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    Loans??

    Discussion in 'Business Ideas' started by Decalcified, May 24, 2017.

    1. eyeloveteeth
      Innocent

      eyeloveteeth Well-Known Member Full Member

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      this is precisely why i will never be able to open my own lab, and why I'm perfectly fine managing them as COO or anything else. I only know how to run a $12MM+ lab, i don't know how to start small. The last two labs I did R&D or as COO were both $14MM and 12MM respectively, I cannot nor am I interested in a 30 crown a day situation with 1-2 ppl.

      I only know how to make a budget for a lab that has the flexibility to do what we need to do, not taper for a good start.


      This is why I always tell aspiring techs to work at small labs if they want to own their own lab in the future, and always dissuade techs at large labs at doing their own things because their perspectives are way off.

      I wrote a business plan once just to see what i would come up with. Granted I also had $150,000 to put down. But it turned into a $400,000 business plan and suddenly i was looking at a mirror image of what i was already in. Which would defeat the whole purpose.

      Maybe I don't get to pocket $8MM at the end of the year, but I also don't blink or think twice when I spend $250,000 on changing our servers and phone systems - or mills or printers.
       
    2. Affinity
      Question

      Affinity Well-Known Member Full Member

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      :Congrats:
       
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    3. nmsmile

      nmsmile New Member Full Member

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      We worked with our local Small Business Development Center. You can go to www.Sba.gov and find one in your area. They provide free business management consulting. They connected us with a lender, helped us with our business plan (all for free), and also provide classes for a reasonable fee. (Quickbooks, tax classes etc.) All they ask that you do is complete a survey yearly to track your business's progress. They are paid by the government based on these surveys. The lenders they have connections with specialize in SBA loans which have a lower interest rates (based on your credit score of course) and longer repayment terms. Ours is paid back over 10 years. The advice given to us about how much to borrow is- get just enough that you are able to sleep well at night. Lol, We didn't want to start out with a boat load of debt so we didn't get the full amount we were approved for. Also, the fact we had skin in the game did help in the approval process. Anyway, that was our experience. Three years later and no regrets about going that route. Plus, we have business consultants helping us in every phase of the growth of our business at no cost. Hope that helps! Good luck to you!
       
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    4. John C

      John C Member Full Member

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      I was going to suggest the same thing. I have went to several meetings with my sbdc as well but when financing my scanner and mill I didnt go that route. It seems they make you jump through hoops to get it done but maybe I should have gone that route for lower payments. I need to go back and see my counselor as it seems lately im stalling out a bit. Need to get advice on stimulating some growth and how to handle it.
       

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