Success Happy

How do you start a successful business without good credit is it possible?

If so then what are the steps and procedures that I need to take? Please Help me this is my dream of owning a successful business.

Public Comments

1. dont think so sorrry dear. =[
2. It depends on the business. Not all require a large amount of money/line of credit to get going. I'd focus on those, that way you don't have as much to lose either. Good luck.
3. You might want to consider starting with a home based business. The one I have costs a little under $200 to get started and you don't need to order ahead any product. It also comes with free websites as well as daily phone meetings for training, which are optional but have proven very beneficial. You can earn a great deal of money doing this, incomes of $10k/mo are not unusual, and then if you have it up and running, earning residual income, you are free to invest in whatever type of business has your interest after that, knowing you have a steady stream of income with this to back you up.
4. I would take the person's advise above me, start your own home business and "dump" the proceedings from that into a bank account that earns interest, doesn't matter how much. That gets your money status taken care of, because you are earning interest on top of your profits. But, you might want to consider having the bank open a new account where you can take so much out of the one you "dump" the proceedings into each month (take an amount of $200-$400 out of the business account ea. month, and put it into your new account). So, not only will you have money in two accounts, but you will have a secondary account earning interest and pulling 'X' amount of money from your business account, which will build up some credit, and financial confidence. You would be saving yourself as well, if the business flops you will have enough money to cover your financial well-being, as well, come out with reasonable profit margin.
5. It's possible. My husband started his business with bad credit. But he is hyperactive, which helped, because he put at least 12 hour days in for the longest time. He didn't have any equipment other than a brick trowel. He advertised in the paper, seen what was needed for each type of job, whether it was big/little, residential/commercial, and if he needed to, he rented the neccessary equipment and saved everything that wasn't needed for actual living expenses to put back in his business, to buy used equipment & things like that. When the $ got better, he would buy new equipment. We just went without for the longest time, and I admit it was so hard! But we finally made it, the only thing being he had to work his butt off and put every waking moment into it. So if you think you can do that, then go for it. You need to decide what kind of business you want and are willing to do, put every spare moment you have into it, do lots of research, every day. Figure out what needs to be done, put a deadline on every aspect of it (I will research and choose 3 businesses by Friday. Then I will research each one, write a business plan, look up how much this type of business can make, pros and cons, is there a need for this here? By Monday I will decide which business to go with, and I will check out what kind of materials are needed, and liscences, which agencies I've got to contact for that,etc. On Tues. I will research the best locations for this type of business, including calling and finding out how much the lease will be, etc) My things might be out of order on the time line, buit if you are researching your desired bus., you will find out exactly what needs to be done and find out an acceptable order in which to do it. Don't ask other people what they reccommend, you will get lots of "check out my website" offers, unless that's what you would have chosen to do anyway. Good luck with this, and choose something that you would like to do. You'll make more money at it if you want to put the time in, rather than something boring you hate to mess with. Don't ask friends or family members who would bring you down by saying "No. that's not a good idea to be a business owner or entreprenuer." And then they proceed to tell you why not. If you listen to doubts, they will drag you down, but encouragement and wisdom will get you far. Just research thouroughly. Pick what you want to do, and if you mean it, do it! Get started now, while the enthusiasm is strong! If you are already working somewhere else. make this your 'other' job, putting at least 4 hours a day into it. If you are not currently working, make this your new job, and do overtime every day. Don't take days off more than one day a week until you've got money coming in. Otherwise it will only remain a dream because you never got started.Again, good luck, and I wish you much success!