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Business Plans

Old Mar 26th 2008, 12:45 pm
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Default Business Plans

Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks
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Old Mar 26th 2008, 12:54 pm
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Default Re: Business Plans

Originally Posted by viks View Post
Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks

Raising finance from where?

What is your credit score/history in the US like?

As you'll be on non-immigrant visas, I can't quite see this happening.
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Old Mar 26th 2008, 4:42 pm
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Default Re: Business Plans

depends on the industry and on the state probably....
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Old Mar 26th 2008, 4:45 pm
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Default Re: Business Plans

Originally Posted by viks View Post
Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks
I thought you were starting up from over there first?

For my first business, I did have to present a business plan to the bank. Among other things. :curse: But, that was a long time ago and I wasn't very old.
It's quite common to self finance small business here.. what are you looking to do?
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Old Mar 26th 2008, 4:54 pm
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Default Re: Business Plans

Originally Posted by viks View Post
Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks
My alien husband is self-employed with his own small business. He's sole proprietor, he has no employees. All it took for him to start his business was to get his work authorization and start pounding the pavement for clients. Eventually he got his business name registered (no business license is required in Arizona). Once he had a business name established and got a tax ID number for it, he opened business accounts at the bank where he already had a personal account. This was about 2 years after he came to the USA, so he already had credit established. He got a business checking account, business credit card, and business line of credit. He never had to show a business plan to anyone.

We always filed taxes for the business from Day 1 also, so it's on record as being a business with income and expenses from the time he got his work authorization.

What kind of business are you planning to do?

Rene
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Old Mar 26th 2008, 4:56 pm
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Default Re: Business Plans

Originally Posted by Noorah101 View Post
My alien husband is self-employed with his own small business. He's sole proprietor, he has no employees. All it took for him to start his business was to get his work authorization and start pounding the pavement for clients. Eventually he got his business name registered (no business license is required in Arizona). Once he had a business name established and got a tax ID number for it, he opened business accounts at the bank where he already had a personal account. This was about 2 years after he came to the USA, so he already had credit established. He got a business checking account, business credit card, and business line of credit. He never had to show a business plan to anyone.

We always filed taxes for the business from Day 1 also, so it's on record as being a business with income and expenses from the time he got his work authorization.

What kind of business are you planning to do?

Rene
I should point out that my husband never asked for financing up front from any lending institution to start up his business. We used personal finances the whole way. Now that he's got credit under the business name, we do use the bank's money quite a bit for the business! LOL

Rene
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Old Mar 26th 2008, 11:00 pm
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Default Re: Business Plans

You will need a Business Plan.

You could start with SBA, I have a few other links but I have no idea whether they would be relevant.
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Old Mar 26th 2008, 11:07 pm
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Default Re: Business Plans

Originally Posted by viks View Post
Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks
As others have said many self-finance to get started. I've heard of gathering funds from those around you - referred to as FFF financing. (Friends, Family, and Fools)
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Old Mar 26th 2008, 11:09 pm
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Default Re: Business Plans

Originally Posted by viks View Post
Hello,

Would like to know if anyone knows about Business Plans and raising finance.

Want to know if it works the same in the USA as in the UK, do we have to produce a business plan to get finance?

Hubby will be an L1 and I will be on an L2.

Thanks
Who from? How much? What type of business? Where?

The answer to each of those will dictate the requirements.
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