I need some information about business loans

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I need some information about business loans

  • Hugo
    Topics: 3
    Replies: 14

    Hello everyone! Those of you who know me at least a little know that my dream is to start my very own cafe downtown. Iโ€™ve been thinking about it for quite some time now, and I had a lot of hesitations… Would it be wise to quit my office job to start a small business? Would I be able to handle this big change in my life, and in the life of my family? Would I be able to save enough money to get started and to operate the cafe the way I wanted?

    People have told me to stop doubting myself and to just go for it, but still I could not let go of my doubts. Until yesterday… I was walking downtown and I noticed that tiny shop that was closed, and they were now looking for someone to buy or rent the space.

    Itโ€™s a tiny shop but it looks sooo nice! Itโ€™s located in a sunny corner, with large windows, and as soon as I looked through one of those windows I could picture myself working there and serving coffee and pastries to friendly customers. It felt a-mazing! I think with a fresh coat of paint and a few modifications, this space could become my cafe.

    I feel like the universe has sent me a sign, if you know what I mean! Itโ€™s time for me to act, not just dream. My concern though is money… I donโ€™t have enough savings to rent the space AND buy the equipment and supplies I will need, and I donโ€™t know anything about business financing. Is it difficult to get a business loan? How does it work?

    Any advice would be appreciated!

    Pegasus
    Topics: 2
    Replies: 12

    Itโ€™s wonderful that youโ€™re ready to go for your dream! I know you can make it happen!!

    I will tell you the same thing I tell aspiring entrepreneurs when they talk about business financing: Thinking Capital has got your back! They have small business loans to meet the needs of everyone, you should check out their website to help you get started.

    Hugo
    Topics: 3
    Replies: 14

    Iโ€™ve never heard about them, but I wil check out their website, thank you so much!

    Sabbatical
    Topics: 2
    Replies: 18

    My advice is that before you sign up for a business loan, you need to carefully read the terms. You will need to repay that business loan eventually, and some loans have fixed payment plans while others have flexible payment plans. With a flexible plan the amount you pay back each month will depend on your monthly sales, which can be convenient.

    Itโ€™s important to read the terms and to really choose a business loan that works for you. You donโ€™t want to apply for the first loan you see, only to realize later that you might not be able to repay it as youโ€™re expected to by the lender.

    chessmaster
    Topics: 0
    Replies: 4

    I love pastries and coffee! (Well, who doesnโ€™t, right?) Let me know when that beautiful little cafe of yours is in business, Iโ€™ll be sure to visit and to become a loyal customer! ๐Ÿ™‚

    Now of course you can get a business loan to help you finance your cafe, but have you considered alternatives? For example, you could use a crowdfunding site such as Kickstarter and start a campaign to help you raise funds for your cafe. For example, for everyone that donates to your campaign, you could send a coupon for free pastries, or maybe something like a loyalty card that they can use to get a discount every time they visit you. I think that could be great!

    Hugo
    Topics: 3
    Replies: 14

    Thanks for the suggestion, but Iโ€™m not sure… Iโ€™ve heard about crowdfunding, but to me it sounds like a lot of work, and Iโ€™d be afraid to do all this work and to not even be able to get all the money I need…

    Iโ€™d rather go for a business loan, sure you have to repay it, but at least youโ€™re guaranteed to get the money you need. It offers more safety in my opinion.

    chessmaster
    Topics: 0
    Replies: 4

    I understand. Itโ€™s true that a loan is more safe, and more simple, all you have to do is make sure you qualify, and apply! Good luck with the cafe!!

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