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12 Replies Last post: Jan 15, 2008 10:43 AM by intechspecial

Start-Up Funding

Jan 13, 2008 6:19 PM

Click to view Marauder's profile Start-up Marauder 4 posts since
Jan 13, 2008
Greetings everyone, this looks like a super place for information. I am glad I found it!

I am looking for sources of funding to start up a Laser Tag facility
with an add on attraction called Cyber Sport. Large population with
only 1 facility(small) in the area. I can and will do it better!

I have approx 50k to invest and will need 100-150k for building build
out and working capital and I plan to lease the laser tag equipment. I
have collateral (house/SEP-IRA), but want to stay away from using it.
Last check FICO was 824.

What other sources besides SBA should I be researching?

Thanks in advance,
Scott
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Click to view CEO Space's profile Mogul CEO Space 271 posts since
Jan 13, 2008
1. Re: Start-Up Funding Jan 13, 2008 6:41 PM

As I've answered on other posts, some times the person asking for capital is not quite ready for capital.

Do you have a business plan written?

Businesses in our network have funded over $8 billion in 2007 so you might want to check into that.

Before you spend any money at all, get a plan and some information.

I have written several articles at the web site Idea Marketers under Kathy Hadley, some about getting prepared for capital.

I hope this helps you.

Good Luck.
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Click to view Marauder's profile Start-up Marauder 4 posts since
Jan 13, 2008
2. Re: Start-Up Funding Jan 13, 2008 6:47 PM
in response to: CEO Space
CEO thanks. I agree, I am not ready for the capital at this point. I have the business plan about 75% complete. I am attending a seminar at the Laser Tag manufacturer later this month and will hopefully leave their with some good information. I will research your articles and thanks again for the help

R/Scott

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Click to view DomainDiva's profile Mogul DomainDiva 1,488 posts since
Oct 10, 2007
3. Re: Start-Up Funding Jan 13, 2008 6:48 PM

A business plan is very important, it will be the blueprint for your business, it will however change and becomes a living document as you update, revise and go further along in your business....from start up to seed, to round one, etc.

Once you have identified the business plan outline you want to use, download it and make a three ring binder each section representing a sectin (point) in the business plan. Start writing. One section at a time. After you have made revisions and have it in Word, then write your executive summary. The Exec Summary is what you give out first.

I really don't know about banks right now....a lot of them are still having the mortgage blues. That being said, I would start at the SBA level...you will probably get a better rate. I would not use my SEP IRA or home equity unless it was a complete last choice...especially if youo are the breadwinner in your family..they come first.
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Click to view CEO Space's profile Mogul CEO Space 271 posts since
Jan 13, 2008
4. Re: Start-Up Funding Jan 13, 2008 7:55 PM
in response to: Marauder
You are welcome. Believe me, I've seen it over and over again, when prepared, it takes less time to raise capital.

Another motto we use in the network a lot is "slow down to speed up".

I wish you the best. Just keep going and don't give up.
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Click to view CorpCons08's profile Mogul CorpCons08 1,127 posts since
Nov 14, 2007
5. Re: Start-Up Funding Jan 14, 2008 1:48 AM
Marauder,

When you are ready, I can help you with your commercial financing need.
You can contact me at d.skolnick@skolnick-associates.com.

CC08
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Click to view Marauder's profile Start-up Marauder 4 posts since
Jan 13, 2008
6. Re: Start-Up Funding Jan 14, 2008 6:27 AM
in response to: CorpCons08
CC,
Thank You, I will be in touch.

R/Scott
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,372 posts since
Aug 6, 2007
7. Re: Start-Up Funding Jan 14, 2008 7:25 AM
This is a great site. Tell us more. Where are you or the business located (like City and State)/
What is your background like education and work experiences??
How about timing. How soon do you plan on starting?? Do you have a LOCATION??
Others have suggested a Business plan. Also include Marketing in the plan.
Also remember SCORE. LUCKIEST
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Click to view fmartin09's profile Professional fmartin09 10 posts since
Jan 12, 2008
8. Re: Start-Up Funding Jan 14, 2008 8:30 PM

I'm a commercial banker and after reading your email it looks like you might be a good candidate for a SBA 7a or 504 loan. These loans are subsidized by the government and will offer you acceptable interest rates (a lot better than what you'd find from most online lenders). I concentrate on commercial real estate loans, but I might be able to help you obtain your LOC. Simply follow the instructions on how to submit an SBA loan request and then we could help you find the right institution for you... you can read more about these type of loans at:


http://www.sba.gov/services/financialassistance/basics/sbarole/serv_7a_useofproceeds.html


Best regards,


fmartin@prudential-capital.com

http://www.prudential-capital.com/

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Click to view CEO Space's profile Mogul CEO Space 271 posts since
Jan 13, 2008
9. Re: Start-Up Funding Jan 14, 2008 8:37 PM
in response to: fmartin09
DEJA VU....LOL

I just read this answer in another thread and asked for more information.
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Click to view CorpCons08's profile Mogul CorpCons08 1,127 posts since
Nov 14, 2007
10. Re: Start-Up Funding Jan 14, 2008 8:44 PM
in response to: Marauder
Great. Look forward to hearing from you.

CC08
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Click to view Marauder's profile Start-up Marauder 4 posts since
Jan 13, 2008
11. Re: Start-Up Funding Jan 15, 2008 6:44 AM
in response to: fmartin09
Thanks Luckiest.

The business is going to be in the Hampton Roads area of Virginia, loctation is still tbd as I am just starting the site selection process. I am a retired Navy SCPO/E-8. Retired in 2000 and have been working in the defense contracting arena since then but, need a change. Bachelors in Business Management combined with a very strong desire to succeed. I am writing my business plan and yes I am going to include the marketing aspect. I am finding as I write the plan that marketing is going to be a large portion of the plan which I feel is very important in a weaking economy.

Scott
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Click to view intechspecial's profile Mogul intechspecial 1,445 posts since
Jan 6, 2008
12. Re: Start-Up Funding Jan 15, 2008 3:48 PM
Sounds like you are on the right path, and I can not give you relevant advice to start-up funding, other then what you already know.

I can advice that you will need a strong Web Presence once your company is ready to open its doors.

Do yourself a favor, and plan the implementation of a Definitive Web Presence in the planning process.

This can encourage your funding provider to make the correct decision for funding your business.

Lack of a web presence will prove your companies inability to succeed.

Michael Stratton
President, Integrity Technology Specialists
http://www.intechspecial.com
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