Saturday, January 9, 2010

Day 8: OPM

Money is always tight at the beginning of having a small business. I remember in all my reading about OPM (Others People Money). So over course I went to the bank with the idea that they would be all excited to loan me the money I needed to seed my company. My banker set up an appointment for me to meet with the small business loan manager who asked me a few questions.

How long have I been in business? Answer about 3 days.
How much collateral do you have? Nothing…

It didn’t take long to realize that there was not going to be OPM for this guy at least not until I had been in business for three years. I would need a business plan and I would need to show my successful books.

I would suggest that a person interested in starting a business should do what I didn’t and go to SCORE and get a good counselor before they open the doors of their business.
It is great to start your own business. I love working as I think the business should be run. If a customer needs something I would to have the ability to get it for them. 

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