Page 0063

Page 62 MAY 2017 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued...

Only after doing everything you could on your

own can you turn to your parents, aunts & uncles, friends

& neighbors for little loans, much

needed "investments" in the business.

APPROACHING FAMILY & FRIENDS

FOR INVESTMENTS & LOANS

You may elect to secure the necessary funding

from one rich aunt or from a whole roster of acquaintances. Each

approach has merits. A single

financier may stay completely in the

background until the store shows signs of faltering,

and then become an aggressive adversary in

deciding how your business should be

run with her money. If cash flow ever proves a

problem, it may take more work to explain

your problems to many supporters. But with

less at risk individually, none will apply the

same kind of pressure as the single friendly

lender with a lot of money at stake. Whatever

combination of personal financiers you use to

set up your shop, expect to get to know each

much better if circumstances force you to explain

why you can't make payment on the loan

until next month. When approaching friends

and family as financiers of

your retail dream, you

should present this as an

opportunity to help you as

well as themselves. Share

your enthusiasm about the store and what it

could mean for them and you. You'll need to be

attuned to what type of agreement each of

these personal contacts prefers.

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