New to forums - hi and feedback?

MrsB73MrsB73 Posts: 2subscriber
edited September 2006 in Selecting a Business
Hi everyone!
This is my first post.  And this is the first website/forum I have found where everyone seems to be positive and friendly. 
I live in a fairly small town outside of Tallahassee, FL.  Our 2005 population was 29,000 and our new home construction rate is soaring. 
I would like to open a party supply store/party planning service in my town.  Not anything too big, about 1500 square feet.  We do not currently have a supply store, we have to either order online or travel to Tally. 
I have done the research, and I believe there is a strong market for this type of store where I live. 
I guess where I am getting frustrated is trying to work with SCORE to get help/advice and so far I`ve talked with two different counselors who seem highly concerned that I will not be able to sustain a business with my town`s population.  I disagree.  It may be small now, but consider that it has grown from 14,000 to where it is now in the past 10 years.  The growth rate is even faster now that it is becoming more like a small city, rather than a "one red light town".
The other frustration I am having is with financing.  I just don`t know enough about it to understand.  Why is it that people keep telling me that in order to get financed I have to put up money of my own?  It`s like they are saying people who aren`t worth a lot of money can`t start their own businesses.  I`m not trying to get rich here.  I am married, have two children, my husband works. I just want to do something I love while still being close by my kids.
I do not have collateral.  We have a house and two vehicles, but none of them are paid for completely.  I do not have a lot of "net worth".  I`m just me, with decent credit and a lot of commitment and drive to do this.
Is there any hope for me?  Anyone out there have a similar lifestyle with a success story?
Thanks everyone for reading!

Comments

  • truegeniustruegenius Posts: 3subscriber
    I don`t think that I can add anything new to financing than what has been said here.  My business partner (my sis!) and I went through the same thing.  We didnt` want to put up our life to take a risk, but in the end, that`s what we did; home equity loan and retirment savings.  If we don`t believe in ourselves and that we can make our business successful, how can we expect any future financiers, including Angel investors? 
    And as Craig said, SCORE is great for some resources, but those men (and I say men because they`re all men in my area) have been out of the loop for years.  I think your research in your area of business is what`s going to be important for you. 
    If you cannot finance yourself through a home equity loan and you`ve found that there is a market and have solid evidence that you can succeed, or at least a high level of probability that people will shop at your store, then put together your business plan and talk with your family and friends.  You`re bound to find someone that will support you if you have a solid business model and the opportunity for someone who supports you to make money. 
    I know that it can be frustrating, but keep your chin up, make a list of all of your financing options, and eliminate all of them before you give up.  And even then, reevaluate and start again.  Don`t be afraid to approach your family and friends.  Maybe even consider bringing in a partner to split the costs and the work.  Retail is A LOT of work.   
    Cheers.truegenius2006-9-30 13:23:41
  • MrsB73MrsB73 Posts: 2subscriber
    Thank you for this very useful information everyone.  That is exactly what I was looking for!
    I look forward to getting to know you all in the fourms.
  • BeckyBecky Posts: 1subscriber
    MrsB73,
    Thanks for asking this question...I`m sure there are many out there with the same frustrations, myself included.  This info was helpful to me as well...
    It sounds like you have a great idea...Good luck and go forth!

    Becky
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