starting a business

hartsfootballguruhartsfootballguru subscriber Posts: 1
edited February 2007 in Startup Funding
hey guys, how are things going. i`m new to start-up nation so bear with me lol. anyways, i would really apperate your help. i am currently in roled in college and it has always been my dream to start up a business. and i`ll be done with my assocates in business management next spring. but i dont know where to start with starting up a business. where to get money, cause i dont own anything to put a loan against. and all this . so could you guys help with any useful info thanks!

Comments

  • stonesledgestonesledge subscriber Posts: 608 Silver Level Member
    What type of business are you interested in starting?
  • hartsfootballguruhartsfootballguru subscriber Posts: 1
    thanks guys i`ve actuallly been to those 10 steps before. they`ve been useful. i want to open a place that sells new shoes like they have at the store journeys and thier stuff but add in music cds, mp3s and other teen stuff. in my area there are nothin for kids to do but go to movies and hang out at the high schools games. and theres no electronics store here closest thing is walmart. and everyone hates it cause its the same ol` stuff. and i`ve caught my self saying how much i hate it. and iif i had one of my own how i would change it. i actually ran into my old boss tongiht and he had his own business and i think i`m going to talk to him about helping me out at first. but i seriously dont think banks could take me seriously when i ask for a loan to start one. any more good ideas? any help is great!
  • GrillCharmerGrillCharmer subscriber Posts: 7
    The two schools of thought are either Debt financing or Equity Financing.  With debt financing you borrow money and pay it back with interest after a certain amount of time.  With Equity financing you sell part ownership in your business and the investor assumes a lot of the risk, but be careful not to give away too much.  Many start-ups are financed by loans from friends or family, credit cards, angel investors and then of coures there are loans out there for small businesses.  You might want to check into your local SBA.  They have loan programs.  Before anyone gives you a dime you will need to have a complete and concise business plan ready.  SCORE has a great template on their website. (www.score.org</A>) I suggest starting there as the process of doing the plan will help you realize a lot about your financing needs therefore making it easier to know who to ask for what.  Best of Luck!!!
  • hartsfootballguruhartsfootballguru subscriber Posts: 1
    Well, thank you Craig. I was writing informally because I`m a on forum and did not really think to use proper usage. Well, i will keep my mind in that mindset from now on whenever i write on here.
    I am leaning towards more of the debt financing. I`ve talked to my business professor, who owns her own reality company, and she told me my best to receive money would be to talk to the SBA. However, i have check thier website and the forms imply that I`ll have to have some assets. Since I am not very old, I do not own my own house, car, etc. So i do not have anything that i could put up for collateral. (sorry about spelling). Any Suggestions?
    On another note, I am currently surveying the high schools teenagers around the area where my business will be stationed. I am hopeing that the data collected will prove that my educated guess of  "teenagers want the business that i will propose to bring to this area" correct.
    Thanks Again.
  • hartsfootballguruhartsfootballguru subscriber Posts: 1
    Honestly, Craig thanks. . Also I have ran into another problem. I have been thinking about franchises and how much easier it would be to own one than to start from nothing. I know this doesnt on this forum but please still help me. The problem I  found is most company`s I contact are company owned and do not franchise. And if i do not franchise then i have no clue where to get an supplier. I would like to sell clothes for teenagers but the companys I contact do not franchise. So any ideas on that one?
  • pagejamespagejames subscriber Posts: 1
    Have you considered trying it online first?  It seems to me that it`s a good way to test the waters without a lot of overhead.  You can look at it as market research that might even pay you.
    Good fortune.
  • LEUHLEUH subscriber Posts: 0
    The first step to creating a business either online or off is to look into your passion or area of special interest. Now look at a problem that may exist within the perimeter of that area. Is there a problem that you can fix? If so, you have just found your business idea!
    Larry Hutzell
    Managing Director and Founder
    iStartSavvy.com
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