Starting a Business Against the Odds

Written by: Don Miller

Posted on November 21, 2007 
Filed Under Starting your Online Business

debt-free-2.jpg

Beverly Williams

Entrepreneur.com

Q: I want to start a business. But I have bad credit, and everything seems so far off and out of reach (financially and time-wise). Also, I have a 17-month-old baby at home, and I would hate to leave her every day. I’m afraid I’ll miss important milestones. I’d desperately love to work from home, but what I’ve read about home based job opportunities suggests I need to invest more money than I can afford at this time. Is there any hope for me in the near future? Or should I just save, save, save, and maybe eventually I’ll have enough money to do something I love?

A: There are several issues here to address for you: bad credit and no money, finding the right business, and working around a young child. But this is not a case of three strikes and you’re out. What you will have to do is face the reality of several issues:

First, your bad credit needs to be repaired. If you still owe money and are having difficulty repaying, look in the government section of your local phone book for a nonprofit called Credit Counseling Corporation. The group can counsel you on how to get out of debt and repair your credit. They can arrange lower payments to your creditors and sometimes lower interest rates. Depending on the amount of your debt, it may take three to five years to get your debts paid off. In the meantime, your finances will become more manageable.

Second, once you have a plan for repaying your debts, commit to putting aside a percentage of what you have left into a business start-up fund. Anything is better than nothing, so try to commit to a set amount each payday, even if it means cutting back on something else. Watching your money grow steadily will give you encouragement.

Third, be realistic in your plans to operate a business and take care of a preschooler at the same time. Both require a lot of time and attention. It may still be necessary to have periodic day care for your child so you can concentrate on your business.

Also, you didn’t mention what kind of business you are interested in. Several good resources for you to consider are:

And, finally, continue to dream and believe in yourself while taking proactive steps to start your business. Being an entrepreneur is tough-but worth all the effort. And when you operate a business from your home, you have to know how to house your business finances, marketing needs, work and personal life all under the same roof. With hard work and determination, your dream of a homebased business balanced with your family life will be a reality sooner than you think.

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Comments

One Response to “Starting a Business Against the Odds”

  1. peter on November 22nd, 2007 9:55 am

    Hey Beverly, I appreciate your will-power… Ya u can start a small home business… I agree with you having a baby its some wat difficult to handle a business. But its not that much impossible…. Ur article is a source of inspiration to every woman ….

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