Home: Message List - Automotive High Performance shop needing equipment money!

Re: Automotive High Performance shop needing equipment money!

RickFelten — Mon, 30 Jun 2008 17:41:44 GMT

eliteprfrmnce: here are some thoughts before you start the loan process.

1. Look for a used dyno, if possible. A shop near my home did high performance work (and had a dyno) but suddenly went out of business [possible red flag??]. Think they auctioned off all the equipment. You may find something more economical if you research.

2. Get some letters of intent from prospective customers. Its not as good as cash in hand, but it will show that you do have prospects lined up to do business with you if you had the dyno.

3. Make sure your business plan is current and active. Lenders are more open to businesses that have a plan for expenses and growth rather than businesses that simply stumble into the need for cash (not saying that you did).

I know that you know this, but it is still worth stating. It takes more than passion to be successful in business. This is why a Business Plan is so important. It isn't just a "nice to have" document or wish list. It is a road map as to how you are going to be successful in your business. Please make sure that your business plan is achievable, addresses all of the growth and expenses you foresee, and that the financial projections are realistic. If you need help with it, it is worth the expense to have someone help you. Kinda like paying an additional mechanic to keep up with the work. You will save money & time in the long run.

Re: Automotive High Performance shop needing equipment money!

eliteprfrmnce — Sun, 15 Jun 2008 12:54:48 GMT

I don't have enough in credit card sales quite yet. I just started accepting credit cards last week.

Re: Automotive High Performance shop needing equipment money!

dtominus — Sun, 15 Jun 2008 11:37:44 GMT

How are you accepting payments now, please call me I may be able to provide funding

David Tominus
Merchant Resources
727-545-9530

Re: Automotive High Performance shop needing equipment money!

elitebiz4u — Sat, 14 Jun 2008 12:19:13 GMT

Hi eliteprfrmnce email you contact info to jose@elitebusinessfinancial.com so we can talk.

Re: Automotive High Performance shop needing equipment money!

eliteprfrmnce — Sat, 14 Jun 2008 09:48:01 GMT

Yes, I do have a business plan, but no I do not have an professional accountant (using quickbooks) or a lawyer quite yet.

Re: Automotive High Performance shop needing equipment money!

LUCKIEST — Fri, 13 Jun 2008 11:24:21 GMT

Automotive High Performance shop, Welcome and good luck.

You are in California, I am in New York.

Two suggestions. Contact SCORE. SCORE is FREE and helps people in business to succeed.
You can visit in person or online.

You need to develop a Business Plan that investors can read (and SCORE can help)

Do you have an Accountant?? A Lawyer??

Good luck, LUCKIEST

Re: Automotive High Performance shop needing equipment money!

madereal — Fri, 13 Jun 2008 06:44:53 GMT

HI. my name is jerome,what i do is help people get business expansions loans. but we do require a 690 and up credit score, you can call me at 608-669-4434,and we can talk and see if i can help you.

Re: Automotive High Performance shop needing equipment money!

eliteprfrmnce — Fri, 13 Jun 2008 06:15:45 GMT

forgot to mention....

my credit is not strong enough to do this by myself (they say I have young credit, and it doesn't help me that I just quit my regular job in May, ( I am only 20, husband is 32 and has been in the field for 13 yrs)
My mother is actual also a partner solely for her credit. I thought she had excellent credit, but I found out she has a lot 'open' right now... and therefore she cannot get approved by a bank either.

Automotive High Performance shop needing equipment money!

eliteprfrmnce — Fri, 13 Jun 2008 06:07:33 GMT

Hi all,

I'm in California, I just started up my own business along with my husband as my hard working employee. We mostly deal with high performance upgrades to cars and we love to race on the tracks. We opened in March , and I realized I needed to quit my regular 9-5 job inorder to have our business boom. So, last month was my last month (May).

We just ordered a lift in order to work on cars more easily, andI've been in contact with Mustang Dynonameter to get a dyno for the shop as well since we are a high performance shop. We have so many people lined up to use this dyno we don't have yet, including some folks from Nascar. Our dyno is ready to be made, but all I need is $30,000 to put down on the dyno, and we'll take care of the monthly. We are planning to lease the dyno out for 72 mos., and there is a $1 buyout at the end of the lease, but I doubt we will need all that time to repay the financing company. (there is no early pay off fee)

My husband and I have soo much passion in what we do, and all that we are missing are the financials for the large piece of investment. I project that my shop will be making $300K in the next 3 years with this investment.

We are willing for anything.

Thanks for your help in advance,

Jenn & Billy