maternity business
My husband and I want to start a business, but we’re broke. What can we do?
My husband and I have a great idea for a business, (well actually, we have a few), but we are BROKE! We know for sure that our latest idea would be a hit, but it seems these days like you need money to make money. Our credit isn’t the greatest, (we fell al little behind when I went on maternity leave and weeks later his union went on strike), so we’re afraid we won’t qualify for a loan. Any ideas on where to start?
You can start your business with no money — but it will not be easy. But if you’re willing to work hard, and be creative and willing to learn, you can surely do it.
With poor credit, getting a low-cost loan from the Small Business Administration will not be an option. In SBA’s document “CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW” http://www.sba.gov/financing/preparation/qualify.html you can qualify for an SBA loan if you have equity investment and collateral — which both means money. SBA wants to see that you yourself is invested in your business, so they want to make sure that you have money in your business as well. Without money, then you cannot be approved.
Here are some articles that can give you ideas of what to do when you want to start a business yet you do not have capital:
Starting a Business with Little Cash? http://www.powerhomebiz.com/vol30/nocash.htm
10 Rules for Starting A Business on a Shoestring Budget http://www.powerhomebiz.com/vol70/shoestringrules.htm
No Money? No Problem! http://www.entrepreneur.com/article/0,4621,288954,00.html
Seth Godin’s Bootstrapper Bible http://www.changethis.com/8.BootstrappersBible
How to Start a Business With No Money http://www.smbtrendwire.com/start-business-no-money/
I suggest you read the following books as well. Borrow them from your library or buy them from your favorite bookstore
- 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
- The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki
It may help you if you could talk with a small business expert or free mentors to give you ideas on how to make your dream of starting a business come true even without money. Here are some places where you can find a mentor:
Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women’s Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org
Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
Industry and trade associations
Local business groups, such as the chamber of commerce
Local chapters of business groups
Ethics of Outsourcing Pregnancy to India – Michael Sandel
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