Advice On Opening and Financing a Small Business

Does anyone know of a grant or organization that would help me open a fabric store? Thanks.

By Robert from Columbus, OH

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January 4, 20110 found this helpful

There are several helpful books on the market, but that are written in a technical manner and can be hard to relate to your needs. Two that are clear and relevant are Robert A. Cooke's small business formation handbook and buy your own business with other people's money, both published by John Wiley & Sons, Inc. When you get further into your new enterprise, look up other books by this author. Very practical, and readable! If your bookstore doesn't have them or won't order them for you, check Amazon. Last time I looked, they had most of his books (he's written seven). Good luck! Cay from FL

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January 30, 20110 found this helpful

Small Business Development Center has loans and grants available, and also classes and other assistance with starting a business. http://www.sba.gov/content/small-business-development-centers-sbdcs

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December 29, 2010 Flag
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I would like to start my own decor business, but don't have the financial support for it. What should I do? I don't want to take out a bank loan. The interest rates are very high in South Africa. Any suggestions for getting financing for my business?

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By Rencia from South Africa, Cape Town

Answers:

Advice On Opening and Financing a Small Business

SA has a program called KIVA which will fund your start up business. (08/20/2010)

By zimexlady

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August 19, 2010 Flag
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I am saving up to open a business around this time next year. My goal is to have enough money to buy the building. Can anyone give me any tips on what I will need to do as far as getting the building inspected, getting alcohol license, etc. I need information on how to draw up the business proposal and if I need money to expand, are there any grants for small businesses.

Pam from GA

Answers:

Advice On Opening and Financing a Small Business

Since you are asking these types of questions, my guess is you are not ready to go into business. You need to take some business courses at your local college. You need to know how to write a business proposal. Go to the city to see about getting your inspections, before you buy a building.


Make sure it can be used as a place that sells alcohol. I don't know if there are any grants for this, but you could probably get a small business loan, providing you have good credit. You must also be able to either do your accounting or at least know if someone who is doing this for you is taking advantage of you. You have to apply to the state for a business license and a city business license. Remember you will have to pay taxes to the Fed and state for employees.

An alcohol license isn't easy to get. You should apply for this and make sure you can get it before buying the building. You will have to have a background check done on you and whoever else will be named on the license.

I don't mean to be negative, but there is a lot more to going into business than just buying a building and borrowing money. You should also have enough money to pay all your expenses for at least a year in case business isn't as good as you thought it would be.


Also, plan on more than you think you will need as we never seem to make a correct estimate on dollars to be spent. If you have a friend in business, it might be a good idea to talk with them. They can probably give you some very good advise.

Remember, you will have to have a lot of equipment, furnishings, etc. You should contact the people who sell alcohol, for prices. You should know how many drinks you should get from a bottle of a certain size, etc. Good luck. (04/09/2008)

By Danialle

Advice On Opening and Financing a Small Business

I agree with the above advice. I own a small business and it's a lot of work. This is my 3rd business venture and I finally learned that you need to get your ducks in a row, before going out and taking the plunge. I would also advise to check online for current businesses and their growth pattern say over the last several years in the area you are thinking about opening in.


I believe you should rent before you buy. That's what I did this time. That way if it didn't work, I wouldn't be stuck with a building and payments if the business didn't fly. Now after a year and a half I'm purchasing a building. (04/09/2008)

By Denise W

Advice On Opening and Financing a Small Business

You've gotten good advice here. Don't be afraid, but be realistic. You need to know how to start and run a business. That means taking courses at your local technical school. In my state, the local job center offers free courses on starting and running your own business.

Get a mentor. I think SCORE is the name of a volunteer group of retired executives who would love to help you, for free. Ask for help. You need all the help you can get if you're going to be successful. Do that business plan now, so you know where you're going. You can always change it as you go along, but you've got to know where you're going.

Start small, and allow for future expansion. Rent a building first. Another place to get info is a wonderful, long-running instructional program for entrepreneurs on public TV. I can't remember the exact name, but you can probably find it on "pbs.com". It's good, free advice that you can watch in your living room. The instructor is a self-employed businessman and former banker. He knows all there is to know about starting a business and he does not pull any punches. He tells it like it is. Good luck to you. (04/11/2008)

By Jantoo

Advice On Opening and Financing a Small Business

I agree with the others about taking courses. I have a small home boutique business that I am now ready to expand to the internet and I found a very effective site that provides all the things you'll need to know to be successful without paying a fortune for it.

It's www.trumpuniversity.com. There they have free tutorials and courses and teach you all about real estate, owning/managing your own business, and all online with live famous instructors -Donald Trump, Paul Wimer, and more. I just took the coarse that teaches you how to write a business plan for free and the next course I'm taking soon is only $145! At a technical college or business school, you would probably have to take out a loan for the same courses so check it out. I've told some of my friends and one of them is thanking me so much as she has just started her own business and says that the TrumpU site made her feel a lot more confident than the time she spent in school, so check that out. Hope this all helps. (04/25/2008)

By sbb1

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