[togwt]

This article is being updated / revised and will be re-posted when completed

[detailersdomain]

great post!

[Tonya]

Yep Thanks! Good information

[jsatek]

One thing to remember...

The money is everywhere. Brains aren't.

If you have a great idea and a proper plan, the money will find you.

[togwt]

Originally Posted by jsatek

One thing to remember...

The money is everywhere. Brains aren't.

If you have a great idea and a proper plan, the money will find you.

Being good at what you do is 25% the balance is Marketing yourself / your product (i.e. Paul Dalton - Miricle Detail)

[devast8]

TOGWT, I just want to say that, ALL of your posts are little gems and I want to give you props for them. I really enjoy your posts and I have learn alot from them (especially the technical ones)

Keep on doing your excellent work buddy

PS: when you release your book, I will by it for sure

[dengood1]

Originally Posted by devast8

TOGWT, I just want to say that, ALL of your posts are little gems and I want to give you props for them. I really enjoy your posts and I have learn alot from them (especially the technical ones)

Keep on doing your excellent work buddy

PS: when you release your book, I will by it for sure

what he said

[jake_b]

very good info here.. very helpful... thanks for posting this..

[karburn]

A solid business plan is essential if you plan to go to a bank. I spent many years in banking and most bankers have three basic questions, although they may phrase them differently: 1. How much do you really need to borrow? 2. How are you going to pay it back? 3. What do I get if you don't?

For the new start-up entrepreneur, be prepared to personally guarantee any bank loan - they will accept liens on your equipment as collateral, but they usually want much more in the way of security for the loan. Just don't mortgage the house!!

[Marwin]

Originally Posted by karburn

A solid business plan is essential if you plan to go to a bank. I spent many years in banking and most bankers have three basic questions, although they may phrase them differently: 1. How much do you really need to borrow? 2. How are you going to pay it back? 3. What do I get if you don't?

For the new start-up entrepreneur, be prepared to personally guarantee any bank loan - they will accept liens on your equipment as collateral, but they usually want much more in the way of security for the loan. Just don't mortgage the house!!

Word.
I`m hoping to start my own business these days (in detailing), together with my neighbour.
The guidelines are a bit different over here, when it comes to starting up, but your relationship with the bank is just as important.
We`ve decided to start relatively small in the beginning (a year or so, depending on the market), so we don`t need to borrow the world, but we still have to personally guarantee for the whole amount, regardless of business type.

Luckily, we`ve both been granted the loan we need, so I`m hoping for the best!

AND: your many posts have helped me a LOT, togwt, thank you!