What You Need to Start Your Own Business

What You Need to Start Your Own Business

In order to start a new business the main thing you need is finance. Financing for starting businesses comes in many forms. Depending of the business type you may get government or private finance. But, in any case, you need to know beforehand what you can expect from either source.

Your business will need to belong to certain fields in order to qualify for government finance. Moreover, you will need to present a business plan with market analysis and other provisions. Some government agencies offer loans but also grants which you will not have to repay. You can contact the different agencies for more information or search the net to find out about the different programs.

Starting Business Loans

If you do not fall into the categories required to obtain government funds, you will need to resort to private funding. This also has its tricks, there are different kinds of business loans and not all of them will provide a solution to your funding needs. Moreover, there are certain business’ loans not meant for starting businesses and thus, applying for such loans will only lower your credit score since you will get declined.

Business loans are meant for running businesses. You have to own a business with at least 3 years of credit history in order to get approved. The only kind of loans that is specially tailored for those willing to start their own business is a starting business loan. These loans are customized for certain businesses that operate in specific fields or meet certain requirements in terms of collateral. If your business lacks those requirements you will need to request a personal loan.

Customized Loans & Personal Loans

Starting Business loans are loans customized for those who want to start a new business. In order to get these loans, the applicant has to present a business program, a market study and plenty of documentation backing up the project. There are certain fields that have more chances of approval due to the higher profit obtained.

But getting approved for starting business loans is rather complicated. Those with small projects, less ambitious ones, should consider applying for a personal loan and using the money for starting their own business. Later on, when the business is strong they will be able to request a business loan for running businesses that will provide all the finance needed to make a business grow to new heights.

Interest Rate & Securities

With the exception of certain business loans that are subsidized by government agencies and non profit organizations, the interest rate charged tends to be high compared with secured personal loans. However, it is possible to secure a business loan with the business’ equity or with a particular asset, thus reducing the risk and consequently the interest rate.

Online Lenders

When searching for a lender, one of the best options is to start on the internet. You can perform a search for business loans and contact the different lenders and request loan quotes from them. This way, you will know in what ground you are stepping and what you can expect when you finally decide to apply for a business loan.

Watch the video related to start business

Import mentor teaches you how to start your own profitable import business working from home. The system learns you how to import from China and sell direct to the end user cutting out all the middle men for huge profits.

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About Author

Melissa Kellett is an expert loan consultant who has worked for twenty years in the financial industry and helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and many other types of loans and financial products. If you want to learn more about Credit Cards for Bad Credit People and Debt Consolidation you can visit her site www.speedybadcreditloans.comhttp://www.speedybadcreditloans.com/


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November 8th, 2009 | by business money |

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18 Responses to “What You Need to Start Your Own Business”

  1. By intensor101 on Nov 8, 2009

    you might think about buying a franchise which will cost you depending on the type of business, but anywhere from $2,000 to $25,000+ to begin

    if you want to start your own business, decide what you would best like to do in life, something that will make you happy and feel like you "get to do" instead of you "have to do".

    the best person to talk to would be a lawyer, because he/she will give you a good idea of what you need to do and what it will cost.

    here is a list of the top, low-cost franchises:
    (also http://www.entrepreneur.com is a great source)

    http://entrepreneur.com/franchises/rankings/low-costfranchises-115390/2007,-1.html

  2. By martial26544 on Nov 8, 2009

    Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet.

    http://www.restaurant.org/ — National Restaurant Association
    http://www.restaurant.org/states/index.cfm — Link to State Restaurant Associations
    http://www.nraef.org/ — National Restaurant Association Educational Foundation

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

    * The Restaurant Business Start-up Guide by Paul Daniels
    * Restaurants That Work: Case Studies of the Best in the Industry by Martin E. Dorf
    * Restaurant Financial Basics by Raymond S. Schmidgall
    * Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan and Feasibility Study by Sharon Fullen
    * Upstart Guide Owning & Managing a Restaurant by Roy S. Alonzo
    * The Restaurant Managers Handbook: How to Set Up, Operate, and Manage a Financially Successful Food Service Operation by Douglas Robert Brown

    There are plenty of free informational resources out there. Check out these articles:

    http://ezinearticles.com/?Writing-A-Restaurant-Business-Plan-To-Help-Your-Business-Grow&id=78872 – Writing a Restaurant Business Plan to Help Your Business Grow by Shaunta Pleasant
    http://www.ezinearticles.com/?Menu-Driven-Business-Planning&id=5785 – Menu Driven Business Planning by Monte Zwang
    http://www.ezinearticles.com/?The-Only-Way-Left-for-the-Little-Guy-to-get-Rich-in-the-Restaurant-Business&id=179421 – The Only Way Left for the Little Guy to Get Rich in the Restaurant Business by Jerry Minchey

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

  3. By ali m on Nov 9, 2009

    Banks are the most frequent vendor sources of merchant accounts. Banks usually categorically deny vendor status to home-based businesses. Bankers are closemouthed about the reasons for this policy, but I'm unable to determine whether the source of this policy is the banks themselves, the federal examiners who regulate banks, or the Visa and MasterCard organizations. Whatever the cause, it's a fairly blatant form of discrimination. However, individual banks can and do make exceptions.

    Visa Merchants Card Management Guide:
    http://www.usa.visa.com/download/business/accepting_visa/ops_risk_management/card_
    accept.pdf?it=r4|/business/accepting_visa/new_acceptance/merchant_responsibility.html
    |Card%20Acceptance%20&%20Chargeback%20Guide

    Mastercard International Rules Manual:
    http://www.mastercardmerchant.com/docs/accept_mastercard/merchant_rules.pdf

    Payment Card Industry Data Security Standard:
    http://usa.visa.com/download/business/accepting_visa/ops_risk_management/cisp_PCI_
    Data_Security_Standard.pdf

  4. By Wordpress on Nov 8, 2009

    n saying that i know sum ppl that are making a fortune selling counterfiet electronics in the states but theyr hard out, theres alot of ways to get around customs. the guys i know ship their containers to countrys that have weak customs then from there they ship their goods to the states. anything coming from china is thoroughly checked at customs ! or u can import the parts indivually then assemble them when they all come

  5. By WPMixer on Nov 8, 2009

    Hey, I was wondering your advice on starting with 10grand worth of wholesale computers/laptops.??? Whats the best wholesale website????

  6. By Aolani on Nov 9, 2009

  7. By WPBlog Shop on Nov 9, 2009

    back i got taken to court from big brands for importing counterfeit goods..a few thousand dollars it costed me in the end for damages etc..its not worth it and in that business u got heaps of competitiion, the electronics market is fully flooded…quit while your ahead mate

  8. By Anonymous on Nov 9, 2009

    if the value of the electronics is just $150 then your supplier should have labelled the parcel as a ‘gift’ which would have gone through customs easy unless the mp4 was a knock off , if thats the case then forget about the whole thing, a couple of years

  9. By Stella M on Nov 10, 2009

    Am I that second female? Are we opening it in Philadelphia? I should be getting money from that drunk driving lawsuit and I have a degree. Psychology is the female version of the business major.

  10. By Free Blog on Nov 10, 2009

    i got started by looking at businesses for sale in the paper, i wld see what retail business had the highest turnover and do some research on them. i eventually found what market i wanted to get into and realised the existing businesses were selling there products for wayyy too much as there wasnt much competition and now im drastically undercutting them, the whole industry is mad at me but it works for me. they are buying off a local wholesaler where as im going straight to the manufacturer so

  11. By JB on Nov 10, 2009

    As you want to start a coffee shop you will need a food Hygiene certificate if you want to have food such as toasties. Also your Tax can be handled by your accountant as long as you can provide receipts of customers purchases. Try taking a course on business management. Also Ive always wanted to run a coffee shop and all that i can say is good luck to you and i hope your successful. All the best Tom

  12. By Free Blog on Nov 10, 2009

    David, Thx!I am in the midst of everything finally!I have found the niche “electronics” and I have sourced everything at very good pricing from china.Now I am having a problem with customs here in USA? I ordered sample to see quality “mp4″ players etc.They were held up at customs for some reason?I am still waiting to here from them….total worth was only like $150 U.S.Any ideas how to get around customs in different countries? Egypt, Sudan Dubai and USA? Thx….Bob P.S. i sent you an email also

  13. By B. Gregory on Nov 11, 2009

    The cost of a business on the Internet is reasonable as businesses go. Of course you must still do your research to find the best products to run your business. I will always consider myself fortunate to have found the best set of tools the first time out. I've made a video about that at
    http://www.youtube.com/watch?v=-uMdLyQZC9s

    I'll put a link in the resource box for the company I use.

    As for a business license, that depends on your jurisdiction. Call your town hall, explain what you have in mind (in general terms) and they will tell you what that will cost. Usually the license is not much if you work from your home and will not generate traffic around your house.

    Best wishes.

  14. By Manda on Nov 11, 2009

    I currently own my own business and the first thing I always tell everyone is to write up your business plan. This is the most important thing to get started. Especially if you will need a loan, the banks will require one. You have to show them you are serious.
    My plan was 36 pages long, so yes it needs to be very detailed. I went to my County's website and there they will have sample business plans so that you will have a template to follow.
    As far as the car detail business, I dont have a lot of answers. Start with a business plan, during it, you will be doing all kinds of research. Just do one step at a time. It does not happen quickly.
    When you get to a part in your plan that you are unfamiliar with, google it. i.e., what is your total annual projected income. google it. You will find many answers throughout the web.

    Good luck to you!

  15. By Blogger on Nov 11, 2009

    so i can pass on the savings to my customers. the trick is to closely examine how your competition works.use them as a model, find out how much theyre paying for their goods and make it a goal to find a cheaper price so u can afford to sell for lower than them…err i dnt know bout niche markets could be good if u got patience

  16. By Yolanda on Nov 11, 2009

    Hi Tiffany,
    Consider that most new businesses, lose money for at least the first year, maybe 2…. You should have a source of "income or savings".. to get you through….
    >>>>>>>
    But, many small businesses start with humble beginnings.. and make profits in the first month… If you are talented and/or wise, you don't have to wait to get results…
    >>>>>>>
    The "SBA", has many ways to help new start-ups… They back loans, put on seminars, and provide lots of free literature… Visit the site below….
    >>>>>>>
    I think you could also go to a "public assistance office".. and be a case worker for welfare agencies… You could also go to "youth agencies" or "psychiatrist centers"…. There are so many organizations out there who are in need of social workers….. Look around… Check your Churches, welfare agencies, doctor's offices, child abuse centers….
    >>>>>>>>
    There are also : sales positions, assessment positions, and some counseling positions… Contact this company for more information…. see link, below…
    >>>>>>>
    I hope this will help you, out ;)

    Good luck!

    Thanks, for the question!

    My regards!

    Take care!

  17. By Wordpress on Nov 11, 2009

    That was great information. Thank you.

  18. By Wordpress on Nov 12, 2009

    WARNING!!!!!!!!!!!!!! DO NOT BUY ANYTHING FROM THIS SITES
    THEY SELL CHEAP “COPIES”.
    I WILL SHOW YOU CONCRETE PROOF !!!!
    I -PHONE “SHIT” I BOUGHT FROM COMPANY NAMED “Hong Kong Yikang Co.” RECOMMENDED BY GLOBAL SOURCES AS VERIFIED SUPPLIER.ONCE THEY GET YOUR MONEY YOU WILL NEVER GET A REFUND EVER!!!!!!!!I WILL ME A VIDEO ON THIS BASES .for more info you can send me a message.

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