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Lately I've been thinking that I want to go into business for myself.
My goal is to purchase a laundromat here in NYC, but I've never purchased/started a business before.
My biggest problem at the moment is that I have no collateral nor do I have the necessary funds for a down payment on a loan.
I look at some of the small businesses here in the city and couldn't imagine these owners having $35,000-$75,000 dollars just lying around. They must have gotten the money from somewhere.
I'm very persistent and know the value of hard work, this is what I really want.
Can anyone provide any advice on how I can get started??
Can you people just guide me instead of being judgmental?
Thank you.
In order to run a business, you need to know the basic background of the business you are going into. First, you need to know inside out of how the business function. Second, you need to know how many people to hire. Third, you need to have a pretty good estimate of the total cost on a monthly basis. Fourth, you need to have a reserve fund for emergency purpose, like a sudden breakdown of an equipment. Fifth, who is your backup if you can't be there.
People who commented on your thread think is a joke because you didn't do your research before you start a business. Business doesn't run smooth without a good plan. You have to nearly do all the small tiny little thing when you start a business, like sweep the floor and mop the floor, and maybe fix pipe on your own, etc...
I can tell you this, most people who started business, they have to work in that industry first. Once you work for long enough to know everything (nearly everything, and I mean really nearly everything), then you can start. The next step would be getting capital, meaning you have to get money to pay for all those upfront costs before you even open the business. Some people borrow moneys from relatives, and some takes loan out of a bank.
In order to run a business, you need to know the basic background of the business you are going into. First, you need to know inside out of how the business function. Second, you need to know how many people to hire. Third, you need to have a pretty good estimate of the total cost on a monthly basis. Fourth, you need to have a reserve fund for emergency purpose, like a sudden breakdown of an equipment. Fifth, who is your backup if you can't be there.
People who commented on your thread think is a joke because you didn't do your research before you start a business. Business doesn't run smooth without a good plan. You have to nearly do all the small tiny little thing when you start a business, like sweep the floor and mop the floor, and maybe fix pipe on your own, etc...
I can tell you this, most people who started business, they have to work in that industry first. Once you work for long enough to know everything (nearly everything, and I mean really nearly everything), then you can start. The next step would be getting capital, meaning you have to get money to pay for all those upfront costs before you even open the business. Some people borrow moneys from relatives, and some takes loan out of a bank.
Hope this clarify a bit for you.
Yes, but I didn't start the business. This is just something that I aspire to do in the near future. I know I have to draw up a business plan, sales projections, and a maintenance plan. I'm a little far off from all of that right now.
I'm going to do ALL my homework and put my heart into learning everything I need to know about the business. This is not something I just want to jump into without a plan, im sorry if I gave that impression.
Everything you mentioned I plan to do, but based on my research the biggest obstacle for me will be getting the loan.
I have good credit, however I don't own any assets nor do I have collateral. Based on what I read the banks want a 10-30% down payment for the loan. I'm 27 years old and I aspire to go into business for myself someday, but I don't have a job that will help me save for the necessary funds. Hence why I want to start my own business. I want to put my faith into my own hands.
OP - you are very vague in your experience in regards to work experience, management experience ,etc.
Do you know anything about managing/running a business?
Are you currently working now?
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