Where do you get business Loans or Grants to start a Auto Detailing Business?
by Author on Saturday, August 14th, 2010 | 4 Comments
Wanting To start a Auto Detailing Business. Where do I go to find a Business Loan or a Business Grant. For start up Cost and Supplies?
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I have owned and operated my own companies for over 35 years. I started my first company at the age of 17 and became a self made millionaire by the age of 25, I know hard to believe from a stranger over the internet but nevertheless true. I have always found you start small, go mobile if you have to and build up the clientele and income to expand. Read my profile if you wish. I retired at the age of 50 when one of my sons was in a motocross accident that left him with permanent brain damage. I now devote my time to helping people start their own businesses, usually from their homes. I am always available to help and answer your questions. You most likely will never get a business loan for your business, the lenders don’t care about business plans or your dreams just how you are going to pay them back.
You go to a bank to apply for a loan with a business plan and a good chunk of your own money and collateral to put up.
Forget business grants. I’m a grant writer and I can tell you they don’t exist unless you are a minority nonprofit organization.
As far as getting a loan that is a lot easier. The first thing you will need to do is write a business plan. You can get as much free business help through the Small Business Administration http://sba.gov There you will find links to SCORE which is the service core of retired executives. They are all volunteers who have a successful business background. They know a lot bit they might be outdated for the times. One step higher and also under the SBA is the Small Business Development Centers. They have them in every state.You can read more at: http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html I have used them in the past and their counselors are very good.
Once you have business plan in hand you can then approach banks, angel investors, friends and family, but that is the first step..
Good luck. I hope you are very successful.
The government rarely – effectively never – offers grants to new, for-profiit, small business start-ups.
When government grants are available, they’re
(a) in support of some governmental goal, e.g. improving literacy in K-12 students where English is a second language or removing dangerous things like lead paint chips from low income housing, and
(b) issued to large, established institutions like colleges, hospitals and non-profits like Goodwill.
Your business doesn’t sound like it’s remotely aligned with the types of goals that government grant money would support.
Next: banks run away screaming from small business start ups because (a) they usually have very little capital to put up against the loan and (b) they have a very high failure rate, often for reasons completely beyond the control of the entrepreneur. When they do give loans, it’s usually with not-very-favorable terms.
So here’s your action plan:
1. Create a business plan (lenders will need this and you’ll want it)
2. Figure out what gear you can survive without, scale back or postpone purchasing to bring your start up costs as low as humanly possible
3. Save up your own money; you’ll need to put a lot down to get a loan if it’s even possible or you’ll need to fund the whole thing yourself
4. See if you can get some of the stuff you need to launch the business by bartering with vendors, e.g. 2 months of free detailing in exchange for a compressor.