Opening a Small Business


XHALE9802

XHALE9802

GRANDEUR...
this will more than likely be retail. how do you go about doing this through your city, i mean i know there are grants and fellowships out there, but i'm not sure how to get at them. can someone enlighten me? thanx!
 

Click here to visit HBCUSportsShop
XHALE9802 said:
none of yall know it alls know about business' and avenues to opening one? :lol:
Click to expand...
Well, I know a little....but nothing about the laws in your state about opening a business.

Do you have a business plan yet? This pretty much shows the road on which you will be traveling, which will come in handy in deciding which type of ownership you will be using. Sole? LLC? Partnership? Do you have any funds, or any funding (angel, vc, traditional bank funding, credit cards)? What is your competition like? How much research have you done?

I can't say that grants and fellowships are typically used for funding a retail store, unless you are adding some sort of non-profit entity to go with the business portion of the store.
 
Jacy said:
Well, I know a little....but nothing about the laws in your state about opening a business.

Do you have a business plan yet? This pretty much shows the road on which you will be traveling, which will come in handy in deciding which type of ownership you will be using. Sole? LLC? Partnership? Do you have any funds, or any funding (angel, vc, traditional bank funding, credit cards)? What is your competition like? How much research have you done?

I can't say that grants and fellowships are typically used for funding a retail store, unless you are adding some sort of non-profit entity to go with the business portion of the store.
Click to expand...


Finally! :lol: i don't have a business plan perse, i've been jotting things down here and there(do you have any links to any business plans?). it was to my understanding that most cities give grants if you are placing your business in certain areas, so that's where i got that from. i don't have any personal funding right now, and since i don't have a concrete business plan that means no professional funding. this is an idea i've been going back and forth with so i'm trying to get info now. i don't know the difference between the ownerships, so i don't have a clue. i know a few boutique's i've visited or know of use LLC, but i didn't know why. in Atlanta there is some comp as far as boutiques but i don't think i'm going to have that much in reference to the style and what i want to do.


Jacy said:
And Xhale, I think your new hairstyle is cute and is very flattering!
Click to expand...

and thank ya!!! :D
 
I normally give a presentation on this subject, but I?ll give you the quick version. Before you start looking for grants and loans, you need get a few things straight before you move forward. First off determine the type of business you plan to start such as: a Sole Proprietorship, Partnership, Corporation or LLC. This will determine your initial start up cost. The Sole proprietorship is the easiest to form by just going to your city hall for your permits but has the most liability. The corporation route is the hardest because you have to follow your state regulations through the Secretary of State to form, but it has the least liability. Do a little market research to understand your focused customer base, competitors, and the most important market factor which is location. The next important thing is your business and 12 month forecasting plan. You can have the prettiest business plan ever written, however the financial section and 12 month forecasting plan is what the banks want to see. Learn the financial section and know it because the lending officer will ask you questions about your numbers. They also want to see what type of capital you have to offer. The SBA has programs specifically designed for minorities called the Small Disadvantaged Business Program that I would highly recommend for any with no money. Once you're designated a small disadvantage business it's time to roll. What will happen is you will go to a minimum of 3 banks and if they all deny you the loan, the SBA will finance the loan for through one of those banks at very low interest rate. Now as far as grants the feds, state, and local governments have limited funds set aside for economic development on first come first serve bases. Thanks to President Bush most of the Federal grants have been geared to 501-C3 Nonprofits (faith-based organizations like your church, community development organization) since he had to pay them off for reelecting his butt. If you?re in a city like New Orleans which the Feds have labeled a Federal Enterprise Zone, which basically removes all red tape on every governmental level. Always go for any type of grant at the begging of the fiscal year for federal, state, local grants. When attempting to apply for a grant, educate yourself on grant writing methods or find someone who can like me. Grants are nothing to play with, because if you spend that money on anything not specified under those guidelines they will get you.
 
ALPHA3 said:
I normally give a presentation on this subject, but I?ll give you the quick version. Before you start looking for grants and loans, you need get a few things straight before you move forward. First off determine the type of business you plan to start such as: a Sole Proprietorship, Partnership, Corporation or LLC. This will determine your initial start up cost. The Sole proprietorship is the easiest to form by just going to your city hall for your permits but has the most liability. The corporation route is the hardest because you have to follow your state regulations through the Secretary of State to form, but it has the least liability. Do a little market research to understand your focused customer base, competitors, and the most important market factor which is location. The next important thing is your business and 12 month forecasting plan. You can have the prettiest business plan ever written, however the financial section and 12 month forecasting plan is what the banks want to see. Learn the financial section and know it because the lending officer will ask you questions about your numbers. They also want to see what type of capital you have to offer. The SBA has programs specifically designed for minorities called the Small Disadvantaged Business Program that I would highly recommend for any with no money. Once you're designated a small disadvantage business it's time to roll. What will happen is you will go to a minimum of 3 banks and if they all deny you the loan, the SBA will finance the loan for through one of those banks at very low interest rate. Now as far as grants the feds, state, and local governments have limited funds set aside for economic development on first come first serve bases. Thanks to President Bush most of the Federal grants have been geared to 501-C3 Nonprofits (faith-based organizations like your church, community development organization) since he had to pay them off for reelecting his butt. If you?re in a city like New Orleans which the Feds have labeled a Federal Enterprise Zone, which basically removes all red tape on every governmental level. Always go for any type of grant at the begging of the fiscal year for federal, state, local grants. When attempting to apply for a grant, educate yourself on grant writing methods or find someone who can like me. Grants are nothing to play with, because if you spend that money on anything not specified under those guidelines they will get you.
Click to expand...

lord have mercy, whatchu say? :lol: nah but foreal, thanks for the info, i see i got an uphill battle though.

and please J4L, thanks.
 
XHALE9802 said:
thanx lady! i'll check these out when i get home.
Click to expand...

there is more...I have to find the right sight for you....It has examples of business plans from which you can take your que. You can edit them to your l iking.....but that will come after you've done research on the market....

What do you want to sell?
To whom?
What kind of business will you be?
Where will you get funding?
How will you pay it back if it is a loan?
and lots more.....
 
I you have time I can put together a packet for you which will contain everything you need to know. Like a said when you do the your business plan, focus your attention on the financial section. The other sections are important but trust me they wanna see how well you can explain where those numbers are derived from.
 
Xhale, when I first started kicking ideas around, I didn't want to get into the business side of keeping, making and paying taxes on the money I was making. (The money was so easy to make-OMG-I was having a ball!!!)

I don't want to delude you, but a year later, this was the best advice I could have ever gotten....was to take care of business first. Once I found something I loved to provide, and I loved to sell, as an entrepreneur I (and still do) often get frustrated by the adminstrative stuff. I found it really important to focus intently on what I hated the most.

What help me was going back to school and taking business and entrepreneur classes to help me determine what I could do on my own (buying, shopping, marketing, my business), and who I could get to pay to help me stay on track with the stuff I hate (quarterly taxes, accounting, etc.).

What kind of store items will you be selling?

I'll be back with some links.
 
XHALE9802 said:
lord have mercy, whatchu say? :lol: nah but foreal, thanks for the info, i see i got an uphill battle though.

and please J4L, thanks.
Click to expand...
Let me be the first to say, if being an entrepreneur is what you want for yourself, the uphill battle will be sometimes long and hard, but worth it. There is nothing like working for yourself Xhale.
 
ALPHA3 said:
I you have time I can put together a packet for you which will contain everything you need to know. Like a said when you do the your business plan, focus your attention of the financial section. The other section are important but trust me they wanna see how well you can explain where those numbers are derived from.
Click to expand...

:tup:
 

Click here to visit HBCUSportsShop
ALPHA3 said:
I normally give a presentation on this subject, but I?ll give you the quick version. Before you start looking for grants and loans, you need get a few things straight before you move forward. First off determine the type of business you plan to start such as: a Sole Proprietorship, Partnership, Corporation or LLC. This will determine your initial start up cost. The Sole proprietorship is the easiest to form by just going to your city hall for your permits but has the most liability. The corporation route is the hardest because you have to follow your state regulations through the Secretary of State to form, but it has the least liability. Do a little market research to understand your focused customer base, competitors, and the most important market factor which is location. The next important thing is your business and 12 month forecasting plan. You can have the prettiest business plan ever written, however the financial section and 12 month forecasting plan is what the banks want to see. Learn the financial section and know it because the lending officer will ask you questions about your numbers. They also want to see what type of capital you have to offer. The SBA has programs specifically designed for minorities called the Small Disadvantaged Business Program that I would highly recommend for any with no money. Once you're designated a small disadvantage business it's time to roll. What will happen is you will go to a minimum of 3 banks and if they all deny you the loan, the SBA will finance the loan for through one of those banks at very low interest rate. Now as far as grants the feds, state, and local governments have limited funds set aside for economic development on first come first serve bases. Thanks to President Bush most of the Federal grants have been geared to 501-C3 Nonprofits (faith-based organizations like your church, community development organization) since he had to pay them off for reelecting his butt. If you?re in a city like New Orleans which the Feds have labeled a Federal Enterprise Zone, which basically removes all red tape on every governmental level. Always go for any type of grant at the begging of the fiscal year for federal, state, local grants. When attempting to apply for a grant, educate yourself on grant writing methods or find someone who can like me. Grants are nothing to play with, because if you spend that money on anything not specified under those guidelines they will get you.
Click to expand...

:tup:
 
Jacy, i want to do clothing and accessories, in a boutique setting. and i have been looking at possibly taking some classes in fashion merchandising, i cringe when i think of accounting and finance, lol. but i know i will have to take those too.

Alpha, i see i'ma have to put you on payroll. :lol: please put that packet together, i'm ready to soak up all info i can get my hands on.

thanks everyone for your expertise and advice. when i get home i'll take a look at everyone's links.
 
Another good motto is "If it doesn't make me a profit don't buy it". Example: If I buy a saw for $28 it has to make me 100 times that amount.
 
CEE DOG said:
Another good motto is "If it doesn't make me a profit don't buy it". Example: If I buy a saw for $28 it has to make me 100 times that amount.
Click to expand...

oh now that i do know. i've been looking into a lot of stuff i would be able to purchase wholesale(as long as you have a tax id, you're basically good to go), so i would definately be looking for a profit.
 
XHALE9802 said:
Jacy, i want to do clothing and accessories, in a boutique setting. and i have been looking at possibly taking some classes in fashion merchandising, i cringe when i think of accounting and finance, lol. but i know i will have to take those too.

Alpha, i see i'ma have to put you on payroll. :lol: please put that packet together, i'm ready to soak up all info i can get my hands on.

thanks everyone for your expertise and advice. when i get home i'll take a look at everyone's links.
Click to expand...
I sell accessories-jewelry and purses-and will be adding shoes soon.

Here's some more links for you:
www.magiconline.com, largest retailers/vendors show of clothes, shoes and accessories in North America
www.accessoriestheshow.com, shows in during Magic (and other dates as well), but it's all accessories

Aren't you in Atlanta?
http://www.americasmart.com/markets/apparel/
 
You must log in or register to reply here.
Back
Top