Quote:
Originally Posted by matronmedusa
Fortunately, I have made very strong connections in this industry. Now, it's not like I have $10,000 to jump right in there and open a business, nor do I have good credit or a bank account to rely on for a loan to help me out. I have heard from a few people that they would be willing to invest, but no one's ever been serious; until now.
Hands shook and a contract has been signed, and just when I think my "American Dream" is about to come true, the nation's economy falls apart. Everything is at a standstill.
Do I:
1. Open the business and hope it survives? If my customers are broke, I'm broke.
2. Wait to see how the economic situation pans out?
3. Wish for Armageddon just so I don't have to worry about paying an electric bill?
Any advice?
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Is this an investor or someone willing to loan the money? There is a difference: An investor is willing to take a loss, but a loan is to be repaid. If the business did not work out would the relationship with the "investor" become damaged?
Will you be leasing space for your operations? Have you calculated what your break even point is? Are there any zoning issues with the town/city you wish to operate in?
You stated you have developed a reputable name in your industry, which is great when you do open your own place. Realistically, like you stated above, if your customers are broke you are broke.