Hello, this is Kelly from Photo Bake Shop and thank you for joining me. Today we are going to be talking about three ideas you can have to finance your Photo Bake Shop. When I started the business in 2005, I didn’t have the money to start a business, in fact I had zero money to start any business. So I certainly don’t want to discourage any of you, and at the same time you must realize that in order to start any business it is going to require some investment on your part. There is equipment involved, there is time involved for people helping you get started, the materials, the marketing, all of that costs money. So I like I said I want to encourage you because I was in a similar situation if some of you are thinking to yourself, I want out of my full time job, I need to start my own business and I want to work from home.
Whatever your situation is, just know that there are creative ways and where there’s a will, there’s a way. If you really do want to start something new, you will find a way to do it.
I am going to share with you what I did and just give you a few other tips that might apply to your situation. When I started the business in 2005, it cost me $25,000 that I didn’t have, and this is one way you could do this, I actually had a private lender who did not know me. He knew of me through a mutual acquaintance that we had, but he really did not know me. He lived in Michigan and I lived in Pennsylvania and he believed in me based on our conversation on the phone about this business. He knew about the product and he was excited about it, and he wrote a check for $25,000 without any idea of whether this was going to work or not. I went into an agreement with him that I would give him commission on all the product sold and I did that. I paid him back 100% and then some because we ended up working together with another business that I also had. He also did my search engine optimization at the time and worked on my website, so we created a great partnership.
So, if you have a family member or a friend or maybe a stranger that believes in you, this is one way you can finance your Photo Bake Shop, and by the way I paid $25,000 but our cost for this business is only $10,000. Less than half of what I paid!
Number 2 and this requires a small business loan or a home equity line of credit that you would go to your bank, which we can give you all of the information that you need for them to make a decision to give you a loan. The only thing is you’re going to need a credit score of I believe 675 or higher in order to qualify for any kind of a loan and they usually require 20% down to do that so you’re still going to have to come up with upfront costs. Usually the bank’s minimum loan is $25,000. Like I said we are not charging that for our business but those are the banks requirements. So you can decide whether that’s an option for you.
Number 3 and this is my favorite one for those of you with good credit and are looking for a fast solution. If you don’t have a family member that could fund it and you are really in dire straits financially but if you have good credit you can get no interest credit cards. I actually got this tip from Susie Armin when I was on QVC back in 2002, I was selling a product there. QVC requires all of the products to be packaged, shipped and labeled in their warehouse before you go on their show so you are putting all of that money up front and that cost me over $20,000, which I didn’t have at the time, for that adventure. So what I did was I used three zero interest credit cards and you have to watch this but in one year right before the interest would start to kick in, transfer the balance to another zero interest credit card. This will only work if you have good credit scores. You’re only going to need one or possibly two to fund this business and it is an immediate quick start way to get it rolling.
So those are my tips on how you can finance your own Photo Bake Shop. If you have any questions, feel free to email me, it’s Kelli@photobakeshop.com. Have a great day!
Photo Bake Shop provides the assistance and experience for starting your own bake shop through our licensing program. Photo Bake Shoe is a great business opportunity for individuals gearing up for retirement, stay at home moms or if you are just looking for a career change. This home bakery start up is a great idea for home business ideas after retirement, that provides small business opportunities with creative baking business ideas. Work part-time from home at your very own home bakery business. So, whether you’re looking for a entrepreneurship, part-time work or stay at home mom job opportunities, start your own bakery with Photo Bake Shop TODAY!