Between the two problems I was faced with, finding capital for the business was more immediate. Everything depends on having money to start the business.
I could save money on my own since I have existing endeavors. But it would take time and it might mean that the space wouldn't be available anymore. As mentioned in the previous post, it has been a habit to inquire about spaces for rent and I know how rare a space that fits my needs comes along.
I didn't want to borrow from the bank. I have an existing loan and I didn't want to borrow again until the existing loan has been paid in full.
The other option was to find a financier/partner. And it just so happened that my mother was looking for a new business venture. She had always wanted to have a business but office work prevented her from having one. I proposed to her that we start a bakery and she liked the idea. I gave her a rough estimate of how much it would cost to set up based on some assumptions on rent, utilities, equipment, ingredients, etc. and she was ok with the amount.
One problem down, on to the next...
No comments:
Post a Comment