I am just curious who out there has opened a small business. I am thinking about using one of my many ideas and opening one up. You do not need to state what kind of business genre you own, unless you want to.


One of my questions is, how hard is it to get a small business loan?

 

You need to have plenty of collateral, i.e. a house you're willing to put up.

Warren

 

my dad opened a small business here in cali... it seems like the banks just keep offering him more and more loans... just gotta know alot of good people to support you.
but i heard otherwise its pretty difficult to get a small business loans.

 

I would imagine it depends on your credit, what your business is, how much $ you want to borrow, how well you have typed out a business plan, etc......

Good luck.

Post your ideas so we can all steal them (or tell you that they suck).

 

Unless you have most or all of the money to do this I would suggest against it.

I have opened 6 small businesses and only the ones I could fund (4) made it. The extra (and consistent) debt load and the iffy (or inconsistent) cash flow will do you in in a heartbeat.

 

you should just place tiny classified ads in thousands of newspapers and generate tremendous cashflow like Don Lepre.

 

Or go on super-exciting adventures!

 

 

my brothers and i run a few retail businesses. we have been operating for about 15 years. pm me for questions if u like

 

Any worthwhile advice to you will depend on what kind of business it is you're thinking about and how small is small.

General, non specific advice... make sure you know what you're getting into. Having a great feeling about something is good, but some times what you think is the next best thing, majority of others won't. Do some research specific to the type of business you're getting into.

Scope out the competition. Make sure you know what you're up against. Decide on what are their strengths and weaknesses, and how you want to position yourself in relationship to them.

Be ready to loose money at the beginning. Have the capital available to float the boat while your business is establishing. Don't just assume you'll be making profits right after you open.

Consider overheads. That's the biggest thing when first starting up and not having secured income. Do you REALLY need a store? Can you get around having one in the beginning? Think rationally about the things you spend your money on. Make sure to distinguish between what your business needs and what is a justified expense vs what you want and what you think would make the business cool. Cool won't always pay the rent.