What about a small business loan?

You will be better off taking a job at the Market, Not an expert but I think it would be very tough to qualify for a business loan with current economic conditions. Depends where you live, credit history, what are you bringing to the table etc.

You can get startup capital buy doing some work for others on elance, odesk and other sites. You don't need much capital to start selling online I started with less then $100 its' not that expensive to start if you invest time.

The appeal of online businesses is the low cost of entry and the ability to bootstrap your business.

Anyone lending money is going to want to see your business plan. Do you have one? Do you have previous experience in the type of business you want to start? If not, then I don't think you will get one.

I think I would get the job at the market and then start working on building a business.

A guy I went to college with paid for his tuition with a t-shirt company that he ran out of his bedroom.

This guy also paid for his college education and launched a business by making duct tape wallets and selling them at the Saturday marketplace.

Here is a link to the SBA on starting a business.

You might also check to see if there is a S.C.O.R.E. office near you. These are retired business people that volunteer their time to help people start and grow their businesses.

Exactly. I started my business with $20 bucks for a domain name and to file a DBA. When I had my interview for my WBE certification, they actually asked, ". . . and where did you get the start-up capital."

Internet Marketing is not for everyone and success is far from assured. I certainly wouldn't recommend getting a loan to start your learning curve (and you will have a learning curve for sure).

The wise choice would be to go with the job for now and begin, in parallel, to build your second income via Internet Marketing. As you can get to the point where your Internet Marketing income is approaching or surpassing your job, well, then you're in a different spot and can re-evaluate things.

I do have a business plan/vision actually. I want to start an info product business, selling mainly e-Books amongst other info products. I have some art skills and some computer skills, learning about Photoshop.

I already have a first version of an e-Book I want to sell. I plan on registering a domain, then web hosting, which is why I obviously need some capital.

Well it looks like I can get the job at the market, if there hiring still.

Have you heard the name of Dr. Younus? He is the inventor of micro-credit. He owned a bank named "Grameen Bank". This bank is for micro-investors. You can contact with grameen bank.

I hope it will help you a lot.

I doubt VERY much that the SBA will help fund you! And selling Ebooks is NOT a business plan. '

You said:

OK, I am at a loss! You HAVE a virtual product! You PLAN to register "a domain[name]". You PLAN to then get hosting, which is why you "obviously" need some capital.

Please explain to us why you need THOUSANDS of dollars!

ebook creation/supply ......FREE!!!!!!
Register a doman NAME.....<$8.00USD/YEAR
Hosting ...........................<$144.00USD/YEAR

TOTAL startup cost? $20USD!

Ok, the SBA will DENY YOUR LOAN! They DON'T provide funding to homeless people. If you can't spare $20, I figure you must be homeless. BTW as I understand it, the SBA today works more like a loan agent than a bank. They basically research your paperwork, and line you up with a funding source. But SERIOUSLY, they are looking to provide real startup capital you can use right then for the BUSINESS!

If you REALLY, REALLY, REALLY want to do this, and feel the sting of $20, try getting a credit card. WARNING, THEY aren't supposed to accept homeless people EITHER! And S.C.O.R.E. is probably not the best thing for YOU. Outside of helping with ads and accounting, I don't see a fit.

cma01,

Th WBE certification org probably wanted to make sure you didn't get the money from your husband or some such. CONTROL, TITLE, RECORDS, and FUNDING is what I would look at, if I were them. And if you had a business with 1500 shares of stock, and your husband kept 750 shares, they would have turned you down.

Steve

Domain name: $9
Hosting: 1 cent

Borrow $10 off a buddy and you're good to go.

Yes, I think you should take the job until you see some steady online income.



Andrew

Depends on a bunch of factors to get a business line of credit. Such as credit score, needs to be good. You need a business credit file too dnb.com

#1 get a job.

How do you expect to get a loan without any job?

Its not good to get a loan when you do not even know if you can repay it... and its even less smart to give a loan to someone who does not have any way to repay it.

Small business loans are generally given to those who have at the least a plan and generally who have orders to fulfill and just need a little working capital to expand or meet demand.

I would also recommend a line of credit or a loan from a family member (with interest and a repayment schedule) before I would recommend a small business loan... but even then you simply must get a job and support your self and have the means to repay your loan if your business idea fails.

Besides as many have mentioned in this thread... internet businesses can be low cost to start up and you can reinvest your profits as you grow. There will be a point where you can quit that job... once you have a consistent long term pattern of success.

The average budget needed to start up a real internet business is around $200 a month. It can be done for less... but you have far more potential to be successful if you budget $200 a month to cover:

1. High speed internet connection
2. Quality email list management service provider
3. Quality and reliable economy priced hosting provider
4. Ecommerce shoppingcart and affiliate program management service provider

You should go for hosted services when starting up because unless you are a programmer you will be wasting time and money and potential if you think you are going to do it all with self hosted scripts which you have to support your self and hire programmers to assist you with.

If all you have is $10 a month to invest... you can always just start with a $3 a month hosting account from Namecheap.com and a wordpress blog. I recommend you start there anyway if you don't yet know what you want to be when you grow up :-) The best way to start figuring it out is to create a blog and just start posting your thoughts and experiences as you explore the world filled with opportunities.

I also highly recommend product creation. Generally I recommend people start with a budget of around $500 for product creation and go to the freelance sites and post two $250 product creation projects (you need the idea first) then see which one turns out the best. You can have scripts created or simple software etc.

Then you can take those and sell them as a WSO to get your feet wet. You can even sell resale or source code rights if you want to boost the value of your offer.

So many ways to get started... getting a loan when your broke and have no clue what to do is not one of them ;-)

You do not need to get a loan to start a business online. Especially from a bank. There are tons of ways to do most everything for FREE that is required to start an online biz. You will need some money but you don't need a big loan or any loan. There are free templates for every web page you would need. free html editors. free ftp programs. free advice. free traffic methods. free everything you can think of. One of the beautiful things about IM is that you don't need hardly any money to get started especially if you want to market affiliate products through clickbank. It's free to become an affiliate there. Compared to starting a brick and mortar biz the comparison to startup cost is like duh. Don't buy into the sickness in this country that it takes credit and loans to be successful. Our country is in financial ruin because of credit and people not knowing how to manage money. Do not fall into the debt trap.

Peace and Love,

Anthony Spencer

It is completely depending on your business requirement.If you want to get a small business loan from banks, you shall give information about your credit core,nature of the business,capital details etc to the banks.It takes some time for approval of business loan.If you need money immediately,there is also another option for you that is private lender.Because private lending institutions are providing personal finance with less time. You can use this loan amount for your business.

To be honest you don't need a loan to start an online business most people have started making money through free ways like article marketing. After they've made their money through the free ways they re-invest that money to create a website and create a bigger income stream.

Joey89,

You definitely can try to make money offline first (like with the market you mentioned) to earn startup capital for your online money making projects.

You can also start working online by providing services to others to earn startup capital. Try visiting Odesk.com.Take all the tests you can take in the site and complete and verify your profile so you can get a great chance in landing a job you like. Apply to as much jobs that you can.

If you have "make money online" products that you haven't finished going through yet, go through them first before buying any new ones. Start using the ones that don't require you to spend any money. If you make money from these products, use them for your startup capital for other money making online projects.

If you accumulated PLR, you can sell them on Fiverr or Tradebit.com

I won't recommend getting a loan, especially nowadays.

Bob

Taking loans to start businesses is not for beginners imo, because you may end up losing your shirt.

You barely need more than a few hundred dollars to start an online business, and if you don't have that you need to go earn that by getting a job, or by providing a service online.

Most of my friends who take loans to start their first business end up in the red because 1) they don't see it as their money, and 2) because they have the money they spend more than they really need to so that they can smell success faster.

Using other people's money (bank loans) to start businesses is a very solid way to scale up, but because it takes alot to manage risk and debt, it's not advisable if you're just starting out.

Just my 2 cents worth.

Making money in this business is not just about having a lot of money to invest into something but being able to learn and put what you learn into action. I would not get a loan, but take the job down the street and make a small investment in myself to help kick start everything.

I think all home based and internet based first businesses should be boot strapped. That way you learn the value of earning money. Plus getting loans is hard work. Wouldn't you rather be selling a customer vs. selling a bank on giving you money.

Once you have a successful business or two under your belt use loans and more likely investors on big ideas.

You need to separate your immediate need for cash from the idea of starting a business. If you don't have a few methods under your belt where you can generate instant cash online, then you should get a job and learn IM in your spare time.

The OP is not a candidate for a SBA backed loan. They are a great resource for info but require among other things, personal gaurantees and in most cases colateral. They are not a direct lender. I agree, for their business model I would not take on debt. But to suggest any SBA gauranteed loan will just send them chasing their tail.

Bootstrap. Be creative. Don't get a loan.

One of my biggest regrets was getting a loan to start a business five years ago (brick and mortar business). It was profitable but the profits were eaten away by the loan interest.

Not relying on a loan will sharpen your mindset and force you to be creative. It'll force you to think of ways to be crafty and resourceful.

There are many ways to get started without using a loan. As some mentioned, freelancing is one, try mentorship or be an apprentice to someone in the field. Do some part time work, sell something. All better than getting a loan.

VERY OLD THREAD BY 5 YRS ALMOST SOME IDIOT DUG UP

I guess OP took the job at the market.

Old thread but better than some of the new ones asking stuff like...How Do I do affiliate marketing?

Yes, get the job. How is your credit, and how much of a small business loan are you looking to get? Most loan officers when you sit down with them will ask you if you have any collateral. Plus, you'll be required to make a down payment of around 2% of the loan amount. If you tell them that you want $5k-$10k, they will laugh and tell you to get a small business credit card. They love to give HUGE loan amounts ($50k-$100k). If you don't have any credit or your credit super sucks... if they cant do anything with the collateral that you *may* have, they will more than likely decline you.

So yeah, get the job and stack that guap, and use it to fund your internet business. Be sure to belief in yourself and the marketing when people laugh at you... and never forget it.

Two more who didn't read the DATE OR the posts in the thread....geesh.