I'm wanting to open a quick lube shop and the place i want to open it is perfect but the land is expenses. The average income in this town is $122,700 and there are no quick lube or repair shops within 15 miles. The traffic count is around 16,000 a day. The land is right over an acre and cost $455,000 so with all and all I would need to take a loan out for around $550,000-$650,000, will I be able to get a loan for that much? Would it be better just to do a long term lease with the option to buy?
This will be my first business but I have been an ASE certified mechanic and manger of a mechanic shop for the pass five years and want to start my own now. I also have an associates in business. I know this is a lot of money for a first business but according to my business plan if all goes right I will have no trouble making my loan payment and pay everything else. My boss always said "if you're going to do it you mine as well do it right." I could buy in a different place and spend half the money but I would not make near what I would at this location.
Any info or just advice will be greatly appreciated, thanks for your time.
This will be my first business but I have been an ASE certified mechanic and manger of a mechanic shop for the pass five years and want to start my own now. I also have an associates in business. I know this is a lot of money for a first business but according to my business plan if all goes right I will have no trouble making my loan payment and pay everything else. My boss always said "if you're going to do it you mine as well do it right." I could buy in a different place and spend half the money but I would not make near what I would at this location.
Any info or just advice will be greatly appreciated, thanks for your time.
via Small-Business-Forum.net http://www.small-business-forum.net/financing-your-small-business/9408-help-good-idea.html
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