My husband and I want to start a business, but we're broke. What can we do?
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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?
My husband and I want to start a business, but we're broke. What can we do?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... 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...
10 Rules for Starting A Business on a Shoestring Budget http://www.powerhomebiz.com/vol70/shoest...
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