How do you start a business with no start up capital.?
My husband and I are looking to start a bakery and we have no money. How can we get started?
Do you have any experience at working in or managing a bakery? My niece was hired as the manager of a bakery with no experience, and within three months the bakery was out of business.
Before you go any further, I STRONGLY recommend you contact your local Small Business Development Center (at your local community college) and talk to them; the counseling is free. And sign up for the NxLevel Entrepreneurial program… it's a 12 session course that walks you through the ins and outs of starting or growing your business, and as part of that you will write a business plan. At the end of the class your plan will be reviewed by a lending professional, and will be critiqued, telling you the strong points of your plan AND the weak points. Then you can work on the weak points and hopefully get it into shape to actually present to a lender and get the loan you need.
Even if you hire a professional to write your plan, you should still take the NxLevel course. It saved me from going into a business that would have failed within a year from lack of resources. There is a cost ($375.00 last year at my SBDC) for the NxLevel program, but it’s a lot cheaper than losing your investment.
Business plans may be a pain in the butt, but without one, your business is doomed to failure. To start with, you won't know what your startup costs are going to be, what kind of income to expect, what your ongoing expenses are, who your competition is, and even whether or not you can make a profit. Without a GOOD business plan, you will not be able to get a business loan to get your business off the ground.
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