Help! How can I start a business when I have no money, real bad credit and no rich friends or family?

I have a great idea for a new members only service business that is partial web based and partial brick and mortar in the automotive industry. I found a need that hasn’t been met and this business is designed to meet that need. I know this is a service that most people can really use with nearly no competition. The entire concept is quite unique and very legitimate and the income potential is incredible. So far I have a rough business plan that I put together as well as the name of the business and a great looking logo. There's just one huge problem. Where do I get the start up money of at least $35K - $50K to start my new business? Here are the facts. I have no money. I’m on Social Security disability and I can barely make it from month to month. I have terrible credit and no wealthy friends or family members. So traditional funding sources such as banks, credit cards, and asking friends or family members for money are all out of the question. I need the 35K - $50K for two web pages one of which is fairly elaborate and is an important integral part of my business. I also need money for office space, advertising and a variety of other business-related items needed for a new start-up. I have some prior experience doing this business but this time I’ll be ratcheting it up a bit and will be eventually helping hundreds of thousands of people along the way. One great part of my business is that people who are signed up can actually make some real cold hard cash. My business will be a real win-win situation for everybody involved. Any help to find the necessary funding would be very much appreciated! Thanks!!

Public Comments

1. Hiya, Princess trust fund, Helps people in your situation, my friend has done this, here's a link for you to take a look at, Get a good buisness plan up together & you'll get that loan : ) http://www.fundslender.co.uk/n/index.php?kw=princes%20trust&site=google Good Luck!! ; ) ..just found this...take a look, you have to be aged 14 to 30 years old to comply with a princess trust loan. http://www.princes-trust.org.uk/Main%20Site%20v2/14-30%20and%20need%20help/start%20up%20in%20business/business%20guides.asp
2. wow... sounds interesting. I wish you could give more details. The best way would be to advertise that you are looking for investors; draw up a business plan with a detailed list of expenses and profit projections, market research etc. The investor will be the silent partner while you will do all the work. You will agree on a profit sharing scheme and strict benchmarks for the realization of profits. Otherwise, if you go it alone, cut down on your overheads. Do you really need office space? Why if it is web based? Or, find an existing business that is doing something connected and ask to become partners. You use their office space and you offer your products to their customers; again, you will have to come up with a profit sharing plan.
3. Go web based for about 1% of the money you stated and maintain full control. (risk free). I'll be glad to send the link - there's a lot of info to research available - before you make any decisions.
4. I suggest stripping it totally bare, find out the bare minimum you need. Next go to your bank and talk to a financial adviser, see what they have to say for how you can get back on your feet financially, it may be easier than you think. They'll tell you your options, find out what they are and how to proceed. But don't expect to do overly well if you can't prove that you're good at handling money. If you can't control your funds, your business will crash, hard, and you may end up in even more debt. Get it under control. Next your best option is to get private investors who aren't family. Check out your local small business center and tell them you are looking for a business partner or investor. A business partner may be better for you, as this may get you the needed capital, and some business experience. Also you can ask at the small business center if there's any places that will guarantee loans for you because of your bad credit, based solely on your business plan. Though your business plan will have to be 100% solid.
5. You should have a completed business plan, not rough plan, before approaching any investor. They wont care one bit about your completed logo. That's a fact.
6. Good for You! I love entrepreneurs. It's so hard to find the right niche. If you can wait a few months, I think I found a way to make some money without too much effort. I just found this yesterday and after looking for something I can do from home for about 2 years, well, I am so excited! Listen to the movie and decide if you could start this business, by the way it's FREE, then build it quick and reap the rewards. I don't know how to make this clickable so you'll have to copy and paste. Make sure you paste through 'Business' so you get to my site. (which was also free!) mypowermall.com/Biz/Flash /18976/Business Good Luck no matter what you decide. This is just an option and I think it would work well for you. Lynda