I happen to believe there are Angels. It’s just that I don’t believe there are any involved in lending or investing money.
The picture of a benevolent being with wings and a halo helping us through our times of trail is a far cry from what generally exists in the business of investing and lending money.
There is a lot of money sitting out there looking for a home. Money is owned or controlled by people and businesses that are looking for other people they can invest in with confidence.
You can get the money needed to start your new retail store.
Getting the money starts with having confidence and enthusiasm in your own idea. Wishing and hoping doesn’t generate very much confidence in investors. Being fully committed does.
Here are a some of basic things you can do.
- Put together a biography that emphasizes you ability to organize and manage a business.
- If you don’t have a history emphasize the research you have done to develop your idea.
- Show the warts. Hiding something that is later discovered destroys confidence.
- Put together pro forma (estimated) operating budgets for at least the first three years.
- Have a “typical” floor plan for your store ready with an estimated build out budget.
- Prepare a financial statement using a standard financial institution form.
- The SBA has a good form you can printout from their website.
- Put all the information in a binder with dividers and give it to the Landlord when you are making your lease proposal.
After 30 plus years working with hundreds of tenants and potential franchisees as a landlord, I know how rare it is to get a complete package from a prospective tenant (small business owner) and how impressed I have been when I have received one.
I recently read an article in REIT.com by Carisa Chappell where she is writing about several organizations that are looking for ways (including money) to help start ups. Retail REITs Help Entrepreneurs Get Their Start.
I hope this is helpful.