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I have an idea to make an article of clothing in a style and way i have never seen it before (i even googled for it) and i want to start designing and selling it, how do i start this? I know i need to borrow money, but how do i do it and where do i go after that?

4 Responses to “I do i go about starting my own buisiness? How do i borrow money, start making the things i want to make?”

1. skeptical on June 18th, 2009 12:30 pm

   Rule #1 for a successful business:

   Don’t borrow.

   Why do you think the economy is in such bad shape? It’s because of the stupid idea that debt leads to wealth.

   Don’t do it.

2. zeuz on June 19th, 2009 7:14 pm

   I’m sorry to tell you this, but the only way to get a business loan is to collateralize the loan. That means putting up things of value that can be sold quickly in order to make good on the debt.

   If you don’t have anything of value, then you won’t get a loan.

3. gundam07th on June 22nd, 2009 3:49 am

   What it sounds like is that you are interested in becoming a small business owner (US definition). The response from another Yahoo! answer in that you should avoid borrowing is very wise indeed, but in reality, most of the population desiring to start off a small business operation does not have the capital to get it off and running right away. But it is always a good time to start a business regardless of the economy. It all depends on what kind of business it is. Some of the biggest companies today started off as a small business back during the Great Depression.

   Before considering borrowing money, let’s first determining your business plan and then, afterwards, exactly how much capital you need. Keep in mind that most small businesses fail due to undercapitalization, which is typical due to poor financial planning. For your first year or two, you need to plan out your operating cost plus additional funds equally to at least the first year’s start-up expenses. This is a general rule of thumb to help avoid undercapitalization or even bankruptcy.

   Also, consider how you are going to market your product to the public. There are a variety of areas to do this such as radio, television, internet, networking, and even word of mouth.

   Do you want to start your business all on your own, with a partner, or maybe consider franchising? Study these methods of business operations and consider both the advantages and disadvantages to figure out which will be best for you.

   Now let’s take a look at financing your start-up dream. You can take a look at self-finacing by cash or an equity loan on your home; think about borrowing the funds from relatives or friends; look at forming a business partnership, etc. Some have considered financing through the use of credit cards, but by large-and-far, most consider this a poor choice. Contact your local Chamber of Commerce for advice and information on financing and other areas of starting your own business.

   Finally, do not give up on your dream of starting and owning your own successful business. There are many ups and downs for small business owners, particularly during the first two years. But of those who thoroughly planned it out, were flexible when needed, and remained resilient during the tough times, many have become successful and enjoyed the fruits of their labor.

   Wishing you much success!

4. Mickjam on June 24th, 2009 10:18 pm

   I started a business and didn’t borrow a dime. That was especially helpful, because with the current economic turmoild, I have had to sideline my business for better times. I am able to simply freeze it, because everything will still be intact to operate when the economy picks up. I’m not worried.

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