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September 21, 2007


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I earn minimum wage and have a creditor leaning on me for all my disposable income. I can't save up any money under these conditions. How am I supposed to get a business off the ground with no money and bad credit?

Sounds like you're in some trouble when it comes to starting a business Min Wage!

Good to hear some advice on this. I would love to hear more on starting one's own business or possibly a link to some good resources. I have been looking into starting a venture but want it to be done right. Any info is great thanks.

I earn minimum wage and have a creditor leaning on me for all my disposable income. I can't save up any money under these conditions.

I decided to declare bankruptcy, which is the legal solution offered to people like me. I then became a cashier at WalMart, which netted me a 50% raise. By doing this without increasing my immediate spending or standard of living, I have been able to save about $300 every month. Pretty soon my consistant work experience, combined with the fact that I have a college degree, will qualify me for a wide variety of retail sales jobs, taking me down a career path that allows for reasonable pay and rewards hard-working intelligent people. In the meantime, I can't decide what to do with my savings -- should I put them in an IRA, buy a more reliable car, who knows?

I think the turning point came when I stopped b****ing and whining about my situation and decided to actually do something constructive.

Bankruptcy is constructive? I'm trying to take personal responsibility for my debt, not shirk it off.

p.s. i'm doing something constructive, namely, applying almost all of my disposable income toward debt repayment. i don't know of anyone putting a larger proportion of their disposable income toward paying off debt.

"I decided to declare bankruptcy, which is the legal solution offered to people like me."
So it is OK to take somebody's money and not give it back? How is it different from stealing? Would you like somebody to take your money and not give it back? Just because it is legal doesn't make it morally right.

I understand it if it was caused by huge medical bills. But even then the honest thing to do would be to try to come up with some kind of payment plan.

"I can't decide what to do with my savings -- should I put them in an IRA, buy a more reliable car, who knows?"
How about giving at least a little back?

Minimum wage: I know how you feel about having debt and not being able to do enough about it, let alone save for a business start-up.

I run three seperate businesses, and I OWE bigtime. The way that I've managed it is by setting things up in my evenings and spare time, using resources that I already have. I'm scared enough about the level of my debt that I can't risk giving up everything to pursue a dream, but starting small? That I can do.

Sure, it means that you don't have much freetime, but if you work at something you love, it can sometimes seem like you are getting paid to practise your hobby.

I hate to seem like a "seagull commenter" (flies in, leaves link to own site, flies out again, never to return), but I have put together some resources on easy ways to start to climb out of this pit on my own site.

Most importantly, don't give up, and don't declare banktuptcy if there is any way around it - it stays on your financial records for a LONG time and will affect so many areas of your future ...

I've been reading these types of blog posts for years. They are all like candy for those looking for a better opportunity.

I have yet seen one offering any kind of substantial advice.

My recommendation is to write an entry along the following:

"How to start a profitable full time business that survives more than 2 years"

Anyone can start a business. Owning a profitable business that can support you and your family is something totally different.

It's great to see all these comments. It's always a little nerve wrecking to blog outside of my normal area.

Richard, there are no quick schemes in building a sustainable businesses that survive more than 2 years. It takes a lot of hard work and persistence. Moreover, it takes targeted, measured and smart marketing. People also should do through researches before they jump into the market to see if their market is actually supporting the needs for the profession. In my field where a lot of new stagers are rushing into the market and they don't last very long. Because they didn't do enough research before they come into the field and they didn't do any financial and life planning.

It's much better to work smarter that retrieves results than work all the time but not getting any good results at all. Generally small businesses don't survive past 4 years, because it normally takes 3 years to turn everything around and start making profits. I am very lucky that I have been making some profits 1.75 years into the work. I also don't have a family, which makes my situation a lot easier than most. I just need to make sure I am fed.

It's very true, anyone who can fill out a form and start a small business at their local city hall, but the more important question is: are you still going to be in business in 5 years?

Thanks for reading.


Hey Minimal Wage

You probably hear this a thousand times: but have you speak with a financial professional about this?

I would also recommend you to think about what kind of business that you want to start, find out:
*Your start up cost
*Your overhead when you get into the business
*Channels of support once you establish the business.

I didn't start out as a full time stager, I worked in other jobs like receptionist, etc. to help pay for stuff. I also borrowed money from friends & family whom I later paid back once the company has landed on its feet. I put stuff on the credit cards. I sold things that I no longer use for money. I cut down personal expenses as much as I could.

Also I would recommend to speak with SBA (Small Business Association). They have volunteers on staff that can speak with you about your situations and also help you with business planning. If you are a woman or a minority, there are also opportunities and agencies that can assist you in your efforts of starting a small business.

And don't give up!


Hey Bryan is a great resource. I actually started a support group for small business owners who are women and it was great to meet women who range from thinking to start a small business, started one while still working at their day jobs, or people like me who had been in the job for couple years, or women who have been in their own business for awhile. It also helped to talk about each other's struggles. Even though we all work in very different industries, we do encounter similar issues like billing, taxes, prospecting, marketing, etc. You can also find many other business groups on Different people at different points of their businesses also shed lights on each other's difficult situations. Overall it's great to meet other small business owners. I have long chats with both men and women who are small business owners even though we work in very different industries, and it's also interesting to meet others and listening to their stories.


I'm working out the startup cost and so far they seem to be a lot less than I was led to believe by my employer's sandwich supplier. (Apparently, some of HIS costs were considerably higher, and have come down considerably.)

I've got a proposal in the works to be a vendor for my employer; he's out of town right now. And there are other stores I can pitch to.


I also came across this on My Money Blog: How to Build A One-Person Million-Dollar Business by Age 17, which is a true story of Ashley Quells. I have been reading about her story recenlty on several money blogs. Here is a link:

This is very inspiring and great tips as well on how she did it.


Minimum Wage

Sounds like you are starting on the right track! That's great to hear. It sounds like maybe you can partner up with your current boss and perhaps piggy back off him a little. Pitching can be a stressful endeavor, but don't give up!


Also, I've joined Associated Content which was mentioned by another PF blogger who is a contributor.

General question: Is anyone here a contributor, and how profitable has it been for you?

Richard: I understand the frustration of wanting to be able to do something, but not believing that you can follow through. It *is* possible, though. I'm not a dot com millionaire or the next Richard Branson, but my husband and I run a number of small businesses which provide enough to keep a family of four in a reasonably sized house in the english countryside.

The key is to just do it. Get an idea, research the niche, and follow the dream with all your energy. Setting up and running your own business isn't a good option if you want immediate security, or you don't want to sacrifice your free time. My husband and I have *no* free time, just some businesses that we enjoy more than others - he runs a building company, which isn't much fun, but when he gets home at night, he starts marketing and rehearsing for the music company, which *is* fun. But from the minute we get up to the minute we go to sleep, we are working, and *that's* the secret. Don't ever turn off.

But there isn't a magic bullet, sadly. The only way to get a successful business is to work like crazy and to start immediately. If you are worried about leaving your family without an income (and who wouldn't be?) then kick something off in your spare time.

Blogs like this *are* great because they can give you inspiration and a little reading relief, but at the end of the day, your fate is in your own hands. You can do it if you want to!

Excellent tips! Thanks for the great advice.

Kitty mentioned how it was uncool to not pay back debt, unless it was medical bills, are you really serious! If you feel that way, why be inconsistant. It is so not cool to not pay medical bills. Less money for the doctors offices or hopsital is less money for staff and equipment. Then people want to know why the staff sucks.

I love this site, very informative and has given me great ideas for my own site!

Thanks for the great advice. As a person who is seriously thinking about owning my own business, this provide me with great insight.

Good advice! I think a lot of people think of starting their own business but don't because of the fear of failing. It would be good to add some links to some resources.

Starting your own business is a great idea. I used to work with my current boss at a debt collection agency. He was always rambling on and on about how he was going to quit and start his own moving business. Well come to find out, he actually did it and this guy is only 26! I'm a receptionist, he's so smart. The way he has it set up, all I have to do is keep an appointment book on me and potential clients call me to get a quote or make appointments. He has calls forwarded to me. I love my job! I say if you got the guts to do it. Why not start a business. I don't think I'm a big enough risk taker to do it but some may be.

i want to start my home biz from scratch but do not have any money or good credit.

I am a woman who loves children and I have 8 kids of my own I have credit but all my money goes to my kids

and i want to start my own daycare center

Do not Limit yourself! Anything is possible with GOD...Go ahead DREAM big and think POSITIVE!

My desires are to have my own take out restaurant, but have no money to start, I do catering from my home and everyone keeps asking why I don't open my own does anyone know how to get free money from grants.


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