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Old 04-06-2011, 09:34 AM
 
Location: LFK
61 posts, read 155,284 times
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Does anyone know the stats on a young woman (mid-thirties) starting a retail business on her own and succeeding would be? Oh, I don't have any money to start it and also have no experience. I am thinking about taking a certification course for business planning and then talking to a bank. I would want to start this business in a college town, population 80k, metro area about 300k. Any input? Thanks.
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Old 04-06-2011, 06:23 PM
 
11,290 posts, read 46,223,621 times
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For the sake of giving a response, I'd venture that your failure rate will be 100% in light of the business you've proposed.

Not trying to be totally negative, but you've presented nothing of value to a lender and nothing of value to a potential buyer at this point. Nor do you have any ability to obtain a retail business space ... even a flea market requires a vendor space fee.

If you're going to talk with a bank, you must have a viable business plan and some working capital that you'll be putting at risk, along with some collateral to secure a business loan. Absent that, you've got nothing to justify any investment on their part.
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Old 04-06-2011, 06:28 PM
 
Location: LFK
61 posts, read 155,284 times
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ok

Last edited by cunojo; 04-06-2011 at 06:42 PM..
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Old 04-06-2011, 09:01 PM
 
1,096 posts, read 4,219,082 times
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Quote:
Originally Posted by cunojo View Post
Does anyone know the stats on a young woman (mid-thirties) starting a retail business on her own and succeeding would be? Oh, I don't have any money to start it and also have no experience. I am thinking about taking a certification course for business planning and then talking to a bank. I would want to start this business in a college town, population 80k, metro area about 300k. Any input? Thanks.
Businesses stared by people with financial backing and experience fail every day so you having no money, no experience and taking an intro business course is 99% failure rate. I say 99% b/c maybe by some fluke your some entrepreneurial genius however b/c of your nievity in asking this question I'm pretty sure that's not the case.
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Old 04-06-2011, 09:05 PM
 
5,703 posts, read 17,147,787 times
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Quote:
Originally Posted by cunojo View Post
Does anyone know the stats on a young woman (mid-thirties) starting a retail business on her own and succeeding would be? Oh, I don't have any money to start it and also have no experience. I am thinking about taking a certification course for business planning and then talking to a bank. I would want to start this business in a college town, population 80k, metro area about 300k. Any input? Thanks.
Is there something in particular you are looking to sell? Some sort of niche? I would suggest starting small since you have no start up money. Try selling unique items on ebay or etsy.
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Old 04-07-2011, 08:38 PM
 
Location: Conejo Valley, CA
12,476 posts, read 18,090,373 times
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Banks aren't the place to go for seed capital. You may be able to get an equipment loan from a bank, but you probably won't have much equipment in the first place.

Anyhow yeah....the failure rate is probably 99.999999999999999999999999999999999999999%
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Old 04-08-2011, 04:29 AM
 
Location: Pennsylvania
5,726 posts, read 10,462,422 times
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Originally Posted by user_id View Post
the failure rate is probably 99.999999999999999999999999999999999999999%
So you're saying there's a chance . . .
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Old 04-08-2011, 04:46 AM
 
Location: Southern California
3,115 posts, read 7,590,208 times
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Quote:
Originally Posted by cunojo View Post
Does anyone know the stats on a young woman (mid-thirties) starting a retail business on her own and succeeding would be? Oh, I don't have any money to start it and also have no experience. I am thinking about taking a certification course for business planning and then talking to a bank. I would want to start this business in a college town, population 80k, metro area about 300k. Any input? Thanks.
You can overcome not having any money - there are businesses you can start with no capital - they tend to be more service-oriented, rather than retail - but they do exist. And the lack of experience can be overcome as well.

The real problem with your plan is that you plan to talk to a bank. It is extremely difficult for an established and successful retail business to get even a small loan - and basically impossible for someone with no money or experience.

You could always use your credit cards to finance your business - but that's a really expensive way to raise capital. Or you could borrow money from friends or family - but then you have other people offering advice, and "expecting" you to take it, because it's their money financing your dream. Or you could start saving, and wait to start your business, until you have two years of living expenses, plus enough to start the business, in your savings account.

If none of those options sound very good - and if you still want to own your own business - then why not start very small, with something you can do now, with very little capital. Then work hard, and give it time to grow. Your goal can still be the retail space in the college town, but you don't have to start there. Start smaller and work your way up to that retail space.

The three things they say to do are to 1. start very small, 2. start at your feet - which means choosing something that's easy and obvious, and is right at your feet, and avoid what's complicated and far away - and 3. start now.

Good luck!
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Old 04-08-2011, 10:23 AM
 
1,475 posts, read 2,336,000 times
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Originally Posted by cunojo View Post
Does anyone know the stats on a young woman (mid-thirties) starting a retail business on her own and succeeding would be?
Something to keep in mind. Your gender and age don't decide your success. It's your drive and determination that do.

If you have enough drive and determination you'll find a way to start your business even with no money.

How 'bout you start a sole proprietorship. Then take whatever you're going to sell at your store and sell it to friends and neighbors. After you've saved up some money and have a "home based" business history. You take that to the bank to use as leverage to get a loan to rent a store front.
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Old 04-08-2011, 01:22 PM
 
Location: LFK
61 posts, read 155,284 times
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Quote:
Originally Posted by rfr69 View Post
I say 99% b/c maybe by some fluke your some entrepreneurial genius however b/c of your nievity in asking this question I'm pretty sure that's not the case.
Well I suppose if you didn't catch the hint of a facetious tone, than you would think that. I knew my chances were at best 1%, but I thought it would be a fun way to get some ideas. I have gotten some, so thanks to those who didn't bother to call me naive.
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