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Starting Up

by rockview, Window Shopper

  • Created: August 20, 2012, 11:18 am
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3 comments
A friend and I have decided we want to open a clothing boutique in our hometown. Right now we are in the very early stages. We have plenty of ideas for the store and we have a location in mind, although we have not secured the place since we don't have a loan yet. What I'm wondering is... Is there a particular order in which we should do things? Should we obtain a tax ID number, etc. and then apply for the loan? Or are we okay to apply for the loan first since we are still trying to decide on a name for the business? Also, I'm aware you're usually required to provide personal tax returns when applying for a loan. Unfortunately, I'm a recent college graduate and have been just helping out at a family business for the last few years. I was an unpaid employee, so I obviously would not have tax returns to provide. My business partner can provide her tax returns, but that's it. Will this make lenders hesitant to give us a loan? I've done a lot of research, but any advice would be greatly appreciated.
Tags: Discuss Popular Topics, Starting & Registering a Business
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MarkAcantilado | Window Shopper | 8/23/2012 - 9:41 am

The best thing you should do is to grab a copy from your state business
regulator to what are the mandatory documents requirements or any other
prerequisites that every business owner and starter should provide when
registering their business. Such legal documents will also aid you when you
are getting business loans and other important things that will start up your
own business idea.

Thanks,
Mark T
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kmurray | Community Moderator | 8/22/2012 - 7:55 am

Hi, A great place to start, like BizResearcher suggests, is with a mentor with one of SBA's resource partners. These experts will be able to give you guidance on the specifics of your business venture. You can also read about SBA-backed loans and check out this blog post for loan insight. Best of luck to you!

BizResearcher | Window Shopper | 8/21/2012 - 1:14 pm

Congratulations on your desire to start your own business. Clothing stores
are capital intensive, so be sure you do your homework before you rush to
lease a space or do something else you may not be able to later change.
Unless you plan to obtain a loan from family and friends, you have to have a
business to be able to get a business loan.

Before you make too many decisions, you and your partner may want to attend a
trade show or a large wholesale market to determine what type of clothing you
want to carry, the cost, the minimum quantities you must order, and to
network with distributors. You can find markets by doing an internet search.

You may also want to make an appointment to meet with a counselor at a small
business development center, women's business center, or SCORE office. Their
services are free and they can provide much information on writing your
business plan and on obtaining financing.

At this point, and without a strong credit history, you may want to seek
employment in a retail store where you can gain experience and learn the
basics of the business.