I have an idea for a small business start-up to buy, fix, and rent homes to low income families and individuals, but I have no start up funds or business experience, so I'm not sure where to start to bring this idea to life... any ideas or suggestions would be appreciated.
#1. "RE: Not sure where to start." In response to Reply # 0
There are many, many, many government-funded grants that in some cases do not have to be paid back!!! For example, if you found lets say a duplex or four plex that need fixing up--there are ways where the government would actually pay for that property based on your written agreement to make it a decent place for renters to live and if you housed 1 or 2 units with a person who has a disability and is on section 8--the government will fund this for you on those conditions and on the condition that you maintain the property and keep it nice. WOW. They are out there--so many things of this sort. Where to start would be www.USA.GOV or WWW.Grants.gov. There are many others. Also, the Government will do penny auctions on foreclosed homes. Thats right PENNY auctions. Do a little research on these because they come and rapidly go. They are out there!!!! It is also good to visit the Chamber of Commerce in your area. They can be a huge resource at one time or another. There are lists that you can obtain from banks of forclosures. Keep your eye open for abandoned homes apartments etc. Do your research on them because sometimes they were given to the state or some circumstance that you may be able to remedy by becoming the new owner. Dig Dig Dig for the info and you will find it. Any questions feel free to e-mail me: firstname.lastname@example.org. Good luck, Crysta
#2. "RE: Not sure where to start." In response to Reply # 0
Your business idea seems pretty big for a seemingly broke person like you. I mean no offense man, but I think it's a very big project given that you have no capital. Experience is something we all learn during the process, it's not your top worry. I will discourage you to take loans because you might have debts more than you can pay. I think you should set aside this business idea of yours just for now. I'd suggest a smaller scale business to generate a bigger investment or maybe look for a high paying job? I don't know. Just my opinion.
#5. "RE: Not sure where to start." In response to Reply # 0
To be honest... your best place to start would be to apply to work for a company that fixes up homes to resell. Then, after doing the construction part of the work for a a year or two... try to move up to management.. the entire time socking money away for your own start-up costs down the road. Then, after a year or two in management, and when you think you have enough money squirreled away, and you have enough experience... then go to SCORE, or somewhere else to have them help you write a business plan to take to your bank. Anything less than that and I can't see any bank loaning you money, or anyone with any business sense loaning it to you (again, you said you have no idea what you are doing and no money, which would be a bad investment). A good idea and no idea how to run a business has very little chance to go anywhere but in debt.
Many people complain about "Big Business" and how they are only after the "Profit"... well, that's how they stay in business and hire people.
I am not saying that you can't do it... but you need experience, capital and time. Good luck.
#6. "RE: Not sure where to start." In response to Reply # 0
Starting a business consistes of many, many tasks. It's important to make all the right moves! Do research on your subject. Fix in your mind exactly what you want. Believe in yourself. Constantly think about your business. Spend a lot of time organizing all your facts. SET GOALS! That is imperative! Set Goals. Look at them often. Never give up! If this is your dream, then it's worth all the struggles that are ahead for you! The success of starting your own business is better than any other success you've ever had! Never quit! You will own your own business!