Hello Everyone, as you can see on my page I am on my way to becoming a business owner.
I just want to know how everyone got there start on opening their business. I find it so hard to get financing with me being so young. It seems like no one wants to help me out. I have experience in my field I just need some guidance. I am not looking for a handout, just a push.
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I also thought about this, do you have enough space in your house/apartment to perhaps start in your home? I know this one lady has a mini-salon in her house and my co-worker goes to this male stylist who operates his one-person salon in his home. Maybe you can start one in your home and work a booth at the same time, but just balance the hours between the two.
There is alot you have to go through to get a salon in your home. Your house has to be inspected by the city and up to code as far as plumbing and electrical.
If I were you I would definitely look into visiting a local SCORE (www.score.org) office near you and talk with the people there. It is a non-profit organization comprised of former business owners, lawyers and accountants and they provide very low cost consulting. Even the website provides alot of free useful information. Do you currently have a job? If so, maybe you can try to save up and even look into getting a second job and save up and in the meantime keep working on your business idea and come up with your business plan, potential inventory, customer list building, cash flow analysis, etc bc if you try to get an SBA LOAN, they're going to want to see your projected sales over 12 months, your business plan, your potential cash flow etc. You could also try to research angel investors. Someone also suggested starting off with your own booth and I think that is very good idea. It'll help you get more experience and start building a customer base. I think it would be better to start off small like that and then work your way up to your own store. I hope this helps.
Well I have salon experience and I am a salon manager as of right now. I am thinking about getting a second job to fund some of the equipment and things I may need.
Hey Marquita: I am the business expert on BBWO and some of the things to consider no matter what business you start is that you need to solve a problem. The challenge with getting funding may have nothing to do with your age but the fact that the business is not unique enough or it is not servicing a specific challenge.
As someone that invests in businesses, I look to see how much of an investment the owner has made. Start saving your money and look for opportunities to joint venture with an existing business to reduce your start up costs.
Yes, starting out can have its challenges, but stay focus and never give up. Networking is a great start! I learned from my beginnings that I had to invest in myself before anyone else will. What is your marketing strategy?
Well my marketing strategy involves buying a database from a company and doing mass marketing online, as well as doing different events at the salon, and getting involved with women in homeless shelters.
I seen from your profile that you're wanting to open salon. This is a venture that definitely needs a nice amount of start up money. I think checking with the Small Business Association would be a good idea. Look at some of the programs they have and really research the site to see what they have to offer you. As a matter of fact I'm going to take my own advice and check out SBA.gov , since Obama is President its said that there's more help for small business owners.
Thank you for the advice. I looked online at the SBA and they don't give grants to startup businesses, they only give them to existing businesses. Thanks so much for the advice.
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As someone that invests in businesses, I look to see how much of an investment the owner has made. Start saving your money and look for opportunities to joint venture with an existing business to reduce your start up costs.
Good luck@
Richelle
Miss Sweet
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