Saturday, November 19, 2011

My flower shop will be open soon, i do have extra money from tax refund but its not enough to start..?

Banks won't let me loan money because of my low credit score. What should i do? Do i have to stop my flowers shop?Where should i get backup founding source for my store? Any suggestions?

My flower shop will be open soon, i do have extra money from tax refund but its not enough to start..?
You should open an account with the flower providers so you can get the flowers on credit. That way you can still open the shop and pay later after genterating your income.
Reply:You should have at least 6 months of money in the bank to cover expenses when opening a new business. I see it all the time. New customers open up, don;t have enough money and they are gone in a metter of months.





Do it right. Save up your money, get your credit score higher, then open your shop.
Reply:No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.





Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.





SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).





SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.