28
Mar
How Much Money Does it Take to Start a Business?
Posted by: Kathleen / Category: UncategorizedThis is an interesting older article from CNNMoney.com. I would say the one thing that keeps most people from starting their own business is money. How do you know how much you will need and where do you get it. Surprisingly very few businesses are started with Venture Capital or Angel Funds. According to this article most small businesses are started using savings and credit cards.
Another interesting statistic, only 31% of the small business owners surveyed said they started with a business plan.
“Small-business owners spend about $10,000 to start their companies, mostly out of their own pockets, study says.”
March 29th, 2008 at 3:55 pm
Credit cards - yikes! This is just another lesson in the importance of having golden personal credit. Obtaining a lower-rate small business loan is *much* smarter than financing a startup with credit cards. Having good credit will help you do that, and save you many thousands in interest along the way.
Llama Money’s last blog post..Prosper and Selling Loans
April 20th, 2008 at 2:09 pm
I started mine with just my time and the cash flow from the business. Granted it grew slowly and I kept my full time job but this option is good for some - especially web based businesses.
John Hunter’s last blog post..Gen X Retirement