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How do I get the money to open a business?

I would like to open a mechanic store when I finish my training and I want to know how could I get tho money or a loan. #entrepreneur #finance #money

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geny’s Answer

Talk to a counselor at Spectrum Communications. Right now this company is helping many young entrepreneurs to learn the ropes. Good luck. geny h
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Steve’s Answer

Consider starting with the government operated SBA (Small Business Administration). You would have some paperwork to complete and file with the SBA and your local bank once you've developed a Business Plan for the small business you are seeking to start-up, or expand.

Other than SBA consider borrowing money from family or from a venture capital firm, who specializes in providing startup/seed money to entrepreneurs.


Enjoy the journey! Very rewarding.....
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Tom’s Answer

Hi Edgar. You are to be commended for big plans. Here's a way you might get there. First, it can be risky to start out from training to business owner. I'd suggest you initially look for standard employment opportunities in the field you want to pursue. If you can find a job here's how it gets you to your dream. First you gain professional experience, next, and this is where you can make headway toward you goal, keep you eyes out for growth opportunities for your future business. By growth opportunities I mean a part of your potential customers who are not currently being served as well as they could. Here's an example. In our town there are a lot of specialty auto repair places that specialize in European cars exclusive. That's the thing I'm talking about. SOMEBODY was working at a traditional repair place and through observation noted that maybe specializing in European cars was a great opportunity. Turned out it was. So that's what I'm taking about. Look for an opening in your field that could be better served. Be on the lookout for this as you gain work experience, talk to other folks about your idea and MAYBE start to do a little automotive work on the side where you think there are opportunities. Ok, now the money.

That is a tough one. I started a business. I did so by living very frugally for a couple of years and borrowing a few bucks from family and friends. If you can make it for a couple of years with less income that is putting into your business what is called 'sweat equity'. But for now I'd be talking to some bankers about a business loan. I mean talking only. You have much to learn about banks and loans. Start talking to them to see what you are up against when the time comes for you to seriously look for funding. It won't be easy, bankers are pretty pig-headed, but knowledge and persistence on your part is how you cope with them.

Good luck Edgar, I have a hunch you will do well wherever you land!

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