Post # 1
I finally have the courage to do what I have wanted to do for a very long time!! I want to open my own retail shop (not ready to disclose details), but I have no idea how to go about getting startup money. I know I could go the business loan route but unfortunately I ruined my credit when I was 18 (working on fixing it now). Does anyone have experience in acquiring investors? How do you go about doing it? I know this will be a successful business I just have no idea where to start 🙁 I am working on a business plan and will be contacting an accountant in an attempt to crunch numbers but other than that I am lost. Any advice or help would be greatly appreciated.
Post # 3
It’s hard to give advice without knowing what kind of business you are trying to start, but, maybe try kickstarter if you are too low on funds to start a business on your own? OR (again this is dependent on the nature of your business) you could try selling stuff online first (which has very low start up) and see if you like it and then if there’s enough interest and revenue, you could later open an actual brick and mortar shop.
Post # 4
@jigga143: There is nothing more rewarding, challenging or fun than being in business for yourself, congratulations on taking the plunge! The accountant is a good place to start, keep in mind that there’s so many expenses from owning a storefront, that it might behoove you to make your presence felt online before you start shelling out the cash and go for broke with a lease, insurance, staff and expenses.
Investors are hard to come by, and unless you have a dynamite product and an insanely convincing proposal, that’s if you can get in to see them in the first place, since people who have that kind of money are rather reclusive at best and it’s not what you’re selling, but who you know…that gets you in their door.
If the bank isn’t an option maybe some famiy members that can throw in the cash on a loan? You might be surprised who’s interested in helping you, but keep it all on paper, pay them on time with interest and treat it like you would any other business contact but NICER, cause they’re family.
Post # 5
@jigga143: Save up, the good old fashioned way. I am in the process of starting my own business as well… right now I’m in the R&D stage, though. Business plan is a good start. I am saving money each month towards it.
It’s not easy to get investors, especially if you’re new to the business world, have no prior experience, and you don’t have an established brand or product. Even getting a loan is difficult (even with good credit). Do you have any assets? That could help you secure funding i.e. by proving you have collateral.
Since I don’t know what type of business you’re considering, I don’t know if this would work, but a lot of people start by working from their homes and selling stuff online and/or getting their products sold through already established retail stores. That way you can build your business without crippling overhead costs. If you open a retail location, that pretty much means you need to hire another employee, as well, unless you’re willing to be there during all opening hours (can’t pop out for lunch, can’t pop in the back for a delivery etc etc). Things like rent, insurance, electricity, heat, cleaning supplies, equipment, etc. all cost a lot of money. If you can possibly avoid that to begin with, that would be ideal.