# Start-up Cash



## smacs01 (Dec 18, 2006)

Hey I am starting a t-shirt business and have bad credit and what was wondering whats my best chance to get a business loan, grant, or credit card, or what are better options to find funding with somebody in my situation?


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## Optiq (Oct 13, 2009)

First and foremost you have to learn to understand that Business isn't about multiplying money on top of itself, it's about GENERATING MONEY with an idea. Depending on what you're doing and how you're doing it money shouldn't be an issue. I'm in the same boat as you bad credit and all, but I'm taking care of that with my business. I'm an artist and I offer my custom t shirts through local retailers. When a person places an order, the retailer takes their cut and gives me the rest, I do the design and pay my printer to create the shirt and ship it to me. Sure I want to one day have my own machinery, but it's not possible at the moment so I'm doing what I can the way I'm capable of doing it until I get things together. You should take an approach like that with your business however it can be applied to what you do. Don't wait on loans or a job to pay you some supper high salary to save up for stuff that cost more than an average salary, outsource if you need to and make sure you got everything you do timed so you can make sure you're actually making a decent amount. For example, one of my designs yields $8 profit for me and it takes 2 minutes to put it together, which means I could do 30 of those in an hour. 30 shirts X $8 = $240 an hour once a whole hour is worked. You can do a lot more with that than $12 an hour at a job. You have to set yourself up so that those are the results of you being in action. Once you have that set up and you get clients/customers that provide regular income, then you may want to think about a loan or something because not only do you stand a better chance of hearing "yes" you have a better chance of being able to pay it right back with no problems. Don't borrow money because you need it, borrow it because it will benefit you. Don't use a loan to start your business, get your business started and booming then use a loan to expand it somehow so the boom can expand as well, otherwise you'll just run yourself into debt.


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## brice (Mar 10, 2010)

If you have bad credit, as you say, I think your odds are in this range

slim<----->none
​for a loan or similar credit arrangement. 

I have excellent, verified credit and without a business history, you will like find few affordable or reasonable options. If you have a house, you may consider a home equity line of credit. You cannot use this for a business, but you can use it for home improvement. Do you consider a screen printer home improvement? 

I wish you luck, but with the economy like it is, the honest truth is probably the best response.


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## guero71 (Feb 27, 2010)

What kind of business? Is it a store that sells shirts, a printing business, an internet based shirt store? Are you looking to print the shirts yourself? Depending on what you are trying to do, there are many inexpensive ways to get started earning money that you can then reinvest into the business and buy bigger and better equipment.


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## smacs01 (Dec 18, 2006)

Thanks for all the info and it all great ishouldve joined alot earlier. thanks again.


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## charles95405 (Feb 1, 2007)

lets be clear...this is not an easy way to make money...I just googled tee shirt printing...got 6,800,000 hits. If this is to be your source of income...focus locally and have a cash reserve for at least 9 months worth of expenses.

with poor credit, I think you options are very small. The likely hood of a loan is very very small and then at at high rate...and with credit card..forget it as the interest will absolutely kill you if you do not pay off in full every month. And I think SBA grants have dried up...especially with bad credit, no cash and 'iffy' business plan..

Even if you outsource, you have to have $$ to pay for the service that you resell to your clients.

Hate to be a wet blanket, but this may not be the time for you to venture into this


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## brice (Mar 10, 2010)

A $20,000,000,000 industry with 6,800,000 participants leaves an average gross of just over $2900.00 per participant. Why did I go into this again? Who's making money? Please don't tell my wife why I bought into this.

LOL


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## TeesForChange (Jan 17, 2007)

Can you use your own savings at first and then reinvest any profits back into the company? if you have bad credit and no savings, you might want to start off with expensing on a personal credit card at first.


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## Neon Bible (Mar 24, 2010)

Dave Ramsey would suggest you have a garage sale, deliver pizza or sell you car with car payment and get a beater and start small and grow your business slowly the old fashion way. Maybe you can raise some start up capital from friends and family.


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