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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz. Featured Biz Question Hi, I want to start my own painting company, and need start-up cash. I was wondering if it's possible to use money from a 401k ( from a previous employer ) to finance this? If not, can I use it as collateral for a loan? I also was wondering if anyone had any ideas on where I can research things like, how many new houses are going up in a specific area?...how many other paint companies are in competition for these new homes? I also was wondering if I should turn to the SBA for a loan? I know I have a lot of questions and I appreciate any help anyone can give me on any or all of them. Dave Answer from our Guest Expert Mark Bower of Aberdeen Mobile Home Repair Dave, When starting a new business, taking that very first step into the "hot kitchen" is always the most difficult. It's good to ask so many questions. Being a contractor myself -- who started with nothing but a hammer and saw -- I truly believe you could get started without borrowing money. Most definitely, don't put your 401k at risk. Here are a few other options to consider before cashing in or borrowing. (continued) Page 1 - 2 - 3 Enter your search terms Submit search form       Search Idea Cafe Web Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc. DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.

About the Expert Mark Bower Owner of Aberdeen Home Repair Mark is also a lecturer and consultant. He spends hours a week reading and learning about his industry and about running a business. He strives to be the best, to always be on top of his game. more