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Start up money

Discussion in 'Introduce Yourself to the Community' started by wolf4980, Oct 15, 2006.

  1. wolf4980

    wolf4980 Junior Member
    from mn
    Messages: 8

    Any one have any advice on starting a new business i would like to start up my own plow and lawnmowing business. I have experience in both areas working for other people just tired of making everyone else the dough, following there rules, ect. how does one go about getting a business loan to buy some equipment??
     
  2. rfed32

    rfed32 Senior Member
    Messages: 473

    saving money and buying used stuff...work with the used stuff save moeny then buy new sstuff...im stilll workin with used stuff other then my 36in wb which i bought with graduation money from high school
     
  3. overequip

    overequip Junior Member
    Messages: 10

    Business Startup

    Wolf,

    I don't know much about plowing but from a business stand point here is how you get a basic small business loan.

    1- Develop a basic business model and plan including
    - Identify the products and services you will provide
    - The customers who will buy them
    - Why they will buy them from you over your competition (very important)
    - How you will get new customers and how many you have locked in
    - What you will charge and how much it will cost you
    - What is your breakeven point

    2- Outline a budget of how much money you need and where it will be used

    3- You meet with a good accountant in your area and have him look over your plan. It is fairly cheap and worth the time and money. Make any adjustments you need to.

    4- Go see a banker about a loan. Keep in mind most Commercial loans want 20% down.

    If you are just buying a truck and plow I am sure it will not require a business plan to get a vehicle loan. However, it is a big help for your own business to do it.

    Good Luck! Keep us posted.
     
    Last edited: Oct 15, 2006
  4. jbone

    jbone Senior Member
    Messages: 154

    Ive talked to a lot of business men and all of them have told me theres a snowballs chance in hell at getting a business loan if youre not already established. They seem to give loans to help people expand their businesses but think its too risky to help people start them from scratch. I would search for other ways to get the money (sba, personal loan, saving, etc)
     
  5. PSDF350

    PSDF350 Senior Member
    Messages: 577

    Many options to come up with start up capitail. 1 small business loan drawn out and complicated. With slim chance of getting one. 2 personal loan. easier but either not enough or not enough credit. 3 remortage house. Risky but option. Same with credit cards. 4 Family and fiends or friends of friends. Just have a business plan. There are many options.
     
  6. hotel22

    hotel22 Junior Member
    Messages: 2

    Sba

    I found a website: www.sba.gov/starting_business/index.html check it out.
    From what I've read the FEDs will guarantee your loan if the bank determines you
    have the credit...seeing the FEDs guarantee the loan the bank is more willing to give you the cash. Also, is a program called micro-lending...the FEDs have given grants to areas
    to help low income peeps and peeps with-out credit a way to borrow, max. amount of loan 13K.. As I said check out the web site...is what I'm attempting to do...good-luck
     
  7. wolf4980

    wolf4980 Junior Member
    from mn
    Messages: 8

    Thanks very much for all your advice guys keep it coming
     
  8. jbone

    jbone Senior Member
    Messages: 154

    I would imagine if you have good enough credit you could probably get the personal loan the easiest BUT they have very high interest. Ive been paying 10.75% on a $3500 loan finally I have come up with the cash to pay it all off. :) There is also the option of having silent or limited partners in a business that fund the cash up front and take a share of the profits but have limited control of the business (not something I would do but its an option)