Matrix

what are the pro’s and con’s of buying and exsiting business in today’s economy
and pro’s and con’s of starting your own business?

As someone who bought an exisiting business, I can help you with this. I had to make the decision of whether to buy an existing company or start my own. Let me start with this–The number one reason why new businesses fail, is undercapitlization. One must start with enough money to get through the initial one or two years of establishment and growth. Starting up new will require a lot of advertisement to get people in the door. Buying an existing business (assuming it already has a customer base and goodwill) will have a cash flow from day one. In this economy it might be wise to buy a company instead of starting new, assuming that you find one that will suit your standards. Banks are tight with money lending, money is tight with consumers, and commercial rent is still par. You can always integrate new ideas/make changes to the existing business while still maintaining the previous customer goodwill. Hope that helps.

I opened my own business and now I don’t have much more out of pocket money to put towards it. Does anyone know where I can get a grant?

There are no grants for private business. You can apply for a government LOAN thru sba.gov, but tax payers do not hand over their money for private business.

I am in the first stages of starting my business. I already have my tax ID number, am in the process of receiving my DBA, but really could use some initial start up funds. I am confident in my business and have no problem signing a promissary note with interest added.

If you live in the US, look in the phone book under Small Business Administration. It will be in the government pages.

Then find SCORE (service corps of retired executives).

They won’t help you with investors, but they will help you with the right tools to get there.

I started my first business with their help. Twice my mentor shook his head and basically said "I made that mistake once, why don’t you cosider… xyz" Both times he was correct.

LOL no need for the phone book go here:

http://www.score.org/index.html

how to start business in toronto?

Find a location, get a loan, and get a business license. You should also have your suppliers worked out, etc. BEFORE getting the loan. It makes it easier to get start up money.

how can i get financing to start a business
all banks require minimum 2 year old business to give a loan
no one give a loan for new business
does someone knows a bank who gives a startup business loan ?
the thing is that i just turned 18 so i dont have credit history
i want to get loan under my mom’s credit she’s credit score is 670 i think
so its also a problem because the banks require exelent personal credit 670 is not exelent
and the thing is that i need just 20,000 to 30,000 the banks give loans for up to 100,000
i cant get just 30,000 from them
what to do ?

Banks generally aren’t in the business of loaning start-up capital. What you need to find is what is known as an "angel investor". Angel investors are private individuals or groups who loan start-up money, usually in exchange for a piece of the business.

To get an angel investor interested in your business idea, you need to have a rock solid business plan.

I would suggest that you visit StartUp Nation http://startupnation.com They have forums with lots of information on preparing business plans and soliciting money from angel investors and other sources.

Good luck with the venture!

I’m thinking (after I get a degree) of starting a business in holistic health care. I would start off small and local, and then hopefully get an office somewhere.

I’d just like to know all of the legal things to it. Licenses and tax forms and where to get all of that, and who do I have to tell that I’m starting a business to make sure it’s legal?

You need to see a local lawyer. I say local because most cities have laws regulating businesses, especially health related businesses.

I have lived in India for four years and I know that foreigners pay much more for everything. I hate to overpay and need to start a small tour company in India. I need a good CA who will charge a reasonable fee and is interested in a long-term business relationship.

Business registration procedures are right here:
http://business.gov.in/starting_business/pvt_ltd.php

Since you are staying here for four years you would be aware of the prices/rates of different products/services and no one can cheat you by overcharging.
The best way to find a CA is through your friends/relatives who are situated here and are in contact with Chartered Accountants.
Once you select a good CA tell him to quote a price…..if you feel it is too high you can also bargain…..It is true that you can even bargain with a CA for his service.

I am a start-up business baking pastries and cakes in my home. I have seen sample business plans and my business does not have a projected revenue yet. I am told by others write a business plan. All of the plans I have seen have large financial projections.

You will need a business plan if you will use it to:

- Support a loan application
- Raise equity funding
- Define objectives and describe programs to achieve those objectives
- Create a regular business review and course correction process
- Define a new business
- Define agreements between partners
- Set a value on a business for sale or legal purposes
- Evaluate a new product line, promotion, or expansion

You will get a lot of advice that a business plan is needed.

However, what you need is the process that a business plan entails — that is, the process of thinking through the business.
It will help if you follow the outline of a business plan — e.g. defining your business, determining your unique selling proposition, identifying your target market, determining how you will market the business, knowing how much you need to launch the business successfully.

If you will not use it to apply for a loan or find an investor, you need not write your business plan.

There was an article from the Wall Street Journal that questioned whether a startup really needs to write a business plan and this is one of the studies they found http://startup.wsj.com/columnists/enterprise/20070110-spors.html

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A study recently released by Babson College analyzed 116 businesses started by alumni who graduated between 1985 and 2003. Comparing success measures such as annual revenue, employee numbers and net income, the study found no statistical difference in success between those businesses started with formal written plans and those without them. The study concludes that "unless you need to raise external start-up capital from institutional sources or business angels, you do not need to write a formal business plan."
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You don’t need a written formal business plan to succeed. However, you need to understand your business and know how to navigate the market in order to succeed

If the plan looks good people invest.

As a manager of a financial planning business you have two financial planner. In an hour, Phil can produce either one financial statement or answer 10 phone calls, while Francis can iether produce 3 financial statements or answer 12 phone calls. Deoe either person have an absolute advantage in producing both products? Should these two planners be self-sufficient or specialize?

Francis has an advantage.

They should be specialized.
Francis should make the financial statements and Phil should answer the phones.