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mikerichx3
08-03-2015, 12:19 PM
I have a phone repairing company that may extend to do more things that requires me to have cell phones on hand should I write a Business Plan and send it to banks so I can get a loan or should I use my own money to build up from it. I am currently $250 dollars away from having my business be an official LLC of New York and business is getting hot so far. I don't have a business credit card or checking account also.

Harold Mansfield
08-03-2015, 12:28 PM
Use your own money. $250 is not a lot of money and a bank is probably not going to give you a loan anyway unless you have a solid relationship with them paying off other loans, or have collateral or business assets. They don't loan money merely based on business plans or good ideas.

But if you have an account with them in good standing, and decent credit you may qualify for a personal loan of $1,000 or so. Again, $250 is not really an amount I'd consider taking out a loan for.

Owen
08-03-2015, 05:52 PM
I have a phone repairing company that may extend to do more things that requires me to have cell phones on hand should I write a Business Plan and send it to banks so I can get a loan or should I use my own money to build up from it. I am currently $250 dollars away from having my business be an official LLC of New York and business is getting hot so far. I don't have a business credit card or checking account also.

If you're taking out a $250 loan you might as well ask your parents, a friend, or save up money. Shouldn't be too hard. Banks aren't like investors, everything is a different process (mostly). If you're under 18, don't expect getting a loan what-so-ever.

turboguy
08-03-2015, 10:38 PM
Filling out the forms to set up an LLC is a piece of cake. I could be wrong but did a quick internet search and it looks like the filing fee for NY State is 20 bucks. If you want to have someone do it for you there are places that will do it for $ 49.00.

Having followed your posts I think if you can save a few bucks it will help you expand your business faster so it might be an option you want to look at.

SafeHouse
08-04-2015, 01:24 PM
Funding your business yourself is the smart way to go. Trust me, you don't need that extra pressure or prying eyes from/of a bank for meager need of $250. Save your way to inner peace.
<removed>

PatriciaTaylor
08-05-2015, 11:44 AM
As you are looking to raise capital for your business, there are many lenders available to help with raising funds. Although, the least amount you can borrow that I am aware of is $10k. <removed>

Mont Ellis Consulting
08-05-2015, 09:21 PM
Hi Mikerichx3,

I think you have two separate questions there. 1) Should I write a business plan? 2) Should I get a loan from the bank or use my own money?
Yes, the business plan is generally required to get a loan from the bank, but there are other (in my opinion greater) benefits to having a business plan. So, I would say YES, to question number 1.
Regarding the second question, that one is a lot more difficult for me to answer and depends on your cash flow, interest rates etc

Good luck!

mikerichx3
08-08-2015, 02:22 AM
Hi Mikerichx3,

I think you have two separate questions there. 1) Should I write a business plan? 2) Should I get a loan from the bank or use my own money?
Yes, the business plan is generally required to get a loan from the bank, but there are other (in my opinion greater) benefits to having a business plan. So, I would say YES, to question number 1.
Regarding the second question, that one is a lot more difficult for me to answer and depends on your cash flow, interest rates etc

Good luck!

Thanks Everyone and Mont Ellis Consulting I want to do a business plan do you have an example I could go off of ie. pdf or word document. My second question is that I already paid NYS $20 dollars for my name to be reserved. All I need next is the articles of organization and a certificate of publication which is 250. I want to start having things organized and to be protected. Cash flow is here and there not as steady as I want but it will soon.

Mont Ellis Consulting
08-10-2015, 05:57 PM
You can find some samples of previous work I did at http://montellis.com/explor-business-plan/ (http://www.montellis.com) but the full business plans are not published. However, there is an outline of headings included in a typical business plan, and also an article explaining the difference between business plans and 'lean canvas'.
I think it's great that you want to write a business plan, many businesses simply skip this important step!

Harold Mansfield
08-10-2015, 08:05 PM
You can also just search Google and get free business plan templates all over the web from SCORE, SBA, Business.gov and tons of other places.

thewebwriter
08-11-2015, 10:36 AM
I think you should always write a business plan whether you need funding or not.
Business plans solidify what you want from your business, how you are going to operate and manage it, how you are going to promote and market it.

When a plan is in your head, it can change unintentionally and you deviate. If it is written down, you have a solid structure of what you are doing and why.

mrinc
12-17-2015, 07:25 PM
If you have decent personal credit there are many small business resources that will provide you with business credit up to about $40,000. Do you have a personal credit score of 720 or higher?

5DayFunder
12-18-2015, 02:24 AM
There are startup line of credit programs out there for those with high FICO and responsible credit history, and do not have minimum revenue requirements.

Shortgirl
02-02-2016, 10:28 AM
If you need to know what a business plan should consist of, here are some helpful tips:

It's well worth investing time and effort in a good business plan.

Here's what we normally like to include in a business plan:

Executive Summary: Brief description of product or services; Opportunity to be exploited; Details of management team and ownership structure; Financial projections; Funding requirements (if any)

Explanation of Business Concept: Detailed description of products or services; Explanation of competitive differentiation; Overview of how management team's skills and experience are relevant to concept

Competitor research: Overview of key corporate competitors; Overview of niche / subsegment competitors; Overview of competitive products / services

Customer research: Customer segmentation by profile, requirements and value; Explanation of buying preferences / requirements by customer segment

Market growth: By subsegment over time; Discussion on drivers of growth

Sales and Marketing Plan: Method of identifying and targetting potential customers; Positioning / pitch to potential customers

Operational plan: Key roles and responsibilities; Infrastructure requirements; Timeline for implementation

Financial Projections: Profit and Loss: upside, base case, downside case; Cash flow; Balance sheet; Investment requirements

Good luck!

Paul
02-05-2016, 08:54 PM
Don't know how much business you are doing but maybe you don't need an LLC yet. If you can't afford an LLC you may not need one. Do business as a sole proprietor or DBA until an LLC is more appropriate.

As for a business plan to raise $ 250 don't bother. It will cost more for the plan than the money. If you are really going to go to a bank just bring your business records showing your ability to repay.A business plan for yourself or for larger money is a different story.

But again, unless you are fearful of some real liabilities and $ 250 is a stress on your finances then stick with a cheaper simpler form of business. Being incorporated is not a requirement to conduct business.

BizAdvisor
02-15-2016, 08:37 PM
What area of NY is your business located? Have you already published your articles of incorporation? The reason I ask is because I know most of NY has a rather expensive, crony publishing policy for startup businesses. In many areas of NY, simply publishing your articles in local papers is a hefty expense in itself, well over $250 x 5... Even in the most raunchiest of ghettos. Not to mention, they insist you publish your articles multiple times... Good God, I hate starting up businesses in NY.