It is so hard to find funds to start a business for people that have less than perfect credit. what is a person to do if they are trying to start a business in the property preservation business to due to get the funds. This is a $250,000 a year business, but no one will fund you the money to start a business unless you have A-1 credit. so what can a person do that has less than perfect credit do to start a business nothing.
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Ricky,
If you know how to run a property preservation business then the loan itself may be irrelevant. That shouldn't stop you from starting a business if you really think you can be successful at it. A loan doesn't necessarily make you money...your business makes you money. A loan just accelerates growth, assuming the business model works. Although it is hard work, sometimes you gotta start in the trenches and prove the banks wrong for not investing. Nothing wrong starting even as a one man show. Start out with a single niche service such as lawn maintenance or debris removal...keep it simple to minimize your overhead. Strategically expand once you have some positive cash flow. Utilize as much free technology & services as possible. Work out of your house & live below your means. File an LLC so if you go bankrupt you can't lose your personal assets. Take the highest financial risks in the beginning. This means reinvesting heavily to build equity and carry a lower than desired cash to equity ratio. Why? The government can't tax business expenditures so write yourself the smallest check possible every month. Scale down risks once you get to where you wanted to be, had you actually taken out a loan. Good luck!
Regards,
John Gattinger
Turbo-BPO.com
Thanks for that information