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    3 Replies Latest reply on Mar 7, 2008 8:32 AM by LUCKIEST

    I need to get start up financing for a new business.

    katzeyes75 Newbie
      I wish to open my own upscale home decor and gift shop within an upscale mall. I have already been the manager of such a shop. I would still be there if the owners didn't slack on purchasing and delivering the product, and if they had made the store a permanent fixture in the mall. They lived in another state and didn't want to spend the money. So, they lost the hot spot the store was in and had to move to a terrible spot and I decided it was time to move on. I knew the store wasn't going to make it much longer because the owners didn't seem to care. I now wish to open my very own store and need to know how to go about finding the start up money. My credit is not good, but, I have the experience and I've been in business management most of my work life. I have the know how to manage the business. I just need to know how to get the money to start it. Thank you.
        • Re: I need to get start up financing for a new business.
          LUCKIEST Guide
          75, Welcome to this web site. Go to Members page and
          tell us more. Where are you located?? Like City and State.
          How soon do you plan on opening this shop??
          Do you have a Business and Marketing Plan??
          The Bus Plan is one of the first items an investor wants to see.
          How much money and for how long??
          LUCKIEST
          • Re: I need to get start up financing for a new business.
            theFUTURE... Newbie
            Katzeyes75,

            You asked a great question. I have asked that question and have gotten some pretty vague answers--even from business owners. The main thing, that I have found through my own research, was writing a business plan, having your filed DBA credentials, and having your EIN (AKA Federal Tax ID Number) is the starting point. I have done all but the business plan. I have looked up how to accomplish one and the formalities of it seem overwhelming to me. I would seek professional help for that one.

            On a more creative and fast-track note, you could just offer to purchase your previous employer's business. You could offer them their price with your terms, with a large owner carry-back percentage (like 60-75%). With something like that, I don't see a bank (or any lender) denying you that small amount of start-up. You would be purchasing an already reputable business and not starting one. So, instead of a business plan, outlining the reinvetion of the wheel, you are showing a profit and loss statement of how the wheel has and will be rolling. I offered this as a possibility, because, there seems to be plenty of programs out there for purchasing/assuming a business, but there is very little out there that walks you through the process of starting one. Everyone throws the tytpical formalities at you, but they don't tell you how it ends or what happens in between.

            I will follow this discussion, because your answer can help me as well.

            I would love to know WHERE to take your business plan to and HOW to even pitch the plan. What comes first? The chicken or the egg? LOL!

            the FUTURE...