| Author |
Message |
David A. Spear (Detailman)
Junior Member
Username: Detailman
Post Number: 106
Registered: 5-2002
| | Posted on Monday, June 09, 2003 - 11:38 am: | |
Sorry I guess I dont look at my own profile often. I got rid of the d90 last oct and now have a jeep cheorkee and have had a couple of offers on the 355 I dont like the idea of parting with it, but will sertainly not cry to see it go if it will help me with my venture. |
Mike B (Srt_mike)
Junior Member
Username: Srt_mike
Post Number: 214
Registered: 12-2002
| | Posted on Monday, June 09, 2003 - 9:41 am: | |
It's virtually impossible to get 100% financing unless you posess some very specific skills that make you the only person who can do the job.
The first thing an investor is going to say is "why should I give you $1mm of my money when you're driving around in a Ferrari and you won't kick in 100k?". The answer would almost certainly be "well because I don't have $100k to risk!". But that's not the right answer.
An investor looking to finance this sort of venture would probably be looking at a vast majority ownership stake. I wouldn't do it for less than about 90% ownership, and I'd still expect the partner to kick in *something*.
Finding an investor who will bankroll an idea 100%, allowing the idea-holder to get into their own business and make some real money is a myth - it doesn't happen. It must be 50/50 in some way, shape or form |
Tyler (Bahiaau)
Member
Username: Bahiaau
Post Number: 770
Registered: 12-2001
| | Posted on Monday, June 09, 2003 - 9:21 am: | |
Good advice from all here. I would add that if you only need 60 to 100 from your pocket to make the SBA loan and you TRULY want to make this happen then sell the D90 and the 355. Not sure what the 355 market is like right now, but sold my D90 for more than I paid for it and that was years ago. Selling a couple toys might raise all the money you need. |
j scott leonard (Jscott)
Member
Username: Jscott
Post Number: 479
Registered: 1-2002
| | Posted on Monday, June 09, 2003 - 9:08 am: | |
Dave: Where are you located. Most folks who may invest usually would want to be near the project so that they can see the progress and observe the operation once up. At least that is my personal investing requirement. Look locally, develop a solid business plan including forcasts, budgets, cost estimates and capital needs than go out and find the money. It is out there for a solid project. Good luck, let us know your progress. |
Jim Schad (Jim_schad)
Intermediate Member
Username: Jim_schad
Post Number: 1384
Registered: 7-2002
| | Posted on Monday, June 09, 2003 - 8:22 am: | |
lady I work with owns one in Texas www.waterfallcarwash.com They started is 9 years ago. Her husband runs it. Grossed 2.6 mil last year she said, but also very expensive to run so no idea on actual profit. However they have a pretty nice house so must do alright. Not sure how they bankrolled the initial idea, but you're right it did cost $1M or $2M to buy the property and get a gen contractor to build it for them. They also used their own name rather than a franchise. |
David A. Spear (Detailman)
Junior Member
Username: Detailman
Post Number: 105
Registered: 5-2002
| | Posted on Sunday, June 08, 2003 - 11:35 pm: | |
I have worked with the s.b.a. and they have a program to have a bank loan the money to me with a government guarantee of 85% whitch would leave me to come up with about $60-100 thousand of my own whitch I need to come up with and so far that seems to be the only problem that stands between me and my goal.Jason, I would like to continue to use the name that I began with and start my own biz. and not have a franchize. |
Tony Roberts (Pantera)
New member
Username: Pantera
Post Number: 47
Registered: 6-2003
| | Posted on Sunday, June 08, 2003 - 10:36 am: | |
Talk to the S.B.A. |
Jason Williams (Pristines4)
Member
Username: Pristines4
Post Number: 364
Registered: 12-2002
| | Posted on Sunday, June 08, 2003 - 9:53 am: | |
David,
Are you thinking about opening up your own line of car wash, or going to open a franchise like Car Spa or something? |
David A. Spear (Detailman)
Junior Member
Username: Detailman
Post Number: 104
Registered: 5-2002
| | Posted on Sunday, June 08, 2003 - 9:01 am: | |
Yes I have a lot of experiance w/ my mobile detailing business about 7 years of it in fact but I dont think thats enough to go along with a short few years of being a supervisor in a factory to get about $800,000-1m for property and all the equiptment needed for my project. I know this wont be an easy task but I refuse to give up. |
PeterS (Peters)
Member
Username: Peters
Post Number: 636
Registered: 1-2003
| | Posted on Saturday, June 07, 2003 - 9:35 am: | |
David..About a month ago, there was a member that had these same questions. You may hunt for that thread. If you have a solid business plan, investors should not be hard to find. If you need 100% of the funds, thats a bad sign to investors though (unless you have a high amount of experience in this line of business with a great track record). I'll keep an eye on this post. |
David A. Spear (Detailman)
Junior Member
Username: Detailman
Post Number: 103
Registered: 5-2002
| | Posted on Saturday, June 07, 2003 - 8:04 am: | |
Wanting to start up a full service carwash/detail center and fast lube, since bank/lenders won't loan 100% of everything needed to buy or startup cost, is their anyone who has had experiance in locating investors or partners that have the up front money for this kind of project,or any good Ideas for rasing capital for business startup? Thanks in advance, David |