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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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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)

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About the Expert

Mark Bower
Owner of Aberdeen Home Repair

Mark Bower
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