Hi everyone. My name is Bob Jones. I am a 35 year old man from the city of Albany, New York. I'm currently in the process of starting a heating and cooling business. My problem is that I can't find enough money to get the business off the ground. I've been to various places that offer this type of help only to hear the same song and dance. "We can't help you because of your bad credit". How am I suppose to get credit if I can't get credit? If there is anyone out there willing to help, please write back.
Sounds like you have credit, but it is "bad" credit. If that is the case, I'd suggest getting a second job and a savings account. When you have enough, start your business. You can save $20 a month just by canceling your internet service.
Alternative solutions are to marry a wealthy heiress. Or become a politician; they seem to always have money, or at least have friends with lots of money.
you have to change your bad credit to good credit by paying off your debts and then saving money. pay off your highest interest rate credit card as quickly as possible while making at least minimum on other credit cards then tear it up. pay off next highest interest rate credit card asap and then tear it up. Make payments on time! Stop unnecessary spending. Quit going to resstaurants, don't drink or smoke. Drink tap water. Look at all expenses to see what you can cut out! Stick to a budget.
If you can't discipline yourself why would anyone take a financial risk on you.
I have a college degree for hvac. I've worked for every company in Albany, New York. The problem is those companies don't pat enough for my experience.
Move someplace that has a higher demand for HVAC technicians, then.
Or, start by moonlighting a little on the side (although that may be verboten by a clause in your current employment arrangement) is another way to build a neophyte business.
But, the others are correct -- unless and until you can get your personal finances in shape, the likelihood of finding either a traditional lender or even a silent partner to back you are pretty slim--it just doesn't look like a good investment.
Reeks of a thread recently of another fella' wanting to startup on his own as plumbing contractor w/ no monies and thinking he was going to bid on a $50k+ materials-only size job as his first out of the box...just ain't ready yet.
One question -- rough age/experience level?
While in general I think he has an obsession beyond reason about his cause celebre, I'd suggest listening to Dave Ramsey for a while on ideas of how to solve the first problem and get to the point of getting on to the end goal...
I do get jobs from time to time. I sure would love more. Do you see my problem. If I had more jobs I would have more money. With more money I would advertise and get more business. This is why I'm asking for help. I am in the Albany, New York area. If you know of anyone that can use my help, tell them to give me a ring. I specialize in service. That means if your heating unit {boiler,furnace,hot water tank or electric} or a/c unit is broke I can fix it.
His credit rating is in the toilet is the immediate problem preventing the ability to get business financing. Which given today's crowd (and I'm assuming from the tone and wording he's fairly young although doesn't seem to be restricted) the other would be a good bet.
Of course, we've not seen a business plan nor know anything else about his credentials, etc., so it's quite possible he wouldn't find takers anyway, but assuming that's not the case, the personal finances have to get resolved first to have a reasonable chance.
On the Dave Ramsey deal... Whether he actually is deeply in debt besides doesn't really matter, the ideas of budget, discipline, etc., are valid. (But, if he weren't, why would his credit rating be so bad?) Anyway, that aside, on Ramsey--Only the blinding obsession w/ "debt free" is "over the top" imo, but for most of the folks he deals with who have demonstrated lack of ability to handle their finances for multiple causes, it's not a bad way to at least get back on track initially. They could probably do better by a somewhat different tack, but any plan is better than none and his seems to be more successful than many others in actually changing behavior patterns.
I have no credit debt because I never had a credit card. I am a victim of idenity theft. I don't have the resources to fix that right know. I believe if I stay on track I will get things right.
Hmmm...admittedly that one hadn't occurred to me. If so, I think there are ways to get some relief there although it isn't easy. Fixing that obviously is priority one.
Since you are doing some plumbing, I presume you have some sort of license. Having a degree in HVAC is nice, but not complete.
Your best bet is to moonlight your talents for right now. It'll bring in the extra $$$ you need. Seeing that its summertime you should be loaded up with work. Going on here and trying to find investors isnt going to happen.
I dont know much albany pays their workers, but there are always other metro areas that pay more. You may have years of experience but its it the right type??? (not just repair, but spec and designing)
maybe I'm not making myself clear. I work for myself. The jobs I get pays my bills. I'm making a living although things could be better. I currently don't make enough to pay for my insurance. If I could just find the money to get me over that problem, I'm in business. Banks and other lenders ask why don't I ask for more. The reason is because I don't need more. My insurance cost about $1600 a year. With this insurance I would automaticly be thrown many jobs. I could bid on rehab property for the city. If could just get over the insurance problem, I would be in legal business.
If you are self-employed and can't find enough small jobs to be overwhelmed, that's unusual for almost any repair trade. If you're relatively young (as I'm presuming) and a one-man show w/o an established track record I would think borrowing money to pay the liability insurance and your bond won't, on its own, be sufficient to win city bids unless you somehow would qualify for set-asides. If competition is really that tight where you are, there are lots of places where that isn't so.
I get most of my jobs during the winter months. During the summer months, I usually do a lot of rehab work. This is because I have not advertised for a/c service. I'm trying to correct this. Currently there are a number of service providers out there that will throw me a lot of work. But I have to have insurance. The work is there, plenty,I just don't have insurance. As far as the city is concerned, there are all of abandoned buildings in the area that need fixing up. Again, I have that insurance problem.
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