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    7 Replies Latest reply on Jan 22, 2010 12:33 PM by TheSoloGuide

    Finally Doing It!

    odgrell Adventurer
      So I'm finally doing it. I've thought about starting my own business my whole life and I think I am ready to do it. I have had several ideas and have written a few plans so far, but this one just feels right. I'm writing this as sort of a log of my progress in case anyone wants to follow along and make comments or suggestions.

      Here's what I've done up to this point

      • Created a fully detailed business plan, with financial projections
      • Gotten checked and double checked by a Phd,a Vp, a MBA and a CFO
      • Picked a location and initiated talks with the leasing company
      • Purchased my domain name
      • Formed a corporation and secured an EIN number
      • Contacted my local SBDC and dropped off a copy of the plan (He didn't have time to sit with me)

      Hopefully if the SBDC can help me secure financing, I will secure my location and begin renovations, purchasing assets and complete my website. Then I hope to hire employees, commence marketing and complete purchasing of assets. As soon as renovations are complete I'll open my doors and then the hard work begins!!

      I know that I've been vague about what it is I'm actually trying to open but I don't want to divulge too much of my plan just yet. I can tell you that it is going to be a barbershop with a difference.
        • Re: Finally Doing It!
          odgrell Adventurer
          Just had my first SBDC meeting today. Gave me a few pointers regarding my plan and then gave me the loan app. I'm hoping to get it done by Monday so that it can be submitted before the Christmas break. Wish me luck!
          • Re: Finally Doing It!
            phanio Pioneer
            Sounds like you are on the right path. Regarding financing - if your application does not pan out, don't give up. There are many ways to finance a new business - you just have to 1) get creative, 2) understand your options (there are many that you might have never thought of) and 3) match your need to the financing - it is very hard to get an all inclusive loan for different purposes - but, you might be able to get funding for each need.

            Business Money Today
            www.BusinessMoneyToday.com
            • Re: Finally Doing It!
              odgrell Adventurer
              Dropped off my loan application yesterday, now its just a waiting game!
              • Re: Finally Doing It!
                Tracker

                odgrell:

                 


                Congratulations and good luck with your new venture. From your description, it sounds like you understand the steps necessary to have a solid launch.

                 


                If I read your chronological steps correctly, sounds like you will do some advanced marcom prior to opening your doors - excellent step. Some businesses make the mistake of launching their marketing campaigns after they open their doors. You need to build a buzz ahead of time so customers are waiting to show up on day 1.

                 


                You may want to consider handing out some free cuts to the local press so they are at your grand opening taking pictures and doing write-ups in their publications. Just a thought. Radio personnel apply to this strategy, too.

                 


                I hope this helps.

                 


                Doug Dolan

                 

                The Solopreneur's Guide

                 

                http://thesologuide.com/
                • Re: Finally Doing It!
                  odgrell Adventurer
                  Loan got declined.

                  I dont feel like I was I taken seriously at all. The loan application only asked one question about the business, everything else was about personal finances. I am now wondering if I should have wasted time on a business plan. I could have just sent them 28 pages of my credit score and gotten the same response. I feel like the basis of funding an SBA loan should be the viability of the business concept and the owner's ability to make it successful. It seems like the whole process was just to figure out what they could repo WHEN my business failed.

                  So my question now is, what is a Small Business Risk Score and who gauges it?

                  What are my options now?

                  Appreciate your feedback!
                    • Re: Finally Doing It!
                      Tracker

                      odgrell:

                       


                      Sorry to hear about your initial rejection. However, I agree with Debby. Don't let this rejection stop you from your business if it is something that you are truly dedicated to launching.

                       


                      Let me give you an example. When I sold my restaurant early last year, we had a couple of banks look at our books, sale price, and the buyers' credit prior to signing an offer letter. The banks were excited, saying everything looked great and that we should have no problems moving forward.

                       


                      Two months later, they rejected the buyer's app for an SBA loan. When we asked what had changed, all the banks could say was they were concerned about the market. The buyer's had plenty of equity in their house, good credit, low debts, insurance to cover losses and health issues, plus extra income coming in from pensions and other sources. Ultimately, they could still survive if they didn't take any money out of the restaurant. And the restaurant had a documented positive discretionary income for all the years we owned it. After some haggling, and changing a couple of banks, we were able to get the deal done.

                       


                      If this is what you really want, ask the bank why they rejected you and apply with other banks, investors, or partners. I recommend you check back with "phanio".

                       


                      As for your business plan, it isn't. Hopefully, it gives you a clearer understanding of the essentials for running your business successfully. Once you get your business going, you will be ahead of the game.

                       


                      Don't give up yet.

                       


                      I hope this helps.

                       


                      Doug Dolan

                       

                      The Solopreneur's Guide

                       

                      http://thesologuide.com/
                    • Re: Finally Doing It!
                      DebbyBlitzLoc Adventurer
                      Don't give up! As disheartening as the loan process was, don't let that stop you from continuing to think positive and go for your dream! Talk to family and friends about possibly investing in your business. Talk to your local Chamber of Commerce to see if there are other financing opportunities in your area that you may not be aware of yet.

                      Many people have been turned down time and time again before they finally achieved success. Stay focused, stay positive and never give up!

                      Debby