Please sign in to post in this forum.

ForumsStarting a Business

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
8 Replies Last post: Nov 20, 2008 5:29 PM by intechspecial

Financing to buy a Tanning Salon in Florida

Sep 28, 2009 7:04 PM

Click to view kprotti's profile Start-up kprotti 1 posts since
Sep 28, 2009
I want to buy a tanning salon in florida but, i dont how to start. I need to get $65,000 loan to put it as down payment and the rest I will make payments. the price of tanning salon is $110,000.00 making 8k a month plus, I want to add more things like swimwear line, lingerie, etc. My personal credit it's really bad and it would be impossible to get a business loan with my personal credit. I asked and someone told me to start a small business, incorporated, business address, phone and bank account. this will build company's credit in about 3-4 months and then I could get a commercial loan. I want to get more information about or to explore others ways. I'm working onn a business plan and I'm taking my certifications for tanning salon. I was manager for a spa and hair salon for 1 year and I learn alot and I been in the accounting world since I'm 15 years old.

What can I do ??? Please, help me as I need professional advise and ideas!!! I will appreciate it.
Tags: Report as inappropriate
Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
1. Re: Financing to buy a Tanning Salon in Florida Oct 2, 2009 9:09 AM
in response to: kprotti
Beware of some of those who tout Business Credit - most lenders know that people will try to bypass their personal credit by trying to establish business credit - unless you are a well known corporation - these lenders will still pull your personal credit. Usually, if you go down this path, you will waste 3-4 months and still be in the same position as you are now.

Two options: 1) use the next 3-4 months (that you would use trying to establish business credit) and improve your personal credit history. Not only will this help you get the business but will allow you more options in the future as you run and grow your business. You can consolidate debt which improves your credit as well as do some vwery simple things that will help boost your score. The key those is to commit to getting your business and improving your credit to do so. Thus, you must have disipline and the willingness to forgo somethings in your life now (it is all for the long run benefit of owning your own business).

2) Bootstrapping - this is where you ask your friends and family for help or get out into your community and ask other business professionals if they would be willing to partner or invest in you and the business.

Business Money Today
www.BusinessMoneyToday.com
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
2. Re: Financing to buy a Tanning Salon in Florida Oct 3, 2009 6:12 PM
in response to: kprotti
No matter how good the business system is, the business
must be one that "fits" you. It must be a business that builds on YOUR strengths
and
talents.
Achieving your dream: It
is good to understand your options and determine what is best for you.

The three basic options are:
1. Start a business from scratch
2. Buy an existing business
3. Purchase a franchise

I have just joined a group of Franchise Consultants. The
company specializes in helping people learn about many of the possible
investment choices that exist in today's market.

The services are free to you the prospective buyer. For more
info, email me at " pdeig@juno.com " and please include your phone number.
Thanks, LUCKIEST

<!--Session data-->
Report as inappropriate

More Like This

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read