Anyone get a loan to start up their biz?

Discussion in 'General Advice' started by Butterfli, Sep 7, 2009.

  1. Butterfli

    Butterfli New Member

    Hi all, just wondering if any of you got or tried to get a small business loan of some sort to start up your biz? Or if you know anything about getting one? I thought since I'm a single mother I might have an advantage to getting a small loan but it doesn't look like it. I checked on SBA.gov and it looks complicated as hell for someone who's just looking to start a small eBay biz.
     
  2. joanpeterson

    joanpeterson New Member

    I think most financial institutions would likely NOT give you funds to start a biz online. Banks will want to see a business plan and will be keen to see that there is a high chance of profitability. And in this economic crisis, things will be even tighter with banks.

    And before you start spending a lot of money online trying to earn money online, ensure that you have researched your niche well. You don't want to get into something on ebay that has so much competition that you are unlikely to make the income you are seeking.
     
  3. mountainmom5

    mountainmom5 Gold Member

    joanpeterson: And before you start spending a lot of money online trying to earn money online, ensure that you have researched your niche well. You don't want to get into something on ebay that has so much competition that you are unlikely to make the income you are seeking.
    VERY good advice!

    Why would you make a loan to start an Ebay biz?

    There are online programs to help you get started with Ebay for under a hundred bucks.

    If you don't HAVE the money needed to get started... sell things on Ebay that you have lying around the house till you have it.[​IMG]
     
  4. ZiggyZoo

    ZiggyZoo New Member

    Yeah I agree with mountainmom

    Rather spend time gathering the money together first and there are loads of free ways to do it if you work hard and have the patience.

    Talking out a loan will just incur interest and why would you want to give your hard earned money away??

    Sell things on ebay or tripleclicks - become an affiliate and earn comm on things that other people sell.

    You can make money online without a dime spent ... if you have time and patience and word hard at it. Then if you make money ... its all yours to keep.

    [​IMG]
     
  5. westfam11

    westfam11 Member

    Mountainmom is right. I speak from experience.

    Two years ago I borrowed money for a home
    business and never made it back. Expensive
    lesson to learn But now I know you don't
    have to spend a lot of money to make money
    online. Too bad this was before I found this forum,
    I may have been able to save myself the grief.

    But no looking back, I have moved on.

    Becky
     
  6. onera

    onera New Member

    You should be able to start an online busines with $100, lots of determination and hardword and willing to learn. You won't be making thousands in a month but if you persist, you will definitely start making very good income within a year. You need to be desciplined, organized and focussed.
     
  7. dougster77

    dougster77 New Member

    A possible way to get a small loan without much hassle would be prosper.com or lendingclub.com.
    You just fill out a 10 minute profile and let investors bid on your loan.
     
  8. ACB123

    ACB123 New Member

    Only reason you would need a loan is if you planned on starting a "brick and mortar" type operation.

    If your business is online, you don't need a loan or especially the added pressure of repaying a loan, should it take longer for you to get established online.
     
  9. mountainmom5

    mountainmom5 Gold Member

    Hey ABC123 - if you make your links clickable, you will get more folks clicking. Most of us here are too lazy to copy and paste.[​IMG]

    Just put around each url...
     
  10. timbonderud

    timbonderud New Member

    Butterfli
    I hope you have made out ok, and have started your own home biz. If not you have to find something that has very low investment cost to startup, also look for good training and support to help you launch your biz. Take Care
     

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