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    6 Replies Latest reply on Sep 1, 2009 9:56 AM by McCormickInst


    HighandDry Newbie

      My husband and I started our own business just over a year ago which has been growing nicely. We have great products, knowledge, enthusiasm, a wide customer base, and goals to keep it going. Our "problem" is that since we've only been in business just over a year, and don't have a lot of credit history, we find ourselves stuck on what should be some of the simplest things we need to grow our business. The first thing we need is a truck but are finding it difficult to get what we need without getting taken by some of these "buy here pay here" places. We're having to pay a bit more for product due to us only being able to purchase small quantities at a time so we don't over-extend ourselves. Cash flow isn't really an issue, but what's coming in has to constantly be going back out (of course) and we feel like we're spinning our wheels. We've been trying to look for different sources to just give us the break we need to be able to take the next step with our business.

      I know there aren't a lot of specifics in here about our business, but wanted to keep things as simple as possible for now. Does anyone out there have any ideas for us? I greatly appreciate your time and effort to help us reach our goals.
        • Re: Stuck.....
          jhnnplay3 Newbie
          Hi,my name is John , i think we all go through this BS ,however if we stick together as one unit,helping ourselfs to become one huge business,like they do,we can. This downline thing might be good,i dont know. What i do know is,people like ourselves,need to stick together.The rich get richer & we get poorer.We need a team that will stick together,friends,famliy,who ever,to make it work for us.I think if i buy your product,youll buy mine and so on.I need your help with this,because i dont know how to do it myself.Lets work together to figure it out. Your friend John.
          • Re: Stuck.....
            LUCKIEST Guide
            Stuck.....Welcome and YES I do have great ideas.

            It would help if you went to Members page and shared some info.

            To get to the next step in your business, One Develop a business plan and Two, Visit SCORE.
            SCORE is FREE

            Good luck
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            • Re: Stuck.....
              You need to get at least one major supplier believing in you. Once s/he believes in your abilities, credit will flow easier. So make that a real project.

              • Do you order online? Call and place orders instead. Make a personal contact.
              • Do you see a sales rep from time to time? Take him to lunch. No big pitch. Just make a personal contact.
              • Is your sales rep on your mailing list? If not, put him there. Keep him informed.
              • Do you know where you are taking your business? Can you communicate that in a sentence or two?

              Yes, have your businesss plan ready to produce on a moment's notice. But first bring a few bees buzzing around the honey.

              • Re: Stuck.....
                phanio Pioneer
                There are non-bank equipment lenders that work with startup businesses like yours. Since they only provide equipment loans - they don't have the requirements like traditioanl banks do. They understand your business and can help you get the truck you need. Plus, if the deal is right, they can also include a small cash portion on top of the equipment if needed.

                Other options would be micro-credit loans - for those businesses turned down by banks or some form of factoring your assets like accounts receivable factoring or business cash advances.

                Business Money Today
                • Re: Stuck.....
                  Lynburger Newbie
                  Not sure of what type of business you have or the needs of your "truck". HOWEVER, Having been in the auto business for over two decades, I would not be so quick to write off possible financing from the "buy here pay here" dealers.

                  Most are small business owners and in fact do provide a much needed resource for people like you who need to be financed. It was a lack of credit that created the "buy here Pay here" business model. Banks and lenders would not loan to buyers and the dealers were "forced" to carry the paper themselves if they infact wanted to sell their product. (I am going back 30 years here).

                  There is a low demand now for trucks and vans. I suggest you find a dealer with a clean operation and see what terms you can work out. Call the Dealer Association in your state and ask for a referral. Find a dealer who is established and sells the product you are looking for. Granted there are plenty of dealers NOT to do business with. But look around for a week or so and you may just be surprised!

                  Keep in mind you will always pay more based on the risk you represent.

                  Good Luck,
                  • Re: Stuck.....
                    McCormickInst Newbie
                    It all sounds good. Good luck to you!