MeitziMeitzi Posts: 4subscriber
edited September 2006 in Startup Funding
I was reading this article on applying for grants & loans and one of the sub-title was "No doesn`t mean No".  The author was quiet funny as he stated that now that he`s much older, the only time `no` means a `no` is in harrasment cases.
He shared a teenager who wanted to get some funding to start his business so he contacted this government program that gives money to teenage entrepreneurs.  He was told that the money was only for teeagers who lived in small towns but this kid was in Boston and therefore he was not eligible for it.  This young man did that stop there; he called the agency back and asked for a copy of the program literature.  After he got the literature, he read it closely and learned that it did say the money was for teens in small towns, but in a separate line it also stated that it was for teens who wanted to start lawnmower service businesses - which was exactly what he had in mind.
He called the office and pointed out that line and got the money!
When I attended one of the classes offered by SCORE, a successful restaurant owner shared that he got his loan from the 74th bank he visited!  
Easy to say than done but very soon I`ll be going around banks, investors,or some filthy rich people trying to get funding for my restaurant and I want to remember that as an entreprenur, I need to have the power and the strength to believe that I can turn a "no" to "yes" (or many `no`s to one `yes`) so my business plan will be in a 3-D form of a real restaurant.
Unless, of course, I hit the lotto - now that would be a big `YES" from God!!

Comments

  • MeitziMeitzi Posts: 4subscriber
    SBA provides quite a few useful information! There is also SBIC - Small Business Invesment Companies that offer loans.
    http://www.sba.gov/INV/sbicforms.html</A>
    http://www.sba.gov/INV/venture.html</A>
    http://www.sba.gov/library.forms.html</A>
    I`ll post more links if I find them useful. 
  • MeitziMeitzi Posts: 4subscriber
    Amen to that, Michael!!!
  • cugelertcugelert Posts: 7subscriber
    Hi Meitzi,
    I just joined this forum and noticed your in the same business as I.  I`m working on a business plan currently to acquire 6 hospitality establishments across 3 states.  Being in the business for over 25 years, its time for me to shoot for the moon and I`ve gotten some good feedback from potential investors.
    My other side venture is to grab a restaurant and bar before it gets sold but its out of my financial loop so I`m trying to "creatively" approach the deal as to not use my funds.  I even posted the question on this site...
    I wish you luck in your venture and would love to share info and collaborate.  You never know, it might turn into the beginnings of a mastermind group for our industry.
    Best Regards, Jerik
  • tojealcatojealca Posts: 5subscriber
    Hey Meitzi,
    Heres an idea, make a list of the banks that you want to visit, then turn it upside down and start with the last one, that way you will get to the "Yes" faster! lol
    But really, I ran a telemarketing company and the biggest thing that we made our people to see is that people are conditioned to say no, and most say it 10-12 times before they say yes!  So you just have to keep going.
    One "trick" that I learned in sales is the more times you can get a "Yes" answer to question NOT about the sale, the quicker you get a Yes in the sale.  For example if you are trying to sell a car, (yes I did that don`t hate me for it! lol) we would ask questions about the weather, the family, any thing that would get a "yes", their brain is being trained that it is ok to say yes to you, and it does work!  Just be ethical in it!
    Great post!
     
  • MeitziMeitzi Posts: 4subscriber
    Jerik - I am so new to this business field, but you, as you stated yourself, are ready to shoot the moon!!!  Do keep in touch, pleaseeeee!!! I get cross-eyed every time I think about how I will get funding for the restaurant
    By the way, welcome to the SuN!!! Meitzi2006-9-5 0:38:19
  • MeitziMeitzi Posts: 4subscriber
    Tojealca - I will definitely keep this in mind!! Perhaps soon you can give us a lesson on sales - all entrepreneurs should be great in sales, isn`t that right?!
    You`re so right though.  Sometimes I find rather annoyed when sales person constatly talking about what they`re selling (hard not to, I guess!) but I tend to be more friendly myself if they greet my son, ask about the school, or as you said, about the weather!
     
  • tojealcatojealca Posts: 5subscriber
    Meitzi,
    If you do any phone contacts for you comany, remember the 5 "p`s"
    Pace: match you speed of talking to them
    Pitch: Add inflection to you voice, raise and lower it
    Pause: Pause from time to time to let them think about what you have said and ask a question if they have one
    Punch: Ask the question, can I get the Loan?  Do you like the product, ect.
    Posture: Sit up straight and SMILE.  It comes throught the phone!
    Hope that helps!
    Tony
     
  • MeitziMeitzi Posts: 4subscriber
    Thank you, Tony!!!
    I am writing this down in my book not only for myself, but will share this with my future staff!!
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