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GameboyRMH
GameboyRMH MegaDork
11/13/13 9:39 a.m.

I've got a perfect business idea. I can work weekends, short hours, the initial investment will pay itself off quickly and it's not much if everything goes to E36 M3, I've got a great way to promote it lined up, and there's plenty of opportunity for expansion. It would only cost me about $2k to get started.

Normally not a huge deal, but my 'rolla overhaul is reaching its climax and it's a real nail-biter. And I could really use the income from this to recover faster.

I don't want to wait much longer because only ignorance is keeping other people from jumping on this. I know one guy in particular who has the means and knowledge to do this RIGHT NOW and add it seamlessly to his business empire so I don't want to waste time.

Now here's the problem, I'm going to be scraping by paycheck-to-paycheck until at least spring 2014. Anyone used a small flexible loan for something like this or are all small loans awful skeezy things with horrific interest rates? Other ideas?

And no I can't borrow it from my parents

4cylndrfury
4cylndrfury MegaDork
11/13/13 9:40 a.m.

kickstarter? male prostitution? 3rd world child labor?

Got anything you can put in hawk for a while at a local pawn shop?

I had a buddy who started buying up cell phones on craigslist and ebay with broken screens. He bought replacement screens for cheap from electronics sites, learned to repair the phones, and sold them for 150% profit. Could be a good way to make some extra dough on the side if youre so inclined.

Or deliver pizzas on the weekend. You could probably clear $2k in about 2 months just working part time in a busy area between tips and minimum wage pay checks.

GameboyRMH
GameboyRMH MegaDork
11/13/13 9:44 a.m.
4cylndrfury wrote: kickstarter?

Not compatible with secrecy...I'll admit one of the biggest threats to this idea is that it might be only profitable for a short while and then turns into awful razor-margin work like motorcycle messenger-ing.

If so, I want to cash in on that early window of profitability.

4cylndrfury
4cylndrfury MegaDork
11/13/13 9:46 a.m.

ninja edit...

Conquest351
Conquest351 UltraDork
11/13/13 9:46 a.m.

Bank? Line of credit? Small business loan? If you're sure it'll be profitable, maybe hit up a friend or family member for a short term loan?

rob_lewis
rob_lewis SuperDork
11/13/13 9:48 a.m.

I know how the board feels about credit cards, but sounds like a quick way to get a "loan" for it to get the business up and going. If it's truly profitable as quickly as you think, you could even accept a higher interest card knowing that even at 25% interest, if you could pay it off that month or withing a month, you're cost of the loan still isn't that high.

Unless the purchasing of said equipment is a cash only deal. That might make it difficult, but could still be worked around over time.

Yeah, I know credit cards are the devil, but for an instance like this, it might be a safe bet.

-Rob

Dr. Hess
Dr. Hess MegaDork
11/13/13 9:48 a.m.

Start saving. And, consider this: You borrow two large and set up your business. This potential competitor guy sees you doing this and immediately starts doing it too, putting you out of business instantly. Now you owe two large and have no income. Bad plan. Get the two large yourself and go for it.

Conquest351
Conquest351 UltraDork
11/13/13 9:51 a.m.

This is why I wish I was rich. I'd loan you the cash. I'd love to do stuff like this for people. Alas, I'm a broke dick....

MadScientistMatt
MadScientistMatt UltraDork
11/13/13 9:53 a.m.

I usually try to avoid loans, but if I were after a small, flexible loan, I'd first try walking into the bank where I've got a checking account, and ask what they could get me on a personal loan. The other small, flexible loan option is a credit card.

GVX19
GVX19 Reader
11/13/13 9:55 a.m.

You can barter for the money. I need an App Cell Phones. Lets trade

PHeller
PHeller UberDork
11/13/13 9:59 a.m.

Gameboy,

Are you actually interested in personal loans from forum members?

You know my interest in island living.

GameboyRMH
GameboyRMH MegaDork
11/13/13 9:59 a.m.

Owing two large and having no income (from this idea) is a possibility I'd have to be open to, I can't assume that it won't happen...I can get the business launched with marketing going before anyone figures out what I'm doing so there's no chance of someone beating me to it after I spend the money (except by coincidence), but once they figure it out they could be competing with me within a week.

Credit cards are just too scary for this amount right now...I could check the personal loan options at my bank.

Edit: Haha I'm not fishing for a personal loan...yet. I'd consider it though.

z31maniac
z31maniac UltimaDork
11/13/13 10:03 a.m.

Shiny happy person content:

You have all these great ideas, yet don't have $2k to invest in them.

That tells me all I need to know as a potential investor.

Dr. Hess
Dr. Hess MegaDork
11/13/13 10:04 a.m.
GameboyRMH wrote: ... but once they figure it out they could be competing with me within a week. ...

And that's the fatal flaw in your business model. Low barrier to entry. Any business with a low barrier to entry will be overrun with competitors in no time at all. Here's an example: We have craft fairs here in bumfuq, AR. Someone gets an idea for some little craft thing that sells. "Hillbilly wind chimes" (beer cans on string with a stick,) stuff made from wooden spoons, whatever. They sell a few items. The next craft fair, every single tent/booth will have that for sale.

Flight Service
Flight Service MegaDork
11/13/13 10:08 a.m.

I will keep my mouth shut about the borrow from your parents comment. (Stupid berkeleying Republican shiny happy people.)

The Blog of Author Tim Ferriss.

^ This is your instruction manual. He will tell you were to go what has worked and what hasn't. Give it go.

Enyar
Enyar HalfDork
11/13/13 10:09 a.m.

Put me down as an potentially interested investor if you wanted to consider that route, though I tend to agree with z31maniac.

Maroon92
Maroon92 MegaDork
11/13/13 10:10 a.m.

Not to threadjack, but I need 6 figures to start a business... How do I go about securing it?

(This is mostly a kind of question, but if someone has grand outside-the-box ideas, I'd love to hear them.)

GameboyRMH
GameboyRMH MegaDork
11/13/13 10:22 a.m.
z31maniac wrote: Shiny happy person content: You have all these great ideas, yet don't have $2k to invest in them. That tells me all I need to know as a potential investor.

I have capital easily into the 5 digits but it's all tied up in my cars, and my portfolio just appreciated thanks to a big hike on new car duties. I just don't want to liquidate or borrow against any of my assets right now.

Maroon92
Maroon92 MegaDork
11/13/13 10:25 a.m.

I think the point he was trying to make was that if you aren't willing to take a chance on your business (liquidating the "fleet" or taking a personal loan), then why would anyone else want to?

Giant Purple Snorklewacker
Giant Purple Snorklewacker MegaDork
11/13/13 10:31 a.m.

Handies for Cash

Dr. Hess
Dr. Hess MegaDork
11/13/13 10:34 a.m.

As Maroon92 sez, you want to do your business idea with someone else's money and someone else's risk and not put any of your own money/risk into this? That's not a good sign for a startup.

Sine_Qua_Non
Sine_Qua_Non HalfDork
11/13/13 10:37 a.m.

Sell whatever you have at home to raise cash??? You'll be surprised by what you might have laying around that you never use or see be worth some cash.

z31maniac
z31maniac UltimaDork
11/13/13 10:52 a.m.
GameboyRMH wrote:
z31maniac wrote: Shiny happy person content: You have all these great ideas, yet don't have $2k to invest in them. That tells me all I need to know as a potential investor.

I have capital easily into the 5 digits but it's all tied up in my cars, and my portfolio just appreciated thanks to a big hike on new car duties. I just don't want to liquidate or borrow against any of my assets right now.

No, you don't. Cars are not liquid assets.

And again, if the idea is so bulletproof, why aren't you willing to put some of your own skin in the game? As I said, that tells me all I need to know.

Wally
Wally MegaDork
11/13/13 10:56 a.m.

How are the transplant rules down there? Lots of people get along fine on one kidney.

GameboyRMH
GameboyRMH MegaDork
11/13/13 10:57 a.m.

The idea's not bulletproof, I never said it was, in fact in this thread I've admitted it could fall flat on its ass...my "skin" is in just a couple of big patches I can't divide up. I'm confident I could pay back a loan at a low interest rate if it fails though.

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