I Want To Start a New Business But Have No Money - Need Advice

I'm thinking about starting a new business but have no money, no savings and no assets. I don't think any banks will loan to me because I have really bad credit. I've created a business plan and so far everyone who's had a look thinks the plan is feasible. Is there any place I can get some money for a free business loan. I need $5000 to get me off the ground in terms of start up costs, I would continue my existing job until I was certain the business would get off the ground and flourish. A lot of people wont even consider investing in me because of my credit history, when I explain that my brother opened credit cards in my name and then took all the money and couldn't repay they think I'm not business savvy! I've learnt my lesson now and I just want to move on. Any advice would be helpful! Thanks

If you need $5000 have you tried borrowing money from your credit card? You say you've got bad credit but some credit cards will still give you money. If I were you I would call all my existing credit cards up and ask them for a zero percent credit card on purchases and balance transfers. If you can get a credit line of $5000 and get zero percent for 6 months you could realistically get the business off the ground. Good Luck.

Have you tried asking friends and family? When I wanted to get my business off the ground I turned to my family for help, I knew the banks wouldn't back me because of my age and credit history. I created a professional business plan, I then created a polished powerpoint presentation and then gave my family a taste of the business. I had a professional contract to show them how I planned to repay their money, they could either have a small equity share or they could give me a loan. The rate of interest was slightly higher than deposit account and I had security in the form of my jewelry which was appraised. My family was very impressed in terms of all the work I put in and were prepared to give me the money. Now months later I am paying them back and my business is starting to take off. Just hang on in there and ask people.

Have you tried getting a business partner? If someone really believes in your business plan then ask them to put up the money and you'll do all the work, they will be a silent partner and will receive 50% of the profits. You're 50% would come from the sweat equity that you put in. I've seen so many business starting up this way and it works as long as you put in enough sweat equity to maintain the expectation of your silent partner.

You could try asking the government for help, the Small Business Administration Department offer loans, grants, bursaries for entrepreneurs to start new businesses. I have included the link below.

Small Business Administration Loans from the Government

Thanks for all the ideas, will definitely check them all out. Keep them coming.

I was in a similar situation, I had an idea which I really believed in however no one invested in me. The only way I could raise the money was with my credit card. I got a copy of my credit report and used as many tips and advice to improve my credit ratings, three months later I applied for a credit card with a 12 month interest free period and got it! I was able to start my business interest free. I'm now paying off the balance with the profits and should pay off the amount before the 12 month expires. Hang on in there, if you really believe in your idea you will find the money, it's just a matter of time.

Have you tried crowd funding sites, if you've got a brilliant idea you could publish a request online to see if you can raise any money. Alternatively you could try peer to peer lending to borrow money, if you've got a polished business plan with projections then you could try for a loan, admittedly you'd have to pay a higher rate of interest but at least you could get the business off the ground.

You should try FundAnything.com, it's a crowd funding site founded by Donald Trump. Basically you can create a profile and ask people for money for your business or whatever you need in life. If people can relate to your hardship or idea then you might be able to raise a lot of money. Donald Trump regularly visits the site so if you can get his attention you could make a lot of money.

Have you tried making money online? could you create or develop a website which is closely related to your business and then sell stuff on it or offer advertising space. I know a friend who wanted to open a beauty salon, she had no money and turned to YouTube and created detailed guides on how to create a particular look. The YT channel really took off and her readership increased, after she monetized her videos with ads she was able to make a really decent income stream which she saved to get her salon up an running. Just goes to show anything is possible.

Indiegogo.com and kickstarter.com may also be excellent places to consider for crowd-funding.

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