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    9 Replies Latest reply on Mar 24, 2009 12:34 AM by AutoCredit

    Bad credit w/a great business idea

    cooktr88 Newbie
      Greetings. I am trying to find an angel to help me with my business startup. My credit is bad and I have no one to co-sign a loan to help me out. My business is a bead store. There are no other bead stores within 1 hour of where I live and like fellow beaders in the area, I find the selection at the local "big-box stores" is not worthwhile. Online shopping is tedious and expensive as far as shipping is concerned. I have the idea, the drive, the want, and the desire, but I have no money. Is there anyone out there who can help me find money to start this venture? I predict great sales in the first year and continued profit for years to come. Any help would be appreciated. Thank you.
        • Re: Bad credit w/a great business idea
          GrowthCurve Adventurer
          "Predicting" sales is not going to help you find an investor.

          Do you know how much money you need to start? What for?

          Do you know what your forecast revenue and expenses will be for the first year? After that? Are your numbers credible?

          Do you have any experience running a retail business?

          What's in it for the investor, should you find one?

          I think it's great that you want to start a business, and even better that you're making this decision based on what you see in the market, but it sounds like you've still got some work to do before you're ready to seek out capital.
          1 of 1 people found this helpful
          • Re: Bad credit w/a great business idea
            Brew_Master Wayfarer
            Growthcurve has some questions you need to seriously consider.

            I would suggest writing a concrete business plan for any potential investor to read. SCORE is a free counseling service, you should contact the forum member LUCKIEST he will have great information for you.
            1 of 1 people found this helpful
            • Re: Bad credit w/a great business idea
              islandboy9 Wayfarer
              Cooktr88: Bad credit is the result of not managing your finances properly. How do you intend to start and manage a business if you cannot manage your personal finances?? Clean up your credit and pay all those people you have avoided paying. Negative items on your credit report will NOT go away until YOU take some action to fix the problems there. Watch the Suze Orman (NBC)and Dave Ramsey (FOX) shows. Order a free credit report today. You can email me at info@inmate-connection.com
                • Re: Bad credit w/a great business idea
                  cooktr88 Newbie
                  IslandBoy...I appreciate the fact that you are trying to help, but do not make an automatic assumption that my credit is my fault. My circumstances, although none of your business, were not of my making. But thank you for casting aspersions on my character. Nothing like an ego boost from a complete stranger to help a gal out.
                    • Re: Bad credit w/a great business idea
                      Brew_Master Wayfarer
                      Cooktr88, while Islandboys assumption is technically unfair, it is the same assumption you can expect from investors.

                      Working on repairing your personal credit is a good goal and should be a high priority while developing your business plan.

                      Don't give up, and good luck!
                      1 of 1 people found this helpful
                      • Re: Bad credit w/a great business idea
                        sweetgirl Newbie
                        Hey dont give up hope , i lorne that the credit in this country is vvvvvery important so do tried to repair tthe credit first ,you cut do it you self ,call the credit card or the people that you miss payments and the will help you little by litlle fix that problem .Making the little payment in time with everyone is the good solution to start building a good credit. good luck! sweetgirl.
                    • Re: Bad credit w/a great business idea
                      Broc51 Newbie
                      cooktr88,

                      I suggest that you take a peek at www.caesarinc3.com They find lenders very quick that will work with you. The lenders are all about creating jobs and getting the economy back up in conjunction with the new "Marshall Plan". It is worth a shot!
                      • Re: Bad credit w/a great business idea
                        MrchntSrvcs Wayfarer
                        Don't let your credit stop you from trying to get your business started. Many investors would like to see a business plan and you can give up some ownership, that way the investor has some control of the business and credit will be made to the side. You can look for a Joint Venture opportunity but like I said some ownership will have to be given up. If the business does as good as you say there is no reason why an investor will step away just for bad credit. You look very motivated, keep it up, in the worst economies is when real entrepreneurs are built. GOOD LUCK !!!!

                        Andres Hoyos
                        ARX Merchant LLC
                        407-288-2680
                        arxmerchant@yahoo.com
                        • Bad credit w/a great business idea
                          AutoCredit Newbie
                          It's great that you want to start a business,
                          and even better that you're making this decision based I would suggest Bad credit
                          with a business counseling service .
                          http://www.autocreditsuperstore.ca/