Home – New Forums Starting your journey How do I get money for existing business

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  • #991672
    Bigblock
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    so many questions rattle around in my head. I lie in bed at night wondering if I should buy a bunch of tats tickets, a gold detector or start big time boxing.
    How does a fella get $85000 plus SAV top purchase an existing business? Especially being a father of two and a regular Joe?

    #1182636
    LucasArthur
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    Bigblock, post: 213113, member: 66672 wrote:
    so many questions rattle around in my head. I lie in bed at night wondering if I should buy a bunch of tats tickets, a gold detector or start big time boxing.
    How does a fella get $85000 plus SAV top purchase an existing business? Especially being a father of two and a regular Joe?

    Hi BigBlock {insert name here}

    Well, i dont think you will get it from buying a bunch of tats tickets, a gold detector nor starting in the boxing ring any time soon :(

    Most will get it from several sources, loan from bank, loan from friends, vendor financing or savings.. Sometimes it is from an inheritance or a payout… Although to be quite honest, most people who buy a business compared to those that do not, tend to do so from savings and start their business from proceeds of good habits. Saving a little over a long period of time and putting that money to good work, as opposed to asking others to fund the enterprise.

    Another option is to start smaller, not go buy a business and SAV etc and start online. Build up ones business cash flow, inventory and the likes and gain some credibility within the banking sector to leverage these good records in order to apply for a loan to expand, with your shop and great SAV etc..

    It only takes a little at a time, if your patient, and you can achieve many great things.. Whats the saying, ‘a journey of a thousand miles begins with the first step’?. Not everyone will complete the journey, as the biggest obstacle is that first step :(

    Not knowing you as this is your first post, i am not sure i have answered you or diverted into another thought process… Although welcome aboard.

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1182637
    Anonymous
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    Hi Bigblock,

    Funding a business purchase is complex, isn’t it?

    Jason has suggested a fairly comprehensive list of approaches in his post, and I hope that gave you some food for thought.

    If there are any extra specifics you can share with us, the community here may also have some additional ideas for you.

    In the meantime, welcome to Flying Solo, and thanks for joining us.

    Jayne

    #1182638
    listontradefinance
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    You should first of all make a list of your business wishes, than just pick out the one you expect to be the best one. The second step is to work out detailed business plan concerning what you want, how soon, and what is to be done for achieving your aim. Then you should count the stakes I would say, and not only financial ones, the proportion of time spent and result achieved is of vital importance. These are just common tips, of course one should make a real investigation in the sector of business he’s going to conquer. As for project funding, if the project is ok, it can be approved even if you lack good credit rating. Not only banks provide that services, there are angel investors networks, non-banking lenders, financial companies providing helping hand like ours (you can find all details in my signature)
    In other words, the world is yours.)

    #1182639
    bb1
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    Hey BigBlock, I can assure you a single father of 2 can get loans, you just need to provide the bank or who ever you go through with sufficient documentation, etc, etc. Personally I used an excellent broker recommended by a friend. He did the leg work, so don’t assume that as a regular Joe (or Bigblock) with a family it is not possible.

    My only comment is if you are planning on an existing business, do your due diligence,, why are they selling, and do the figures really stack up or have they just stacked up over the last year. Ask for the last 10 years worth of figures, and not just chook scratching’s on the back of a weeties pack. I like Jasons ideas of maybe doing your own thing, but I guess that’s also because that’s how I did it.

    #1182640
    Tourer
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    Hello guys. My first post on that forum. I am also doing research on the same topic and it seems t me that banks are only accepting property of some sort as a security. In other words, only providing my house, equity in that house if it is mortgage, shares, etc is the only way to get bank funding. Is that correct? What if the business i woul like to purchase has some machinery? Can that be somehow used as a security? How does business profitability over last, say, 5 years affect my borrowing capacity?

    #1182641
    My Guy
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    Well there is one way you could start out…

    Jump on gumtree there are heaps of people selling off “START UP” businesses all the time… for like $2000 – $30,000

    MOST have potential, its just the person who started them either ran out of money, ran out of interest, or a personal matter came up.

    Check them out!

    #1182642
    Dave Gillen – Former FS Concierge
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    Hi [USER=66672]@Bigblock[/USER] ,

    If it were me I’d start a low-setup-cost service business in an area related to the business I want to purchase, make the $85k in a year, then buy the business if it’s still what you want. Now you have 2 complementary businesses and no debt.

    Good luck!

    Dave

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