Originally Posted by Htown Harry
Best of luck, thefed.
Tell me if it is none of my business, but I'm curious about a serial entrepreneur's take on the small business financial climate these days.
Are you self-financing the start-up costs? Taking on investors? Borrowing significantly? How does your start-up plan differ from what you might have done 2-1/2 years ago? From what you would consider the most favorable financing plan?
For this project, I am actually taking on an investor as the initial outlay exceeds my available funds. I COULD come up with the money, but the guy I'm working with is a very successful guy...and I have a really good feeling about taking this business beyond our local market. And to do so, he would be the guy to have along for the ride. I'm thinking franchises...multiple states....big things. It WONT flop...but if it doesnt pan out, at least it isn't my money! Haha. Seriously though, I cant think of a better partner to help me push this to the next level. All of my businesses are very successful locally, but I am hit a wall when trying to replicate my efforts and expand geographically.
This climate is not so great for home-service type industries like my air duct cleaning, or even lawn care. BUT, it is perfect for other things like rehabbing.
This project is kid based and I've learned through the inflatable business that people do NOT skimp on their kids parties in a down economy. And if they actually ARE skimping...WATCH out for the fed when things rebound!