nothing else to lose
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Post by nothing else to lose on Oct 12, 2016 1:25:05 GMT
Like we all know Snap corp is not here for us, with that said is there any place to go for financial support? I am a first time business owner and I need extra working capital and I realizes that banks are not the place to go. So any suggestions?
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Post by fishstyxx on Oct 12, 2016 14:18:09 GMT
There are a lot of alternatives depending on your parameters (eg percentage rate, amount, etc). If you don't have a business plan I'd recommend putting one together. At a minimum showing what your revenues and expenses are. Are you profitable and need money for expansion, losing money and have a plan to use capital to implement changes which will make you profitable? Why do you believe the changes will make you profitable? Why aren't banks an option?
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Post by nothing else to lose on Oct 12, 2016 15:47:10 GMT
My clubs are getting about 10k in sales a month the banks tell me they need to see more then that to be considered
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Post by sock on Oct 12, 2016 22:48:07 GMT
Sales mean nothing without considering your operating costs. Are you at breakeven? Have you paid your equip lease? Reached out to other potential investors?
When the owner of the club I worked at was struggling, I personally loaned him $10,000 to pay off some club expenses. It may not be an option, but even your minimum wage employee might consider helping out, for the right reward (% ownership, etc.) But of course, tread very carefully!!
With high interest and job security, I thought it was a good option. Obviously need a LOT of trust involved in a plan like that.
Another option may be, a line of credit from your credit card company
I would look at your expenses, figure out as said above, what the loan will be used for exactly, est. payoff term, etc. Another thing is to carefully consider bringing down expenses, to create more revenue. We are here for you if you need ideas!
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nothing else to lose
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Post by nothing else to lose on Oct 12, 2016 23:08:04 GMT
thanks for the tips. iam open to any suggestions. i am still under from breaking even. I had a aggressive loan that had to be paid off in a year and its killing me. I been working on building up my credit. I know you have to do starting vendors then work your way up so far i have quill and uline. i know i need a few more yet.
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Post by firecrackergirl on Oct 17, 2016 18:00:43 GMT
thanks for the tips. iam open to any suggestions. i am still under from breaking even. I had a aggressive loan that had to be paid off in a year and its killing me. I been working on building up my credit. I know you have to do starting vendors then work your way up so far i have quill and uline. i know i need a few more yet. Vendors? For what? |
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Post by nothing else to lose on Oct 18, 2016 0:37:57 GMT
vendors are business that offer net 30 accounts. they are who you go through to get credit when no one else will give it. for example. uline,quill are popular ones. steps you have to take to move up the credit ladder
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