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    New business startup funding

    I've been pondering and praying over starting a new business in our area (Sherman/Grayson County) and am to the point where I'm researching funding types/sources and requirements. Does anyone have any recent dealings with SBA loans, or other types of funding for small business startups such as local CU business loans, individual investors, capital partners, etc.? I know this is a broad topic but would like some 30k foot views to help me reign in some of my thoughts.

    #2
    Take out a student loan, don’t go to class, and let the gov “forgive” your student loan that identifies as a small biz loan?


    I know that doesn’t help, but absolutely best of luck and let us know when you get it going

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      #3
      Originally posted by Playa View Post
      Take out a student loan, don’t go to class, and let the gov “forgive” your student loan that identifies as a small biz loan?


      I know that doesn’t help, but absolutely best of luck and let us know when you get it going
      haha, that’s the only legit argument to starting a business in Joe’s economy I fear

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        #4
        If you are a white male government isn’t going to help you. Private investors or rich family members are your best bet.

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          #5
          Originally posted by M16 View Post
          If you are a white male government isn’t going to help you. Private investors or rich family members are your best bet.
          That’s fair. We started 17 years ago and couldn’t get anything. We didn’t have much. Your best bet is to try for the money but be ready to accept a line of credit.

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            #6
            I’m in the area. What kind of business? PM is fine if you want.

            private investors usually want a lot of equity, so be prepared for that.

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              #7
              Originally posted by Grayson View Post
              I’m in the area. What kind of business? PM is fine if you want.

              private investors usually want a lot of equity, so be prepared for that.
              I’ll drop you a PM, maybe you’ll be my first customer!

              I’m willing to put in my fair share between sweat equity and what cash I could depending on how soon we got started. In fact, physically remodeling/building out the location is something my son and I have dreamed and schemed about for years.

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                #8
                put it in your wife's name and you'll have a better chance at an sba loan

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                  #9
                  What type of startup is it? ....if you don't mind me asking.

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                    #10
                    Originally posted by Man View Post
                    What type of startup is it? ....if you don't mind me asking.
                    The kind that loses considerable value if it becomes the second one in town

                    it’s nothing groundbreaking or innovative, just something that currently isn’t available to a town of 50k people without driving 15-20 miles
                    Last edited by oneisnone; 06-21-2024, 12:41 PM.

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                      #11
                      I have no answer to the loan question but if the business relies on disposable income of customers I would be hesitant in this economy.........when I did research this subject being in a "field" which you have X amount of years experience in, but this was a guy interested in buying our venue and business financing not a "start up". Back when I got loans for my brothers Dozer and Track Hoe I got line of credit at the bank but I had a paint business and I ran a lot of money through the business/bank and had perfect credit but that was years ago. Also what happens "if" a second one opens........wedding venues canibalized each other, luckily we are on the "lower" more affordable end and I know of 3 in North DFW for sale and they all spent a pile of money, or the banks money I know one had a financing bank sign out when building it in Gunter......
                      Last edited by friscopaint; 06-21-2024, 01:50 PM.

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                        #12
                        Thanks for the input, some valid considerations for sure.

                        to answer a few PM’s here, the investment range is $300-800k depending on purchasing or leasing the facility with some of that covering the first years operating expenses.

                        Industry analysis says $125k revenue by the end of the first year with a 25% yearly increase after that. Hope that helps to narrow down any advice or suggestions.

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                          #13
                          You can start a GoFundMe campaign or simply take out a small loan to kickstart some businesses these days without requiring huge investments upfront. With the availability of features like those outlined in this guide, managing a business is becoming increasingly accessible and efficient. Tools like Zoom and SMS campaigns https://clerk.chat/blog/zoom-10dlc-sms-campaigns-guide/ not only help in reaching a wider audience but also streamline communication and marketing efforts, making it easier for entrepreneurs to launch and grow their ventures with minimal initial capital.
                          Last edited by gillrich; 07-05-2024, 03:01 PM.

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                            #14
                            I'd try getting a lease/purchase on the building. That lessens the starting amount considerably and gives you lots more breathing room at the beginning.

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                              #15
                              Originally posted by oneisnone View Post
                              Thanks for the input, some valid considerations for sure.

                              to answer a few PM’s here, the investment range is $300-800k depending on purchasing or leasing the facility with some of that covering the first years operating expenses.

                              Industry analysis says $125k revenue by the end of the first year with a 25% yearly increase after that. Hope that helps to narrow down any advice or suggestions.
                              that's impressive returns on a $300k buy in, with a good business plan and industry experience I wouldn't imagine it being hard to get money from a local bank with those kinds of numbers. I have a guess on the business if a town of 50k can support those numbers

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