i know what type of businees to begin, which is a great need in the community. but where could i turn to for funding purposes especially if you have bad credit?

finessed1

I'm not quite sure about lending products especially for bad credit but from my experience, taking a local course on becoming an entrepreneur and/or how to start a business can be an option. One that I've completed gave me key tools needed to start a business, as well as, how to put together a business plan, which is crucial in the success of your business. Once the 9 week course was over, we were eligible to qualify for financing of our business as an incentive for completing. Whether financing was given to you or not was determined by a panel of your peers in that workshop and credit was not at all an issue. Its called the Philadelphia Young Entrepreneurs Program. Hope that helps.

deonmdavis

Hello everyone. I want to open a bar, and I would like some sort of information on where to actually begin with that process. So, far I have a name for the bar, the location, looked into the liquor license, started some business cards, and look for a promoter. However, if anyone have any information related to this question, can you please respond.

finessed1

I would advice, first and foremost, to put together a business plan. While it can be a grueling task... numbers don't lie. I you fail to plan, then you plan to fail. Hope that helps.

Fr_Chuck

Normally to get money for some business, you will need backers, other local people willing to invest money into the project. Also you will need enough money to operate at a lost for a period of time, since the reason for most busines failure is they can not operate severl months at no profit.

On the Bar, business cards??? for what, you print cards ( if you even need cards for a bar) after you are serving drinks, you need a list of all the stock, you need to show how much profit per type of drink you can estimate, you need to show traffic flow past your location. cost of labor and every operating cost, then you will just be starting a business plan.
But the same area you find those in the area willing to invest

finessed1

Business cards can be very effective ways for networking. Having a support of people to back you is fine and dandy if you are looking for some sort of partnership. If you would like to run a sole proprietorship, having backers doesn't work. Depending on your credit and capital you could secure a competitive loan product, giving you complete control of you business venture while allowing you to get by until the money begins to rake in.

wags

If you have proven you can not handle money (you said you have bad credit) why would anyone loan you more money? It takes a large amount of money to open a bar or any business, much more than you first think. Your best chance is friends / relatives etc. If they won't loan you any, I doubt any commercial loan would be available. You may want to check out www.sba.gov , they will have information for you. You may want to go to work in a bar or whatever kind of business your interested in for a few years, save every penny you make and learn the business first. Good Luck !