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    3 Replies Latest reply on Oct 22, 2008 1:36 PM by izzybs

    Startup Guidance and Funding

    izzybs Newbie
      Hello all...here is my dilemma and I seriously hope this forum can help me find some answers.

      I am looking to open a retail business in a smaller Iowa community. A lot of community support for this store has been shown, as there is no retail clothing or gift store within at least a 20 mile radius (and then there is only 1 clothing store that sells name brand apparel, the next closest is 50+miles away). I have expertise, knowledge and education to own and operate the store. I currently have an associates degree in accounting and a bachelors degree in business administration, while currently attending school for my masters degree in public administration. I have worked for many retail stores in both a labor and manager setting and also have worked in accounting for a major toy company (wholesale and retail).

      I have 2 buildings in the community that would be great for a retail store. One is cheaper, at an approximate sell price of $25,000, but will require a lot of cleaning and remodeling to be acceptable for my store (this one at 1500 sq ft also has 2 rental apartments upstairs). The other is a little spendier at $50,000, but will only require minor remodeling to be ready for opening (ceiling tiles, a few walls removed and is one level at approximately 2600 sq ft). My family includes many construction workers, all who have volunteered to remodel whatever I choose so the cost associated with remodeling will be material only.

      So while I have a business plan, have done research, have locations scouted, have community support, and have the knowledge and drive to run the business....I have no funding source. And as everyone knows an idea is great, but the cash is needed to make it a reality. My question is this...how do I go about securing funding for this venture. From what I understand I do not qualify for an SBA loan because I will be over the amount for the micro-loan ($35,000) and have not been in business so can't secure the 7(a) loan. I don't have great personal credit, so my chances of securing a loan based on my credit is not likely. Is it possible to get a private investor(s) or a private individual(s) to loan the money (without needing to go to the bank)? I am not looking for a grant or hand-out, I want a legitimate loan but I need to know some various options. From my initial projections it looks like $200,000 would be the absolute minimum amount needed to get the building purchased, remodeled, equipment, supplies and inventory purchased, and a few months of working capital.

      I know this business will take off and I also know there are many other smaller communities that a business such as this could expand to when the time is right. I am hoping there is a very wonderful source who will help make not only my dream a reality, but also help a smaller community survive and thrive! Thank you in advance to anyone who helps with this!!

      Elizabeth
        • Re: Startup Guidance and Funding
          LUCKIEST Guide
          Startup Guidance and Funding, Welcome Elizabeth

          I have read your dilemma and will try to help. When do you plan on opening??

          First of all, how do I get in touch with you?? You can email me at " pdeig@juno.com "

          Next, Can I read your Business Plan?? Does the Bus Plan also include Marketing and Cash Flow??

          How long will you need the funds for??

          LUCKIEST
          1 of 1 people found this helpful
            • Re: Startup Guidance and Funding
              izzybs Newbie
              I would love to open before Christmas, but don't see that happening as there is a lot of legalities to get accomplished between now and then! My more realistic goal is to open by March 1, 2009. This is a closer to a real picture of how fast things can progress, if items are completed before this I will definitely move up the opening date. My email is travel@mwtravelagency.com and I can be contacted there during business hours (email me and then I will provide phone #). Yes, you are more than welcome to read my business plan. Marketing is included, still piecing together the cash flow (it's kind of hard to do when you have no cash and don't know exactly where you will be starting from). It is just my version, I have not had any formal help with it. Although I have looked into the FastTrac classes in the area for $40 that help put together, strengthen and finalize business plans. I have also looked at SCORE, with a local office being about 60 miles from me and will be contacting them in the near future. I am also not certain on how long the term of the loan should be for, another area I would need help in weighing the options. I would love to say only 5 years, but do not want to be overly optimistic (does that make sense?). I will email you closer to the end of the day, my "rough" business plan will be attached. Thank you. Elizabeth
            • Re: Startup Guidance and Funding
              RapidCapital Wayfarer
              Wow thats quite a plan you have there.
              I know that we here at rapid capital funding dont fund new businesses but we can help you out in a couple of months while you get things running. We have a Advance cash program that will work with you and your business. We are a small business loan alternative company that will help you with an advance and help you with all the necessary things. A Merchant Cash Advance or a Business Cash Advance provides working capital for small businesses. Get a Business Cash Advance today. A Merchant Cash Advance is a business loan alternative. Rapid Capital Funding gives business owners a hassle free alternative to conventional business loans. It's a convenient and easy way to get the money you need into your business right when you need it most. so keep in touch with us.
              You can also visit our website for more information http://www.rapidcapitalfunding.com you can also email me directly at alina@rapidcapitalfunding.com
              Good Luck! Best of Wishes!