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.
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!!
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.
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.