As I have been gathering together food storage and 72 hour kits for my family, I came up with what I think is a great idea for a home-based business. I am still working on patents and such, but it would involve setting up a website containing my products and advertising, at ;east to start. I've been doing tons of research on suppliers and products, but my husband posed a good question to me last night. He said, "where are you going to come up with the money to invest in your supplies?" I told him I had no idea, but that I would figure it out. So, here I am. Does anyone have any ideas? There are tons of sites online that say if you join such and such membership or pay this fee, they will give you lists and applications for Government grants. Isn't there a way I can do that on my own, no fees or memberships? Or is there somewhere I can find an investor? My credit already sucks, so I am trying to do this without credit cards or loans. Any suggestions would be Greatly appreciated.
Hey S.,
Unlike many companies today, the business I'm in is growing (explosive growth due to the economy and so many people being laid off). I'm looking for a few new people to mentor and would be happy to show you how to earn a great income working from home. Please contact me off-list if you'd like to learn more. You can reach me @ ____@____.com.
Happy New Year!
A.
With the economy in its current condition I would recommend NOT getting credit to finance- most start-ups underestimate the funds required to spin a profit and putting your family's home on the line could put you in a bad position.
You can get grants for free without signing-up for a memebership to some club, if you want to try the grant sites, most will give you a free or cheap trial to try their services. In reality, you can access the grants online or through community resources quite readily- the only thing that you really need is direction; talk to someone at the county- like in the business licensing office. They might have knowledge about such opportunities or someone who does. For example I really want to own a home and I just started looking on-line at homes in my area, then a real estate agent called me and I told him I wasn't a good prospect due to my current financial situation, he told me about a first time homebuyer's class in my town that entitles its "graduates" to receive money from the housing authority to buy a home- just being sincere and friendly will get you alot of info!
If you have a viable business plan that details short and long-term organizational goals, just get started, local grants maybe limited depending on your area, but start there and move-up to the county, state, regional, and national levels, finding-out everything that is required for all of the grants that seem like you might qualify- keep in mind things that can help you (maybe there's a program for families of recovering alcoholics, or familys with more then 4 kids or any number of other factors), expect to feel frustrated at times and spend a lot of time on the phone, just keep-up on all of the requirements and it will go through eventually. Good luck:)
If you have all your information together such as where you will buy all your supplies, Why not take orders first, and with the money collected, buy the supplies. make sure you are writing yourself a paycheck each month so you don't get caught up in spending all the time. YOu can advertize that products will be delivered 2-3 weeks, that way you will have a chance to gather everything together. This can be used if you are turned down for a loan.
Good luck with your business venture. Call the Small Business Association in your area as well as locate a SCORE office and get free help from an experienced business person. You need to surround yourself with expertise. For funding, you can also go the family/friends route with a promissory note (get it in writing and make it legal to avoid the problems of loaning money). Write a business plan if you want to get outside funding - plenty of books at the library. There are also venture capitalists, but they will want a controlling interest in your company and could change your vision. It all depends on what you want out of it. I've looked at govt grant sites and found that most of them were not applicable to me.
I represent a company that for a low monthly fee gives you unlimited access to attorneys and business consultants. Having these resources and practicing proactive law will save you time and money. I use the services to get the expertise and research that I just don't have time to do. To learn more, you can listen to a 3 minute recorded call 1-###-###-#### and then email me.
There are tons of resources out there for a start up business owner. Take advantage of them and do not try to be an expert in all areas. If you do, your business will never get off the ground.
Happy New Year,
S.
It's so exciting to have an idea. I can hear the excitement in your message. I'd say write a business plan then go see a small business advisor South Metro Denver chamber- I think. They can help you flesh out things you've not anticipated; give suggestions and be more objective about your idea. To do the research you do have the option of paying someone to do it. There are lots of VAs who will do keyword research, leads, & specific research. There are also sites where you can go there and contract people to do exactly that. Be careful how much you share but I've found them to be very effective. Places like http://www.elance.com/ or http://www.shelancers.com/directory/ I would also suggest networking a lot in your proposed field. You'll gain some valuable insight and make some contacts. You may need to join membership sites about business it depends on how you want to start. All the best. I hope you find what you need. Everything will take time especially if you do it all yourself.
S.,
There is a group called CEO space: ceospacecolorado.com which is a great place to network for ideas on financing for start up companies. Their meetings are free and most people there have started their own businesses. CEO space is always advertising their "forum" (a week long event to attend to get everything you need to know and possible capital investors). I have been to many of their meetings but I have never attended a forum (mainly because I own a Franchise). The people who have gone to the forums swear by them and say it really sped up their business and saved them from making many mistakes. They also have a free capital building class on most Saturdays which might be worth your while. I have found a lot of resources through that group and I've also gotten some great ideas just from their free meetings. There are at least two groups in Colorado (one north and one south) but I think the north group is older and bigger. Let me know if you want more information and good luck!
C.
When my hubby and I started our own business last year, we used the money from our home equity line and a small line of credit from our bank.
www.sba.gov is a great website that offers a lot of assistance and guidance for starting your own business and has ideas for financing too.
Good luck!!!
There is a government site, am not sure of the web site address . try just looking for Gov Grants. G.
Start at the small business resource center in downtown Denver....from there they can set you up with the mentoring group of retired businesspeople. They can help you find funding groups in Denver, usually in the form of low interest loans, sometimes grants. There are tons of resources, but you have to be willing to spend the time to do the research.
Also check the library for books on setting up corporations and LLCs with the Secretary of State. And irs.gov for tax issues.
GL on your venture.
DON'T send any money to these internet sites that promise to show you government grants. Usually they have so many loopholes that you likely will get no useful or reliable info but can't get money back through the 'money back guarantee' they may offer.
Most businesses start out with a loan. Figure out how much you think you'll need to start up - internet site, inventory, etc - and go to your bank or credit union to apply for a small business loan. Try to do it without collateral, just in case (so don't go overboard with how much you want). The interest you pay on the loan will be tax deductible, as will a lot of other start up and running expenses (talk to a tax advisor early so you know what to track) Good luck with your business venture!!
Go thru the Small Business Administration. I even went to a seminar sponsored by them in Salt Lake on starting a business in Utah. They are government sponsored and they don't require money up front. They can give you multiple options. They can help you with a small business loan. Banks even offer small business loans. We ended up working with Zions Bank and getting a revolving line of credit so we used some money up front and then paid it off. We used Zions because they offered us a small business loan but didn't require the collateral that others banks wanted, like our house. Never put up anything personal to secure your business. You don't want to affect your family if your business doesn't work out.
Good luck, attending a seminar would probably be a good place to start.
