Page 0065

Page 64 MAY 2017 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued...

Some will feel most comfortable making you a

straight loan, to be paid back over time with interest.

Others may prefer lending the money

with expectations of being paid back, and a

share in the future profits of the store. Deal with

family and friends on a case-by-case basis, sensitive to

their needs. Any agreement you reach

should be in writing, even if it's just an informal

letter outlining the terms: the amount of

the loan, the payback plan, and what, if any,

their long-term interest in the business will be.

APPROACHING PEOPLE

YOU DON'T KNOW

Of course, the potential pool of funding sources

you don't already personally know is much

wider. It's just more difficult to identify and

find moneyed individuals receptive to helping the total stranger with the start-up store. Anyone

you approach to invest in or lend you

money for your business will want to know

how much you are bringing to the table. Before

you approach outsiders, you should have at

least 50% of your seed money secured from

your [personal assets and contacts. They will

also want to review your business plan with its

detailed analysis of projected costs, savings,

and profits.

Consider Taking On A Partner

One alternative

the cash-poor

entrepreneur

should consider

is taking on a

partner in the store.� �

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www.promotionalrewards.com

Pen/Highlighter

Combos

77¢

32oz.

Sports Bottle

73¢

Pens

11¢

Large Variety of

Rulers

11¢ +up

Dozens of

Printed Bags

19¢ +up

Made

in

USA

Shop by

• Price

• Event

• Industry

ATTN: TRADE SHOW EXHIBITORS:

Premiums & Giveaways for your Clients

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