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Click to view radiantsun1's profile Start-up radiantsun1 6 posts since
Dec 24, 2007
15. Re: Having a difficult time getting a loan Dec 27, 2007 12:44 PM
in response to: Lighthouse24
OK, My mistake, yes the cards we used in order to keep our business alive for it's first year, they are PERSONAL CREDIT CARDS, and yes it has lowered my credit scores so much that i have tried several different people/credit companies, and all have shot me down, to/and including BofA, as far as getting a loan. My main reason for getting a loan is to eliminate having to pay four seperate companies, all with different interest rates, four different payments, I want to pay just one time a month. I think I will first try calling each company and see if they will lower their intestest rates, since i have not been late or missed a payment and i always pay more than the minimum due, maybe a lower rate will help and i won't have to go for another loan. NOW IF ANYONE HAS A SUGGESTION FOR ME APPLYING FOR A BUSINESS CREDIT CARD WITH MY LOW CREDIT SCORE'S, I think it is around 680 or so (it was in the high 700's before), Please suggest, Thanks
Click to view DomainDiva's profile Mogul DomainDiva 1,732 posts since
Oct 10, 2007
16. Re: Having a difficult time getting a loan Dec 27, 2007 1:05 PM
in response to: radiantsun1
Or you could use the Dave Ramsey way to get out of debt. Take the highest balance card you have and start paying it down while making minimum payments on the other cards. Then when the first card is paid off take that money and apply it to the second higest balance card, pay it off...in other words keep on rolling the money over into the next card balance once the first one is paid off.

Definately start calling the CC Companies and get those interest rates reduced.
Click to view moogrdotcom's profile Mogul moogrdotcom 82 posts since
Dec 16, 2007
17. Re: Having a difficult time getting a loan Dec 27, 2007 5:20 PM
in response to: radiantsun1
Owning a Tanning Salon is just part of the business. Are you not offering take home oils/lotions/tanning kits?? Reselling customer owned beds?? Do you not offer any other services to keep people coming in during your slow months? Do you have a website? Do you market to the right people? Some people will not pay to tan during the summer but more often then not business people don't have time to sit outside for an hour when they can get a 15 minute tan on the run.

Do you have hotels near you that you can partner with? Partner with health clubs, spas, rec centers or anyone for discounted rates?

Business is supposed to make money and sometimes you have to think over and beyond what everyone else can do to build your niche. Push more people towards year round options instead of month to month or offer free service during your slow time if they pre-buy a winter package that way you get visitors in the door and you can cross-sell / promote other items.

lotions, treatments, goggle/glasses, sun-breathing clothes.. i mean come on - get into it ;) Aren't there clothing lines of swimsuits and shirts that are than-thru that you can see online & offline as well ;)
Click to view holonyx's profile Professional holonyx 9 posts since
Dec 23, 2007
18. Re: Having a difficult time getting a loan Dec 27, 2007 8:03 PM
in response to: radiantsun1
Go to Citicards.com and start the process there. They have a great small business program. Another choice which isn't the best but will do in a real pinch is FirstEquitycards.com there is a lot of dirt on them if you google them, so you will be informed, before you sign up. They will issue you credit in the name of your business, but you will only be able to use half of it until you pay your first bill.
Click to view loan guy's profile Mogul loan guy 114 posts since
Dec 20, 2007
19. Re: Having a difficult time getting a loan Dec 28, 2007 12:05 AM
in response to: radiantsun1
Radiantsun1,

Sounds like you just need a way to reduce your debts to reduce your over head. I think you are thinking right to do debt consolidation. Your scores should not have to play a big part in that. email me cory@walkerlender.com.. There are lending institutions out there that will lend money to restruture and consolidate debt with very low ficos as long as the person has not file bankruptcy in the past few years.
--phoenixfinancialpartners.com
Click to view Uncle Leon's profile Mogul Uncle Leon 50 posts since
Dec 28, 2007
20. Re: Having a difficult time getting a loan Dec 28, 2007 12:10 PM
in response to: radiantsun1
OK...many may consider this negativism, but, actually, it's realism. There comes a time that one must face facts. And unfortunately, the fact here is that you have just not been successful in this business. "Ya gotta know when to hold em....Know when to fold em...Know when to walk away, and know when to run."

My recommendation is to consider selling your business (asset sale only, of course; since there's no profitability to sell).; and pay off as much of your debt as possible. Take a year or two to "recover" and pay off debts. As you acquire funds for your next biz effort, take time to LEARN from your shortcomings in your current biz, and LEARN as much as possible about marketing, strategic pricing, and promoting. so you will be better prepared to succeed in your next venture.
Click to view cwgreen09's profile Professional cwgreen09 18 posts since
Jan 7, 2008
21. Re: Having a difficult time getting a loan Jan 16, 2008 3:07 PM
in response to: radiantsun1
Have you thought about giving them more reasons to come all year? I once seen a tanning salon in TN that also had a small movie rental store attached -- They both worked out, however, I have a better idea...

What if you found other professionals to work with you and offer massages, or women can get their nails done, facials etc. Or have you thoght about havig a storefront in your salon? Maybe selling sun screans or baeach items that they may want when they actually do get the chance to get some real rays outdors. maybe find out what most of your clients do as hobbies and cater to thsoe needs. They like to go to the beach , well sell them beach balls and sand castle kits.. if they like campping sell them tents, or maybe even sell out door sporting items. That volleyball player may be getting her tan for a good game, mabe she needs a new net and ball.

i don't know really -- I am just thinking that you should create more reasons for them to come to you during the summer seasons as well. If you weren't the owner, what would make you want to come there even when the sun was out? -- I think that if you turned your place into a complete pampering heaven, ladies and gentlemen alike would come. a one stop shop.

Of course, many people that tan care about their appearance and may be interested in certain vitamins and diet plans. natural herbs and more. They may even be interested in many skin care products that help keep the wrinkles away. Look around the local stores and if there isn't anyone selling certain natural and organic items, that may be a key to freedom for you, that is, if you have the space to expand.

Clayton
Click to view cwgreen09's profile Professional cwgreen09 18 posts since
Jan 7, 2008
22. Re: Having a difficult time getting a loan Jan 16, 2008 3:07 PM
in response to: radiantsun1
Have you thought about giving them more reasons to come all year? I once seen a tanning salon in TN that also had a small movie rental store attached -- They both worked out, however, I have a better idea...

What if you found other professionals to work with you and offer massages, or women can get their nails done, facials etc. Or have you thoght about havig a storefront in your salon? Maybe selling sun screans or baeach items that they may want when they actually do get the chance to get some real rays outdors. maybe find out what most of your clients do as hobbies and cater to thsoe needs. They like to go to the beach , well sell them beach balls and sand castle kits.. if they like campping sell them tents, or maybe even sell out door sporting items. That volleyball player may be getting her tan for a good game, mabe she needs a new net and ball.

i don't know really -- I am just thinking that you should create more reasons for them to come to you during the summer seasons as well. If you weren't the owner, what would make you want to come there even when the sun was out? -- I think that if you turned your place into a complete pampering heaven, ladies and gentlemen alike would come. a one stop shop.

Of course, many people that tan care about their appearance and may be interested in certain vitamins and diet plans. natural herbs and more. They may even be interested in many skin care products that help keep the wrinkles away. Look around the local stores and if there isn't anyone selling certain natural and organic items, that may be a key to freedom for you, that is, if you have the space to expand.

Clayton
Click to view cwgreen09's profile Professional cwgreen09 18 posts since
Jan 7, 2008
23. Re: Having a difficult time getting a loan Jan 16, 2008 3:31 PM
in response to: cwgreen09
Sorry if this is posting twice, I just noticed that is did - and it also did not tell the correct date that I posted on . So tech error -- not my fault that I know of though.

Anyhow - I just wanted to also say that I didn't notice that someone else had made the dame suggestion as me to sell things in your store etc ... but that is 2 votes for making your company more productive.

As ofr Uncle Leon .. I hope you don't close everything you do that doesn't get a kick start within a year. Startign a company can take up to three years to really get going with. Aside from that, the tanning salon is a seasonal company ... Maybe the seasons that work out best will allow them to profit enough to hold them over during the off season. --- on that note .. think of things that you could be using your company for during the off season that woudl allow you to continue making money.

For example - where I live I shoot video.. when it snows you can't shoot if it is outdoor work. So aside from just doing production we do post work too so that we can continue doing projects during the Winter.

Are there other things you can offer during the Summer that woudl do just as well as your tanning beds do suring the Winter time? Treatments, Spas or etc that you can do? I agree with you and think that getting everything down to one payment can help a lot. I'm not an expert, I have just started my journey as a cusiness owner as well so i am in the same boat as you. I hope some of my ideas have helped though.

If you ever need a commercial let us know, we can make them animated too if you don't want video.

Clayton
Click to view radiantsun1's profile Start-up radiantsun1 6 posts since
Dec 24, 2007
24. Re: Having a difficult time getting a loan Jan 16, 2008 3:57 PM
in response to: cwgreen09
now there's an idea, a commercial, even an animated one, hmmm, wonder what that would set me back??
John
Click to view cwgreen09's profile Professional cwgreen09 18 posts since
Jan 7, 2008
25. Re: Having a difficult time getting a loan Jan 18, 2008 5:53 PM
in response to: radiantsun1
Well, since we are a start up company we are still trying to gather content to show in our portfolio - so we are doing many things really cheap for about a month or two more.

However, if you are trying to fix your funds where you are behind I wouldn't suggest spending it on a commercial until you have something to offer for both seasons, then yes, advertising is everything --- the reason I said if you ever need one, I meant when you are ready to have one made. -- commercials can be used online and on TV and can help a lot.

Just my opinion, but like I said, I'm not an business or marketing expert so...
Click to view cwgreen09's profile Professional cwgreen09 18 posts since
Jan 7, 2008
26. Re: Having a difficult time getting a loan Jan 18, 2008 5:59 PM
in response to: radiantsun1
PS...

What I meant by animated was ... with graphics and designs not an actual animation like a cartoon or anything -- we can use photos, animated text and effects, as well as some narration and/or music and there it is - a commercial that is for certain cheaper than video yet it still gets the point across to your target market.

Have you thought about finding an Angel investor to expand your place into something much more than what it is now? Get the clients rolling in and the dredit cards will get paid for - I am kind of in the same boat as you and are having to work my way to the financial freedom step by step as well.

just trying to help brain storm - hope it is ok.
Click to view LOANorHOME's profile Start-up LOANorHOME 2 posts since
Jan 24, 2008
27. Re: Having a difficult time getting a loan Jan 25, 2008 12:00 AM
in response to: radiantsun1
Hi, I'm a mortgage banker (among a bunch of other things) and we don't do personal loans or credit cards, so I can't help you directly (assuming you don't own any real estate)...but I can tell you what I know...that you don't want to employ the services of any debt consolidation services. Doing that can be hard on your credit, and I don't believe it's necessary. Your credit's not that bad, actually. I've done home loans for people with much worse credit. Maybe just sell-off the business, or maybe "turn your ship" in a different direction? For example, I had an art gallery for years. To bring in some extra income, fresh product and to share shop-watching duties, I started renting out small sections of my gallery to other artists to display and sell their stuff. It worked - I received some rent, and a % of their sales. One day an artist / publisher offered to rent my entire space, at which time I gladly moved on because, honestly, I was bored running a gallery. Hang in there, and best of luck. I'll let you know if I hear of anything more... :-)
Mary
Click to view walterdon's profile Mogul walterdon 32 posts since
Feb 5, 2008
28. Re: Having a difficult time getting a loan Feb 6, 2008 6:27 AM
in response to: radiantsun1
hello friend good day to you,are you into real business which has profitable potentials i had like to know cause i realy want to go into investing ,do email me at walterdon@gmail.com perhaps we go on from there.

Walter Don
+447045780294
Click to view heavenly91321's profile Mogul heavenly91321 25 posts since
Feb 6, 2008
29. Re: Having a difficult time getting a loan Feb 6, 2008 1:16 PM
in response to: radiantsun1
I agree with the person that said you need to expand your sales....I own a distribution company of 100% mineral cosmetics and botanical, natural soaps, cleansers, and anti-aging creams and serums. I would love to discuss the opportunity to assist you with expanding into the $100Billion+ per year (just in the mineral cosmetics) industry!! I can be reached through www.HeavenlyBoutiqueLtd.com
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