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Forum
-> Working Women
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amother
OP
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 Tue, Jan 09 2024, 2:05 pm
I would like to start a business (in an area that I have a lot of experience in). I just don’t have any money.. How can I find an investor?
(Located in NJ)
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amother
Sage
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Tue, Jan 09 2024, 2:16 pm
do you have any family or friends to ask?
how much do you need?
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amother
OP
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Tue, Jan 09 2024, 3:11 pm
| amother Sage wrote: | do you have any family or friends to ask?
how much do you need? |
I’m not sure, I definitely don’t want to involve family.
100k
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amother
Peachpuff
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Tue, Jan 09 2024, 3:12 pm
| amother OP wrote: | I’m not sure, I definitely don’t want to involve family.
100k |
Do you own a house? Can you borrow from the bank?
Do you have a good business plan?
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fig
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Tue, Jan 09 2024, 3:12 pm
Can you take a home equity or a private loan? High interest might be a better choice than sharing your business
profits with an investor.
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amother
Molasses
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Tue, Jan 09 2024, 3:12 pm
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Is EPI still around? They give out business loans. I don't know if you had to have an existing business or they give start up capital as well. You can also take out a business loan.
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amother
OP
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Tue, Jan 09 2024, 3:42 pm
| amother Peachpuff wrote: | Do you own a house? Can you borrow from the bank?
Do you have a good business plan? |
I don’t want to borrow from the bank.
Business plan is good. I think!
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amother
OP
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Tue, Jan 09 2024, 3:43 pm
| fig wrote: | Can you take a home equity or a private loan? High interest might be a better choice than sharing your business
profits with an investor. |
I think I’d prefer an investor even though I may regret it one day
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amother
OP
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Tue, Jan 09 2024, 3:43 pm
| amother Molasses wrote: | | Is EPI still around? They give out business loans. I don't know if you had to have an existing business or they give start up capital as well. You can also take out a business loan. |
How is their loan different than a bank loan?
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amother
Obsidian
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Tue, Jan 09 2024, 3:46 pm
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amother
Electricblue
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Tue, Jan 09 2024, 3:48 pm
Lakewood has a program called reef, they help with up to 100k for startups.
Im actually working on opening a new business too and also need an investor because its a lot of money we need. I called someone I know that knows someone else that has money and asked if this person would invest with us. She said she thinks that person wouldn't, but she herself might want to. So that's a lead I got by just doing my hushtadlus and making a phone call.
Make some phone calls to family or friends. Youll be surprised by the amount of people that want to invest in others businesses.
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amother
Molasses
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Tue, Jan 09 2024, 3:51 pm
| amother OP wrote: | | How is their loan different than a bank loan? |
It's interest free
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amother
Maize
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Tue, Jan 09 2024, 4:00 pm
Just some food for thought.
If you take an investor, they will be getting a big percentage of your business forever.
If you take a bank loan you will only have to pay a small percentage until it is paid up.
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amother
Chartreuse
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Tue, Jan 09 2024, 4:17 pm
Any thing like this in NY?
I have a business I would like to open.
If I ask a friend to invest they will do it in a heartbeat but I’m too hesitant to start with friends.
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amother
OP
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Tue, Jan 09 2024, 4:30 pm
| amother Electricblue wrote: | Lakewood has a program called reef, they help with up to 100k for startups.
Im actually working on opening a new business too and also need an investor because its a lot of money we need. I called someone I know that knows someone else that has money and asked if this person would invest with us. She said she thinks that person wouldn't, but she herself might want to. So that's a lead I got by just doing my hushtadlus and making a phone call.
Make some phone calls to family or friends. Youll be surprised by the amount of people that want to invest in others businesses. |
Is Reef an interest free loan?
Re: your last point, I’m wondering about that! I don’t have any track record of success as an entrepreneur, why would someone want to invest with me?
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amother
OP
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Tue, Jan 09 2024, 4:31 pm
| amother Maize wrote: | Just some food for thought.
If you take an investor, they will be getting a big percentage of your business forever.
If you take a bank loan you will only have to pay a small percentage until it is paid up. |
Knowing my anxious personality, I think having an investor would be easier for me..
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amother
Molasses
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Tue, Jan 09 2024, 4:34 pm
| amother Chartreuse wrote: | Any thing like this in NY?
I have a business I would like to open.
If I ask a friend to invest they will do it in a heartbeat but I’m too hesitant to start with friends. |
EPI is in NY
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amother
Electricblue
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Tue, Jan 09 2024, 4:37 pm
| amother OP wrote: | Is Reef an interest free loan?
Re: your last point, I’m wondering about that! I don’t have any track record of success as an entrepreneur, why would someone want to invest with me? |
You need a good sales pitch / business plan before they will invest with you. We worked on a great pitch deck with someone that does this for a living, and whoever I showed it to was very impressed.
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amother
Vermilion
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Tue, Jan 09 2024, 4:48 pm
| amother OP wrote: | | Knowing my anxious personality, I think having an investor would be easier for me.. |
Yes but if you don't want to borrow against yourself why would someone else want to invest in you?
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amother
Molasses
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Tue, Jan 09 2024, 4:49 pm
| amother OP wrote: | | Knowing my anxious personality, I think having an investor would be easier for me.. |
DH is an investor and I think these questions will help you clarify which direction to go.
1. Do you have experience in the area of your business
2. Will you be investing some of your own money
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