How to Start a Business

Posts Tagged ‘Reference’

Question: Is it feesable to get $1mil in investment for a startup without having personal capital?

This is for people with actual business experience, please no speculation. Myself and a business partner are looking to start a business. Without going in to detail about the idea, I have an M.B.A and 10+ years IT experience as well as customer service, distributor relations, and operational experience. My partner is currently a national sales manager of a small food brand. We do not have experience in the industry we are looking at joining. We are wondering if it is even remotely realistic to try and secure $1 million in start-up investment without having any (well, very little maybe $30k) in personal capital? We realize that we’ll be answering to banks or VCs but we have little choice without having more wealth ourselves. We believe in our business plan and through experience (I am a manager at a company that has grown to $30million in sales in 7 years) and our education we are realistic of the risks of business.

Answer: Unfortunately, the answer from my experience is, no. I went asking for the similar funding options, a bit less on the capital, as I launched a corporation as well within the past 90 days. All major banks replied with minimum time requirements to be in business, prior to receiving a loan ranged from 1 year, some 2 years. If you are looking to gain funding from a VC, that is going weigh heavily on your business plan and execution. Different animal, they want equity and a lot of it. When you split equity many ways you get many opinions.
Credentials have no bearing on the lending facet of the business. It is tied to the risk and the business plan. Even the best business plans will not garner lending to that level without some major collateral. You will have to put more skin in the form of capital or reduce your loan request, by a large margin. Honestly, you may have difficulty even securing $250k in this climate.

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Question: How do I start my own business and in another state?

I want to open up my own business.Where people gather to hear poetry and maybe other forms of art. But I am young and very inexperience.How do I go about finding a building and getting the money. Who could possibly help me.I have great ideas. I would like to first open my business in either New York,California, or Atlanta.Can anyone help me.

Answer: For starters … www.work.com and www.sba.org
Both those sites are like Business 101 and more; And yes, start with the business plan.

But, is this similar to the coffee house concept back in the ’50s and ’60s…I believe those places sustained themselves by selling exotic drinks, and I think some places charged admission. I wasn’t around then but I wish those types of places could make a comeback somehow. So best of luck to you.

Who could help? I might suggest finding someone who could “mentor” you, someone who is in the same type of business you’re looking at(comedy clubs come to mind) and who wouldn’t view it as competition so, probably out of your area; Depending on your time frame you could “work” for him/her for no pay if he/she would “teach” you the whole business.

U.S. Stocks Edge Slightly Up At The Start

U.S. Stocks Edge Slightly Up At The Start

Business: Start-Up Electric Car Companies – NYTimes.com/

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Understand how the class of application determines which MOSFET device parameters are priorities MOSFET – Business – Semiconductors – United States – Electronics and Electrical

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Question: I want to start a business but dont have startup money, how can I get financial assistance without a bank loan

I need financial assistance to start a business but I dont want to get a loan from a bank or from families or friend. Where can I get financial assistance. How do I find an angel

Answer: To get started, I suggest contacting the Small Business Administration Financing Page (SBA) – links below. Entrepreneur also offers a great site dedicated to money & finance – see below.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* Free Money for Small Businesses and Entrepreneurs by Laurie Blum
* Finding Money: The Small Business Guide to Financing (Small Business Series) by Kate Lister, Tom Harnish
* Financing Your Business Dreams With Other People’s Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

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Question: How do I start a business in Australia?

I am a British citizen travelling in Australia. I would really like to open up a shop selling vintage clothes and accessories in Australlia.As I havent had my own business before, will it be impossible for me to go straight into opening a shop in Australia? I have family with Australian citezenship, if i was to go into partnership with them would this improve my chances?

Answer: World Bank's Doing Business website has a very good intro discussion on the steps you need to take on how to start a business in Australia

http://www.doingbusiness.org/ExploreTopics/StartingBusiness/Details.aspx?economyid=12

The Australian government website business.gov.au has a Starting your business checklist and Growing your business checklist, which will guide you in starting your business in Australia.

http://www.business.gov.au/Business+Entry+Point/Information/Checklist.htm

Talk to the Australian Embassy as well. Their trade attaches will be happy to help you

'Cop' out?

Mirko "Cro Cop" Filipovic needs to start winning fights, beginning with Anthony Perosh, or else.

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