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    3 Replies Latest reply on Dec 15, 2009 12:55 AM by ABusinessMent

    Loan needed for start-up Business

    mharvey Wayfarer
      My husband and I are planning on opening a tattoo shop very soon. We have found a building for a great price and now we just need the funding to start. I have no credit and when we checked his, his credit was fair. He just had one mark against him on an unpaid bill. We got that taken care of as to show the bill as paid on his credit report. I am wondering about getting a loan. The only thing that we have for collateral is a 2002 4-runner. I also have a trust account that was setup for me when my father passed away, but it is setup to where i get a certain amount when I turn certain ages. I am wondering if i would be able to explain that to a bank or other loan agency. We have been working on a business plan. As far as the loan, we would use that to place a down payment on the building, repairs to the building, supplies need at the beginning, etc. There's not going to be a payroll as we are going to be the only two working there. Plus in the future, is we decide to hire anyone else, it would be as independent contractors. Please let me know as much info as possible. If there are any questions, please let me know and i can answer them to get the information that we are needing.

      Thank you for your time...
      Maeve Harvey
        • Re: Loan needed for start-up Business
          LUCKIEST Guide
          Loan needed for start-up Business

          "My husband and I are planning on opening a tattoo shop very soon" HOW SOON??
          Do you have a Business Name?? Next you need a Federal I D Number.

          "Now we just need the funding to start" HOW MUCH AND FOR HOW LONG??

          Yes you should continue working on a business plan. The bus plan serves as an assessment tool.
          As you work your way through the plan, it will help you reaffirm the viability of your ideas.
          "In the future, is we decide to hire anyone else, it would be as independent contractor".
          BAD IDEA The IRS does NOT Independent Contractors

          You should also contact SCORE. SCORE is FREE and can help you.

          Good luck, LUCKIEST
            • Re: Loan needed for start-up Business
              mharvey Wayfarer
              As for opening the business, as soon as possible. We have a business name chosen, but as far as getting the license for the business, we have to first have it inspected.
              For the funding, we are working on that. The building we are looking at is a total of 34,500. We plan on placing 8,000 down and the payments would be roughly around 188 a month. But the majority of the cost would go towards repairing the building to have it set up for the tattoo shop. Needs some plumbing work and general repairs, such as walls, ceiling, paint and flooring. we are figuring out what exactly needs to be done and what the price would be. For how long, i'm not for sure. What would be a good idea. And independent contractors, just because most of the people who would work with us would be guess artist and only be there for a short mount of time.
                • Re: Loan needed for start-up Business
                  ABusinessMent Newbie
                  It sounds very much like you are trying to shotgun your planning.

                   

                  What do you need to provide your services? Who will you provide them to? Who are you competing against? What makes you better; gives you an 'edge'? How are you going to reach your prospects/potential clients? Answering these kinds of questions gives you a basis to begin a business plan.

                   


                  You can download my free research outline at http://www.abusinessmentor.com/

                   


                  It should certainly guide you in the right direction.

                   


                  Getting the right financing will depend almost entirely on your presentation. Having the 'ducks' in a row
                  can only help!

                  There are a number of agressive lenders seeking to make loans to the right business clients, but
                  they are not going to look at a 'pig in a poke'.

                  Prepare a detailed business plan, go to your local bank, and ask about the SBA 504 program.

                   


                  Good Luck!