Blog 24-What Business to Start

            I have had quite a few people in the last few weeks ask about starting a business.  Some of them have an idea. Many do not.  Hopefully I can help those thinking of starting a business head in the right direction.

            First of all it does take some money to start a business.  There are NO grants out there for starting most businesses.  You will need a minimum of 30% of the money needed to start the business and maybe as much as 50% of the money needed to start the business. Why??

Well look at this statistic from Dunn and Bradstreet.  Only 20% of restaurants that start up will last 2 years!!From the National Federation of Independent Businesses – 39% are profitable -30% break even – 30% lose money.  What that means to a bank is most NEW businesses won’t be here in 3-4 years.  They will probably just close their doors and go out of business.  If the bank does not have good collateral, it will lose money. 

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Blog 19- Starting a Business – the Financial Feasibility

I have gotten a little behind in my blogs this past month.  An illness certainly slows down a person so that you do not get the extra things done. I will try to pick up the pace again!!

In the last two weeks, I have talked to a number of people that are interested in Starting a Business.  The people who have come to me have had some pretty good ideas.  The one that really struck me this past two weeks was doing a night club.  At first blush, I was thinking NO WAY!!!  But the entrepreneur had done his home work so that as we went through the following steps, his business idea really shined!!!

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