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Nov 05, 2009 @ 18:01:56

Will_Mackie

Über-Commander
162 points

19/M/, United Kingdom
Join Date: Nov 2009

So, I've had thoughts about starting a new business, i've created a rough business plan on how it would work.

Thing is, i'd like to emigrate to the states for this business idea.

My problem as you can imagine is financing this!

Im looking to open a recording studio, building along will be in excess of Ł275,000
Recording equipment roughtly Ł30,000

So, any ideas of how to raise this colossal amount of cash?!

Thanks!

Nov 05, 2009 @ 18:03:49

Asmodeus0girl

Points Whore
866 points

16/F/Pleven, Bulgaria
Join Date: Jul 2009

Couldn't you borrow money froma a bank?
I'm not an expert so if it sounds stupid then I'm sorry.

Nov 05, 2009 @ 18:05:21

Will_Mackie

Über-Commander
162 points

19/M/, United Kingdom
Join Date: Nov 2009

Well i guess thats an option!

But due to some creditors at my end making mistakes and all of that jazz, my personal credit might not be up to scratch, i've read that banks look into your personal credit score when you apply for a business loan

Thanks!

Nov 05, 2009 @ 20:23:55

newmexicodan

Debater
6437 points

57/M/roswell,
Join Date: Oct 2008

You could sell shares in your business for startup cash.For instance, 8 people conribute 25,000 each to you..They would then each have a 12 1/2% interest in your business.

"Keep cool.Face piles of trials with smiles.It riles them to see you perceive the web they weave.And keep on thinking free".

Nov 06, 2009 @ 18:54:35

Will_Mackie

Über-Commander
162 points

19/M/, United Kingdom
Join Date: Nov 2009

newmexicodan said:

You could sell shares in your business for startup cash.For instance, 8 people conribute 25,000 each to you..They would then each have a 12 1/2% interest in your business.

But wouldn't that make me a PLC?
Im looking for partnership rather than shares, although that could very well be a good way to go!

Thanks!

Nov 06, 2009 @ 23:22:26

linn

Apprentice
42 points

27/M/westerville, Ohio
Join Date: Sep 2009

What you need to do is register you business in the US. Once you do that you can start to build strong business credit and get financing based off of that. This way you will not have use your personal credit or attach any collateral.

There are a few ways to build strong business credit. Let me know if you need any help building business credit I can point you in the right direction.

Nov 06, 2009 @ 23:23:34

Hazuki0chan

Eccentric Weirdo

Minister+
11695 points

20/F/San Fran, California
Join Date: Oct 2008

Pimping?

Nov 07, 2009 @ 17:56:24

Will_Mackie

Über-Commander
162 points

19/M/, United Kingdom
Join Date: Nov 2009

linn said:

What you need to do is register you business in the US. Once you do that you can start to build strong business credit and get financing based off of that. This way you will not have use your personal credit or attach any collateral.

There are a few ways to build strong business credit. Let me know if you need any help building business credit I can point you in the right direction.

PLEASE PLEASE PLEASE!

Thank you so much for the info!

Nov 07, 2009 @ 17:57:02

#10

Will_Mackie

Über-Commander
162 points

19/M/, United Kingdom
Join Date: Nov 2009

Hazuki0chan said:

Pimping?

Thats LEGAL! :p

Nov 13, 2009 @ 21:44:54

#11

linn

Apprentice
42 points

27/M/westerville, Ohio
Join Date: Sep 2009

Will_Mackie said:

PLEASE PLEASE PLEASE!

Thank you so much for the info!

Once you incorporate the business, your next step is to register with Dun and brad street (the only business credit building agency). You can register with them for free on their website. You do not need to buy once of their packages as it will not help you build any business credit.

Once you get your Duns number you next step is to starting building strong business credit.

Let me know when you get to this point and I can help you with the next steps.

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