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Butterfli
Forums Member
Joined: 1 Sep 2009
Posts: 5
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#1 · Posted: 7 Sep 2009 09:34
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.
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joanpeterson
Forums Member
Joined: 29 Jul 2009
Posts: 148
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#2 · Posted: 7 Sep 2009 11:33
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.
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mountainmom5
Joined: 30 Aug 2007
Posts: 2232
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#3 · Posted: 8 Sep 2009 09:01
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.
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ZiggyZoo
Forums Member
Joined: 14 Jul 2009
Posts: 64
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#4 · Posted: 11 Sep 2009 10:32
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.
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westfam11
Forums Member
Joined: 8 Aug 2007
Posts: 496
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#5 · Posted: 11 Sep 2009 10:37
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
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onera
Forums Member
Joined: 10 May 2009
Posts: 10
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#6 · Posted: 13 Sep 2009 02:13
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.
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BST01
Forums Member
Joined: 12 Sep 2009
Posts: 52
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#7 · Posted: 15 Sep 2009 12:10
Getting a loan to start something online business won't be easy, since to the institutions giving out such money to a business of that kind is risky. They would have problem believing that you can return the money as at when agreed, you can start some things online with minimal fund.
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dougster77
Forums Member
Joined: 31 Dec 2009
Posts: 36
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#8 · Posted: 2 Feb 2010 12:06
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.
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ACB123
Forums Member
Joined: 4 Aug 2009
Posts: 23
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#9 · Posted: 5 Feb 2010 10:28
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.
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mountainmom5
Joined: 30 Aug 2007
Posts: 2232
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#10 · Posted: 5 Feb 2010 13:33
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.
Just put [url][/url] around each url...
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timbonderud
Forums Member
Joined: 3 Feb 2010
Posts: 11
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#11 · Posted: 8 Feb 2010 17:38
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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