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Melinda Emerson on Starting Your Own Business Without Using Loans

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Entrepreneurship
Reading Time: 1 min read
Become Your Own Boss in 12 Months
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Q: I am interested in trying to own my own business but don’t want to use loans. What types of grants are out there and how do I get my hands on them?

A: We asked small business expert Melinda Emerson, author of Become Your Own Boss in 12 Months to answer this question:

“It’s a good thing you don’t want to use loans to get your business started because banks do not lend money typically to start-up businesses. You need to be in business for two to three years to qualify for even a line of credit. Unless you win a business plan contest or inventors competition for the most part there’s no such thing as finding a grant to start a business.

The money to start your business will come from your right or left pocket. In fact, there’s three pools of money you should have before your start a business
a) an emergency savings account
b) enough budget to go from 12-24 months without a paycheck
c) the first year of operating capital to run your business..
Now there are some franchises that provide funding, but 20-30% of the loan must come from your resources.”
Good Luck,
Melinda Emerson
Author, Become Your Own Boss in 12 Months
@Smallbizlady
www.succeedasyourownboss.com
Become Your Own Boss in 12 Months
Become Your Own Boss in 12 Months
Tags: BusinessBusiness planGrantline of creditLoansavings accountSmall BusinessWorking capital
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Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach, is a renowned financial expert, author, speaker, and media personality, empowering people to achieve financial success.

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