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Forum
-> Household Management
-> Finances
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amother
Cobalt
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 Mon, Nov 28 2016, 1:09 pm
Do any of you have experience starting a business?
I'd like to start a small home business.
My startup costs are $85K.
I project that BS"D I could pay back those costs within my first year.
Any ideas how to get funding?
Specifically, do any of you have experience with small business loans?
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amother
Cobalt
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Mon, Nov 28 2016, 4:55 pm
Just bumping this...
Thank you all!
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amother
Bronze
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Mon, Nov 28 2016, 4:59 pm
Good luck!
Sorry no advice
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Lady Bug
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Mon, Nov 28 2016, 5:09 pm
You need to be able to give collateral if you want a bank loan - so loaning against your home is one (imo bad) idea.
Your other option is to go to a local community Gemach, which will usually give you up to 10,000.
Or find a rich businessman who you could pitch your business idea to and who can become a "silent" money partner.
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amother
Floralwhite
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Mon, Nov 28 2016, 6:45 pm
Is it a service based or product based business? Start small grow big. It's possible! I started my biz with a 10,000 loan scratched together from friends, family, and credit cards. I built up slowly.
I am finally three years later making a nice profit and I'm so glad that I don't have major loans to pay back.
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amother
Red
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Mon, Nov 28 2016, 8:36 pm
I dont think you can get a business loan without an existing solid business.
We started our business with some gift monies from our parents & in-laws, grew it by using interest free credit cards for 18 months. Yes we paid a ton of interest, but it would have cost us more to not do it. We were commited to our business. We paid off the debt by refinancing our house. Used loan places like on-deck & others to fund larger expansions and got an investor much later on to grow it even further.
B"H, B"H with a lot of sweat, tears, and toil it is finally becoming what we envisioned.
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amother
Cobalt
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Mon, Nov 28 2016, 10:31 pm
Thank you all, I appreciate your input!
Anyone else?
Also, any tips from those of you who grew your own businesses?
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seeker
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Mon, Nov 28 2016, 11:59 pm
Maybe you should partner with the amother from that other thread who has funding but no business idea 
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