Forums: Discussions for entrepreneurs and small business.

Hello all I am new to the website, but I was wondering if I could get some help.  I am in the process of starting a homebased business and I need advice on how to get funding.  I have the business name and I am filling out the paper work to get the business registered and all of that, but, I am going to need a few strategic ideas for financing and just getting everything up and running. If anyone has any advice please respond thank you.  Be Blessed!!

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Be Unlimited!! Be Royal!! Be A Spirit!! Be A King!! Kings/Queens Forever!!

What kind of home based business are you starting?

What amount of funding do you require?

Bear in mind that it can be difficult to get outside funding for a homebased business, but there are creative ways to use your own funds or assets to get start up capital, or depending on the type of business you are starting there maybe grants or something along those lines.  It`s also important that your own credit be good, not nessesarily great but definitely good.

Finally do you have a plan?

You might even consider bootstrapping.  Depending on your business, this might work.  Bootstrapping is simply keeping your day job and working at your own business after hours until you can grow it to the point where you can leave the day job and work at it full time.

Welcome to Start Up Nation!  You`ve come to the right place.  Entreprenuerism is not an easy road but God it`s fun!

The home based business that I am starting is a travel agency.

As far as funding is concerned I am looking at trying to get my hands on about $50,000.00 for supplies and services like:  internet service, computer, laptop for mobile business, computer software ect.

As far as a business plan goes, I am working on that at this very moment.

I had already decided to do the bootstrapping thing.  I have a full time job and I had already made up my mind to keep it for the next, maybe, two or so years.

I just need a little coaching getting things off of the ground. You know, someone who can show me the ropes.

Thanks for the welcome and I will be looking forward to hearing some more of your advice about being an Entrepenuer. Thank you for your reply.  Be Blessed.

 

   

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Be Unlimited!! Be Royal!! Be A Spirit!! Be A King!! Kings/Queens Forever!!

I assume you`ve exhausted your own coffers?

You need to finish that plan!  Any investor and even the banks, will want to see a business plan before committing any funding!

As far as the coaching thing goes, you`ve come to one of the best places I can find for resources, encouragement, and coaching.  Take a look through some of the other threads in this forum you will find all kinds of great info.  Downlaod the podcasts, if you haven`t already and check out the SuN website. 

As far as the business plan goes, I am in the process of getting that done right now.  I also did a search in my area for banks that loan to small businesses.

If you have any more thoughts please feel free to post them.  In the mean time I`ll keep in touch.  Thanks for your help sir, and if I don`t talk to you soon have a good weekend. Be Blessed!!

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Be Unlimited!! Be Royal!! Be A Spirit!! Be A King!! Kings/Queens Forever!!

How can I start a new shoe business if I don`t have any experience in retail but I have a really good idea?

Start with creating a business plan.  If you can do this successfully start moving it around different areas in which you can acquire funding.  If your idea is strong enough and you have created a well prepared plan you are likely to find a partner or investor willing to help you get started.

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My Business - Creadiv Design
What`s My IP - The Ip House

I recommend connecting with a business development center near you (SBA is a good start) and see if the SCORE office can get you in touch with someone in the industry as a mentor.  It`s really, really important that you fully understand the industry you`re going into to know how to run a business in that field.  You need to determine seasons, when to focus advertising, when to have sales and promotions and more.

Good luck,

Jennifer

Isn`t there a way for you to get a job, part-time or otherwise, in retail for awhile? That`d get you some experience. In fact, you could probably get some work at a place like PayLess or some other shoe company. It`d be a way for you to get paid while you learn. And if you were in something like PayLess, you likely would have a better opportunity to move up into Ass`t. Manager than if you worked the shoe department at JC Penney, for example.

CraigL is right.  Try getting a part-time job to get some experience. Understand the business that you are getting  into. People who open a restaurant have worked almost every position in the restaurant business.

Dave Thomas, founder of Wendy`s worked as a buss boy at age 12 and worked his way up.

Sam Walton worked at JC Penney in his teens and later became the biggest retailer in the world.

 Just food for thought to consider.

LT


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