Small business loan?

[MissHell]

Any advice on trying to get a small business loan?
To open an ice cream shop or small restaurant.

[askmrjesus]

A: Make a business plan.

B. Buy a hand gun.

JC

[bmblebee]

Originally Posted by MissHell

Any advice on trying to get a small business loan?
To open an ice cream shop or small restaurant.

Go to your local Small Business Development Agency, usually associated with the Community College or local Chamber of Commerce. They have classes for starting a small business. I teach a class here on writing a business plan and one on small business tax issues. They can help with everything you need including the regulatory, license and tax situations you might run into. Many times they are also associated with SCORE (service corps of retired executives) who can help you with accounting, marketing and day to day issues you encounter. you might even be able to find a retired restauranteur who can really help you get started.

Also, make sure you have a bucket of money big enough to pay all of your personal bills for at least 9 months, without needing a dime from the business for anything except business expenses

[njchopper87]

Originally Posted by bmblebee

Go to your local Small Business Development Agency, usually associated with the Community College or local Chamber of Commerce. They have classes for starting a small business. I teach a class here on writing a business plan and one on small business tax issues. They can help with everything you need including the regulatory, license and tax situations you might run into. Many times they are also associated with SCORE (service corps of retired executives) who can help you with accounting, marketing and day to day issues you encounter. you might even be able to find a retired restauranteur who can really help you get started.

Also, make sure you have a bucket of money big enough to pay all of your personal bills for at least 9 months, without needing a dime from the business for anything except business expenses

That's a great post. I took a small business class a couple years ago and it taught everything from business plans to managing and motivating employees to trouble areas and how to fix/avoid them etc. My teacher used to manage several businesses, and some of his experiences were shared while he was teaching.

I can't help on securing a loan in general, but taking a class might make you more credible. Not to mention you'd have someone to turn to and ask for help. I'm unsure if bee would concur with this, but my teacher taught us to apply for a loan big enough to cover personal expenses for several months in advance. Kinda sounds like you were saying something along those lines.. At any rate, money on the side is good. There's a couple more tips in my book, but that's buried in my closet and I have studying to do soon..

[shmike]

Follow these five easy steps to avoid 6-12 months of ulcers and stress often associated with starting a small business:

1. Determine how much money you'd need for start up capital. We'll call this figure A :________

2. Multiply A X 2.5. This is more accurate, we'll call this Figure B: ________

3. Add 9 months of living expenses to figure B. Total equals Figure C: _________

4. Reduce your net worth by Figure C.

5. Start looking for a new job.

[askmrjesus]

Originally Posted by shmike

Follow these five easy steps to avoid 6-12 months of ulcers and stress often associated with starting a small business:

1. Determine how much money you'd need for start up capital. We'll call this figure A :________

2. Multiply A X 2.5. This is more accurate, we'll call this Figure B: ________

3. Add 9 months of living expenses to figure B. Total equals Figure C: _________

4. Reduce your net worth by Figure C.

5. Start looking for a new job.

That sounds about right.

JC

[BobTheBiker]

Originally Posted by askmrjesus

A: Make a business plan.

B. Buy a hand gun.

JC

or, buy hand gun, find small ice cream shop already in operation, forcibly take over business. BAM no startup costs other than gun/ammo.

otherwise, I have no real idea.

[askmrjesus]

Originally Posted by BobTheBiker

or, buy hand gun, find small ice cream shop already in operation, forcibly take over business. BAM no startup costs other than gun/ammo.

otherwise, I have no real idea.

In that scenario, the hand gun is the business plan.

JC

[Ducati Diva]

Check in your area to see if there are any women's business orgs. They can give you a lot of help in finding special loans for women business owners.