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How to open a business with NoIncome?
 

I was in the process of opening a salon. I have all the capital in hand. contacted my contractor, had my lawyer reviewed the proposal for the lease terms; the last step is my landlord asking me to set him my taxing income. My fear is that i don't claim enough to be approved. what are your thoughts?

Re: How to open a business with NoIncome?
 

Im not sure about america, but in the uk there are government agencies that provide grants and advice for businesses just starting up.

Re: How to open a business with NoIncome?
 

Well....you can't lie about your income, so I would say to just send the landlord for what he/she is asking for and go from there.

Re: How to open a business with NoIncome?
 

Government grants are cool - always be open with the landlord and make sure communication is good

Re: How to open a business with NoIncome?
 

1) Cosigner,
2) if you work you can use that income,
3) be honest an tell them this is a business start up
4) show then 6 month of bank statements that show monthly deposit
5) work from home, give your customers receipts, record the transaction on QuickBooks for up to 6 months, make those monthly deposit to a dedicated business account with minimal expense, goal - your income should be 3X the rental,
6) find another location with minimal requirements, no traffic, and build up your reputation and income from there then move when your lease is up.

Tip: don't try to get rich quick and no one said it was going to be quick and easy. You have to start from the bottom to get here.

Re: How to open a business with NoIncome?
 

I agree with what revenge said. It is not worth it to lie about anything when trying to get a loan or a lease agreement. Because if you find yourself unable to pay, and they catch the fact that you lied about your income, it could become a criminal matter. And that you do not want.

If the landlord wants to rent the place, then he should be willing to work with you. In most places these days, there are PLENTY of empty stores. So, OK, you may not be their dream tenant. But if the landlord has no other offers, then he might be willing to take the chance.