Plan P-- Give Me Ideas!

Business By Cakenicing4u Updated 18 Oct 2008 , 6:55am by Cakenicing4u

Cakenicing4u Posted 16 Oct 2008 , 9:54pm
post #1 of 7

So if you recognize my name, you know that I went to a bank with my business plan and was turned down. I am not giving up, going to other banks... i'm just trying to figure out a plan P-- P because that's what comes after NO....

less than two weeks to one job less... and my PT job is going to let me work FT till after the holidays... I do that almost every year, and still had to have a second job in years past icon_cry.gif So with that in the plans agian this year... i'm still trying to figure out another way...

I'll have 12,000 and a bit of free time on my hands.. but I won't be able to cook from home and I can't afford to rent any of the spaces I wanted... any ideas? Buy equip and store it?? I'm finding all kinds of good deals on freecycle and craigslist... ovens, display cases, tables...etc...

Help me think outside the box please!


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6 replies
littlecake Posted 17 Oct 2008 , 11:44am
post #2 of 7

one of the members here opened a shop in houston for 5K...that's amazing, so i guess it can be done....another opened with 11 K.

i spent 28K...3 of it was build out, we did the work ourselves.

have you been around to price anything at a used bakery supply store?

or looked on ebay?...there was a used 20 quart mixer on ebay for 300.00 bucks one time, it wasn't very pretty...but it was a hobart, and you know those things never die.

you don't need hundreds of thousands to open up a simple shop....

i think in pa. you can have a separate kitchen at your home can't you?

vrmcc1 Posted 17 Oct 2008 , 1:38pm
post #3 of 7

you can check out www.auctionzip.com for a list of local commerical auctions in your area. i have picked up so many great deals that it would take me an hour to name them all but at one auction I got an oven for $5, still in storage so I'm not sure if if works but they said it did.

HTH
Val

jillmakescakes Posted 17 Oct 2008 , 5:07pm
post #4 of 7

Go to the SBA!!!!!! They are so awesome thumbs_up.gif (i'm a little biased because I just go 2 loans in two days!!!!! icon_eek.gif I'm so stinkin' excited I could scream)

Our SBA guy (SBDC small business developement group) helped us find loans that don't require collateral and were mainly geared towards startups, because how are you supposed to be in business for 2 years if you don't have the money to be in busines?

We (my biz partner, aka MOM and I) having been hitting local auction and watching ebay and putting items in a storage unit, which is now full. We also just found a great space this week and are negotiating

We are also using the profits from our cakes to get some of the smaller items that we know we are going to need. I work at michaels and they have a special employee sale next week so we are going to majorly stock up on colors, dusts etc from there.

My best advice to you, and I know that it sounds like I"m channeling IndyDebi here, but DON'T GIVE UP thumbs_up.gif You will find the money when the time is right.

Again, so excited to make this a reality, I could scream icon_eek.gificon_eek.gificon_eek.gif

PattyT Posted 17 Oct 2008 , 11:22pm
post #5 of 7

I see you live in PA. I thought they allowed home baking? Is it because you need more space?

I looked at your photos and your cakes are just beautiful.

jillmakescakes has a good suggestion too. I've also heard good things about SCORE. The organization of retired business executives who help people start up.

I wish you the best of luck...

Deb_ Posted 18 Oct 2008 , 3:10am
post #6 of 7
Quote:
Originally Posted by jillmakescakes

Go to the SBA!!!!!! They are so awesome thumbs_up.gif (i'm a little biased because I just go 2 loans in two days!!!!! icon_eek.gif I'm so stinkin' excited I could scream)

Our SBA guy (SBDC small business developement group) helped us find loans that don't require collateral and were mainly geared towards startups, because how are you supposed to be in business for 2 years if you don't have the money to be in busines?





Congratulations and best wishes in your new venture. As the wife of a Finance guy who has been in Banking for 24yrs (Bank of America) I plead with you to have your attorney read ALL the paperwork before you sign anything. Be sure you know what your APR is and if it will rise. Don't let these sleazy lenders out there take advantage of an over anxious client.

My DH was just telling me tonight how they (Bank of America) are tightening up their lending, not just letting everyone get loans. If a reputable bank turns you down for credit, there's a reason. Most reputable banks want a credit score of at least 700 or else they won't approve you.

Please be careful and know what your signing, if it sounds too good to be true, it may be.

Cakenicing4u Posted 18 Oct 2008 , 6:55am
post #7 of 7

My credit score is over 700... thank goodness and I've found an economic development group that might be able to help me get my location at a better deal..

I know all about auction zip-- and I found another auction place that goes into grocery stores after they move to a newer, better shinier location.. they auction off the contents of the old store. It's the chain I work for, and I'm very familiar with the equipment, so I'm going to check it out...

I also checked out ebay and craigslist.. and OY VEY... it's tempting....

It's the location that is my issue. I live downtown in a non-expandable location, with three dogs and a dozen snakes. I can't bake from home, so I'm always on the lookout for a cheap location... And my Score group met with me once and then never called never returned my calls and never sent a reply email to the four I sent them. =( so I'm on my own to some extent!
Thanks!

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