Congratulations on your entrepreneurial spirit. It is very refreshing. I am a bit confused about something you said though. You mentioned that you are doing very well and making good income off of the business, but yet there is no money for opening a storefront. Where are the procedes going? Are you pulling them all out for personal income or what?
Thanks for the reply Dan!
I started the business when I was 16, operating on the part-time fact that being a high school student and owning a diesel truck, that money was going to be tight to afford diesel, have a social life, and pay for mine and my girlfriend's habits of attending every showing of every movie.
This required money. I had no intention at this time to move out of the 12x12 room I commandeered to form my current office. Funds were used for my personal life, and to keep the business afloat. I would make money, then spend it as I went..
Now that I'm graduated (June), I've thought months about this and was ready to move full time.. having not planned ahead, not having the money to open the store. I know there's more money than I'm making now in it, I just need the space and ability to do it.
I hope this better explains my situation. I appreciate your time and concern.
What kind of company is this? A sole proprietorship, single-member LLC, corporation? Did you file the proper paperwork with your county of state?
If you haven't set the company up properly, you would have to do so first and foremost. Once that is completed, you may be able to get a startup loan through a local bank. It depends heavily on your personal credit, so if you do not have strong personal credit, yes, you would need your parents to cosign for you.
If you have setup the company properly, you will need your financials since 2009. Again, since you took most of the money out for personal use, personal credit is going to come into play. You may not be able to get a business loan with weak business financials through this option. Most often you will have to consider a personal loan. These have higher interest rates and would again probably require your parents to cosign with unestablished personal credit.
Your best bet is to look into having a consultant help you get setup or speak to a business banker to help direct you better.
First let me introduce myself, my name is Caleb Mingle. I'm an 18 year old entrepreneur from Marion, NC. I started my business when I was 16, in November 2009. I have been running it ever since, increasing my corporate customers daily. I'm a computer programmer on the side, and develop websites at the same time.
I produce die-cut vinyl decals for businesses and personal use, as well as banners and coroplast signs, political signs, license plates, etc. I manufacture all of these in house. My problem, is that I'm limited to a 12x12 room for this, as my business expands.
I'm looking to expand my business. I'm turning down A LOT of local business (most of my business... wait.. almost all of my business is online e-store and website), because I won't drive to meet customers or allow customers into my family's home (crazy people out there!).
I'm wanting to expand into a retail location. A storefront. I want a face to my business, as I know there is a market for these products, with local consumers driving out of town (45 minutes both directions) to have these products created.
The problem? No money. I'm not sure if my parent's credit will be enough to get a loan, I'm not sure how much I need to get started. I have the equipment right now that I need to produce these products (minus a few office products and tables / etc).
I'm looking for any information you can give to help me.
I'm not giving up. I believe in this business, and I've already made it succeed so far, living off of the income that I get and not really planning to want to expand this far until recently. I've poured my heart and soul into this business, and I would like any information I can get.
I mean, how often do you see an 18 year old with as much drive and dedication to something?
Help me out please, and I'll do anything that I can for you.
- Caleb Mingle