Post a new topic
    5 Replies Latest reply on Jul 23, 2010 6:39 PM by phanio

    New business, question about financing

    jcal0914 Newbie
      Going to start a lanscaping company with a long time friend that has 10+ years experience.

      What are my first steps?

      What is the best business entity for us both to start? We may have employees, but probably not in the beginning.

      If one of us has bad credit, what should we do when starting company?(we may want to get loans)

      Thanks for the help in advance!
        • Re: New business, question about financing
          LUCKIEST Guide
          New business

          Who r u?? Go to Members page and share some info

          If I was going to start a new business, I would develop a business plan and

          contact SCORE. SCORE is FREE
          <!--Session data-->
          <!--Session data-->
          • Re: New business, question about financing
            Tracker

            jcal0914:

            To help you with knowing what steps to take, my partner and I offer a checklist that you can download through our site, Small Biz Break. The address to our site is below. Go to the Register tab, follow the instructions and you will receive an email with access to our Solutions Center.

             


            Once inside there, you will see the Start-Up Checklist (plus other helpful business forms and templates).

             


            Let us know if you need any help completing the checklist.

             


            As for funding, I recommend you connect with "phanio", a community member here who is excellent.

             


            I hope this helps.

             


            Doug Dolan

             

            Small Biz Break (http://smallbizbreak.com)

             

            "Simple, Spontaneous, Success"
            • Re: New business, question about financing
              RobClayton Wayfarer
              Assuming that your partner (with 10+ years of experience) has many of the tools you will need. I suggest that you first forget about funding or form of organization and start knocking on doors (business and residential). Start getting your book of business going - start earning some revenue (given the amount of tools you have now) - then as the business grows - look into forming a formal organization and seeking out funding.

              Lastly, contact Doug Dolan (thesologuide) if you haven't already. He can help you really put your business in perspective and get you started on the right foot.

              Business Junkie .org
              www.businessjunkie.org
              • Re: New business, question about financing
                telsmore Adventurer
                I would open it as a Limited Liability Company and even if one of you has bad credit you may be able to get a Microloan under the SBA.
                • Re: New business, question about financing
                  phanio Pioneer
                  Having bad credit will hinder your ability to get a loan from your bank or local financial institution - but it should not stop your ability to finance your company if you know where to look.

                  Clearly, you will want the partner with the best credit to have the ability to contract for and lead any business financing deals.

                  But, more importantly, is for you to understand 1) how much you are seeking and 2) what those funds will be used for.

                  Depending on the amount and the use of funds, there are many, many options, some that rely on credit and some that don't, for your business.

                  For information on the different types of loans that might be available for your business - please visit our website. It is free to use so feel free to look around and educate yourself.

                  Business Money Today
                  http://www.businessmoneytoday.com