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    2 Replies Latest reply on Jan 22, 2010 12:32 AM by Mongoose

    New business

    ashleynicole Newbie

      We want to start a new business with my wife and for me as a part time. We are thinking in buy a package store I have some money saved but for sure I'm going to need a loan. I need help with the bank application procedure. we don't have a place yet but we want to know how much money we can borrow from the bank.
        • Re: New business
          Tracker

          Ashleynicole:

           


          You can always approach a bank and tell them what you are trying to accomplish. They will tell you the steps you need to take in order to secure a loan through them

           


          Most banks want to see a business plan so they know if they lend you money, you have a detailed idea how you are going to turn that investment into more money and pay them back within a defined period of time.

           


          Think of it this way, if you went into a bank and said I need a business loan and then asked you how much you needed, what would you respond with and what could you show them why you need that much?

           


          If you need help with creating a business plan, you can check out a page I have on my site:

           


          http://thesologuide.com/planning/

           


          Hope this helps for a start.

           


          Doug Dolan

           

          The Solopreneur's Guide

           

          http://thesologuide.com/
          • Re: New business
            Navigator
            Ashley-- banks are tough these days. What's your credit score and do you have collateral?