How do you start a buisness when bootstrapping is not possible what if you need 2 million?
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Question by mabisking26: How do you start a buisness when bootstrapping is not possible what if you need 2 million?
No SBA Loan will help an individual for that kind of cash nor will the government its a hoax and a lie. I could go to school and have a masters degree and still not start my own Business but I could be Heart surgeon that pays better so weak point yes but you see what I mean. I dream of starting a driving range i need proper land nets mats balls and nice building for the pro shop and a next door restaurant and pub I will need an indoor golf simulator pool table and a mini snack bar outside. I will need lights artificial turf and proper greens maybe even levels for the golfers. This land needs to be commercial and have a dense population. This will cost back what is a poor man to do?
Best answer:
Answer by Henry
Be realistic. Come up with 30% of your own money and most lenders will loan you the rest. No lender will take 100% of the risk of starting a new business. If things don’t go well, you can walk away free and clear and the lender is left with all of the debt.
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If you have the idea and expertise to run the business, you may be able to find a private investor that is willing to front some or all of the money.
Another option (to keep initial capital costs down) is to find an existing business that is either vacant or available for sale. In the first case, the owner may be willing to lease you the property, including the equipment, for a lower cost than servicing a loan. In the second, you may be able to put a small down payment and then have the owner finance the remainder until you are able to secure a bank loan based on your business success.
Finally, you could plan your business in stages, so that the initial capital outlay is smaller and the additional services (restaurant & pub, etc.) are funding from the success of the first phase.