...Welcome

            Go to Members page and share some info. As Doug said, anybody can start a business.

            You need a business plan. You can also contact SCORE online and get some great info.

            Happy New Year and good luck, LUCKIEST
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            • Re: Want to start a business...
              phanio Pioneer
              Doug makes some good points here. The bottom line is this - it does not matter what others say or think about you - only what you think about yourself. If you believe in yourself - nothing can hold you back. If you hear this perosn say no - try another person. As you move forward, you will learn and ultimately succeed.

              SCORE is a great organization - but they are not a lender. They are part of the SBA and only offer advice and help. If you have bad credit - they will not turn you down. In fact, they should be able to give you some ideas on how to overcome your credit score. Plus, they can help identify which business would be right for you and help you put a plan together to get you there.

              It does take something to build a business - the old saying it takes money to make money. But, there are trade-offs. If you have a lot of money - you can just throw money at your issues. If you have little money - then you will have to just work a little harder to overcome your issues. Bottom line - it is all up to you and the effort you want to put into it.

              Business Money Today