Hi all!
I recently came across a property for sale that is currently a business with a home on the property. The property is a pet boarding facility with several buildings and room to expand the business. I really want to buy the property and start a boarding/grooming/training business there. Of course, I have no source of funding and no down payment, so it's probably not going to happen. When talking to my dad about it, he said that business loans require pretty much perfect credit (which I don't have), and down payment (which I don't have...I'm a full time non traditional college student and single mom, so I'm not working right now), but it is a good goal to reach for in the next few years. So now I want to start down that path. From what I've been reading, the first thing I need to do is write up a business plan. I can do that, but I would be writing it based on the property I want to purchase. I would not be buying the business, just the property that is already set up and ready to run the business as soon as all legalities are sorted (licenses etc). In all likelihood, I will not be able to secure funding before the property sells and that would change my business plan as well as dramatically increase the amount of money I need to start (buying property and setting up kennels etc from scratch vs buying a property that is ready to go). How would I address this on a business plan? Should I write one based on the property I'm interested in or based on starting a boarding kennel from the ground up?
My other question is about how to figure out what my potential income would be? Do I just research boarding costs at other area boarding facilities (there aren't many around here) and grooming shops to estimate the potential income of the business?
One last one lol...I roughly estimate that I will need $250,000 to purchase the property and equipment/supplies to get started. Is this considered a large amount to start a business? The property includes a home that I would live in, so I wouldn't have a mortgage/rent payment to pay on top of the payments for the business funding. I may actually be way off on my start up cost. I admit that I haven't researched how much money I should have when starting (such as having enough to run the business for X amount of time while waiting for revenue to become steady).
Thanks for any help anyone can give. I'm not asking anyone to do my homework for me, just point me in the right direction to find the answers I need.
I recently came across a property for sale that is currently a business with a home on the property. The property is a pet boarding facility with several buildings and room to expand the business. I really want to buy the property and start a boarding/grooming/training business there. Of course, I have no source of funding and no down payment, so it's probably not going to happen. When talking to my dad about it, he said that business loans require pretty much perfect credit (which I don't have), and down payment (which I don't have...I'm a full time non traditional college student and single mom, so I'm not working right now), but it is a good goal to reach for in the next few years. So now I want to start down that path. From what I've been reading, the first thing I need to do is write up a business plan. I can do that, but I would be writing it based on the property I want to purchase. I would not be buying the business, just the property that is already set up and ready to run the business as soon as all legalities are sorted (licenses etc). In all likelihood, I will not be able to secure funding before the property sells and that would change my business plan as well as dramatically increase the amount of money I need to start (buying property and setting up kennels etc from scratch vs buying a property that is ready to go). How would I address this on a business plan? Should I write one based on the property I'm interested in or based on starting a boarding kennel from the ground up?
My other question is about how to figure out what my potential income would be? Do I just research boarding costs at other area boarding facilities (there aren't many around here) and grooming shops to estimate the potential income of the business?
One last one lol...I roughly estimate that I will need $250,000 to purchase the property and equipment/supplies to get started. Is this considered a large amount to start a business? The property includes a home that I would live in, so I wouldn't have a mortgage/rent payment to pay on top of the payments for the business funding. I may actually be way off on my start up cost. I admit that I haven't researched how much money I should have when starting (such as having enough to run the business for X amount of time while waiting for revenue to become steady).
Thanks for any help anyone can give. I'm not asking anyone to do my homework for me, just point me in the right direction to find the answers I need.
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