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Don't know where you live. Where I live, back in '74, there were no regs preventing you from starting a business AT HOME. Today, the regulations say "NO BUSINESS IN A RESIDENTIAL AREA". That means, in order to start a business today, you need to have the money to rent/buy a commercial property, then also have the funds to keep it while you prove your product and build up a customer base.
Back in '74, and earlier, companies like HP, Tektronics, Apple, and a few others, started out AT HOME, in the garage. So, today, come up with a new concept, develop it, and get a business started from a commercial location. Go ahead and try it.
What I could have started for $1,000.00 in 1974, will now cost me $200,000.00+, just to get started with the development. Once off the ground and running, it could be on a par with General Dynamics, but get it started. I've butted heads with enough regulations (and how much work I put into it makes absolutely no difference with the regulations) that it's just not going to happen.
I make business loans every single day for businesses operating out of a home. Many of them are IT consulting businesses, but there are others. Some law practices operate out of their homes, catalog businesses, travel agents, etc. I don't know where you heard this, but it definitely is not true.
Now, you cannot run a commercial storefront out of your home. Selling ice cream or clothing would be a big no-no. But selling on E-bay, heck yeah!
Sales Tax permit in Texas is free.
If you want to sell at a flea market that's about all you need plus the charge for a spot.
Yeah, well, Texas is a whole 'nother country. If I ever leave my state, I'll head to Texas, for lots of reasons including the taxes (or lack thereof). I like Texas.
The most successful business (with the least amount of start-up capital, education, training, etc) I have seen in all my years of business banking is one where a 20 year-old started a lawn maintenance business for foreclosed properties. He started in one local area and basically mowed lawns, trimmed bushes and occassionally repaired a fence or two (nothing fancy like edging, just enough to keep the local authorities from fining the banks).
He eventually scored a contract with a nationwide lender that owned foreclosed properties all over the country. When he needed a lawn mowed in Enid, Oklahoma, he would put up a Craigslist ad in that city to have it done. Last time I checked he was doing $6 million in sales and bringing in $300,000 personally after taxes.
Last edited by Book Lover 21; 04-09-2013 at 10:41 AM..
Reason: sp
Hmmm, some good ideas on here. Myself, I'd love to work for myself, I just have no idea what I want to do. I take that back, I'd like to own a bar but definitely do not have the money or the credit rating to get the money so I'll have to think of something else.
If his idea was a good one, he could convince someone to loan him money, or perhaps even invest in his venture. However selling t-shirts on the corner is not exactly original.
Based on the shred of information the OP provided I wouldn't invest a penny. I guess he'll go back to cooking french fries.
Start up require one thing: research, research, and more research. It's the biggest reason why businesses initially fail, because they didn't do their homework.
Hmmm, some good ideas on here. Myself, I'd love to work for myself, I just have no idea what I want to do. I take that back, I'd like to own a bar but definitely do not have the money or the credit rating to get the money so I'll have to think of something else.
I've started a few businesses on concession.
Sometimes I'd bring my customers right into the bank demanding my products.
Lower than that, though, I've been quite successful in service businesses with just sweat financing.
Hmmm, some good ideas on here. Myself, I'd love to work for myself, I just have no idea what I want to do. I take that back, I'd like to own a bar but definitely do not have the money or the credit rating to get the money so I'll have to think of something else.
We sold a bar several years ago and held financing on it with a small down payment. It was a family headache, took up 2 much time to manage. Dont forget to ask for the seller to finance the transaction. I set it up so by time the buyer stopped making payments, my parents would be receiving social security. It allowed them to retire 10 years earlier than they planned.
I've used labor as my "capital", beginning many businesses with just my own.
Before learning ethics, the hard way, I took it to extremes. When I was ten, I shoveled a neighbor's sidewalk, walked up to the door, and demanded ten cents.
You should never demand pay as a result of working from an undefinitized contract.
Just because someone has snow on their sidewalk, doesn't mean . . .
If his idea was a good one, he could convince someone to loan him money, or perhaps even invest in his venture. However selling t-shirts on the corner is not exactly original.
Based on the shred of information the OP provided I wouldn't invest a penny. I guess he'll go back to cooking french fries.
Agreed. If I knew him in real life and the idea he presented seemed feasible, I'd loan him the cash myself; I can't tell you how many of my friends have started little businesses (though they may not be registered) and I've helped finance things. In fact two of my friends own t-shirt businesses, one I helped finance the shirts, the other I built his website, and gave him a few hundred dollars for materials.
Although that particular venture of work isn't too profitable, if he believes he can really do well with selling shirts then by all means we should all support it.
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