I'm in search of some opinion if a buisness loan is the right thing to do.
A little over 2 years ago I took over a failing motorcycle shop. The previous owner had kind of a bad name around town but I was determined I could turn that around. I started into the buisness with about 30k. 20k of it went to purchasing some equipment from the previous owner as well as some new stuff we were in need of. After the first year the 10k I had left over had drained down. It was a steep learning curve for me and I believe it cost me my "working capital".
So this brings me to where I am now. My buisness is running and is generating revanue but I continue to struggle every month to be over my break even point. It seems like every month I make exactly what I need and no more no less.
Up to this point I have not put more then $500 into marketing. I made my website, google account, and have made some flyers to pass out, and got suckered into a couple soliciting calls that turned out to not help. All my buisness comes by word of mouth and my location is on a very busy street.
This is where I am struggling to decide if a loan would be right for me. Iv searched elsewhere for funds for marketing and working capital and have no other avenues except a loan. I want to put more into marketing and I would like to have a "cushion" to fall back on in the slow months if needed. To this point I am in debt about 15k on a buisness credit card and I own all my equipment and parts inventory. How much debt does a business usually carry? I can't help but think that there is no way that every buisness out there starts at zero every month and I feel like this is what's holding me back.
Please give me advice, if I left anything out please ask any questions.
A little over 2 years ago I took over a failing motorcycle shop. The previous owner had kind of a bad name around town but I was determined I could turn that around. I started into the buisness with about 30k. 20k of it went to purchasing some equipment from the previous owner as well as some new stuff we were in need of. After the first year the 10k I had left over had drained down. It was a steep learning curve for me and I believe it cost me my "working capital".
So this brings me to where I am now. My buisness is running and is generating revanue but I continue to struggle every month to be over my break even point. It seems like every month I make exactly what I need and no more no less.
Up to this point I have not put more then $500 into marketing. I made my website, google account, and have made some flyers to pass out, and got suckered into a couple soliciting calls that turned out to not help. All my buisness comes by word of mouth and my location is on a very busy street.
This is where I am struggling to decide if a loan would be right for me. Iv searched elsewhere for funds for marketing and working capital and have no other avenues except a loan. I want to put more into marketing and I would like to have a "cushion" to fall back on in the slow months if needed. To this point I am in debt about 15k on a buisness credit card and I own all my equipment and parts inventory. How much debt does a business usually carry? I can't help but think that there is no way that every buisness out there starts at zero every month and I feel like this is what's holding me back.
Please give me advice, if I left anything out please ask any questions.
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