I have semi-bright idea last week. While I am looking for startup capital and can tap out credit cards and savings I am sure I can get the money without an investor. That being said, I do not want to pull from my savings and/or credit cards unless I really need to. I think getting a business loan would suffice. Now I am young and credit is still young and I think I would have a hard time obtaining a loan for 100k as I already have a mortgage and 2 car notes I think my debt ratio might be a little risky even though I make great money currently.
I am also not a great salesman. I am more the technical guy behind the scenes.
I currently work for a sizeable Technology Service Provider and one of our top sales managers (which average 4-6mill annually in sales) is a great businessman. He is a real estate investor, owns several small businesses and has been featured several times in the local papers as a Young Black Entrepreneur.
He is in his mid thirties and he has told me about minority ran businesses and grants etc and I am thinking about talking with him about the potentials of my business and bringing him on as partner. We will then be able to register the business as a MINORITY business and will be accessible to a lot more had I not taken this route.
In the past he and I have collaborated about software I could write and he sell etc. Nothing has ever come of that, we have just talked. He and I get a long great and I think this would be a great step into launching my company.
What are your thoughts? I think with his sales knowledge and my abilities in the technology side of the house along with his mature credit and my new credit I could get the loan easily or grants being a minority business.
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