Nice to know about this forum, this really helps people like me who want to start their own business. I am from MD and presently working in Gulf as Engineer. I have got 600 sq/ft commercial store in MD, and 30k to invest.
Can you suggest some business ideas for following requirements?
1) I need 6K per month (3K for home loan + 3k for family expenses), from business to run the monthly expenses, after all deductions and monthly expenses in business.
2) I need a growth in the business for every 5 years so that after each 5 years span, my profit shall be added to 40% of the previous slab.
3) I do not want to spend full time for the business. I would prefer to keep some manager to manage the business, whenever I am away from my country.
4) I do not want to work on Sundays and holidays due to family time.
My ideas are as follows
- Trading Business of Consumer Goods (Home Decor, Construction Material, Furniture) either From China Or Other Countries In ASIA.
- Small Hotel Or Restaurant
- Tourist Transport Business
I am women and I am looking for some govt or private bank loans to start a business.
I am looking for some positive feedback from you. Thanks and warm regards
Steps and Guide to Start a Business in MD
Answer: Hi, Thanks for your query. Well from your question, if I wanted to start a business, I would choose a small hotel or restaurant business.
Why? Because in other two options you will need to give personal attention to the business. While in small motel or hotel biz, you can handover everything to some experienced manager to manage. You can be free of burden.
Getting Grants or Loan for Starting Small Business in Maryland
- There are various ways you can get loans for starting your own business
- Make sure you maintain good credit scores with banks and other lending companies.
- You can try getting grants from government of Maryland, you can go to www.business.gov/states/maryland/ for getting loan for business.