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SPC Erich Guenther
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Edited 11 mo ago
My first business experience was that the SBA was too much red tape and the Wells Fargo Bank attempted to repeatedly and actively rip me off with bank fees. I had an exit strategy and did not lose my shirt but learned a lot of good lessons for the next time I try. Spent over $250k and left behind zero creditors (paid up everyone). Next time around will avoid banks completely and use a credit union. Start a lot smaller (first business was $425k gross starting), enter with an electronic vs brick and mortar store front, no building lease. Other than those lessons I learned everything else worked most excellently including the automated book keeping using intuit software. Always knew exactly where I was financially with intuit software and how much inventory I had on hand. Good luck to anyone that uses the SBA. My feelings is that you do not really need their red tape or their "lessons" to start a business, a lot of it is common sense and if you do your research via the internet and asking other small businesses you should do OK.
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SGT Herbert Bollum
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good programs are available
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