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therightplace745
05-20-2013, 01:03 PM
Hello everyone,
My name is Christopher Campbell and I own The Right Place in Sebring Florida. I sell Novelty and Collectible good and just opened my first retail store April 12th. I am on here because im looking for websites/forums that can guide me in building my business. I have applied for loans, grants, etc and have always been denied because of my past credit. Im seeking help finding some sort of loan or donation website for money I can use to order alot of brand new inventory. The inventory I initially brought into the store is not very popular and I seek professional help to get my business on the right track. I have the only store like this in highlands county which means I have the potential to monopolize the market in this area. Any help/suggestions would be greatly appreciated. I hate asking for handouts/help but I do not want my business to fail.

Thank you for your time!

Chris

Wozcreative
05-21-2013, 11:59 AM
No one will give you money just because you have a business idea. If you have not invested a lot of your own money into a business, no one will look at it. It is not enough to just have a business idea. You need to actually have done work to prepare so that you can kick start the business yourself.

therightplace745
05-21-2013, 12:49 PM
Like i said ive been in business for a month now. Ive tryed to get loans for $500-$1000 from local banks but nobody will touch me because of my past credit. Ive sank all my money into the business. The main problem im having is were out of season right now and my initial initial inventory isnt enough right now. Im not looking for handouts just places to go or people to talk to for advice on how to get a small loan.

MyITGuy
05-21-2013, 01:05 PM
Like i said ive been in business for a month now. Ive tryed to get loans for $500-$1000 from local banks but nobody will touch me because of my past credit. Ive sank all my money into the business. The main problem im having is were out of season right now and my initial initial inventory isnt enough right now. Im not looking for handouts just places to go or people to talk to for advice on how to get a small loan.

Have you tried the SBA - I believe they offer Micro Loans....however I honestly wouldn't expect anything/much due to your business only being a month old and your past credit combined with the banking industries thoughts that you shouldn't have any issue with $500-$1000 in cash.

Do you not have a credit card to put this amount on, friends/family to borrow from?

Dan Furman
05-21-2013, 02:34 PM
credit cards work well.

Fulcrum
05-21-2013, 07:20 PM
I think I'm misunderstanding something here. In the original post, you said that the problem was your inventory was not selling due to low popularity while your second post says "my initial inventory isn't enough". The latter statement is a better problem to have as it shows demand, whereas the former statement puts up a huge red flag.

Can you give us some more specific details about your products and marketing? I think that your problem lies more with being a seasonal business rather than having year round walk in traffic from the local community.

broudie
05-22-2013, 09:20 AM
Well, you've made bad decisions on both your personal and business finance. Hate to say this but its going to be hard for any financing entity to touch you with that record.

Since you already have (poor-selling) inventory, do you think it will ever sell retail? Or will it make more sense to liquidate your goods to generate cash? Does it make sense for example to just auction all your inventory piece by piece on Ebay?

I would not use credit cards as it will put you further in the hole if you make another bad decision. I would rather suggest you go into "limp mode" (i.e. low level of expenditures - can you shut down your brick-and-mortar store?) until you get more cash (i.e. by selling what you do have online)

ericw
06-03-2013, 05:49 PM
You may want to come up with a different plan that requires less inventory to succeed or go after a different business venture.

Your business name will also make any type of online marketing difficult - if I search "The Right Place" in Google, your business isn't even on the first page because there are so many other organizations with the same name.

phanio
06-08-2013, 08:28 AM
Maybe it is not your inventory that is the problem - but the business idea. There might be a reason that you are the only player in your area - it is a product that is not in demand. So, you are right about wanting to change your offerings. This is where your marketing comes into play - what products do those local customers want and need?
Not very likely that you will get a loan of any size - not just your credit but the fact that you don't have revenue.
You either need to save some money from some other source of income and try again or see if one of your potential suppliers will provide you inventory on terms - allows you to get the inventory now but only pay for it after you sell it to your customers - would be a hard sell - bu all business is a hard sell.

Carsten
06-17-2013, 10:56 AM
Hi Chris,

Your corporate name says nothing to me. My first thought was "The right place for what?" Though this is not your current core problem, it would be better to have a more "speaking" name. This will also lead you to a more specific profile. A clear and specific name or claim will probably drive more "useful" people to your store. It is much better to be known for one specific item / service than doing everything for everyone but nothing right. Here in Germany there is a saying: "It is better to be number one in a hamlet than being one of many in the big town". So e.g. when you offer collectibles for a specific niche this will bring you quicker attention from exactly those people who are interested in this and will probably solve your inventory problem in another way.

AmyCarter88
06-17-2013, 04:58 PM
Chris,

Several of these responses may be discouraging, but I want to encourage you to gather the constructive information and move forward on finding the solution to gaining the appropriate funds to move forward.

ctrlinternet
06-30-2013, 11:46 AM
Hi Chris,

What about building the business gradually with the profit you make? Personally I'm not a big fan of financing, obviously it's not always possible to maintain or grow a business without financing. You might also want to search for angel investors, I know that their are some online communities that facilitate this.

Bronsontyler
06-30-2013, 03:55 PM
Like i said ive been in business for a month now. Ive tryed to get loans for $500-$1000 from local banks but nobody will touch me because of my past credit. Ive sank all my money into the business. The main problem im having is were out of season right now and my initial initial inventory isnt enough right now. Im not looking for handouts just places to go or people to talk to for advice on how to get a small loan.

I would visit creditboards.com, They helped me a lot with my credit.

LindaKing
07-15-2013, 03:34 PM
Chris - I would HIGHLY recommend that you connect with your local SCORE office!
I don't know if you properly researched this business before opening - location, branding, marketing, capital, etc... but a local professional with some background in retail would be a good first start!

It doesn't matter how much money you might be able to get through family, crowdfunding, credit or other... If you don't have a solid plan, it's not going to do you any good in a few months anyway!

You can find many free resources at their site as well which should help!

businessdirectoryeu
08-28-2013, 02:47 PM
Fundingcircle.com might be a good option for you if 1) You can get approved, and 2) make a good case for people in invest in you. Good luck!

QueenOfDirectMarketing
09-09-2013, 01:40 PM
Hello Chris. Did you ever handle your situation? Did you ever find funding or get more customers? Just curious as to what happened.

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lglassey
09-10-2013, 05:13 PM
Hi Christopher,
First of all, you need to think about WHO you're going to be selling to. If you are the only person in your area who is selling what you're selling, maybe there's a reason for that. I'm not saying that your idea is bad, I'm just saying that you need to think about whether or not the market is there. Ask around, do some market research (doesn't need to be complicated, just go ask people in your town) and see whether you might want to adjust your existing method to appeal to a greater number of customers.
Secondly, have you put together your business plan? If you adjust your strategy accordingly, you might not even need that much money. Find out if what you have sells before you go spending a lot of money on more of it. That is not a good place to be.
I wish you all the best.

katboss07
11-09-2013, 03:09 PM
Set your pride aside in terms of asking for help. Its important to have support from people that believe in your success, even if you want to borrow money from someone. But you must have a clear vision, followed by a plan of actions towards it!

Wozcreative
12-01-2013, 10:43 PM
That's one desperate plea for business!

liamdai
01-22-2014, 11:28 PM
Being in business for a month and not having success doesnt mean you need more money for "new" inventory. (unless you're selling things people don't want)

1 month into the business is hardly any time.

What are you doing to get customers? What are you selling and why do you think people want those things (when you first started) Why arent they buying?

How is 1000 dollar going to save you? What is the plan on the 1000 dollar new inventory? What if no one wants your new inventory what then? More loans?

What have you tried?
If you're relying on walk in business with no marketing, new inventory is not your answer....

SpeakerLia
04-29-2014, 07:40 PM
Hi. Do you have a business plan? Have you researched your market to see which products people will want to buy from you so you can put more time and money toward top sellers? For money, look up crowd funding and factoring. You can get a loan against equipment or against a big contract that needs to pay you, such as 30 day net. Is there a company or government agency who can buy from you in bulk?

Fulcrum
04-29-2014, 08:19 PM
Hi. Do you have a business plan? Have you researched your market to see which products people will want to buy from you so you can put more time and money toward top sellers? For money, look up crowd funding and factoring. You can get a loan against equipment or against a big contract that needs to pay you, such as 30 day net. Is there a company or government agency who can buy from you in bulk?

I need to ask if you understood the OP in this thread. You're a business coach yet, based upon your response quoted above, you don't understand retail all that well.

The only secondary financing (non bank/investor) available to the OP is going to be cash advances against his merchant account. However, the odds are against him receiving this type of financing (based upon his statements). Factoring and asset based lending (equipment leasing) are not a good option for him as I doubt his cash flow can support neither debt nor anything that draws against his gross income (again this is an assumption based upon details in the OP). For his sake, I do hope that the Chris got things turned around and that his future looks bright.

smallbizfinancier
01-08-2015, 06:37 PM
Try triaging your personal credit first. There are companies that specialize in this and/or attorneys that can aid in the re-construction. Once the credit is back to normal, try an online lending company for short term borrowing: 18-24 months.

Kyle Johnston
03-17-2015, 03:26 PM
The internet is a great place to secure funding. Take a look at the below list:

www.kickstarter.com is great for crowd funding campaigns. Usually this method involves using small amounts of money from large numbers of people. With kickstarter, you create a campaign with a time frame and amount you want to raise. People who like your campaign can pledge x-amount of money. If the campaign goal is met, all contributors are charged and if you fall short, nobody is charged. Kickstarter charges a 5% fee.

Invest in Startups | Wefunder - Crowd Investing (http://www.wefunder.com) and Startup Investing & Equity Crowdfunding Community - Onevest (http://www.onevest.com) these sites use crowd funding geared towards start-ups and work similar to kickstarter. You will create a profile of-sorts for your idea and people can choose what to invest in.

Startup Funding & Investing | Angel Investors (http://www.gust.com) - this site uses groups of angel investors and investment capital. Securing funding through this site is the hardest of the group, but it can provide the funding needed all at one time. This site works the same as others, create a profile, detailed description of your business, and let the investors decide.

donald12
03-23-2015, 04:35 AM
Surely you would seek help for this. You should come up for a guaranteed business plan in order for your business to rise up, Think of the possible solutions, start on the lower part. I'm sure your business will probably be bailed out.

furnacerumble324
04-01-2015, 12:09 AM
you must pay your past credit so that you don't have any problem regarding loans.You can also read lots of free articles regarding on how to plan and work a small business like yours.