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    10 Replies Latest reply on Jun 4, 2009 9:42 AM by ggoodard

    help finding investor...

    nyroxygrl Newbie
      I am looking for someone who can help me. I visiting the SBA office in my town and they couldn't provide me with much information. My plan is to buy an existing laundromat and make it my own. I have very little money to do that with and I am looking to find someone who is willing to help me. Does anyone know where I can look or find investors?
        • Re: help finding investor...
          DeanMalibu Adventurer
          I wish I had more help for you. I am currently in the same boat as you are. I havent given up and neither should you.
          • Re: help finding investor...
            LUCKIEST Guide
            help finding investor.

            Who are you?? Where are you?? and how much are you looking for??
            • Re: help finding investor...
              phanio Pioneer
              Couple of things:

              Have you contacted a local bank about a SBA loan? If not, do so. Find out what their requirements are for the loan - then work to meet those requirements.

              Second, if you are seeking investors for a local business - then get out in your community and network. Attend events where possible investor or their gatekeepers (CPA, Lawyers, other business owners) will be. Then, talk to everyone. Local people know local markets and like to invest in their communities.

              There is no magic button - no one place that you can go to get the money you need. You have to get out there and work for it.

              Business Money Today
              www.BusinessMoneyToday.com
              • Re: help finding investor...
                RanksIntl Adventurer
                Hello!

                I have a couple of questions for you. A few of them may be a little personal so if you don't want to answer I understand or if you prefer to do it privately you can email me at renee.rankine@ranksintl.com.

                My questions are:

                1. How much are you looking to receive?
                2. How much can you personally invest?
                3. What is your credit? (Not necessarily your score but how it ranks overall)
                4. Have you looked at friends, family and business acquaintances?
                5. Have you targeted your specific location?
                6. What is your experience in the field?

                If you want to get back to me with these answers we may be able to go over some ideas and look into researching possible investors.
                  • Re: help finding investor...
                    nyroxygrl Newbie
                    1. I am looking for about 200k
                    2. I can't invest much only about 10k
                    3. My credit score is considered fair around 650
                    4. I have spoken to friends. I don't really have business acquaintances and I cannot ask my family.
                    5. Yes I have looked into the specific location I want, and have done my research on it as well.
                    6. I don't have any experience in starting a business. I am going to be a college graduate this coming December but I wanted to get started with my plan.

                    I have visited the SBA office in my town but I didnt find them helpful as I expected.
                      • Re: help finding investor...
                        RanksIntl Adventurer
                        Great! Thanks for the information. You are going to need a few things to approach potential investors or lenders. The most important is going to be your business plan. This is going to be your guide to your entire business and most investors are looking primarily at the fact that you can come up with a plan because it shows that you have some structure and it makes them more confident that they will get a return on investment or repayment on the loan. It will have to include all of your financial information, market research, etc. If you would like to get in touch with me so that we can go over your potential options and see if there is something that I can do to assist you email me at renee.rankine@ranksintl.com.
                        • Re: help finding investor...
                          RanksIntl Adventurer
                          Great! Thanks for the information. You are going to need a few things to approach potential investors or lenders. The most important is going to be your business plan. This is going to be your guide to your entire business and most investors are looking primarily at the fact that you can come up with a plan because it shows that you have some structure and it makes them more confident that they will get a return on investment or repayment on the loan. It will have to include all of your financial information, market research, etc. If you would like to get in touch with me so that we can go over your potential options and see if there is something that I can do to assist you email me at renee.rankine@ranksintl.com.
                          • Re: help finding investor...
                            RanksIntl Adventurer

                            nyroxygrl,

                            I would love to help you. Email me at renee.rankine@ranksintl.com or call me at 631-896-6479.

                            Hope to speak with you soon!

                            Renee`
                        • Re: help finding investor...
                          fundconsultnt Wayfarer

                          Sometimes it's better to do fundraising rather than asking for others for capital, to become more independant. But nonetheless, here's your options:

                          Bank Loans - One of the first options most entrepreneurs consider is a bank loan. And this is a doable option in some cases. Unfortunately, the current economic downturn has made it a challenge to get credit under most circumstances. To qualify for a business loan, you usually need to demonstrate experience in business management and provide a professional business plan for review by the loan officer. Other bank loan choices would include using your home as collateral or using a home equity line of credit to finance your business. Of course, these options are very risky.
                          Family & Friends - Another source of capital is borrowing the money from the people you know. Depending on whom you know and their financial picture, this could be an effective approach. On the downside, borrowing from family and friends can be a dangerous road, especially if things go sour with the business. Make sure to get everything in writing in order to prevent problems and misunderstandings down the road.
                          Use an Angel - Angels are investors who are willing to give money to entrepreneurs. A number of web sites provide resources to help connect people like yourself to potential angels. Just remember that the competition for these investment dollars is fierce so you need a great idea and you need to be able to sell that deal to others. Make sure you clearly understand the terms of their investment, including how much say they have in how the business is run, before you close the deal.
                          Use Credit Cards - One of the most innovative fund raising ideas is to charge most of your start-up expenses on your personal credit cards. While this can work well for some businesses, the funding is usually too limited for larger operations. Plus, maxing out your cards can lower your credit rating and can make obtaining alternative financing more difficult down the road. Try to use credit cards only for minor purchases, such as stationery or fax machines.
                          Use Fundraiser 1.0 - Another approach that has worked for many entrepreneurs is a program called Fundraiser 1.0. Basically, the program works by bringing together other people who are trying to raise capital online so they essentially help each other raise the money needed. Four fund raising levels are available with the program, including the highest level which tops out at over $11 million USD.** http://linkfrog.net/capital
                          Try Government Programs - If you're located in the United States, try contacting the Small Business Association (SBA) for information about grant and loan programs designed to help entrepreneurs get started.
                          • Re: help finding investor...
                            ggoodard Adventurer
                            My email is contained in my profile. Please contact me.