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If I live paycheck to paycheck, is it possible to own a business?

How do I go about getting money to own a business?

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Answers (3)
Jon Holmquist
Edgemaster Model 400 sharpener
President
Marion County, OR

Hello Michael, you don't mention what state you are looking in. If you like driving and like people you would probably do well in our business. You would have very low inventory ($200.00), no spoilage, no =theft, no machine damage on site, or any of the other insurance worries. Lot of vending routes are nothing but buying a job. Check us out for the outside the box possibility. Jon at Edgemaster Mobile Sharpening.

Feb 15, 2010
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Fayer Business Solutions
Baltimore County, MD

Michael,
This is a tough question to answer without knowing more information. First off, are you talking about buying a business or starting up a business? If you want to buy a business, it would be very difficult to do so without being able to put down any money yourself. Most institutions that give funding will require you to have some sort of interest in the business. There are rare cases when you might be able to work out full seller financing or some other creative financing deals, but in general, purchasing a business without putting a penny of your own into it is very difficult. I believe you will agree yourself that you wouldn't want to give someone money to purchase something and not have that person have a personal interest in the business.

Now if you are interested if it's possible to own any type of business without having money, then the answer is yes. There are several business that you can start at home with very little money. Depending on what type of qualifications you have, a service business could usually be started with no money down. I'm not saying that you would be able to start a state of the art business, but you could always start part time. For example, you could be a consultant in your field. You would want to start with personal contacts and see if you can provide them a service that they require. Maybe even give them a discount at first because you are new and want to get your name out there. Once you have some business and make some extra money, then you can invest it to further grow that business.

Hope this helps. If you need any other advice, please feel free to contact me at : fayersolutions@gmail.com

Feb 12, 2010
Robert Cutler
Attorney
New York County, NY

Michael, it is possible if you can raise the funds. Your best starting point in my opinion would be friends and family.

Feb 12, 2010

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