Where do people get the money to start small businesses?

[Steven_Universe]

I’m working my butt off in Sales every day for a major bank. I’m doing 48 hours a week, sometimes 50.

I am a top performer in my department and will make about 110k Canadian this year, but I’m getting absolutely nowhere.

Average house here in Toronto costs a million dollars. I live in a crappy apartment in the hood.

I drive a 2008 Chrysler 300.

My friend at work is pushing me to start a small business with him, like a Pizza franchise or something.

Pizza Pizza franchises here need you to have 350k in liquid assets. Who has that Kind of money?

No one that I know.

I don’t care if I sound poor because I am. What’s the alternative? Am I supposed to go back to school
And do my MBA? Study my CFA and make a living in trading?

I like Sales and I’m not afraid to work very hard, but how do I upgrade my life?

 

[Steven_Universe]

I can come up with maybe 25-30k, a pathetic amount in the grand scheme of things from my own money.

 

[MikeMcMann]

First round of money is called the 3F's.

- Friends
- families
- fools

Along with whatever money you can scrounge up that is your first step to starting your own business based on pitching your idea to the above.

An expensive proven franchise is not ideal if you have no money. Most want proof you have the liquid cash resources yourself prior and did not borrow it.

instead, if you live in a community where you are not yet saturated by franchises and you can copy something successful cheaper, then do that adding your own spin.

 

[Milgrim]

How old are you? That will impact your options.

Sales can be lucrative. Why go back to school for an expensive additional degree?

Cut your expenses. Save as much as you can. Put your savings to work for you - invest in something secure that is growth focused. You'll get there.

 

[Curmudgeon]

lol, 50 hrs a week.

Lemme guess, life is complicated?

 

[Steven_Universe]

How old are you? That will impact your options.

Sales can be lucrative. Why go back to school for an expensive additional degree?

Cut your expenses. Save as much as you can. Put your savings to work for you - invest in something secure that is growth focused. You'll get there.

I’m 28 years old and a single dad to an 8 year old boy.

I’m really motivated and harder working than anyone in my department. I have a bachelors from Utoronto.

My only real skills are sales, I play guitar and Ukelele, and I’m smarter than the average bear but not exceptionally brilliant.

 

[Lethal_Striker]

There's really only 3 options:

A. Savings
B. Investors
C. Loans

But the truth is your probably going to need a bit of all three options.

 

[Steven_Universe]

lol, 50 hrs a week.

Lemme guess, life is complicated?

I don’t get it bud. Are you saying that’s a lot of work or too little?

Everyone in my department says I work too hard.

But I’m just determined for a better future. In Toronto 100k is only enough to get by and buy a small condo.

 

[BJ@LW&WW]

a lot of asians regularly pool loan money from family members. hell my parents immigrated to the US working practically minimum wage jobs and bought a house in hawaii with straight paper

 

[Michaelangelo]

I can come up with maybe 25-30k, a pathetic amount in the grand scheme of things from my own money.

don't sell yourself short

a lot of people don't even have 3k let alone 30k saved up

 

[FierceRedBelt]

a lot of asians regularly pool loan money from family members. hell my parents immigrated to the US working practically minimum wage jobs and bought a house in hawaii with straight paper

Where do I sign up to be Asian?

 

[Michaelangelo]

My friend at work is pushing me to start a small business with him, like a Pizza franchise or something.

i would advise against this

don't start or get into business with friends

 

[FierceRedBelt]

110k is a fortune and the Canadian dollar is stronger than the US dollar isn't it?

Look for investors or partners would be my best guess.

 

[Michaelangelo]

I don’t care if I sound poor because I am. What’s the alternative? Am I supposed to go back to school
And do my MBA? Study my CFA and make a living in trading?

before even doing an MBA i would go online and look at jobs that require one. then put it on your resume and send it out and see what replies you get and what the market is like. that way you'll know if it's worth your while or not.

 

[mushishi]

Get a smaller franchise. Don’t go into massive debt in hopes of making more money. It’s a huge weight around your neck.

 

[Steven_Universe]

110k is a fortune and the Canadian dollar is stronger than the US dollar isn't it?

Look for investors or partners would be my best guess.

Lol no. The Canadian dollar is weaker than the US dollar so imagine 70-75k Usd.

Now imagine I get taxed about 40-45 percent per year.

I live on about 4K a month, also I have daycare, car, rent/mortgage.

I’m aware that the majority of the world has it worse than a working class person in Canada. But I want to be successful. I think I’m sufficiently talented and motivated and not afraid to work hard.

I don’t have anyone with money who can really help me. My family is dirt poor. Part of the reason I need to get rich is to help out my elderly parents.

 

[mushishi]

a lot of asians regularly pool loan money from family members. hell my parents immigrated to the US working practically minimum wage jobs and bought a house in hawaii with straight paper

Big ballin, playa!

 

[wlu.29]

I’m working my butt off in Sales every day for a major bank. I’m doing 48 hours a week, sometimes 50.

I am a top performer in my department and will make about 110k Canadian this year, but I’m getting absolutely nowhere.

Average house here in Toronto costs a million dollars. I live in a crappy apartment in the hood.

I drive a 2008 Chrysler 300.

My friend at work is pushing me to start a small business with him, like a Pizza franchise or something.

Pizza Pizza franchises here need you to have 350k in liquid assets. Who has that Kind of money?

No one that I know.

I don’t care if I sound poor because I am. What’s the alternative? Am I supposed to go back to school
And do my MBA? Study my CFA and make a living in trading?

I like Sales and I’m not afraid to work very hard, but how do I upgrade my life?

Where do you spend all your money?

 

[Steven_Universe]

Where do you spend all your money?

This is literally my first year, 2017 making decent money at a job.

And I’m a parent and daycare is $600 a month,and I have a car and student loans and need to feed and clothe my kid.

And I managed to save up $26,000.00

I think I’m actually pretty Frugal considering all that.

 

[Steven_Universe]

This is literally my first year, 2017 making decent money at a job.

And I’m a parent and daycare is $600 a month,and I have a car and student loans and need to feed and clothe my kid.

Also In Canada we get taxed to death.

And I managed to save up $26,000.00.

I think I’m actually pretty Frugal considering all that.