||[Jul. 20th, 2013|11:59 pm]
The Question Club
I don't have an MBA and my husband, who does have one, knows the entrepreneurial ins-and-outs of Panama rather than the US, so I need some advice. |
He and I are strongly considering starting a business in a market that is not saturated and is actually somewhat lacking - we wouldn't have a huge amount of competition and I have experience in the administrative end/have reached out to some mentors but they run this type of business in a different country so I'm not sure how this works in the US.
Basically starting the business would require the purchase and rehabbing of a large building. This plus the cost of materials, advertising, etc. would probably be somewhere in the 2-3 million dollar mark.
Assuming people who start businesses that need a start-up budget of about that much money DON'T have it, how do people go about securing this type of money? I have zero collateral, being that I rent, so I don't know that a bank would lend to me. Any suggestions? It's something that I'd really love to do but I'm totally lost about this step.