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    7 Replies Latest reply on Apr 23, 2010 6:42 PM by phanio

    starting my business

    tonesweet Newbie
      I have been working on my new business which is a shoe stoe i have a business plan i place and not enough fund to open i have tryed everything and i think that it is a suuccessful plan a 5 yr plan. I just dont have the cpital to start it up. Any suggestion on where i should get funding or investor to help .
        • Re: starting my business
          wdywft77 Wayfarer
          Talk to the guys at your local SBA (small business administration) - present them with your business plan and they might be able to point you in the right direction (they sometimes even sort of co-sign for people). Also, talk to your local bank representatives. They, too, often have great ideas/resources.
          Google 'bootstrapping'
          • Re: starting my business
            Tracker

            tonesweet:

            Is your business in the US? Your profile and your discussion post don't mention. Knowing what country you plan on setting up your business in can impact some recommendations. Plus, how is your personal credit and financial stability?

            Some of the obvious areas for finding funds include:

            Banks
            Investors
            VCs
            Bring on partners

            If you are setting up your shop in the US, I recommend you seek out a community member here that goes by the nickname "phanio". He provides excellent financial advice and sources for funds.

            If your personal credit report isn't clean (low credit scores, bankruptcies, delinquencies, high debt to credit level ratio, etc...), you will need to work on cleaning this up first.

            Plus, I recommend you make sure your personal finances are stable. For example, do you savings that you can use to help launch the business, while other forms of income (spouse, investments or savings) covering your personal costs while your business gets off the ground? An lender / investor may want you come in with some money of your own for starting your business as a stipulation of giving you funds.

            I recently wrote a post on squaring away your finances for starting a business. The post includes some of the information you are requesting along with a couple of spreadsheets that may help, too.

            Here's the link:

            http://thesologuide.com/1865/square-away-your-finances/

            I hope this helps for a start.

            Doug Dolan

            The Solopreneur's Guide

            http://thesologuide.com/
            • Re: starting my business
              Bridge Navigator
              Start by running your business plan through a spell checker. Your email post has many spelling errors. No one will invest in your business if the plan is poorly presented.
                • Re: starting my business
                  Hymesdesign Adventurer
                  Surprised someone didn't point this out sooner, yep make sure you come across exactly how you want to be seen to your investors. If you plan on running a happy go lucky, fun dow and to earth business then you should probably present yourself that way, I'd have trouble investing in a hip new clothing line etc. if the guy presenting it was in a suit and tie with slicked back hair and a no nonsense attitude, not because they don't look business capable but because they don't look like they understand their own product line...opinion - not supported by results or surveys lol
                • Re: believe in your dreams
                  lundon Newbie
                  listen with the economy not many people are trusting give any capital however if it is that important to you I was able to open a new shop sewing alterations dressmaking and designing. Don't ever give up on your dream but you must be willing to work to achieve your vison. I got involved in a business that has really became a blessing for me and my family and so many woman and men are achieving great success take a look give me your opionion believe me this industry is a 7trillion dollar business and group alone brought in 10 million last month,www.ardysslife.com/lundonmorgancrations.
                  • Re: starting my business
                    ClarkCooper Newbie

                    Dear If you are out of capital then it does not mean you don't have skills to over come this problem. Offcourse, You have the most important thing in your mind that is BUSINESS PLAN. Now, all you need to do is the execution of your plan. It mostly depends how you convey your message to others (those who may benefit you in this business) as a partner or investor. You have to dig it out potential investors/partners around you.

                    It is difficult but yet not impossible. Take your time and wait for any good opportunity, Don't be in hurry, there is something that is chasing you so stay Happy and keep discovering alternatives.

                    Regards
                    • Re: starting my business
                      phanio Pioneer
                      There are many sba guanranteed programs that you might qualify for. Or, depending on how much you are seeking, there are micro credit loans for businesses, new and established, that have been turned down by banks.

                      You also might get out and network in your community - look for other business owners or CPA and Attorneys that would either invest in your idea or partner with you to get it off the ground. But, any option will take a lot of leg work on your part.

                      Thanks "TheSoloGuide" for the mention.

                      Business Money Today
                      www.BusinessMoneyToday.com