Market Information - tanTALK

dldipert · 03-02-2003, 04:01 PM

I'm working on my business plan and a lot of it is being held up by people not calling me back. That is frustrating.

In the meantime I want to work on my marketing section. How do I evaluate my market? What are the standards, if there are any? I have census numbers for my local area, but now what?

Second, how hard is it if you don't have capital to put into the business. I'm coming out of college in may, and have no money. I'm working on a FANTASTIC business plan, but will bankers take me seriously?

Thanks.

Diana

redhot · 03-02-2003, 04:46 PM

You might have a problem with the bank if you don't have any cash to put down. They may expect you to have some sort of collateral to apply for any loan. I was told by one banker (they are NOT all the same) that tanning salons are considered to be "high risk" for a loan.
Plus, when you start a tanning salon (or any new business) you'd better have some money saved up. You won't be making any money for the first several months and will need some cash to help pay the bills. You might consider getting a partner or borrowing from a member of your family..
Good luck!

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03-02-2003, 04:01 PM	#1 (permalink)
dldipert Join Date: Feb 15 2003 Posts: 5 Rep Power: 0	I'm working on my business plan and a lot of it is being held up by people not calling me back. That is frustrating. In the meantime I want to work on my marketing section. How do I evaluate my market? What are the standards, if there are any? I have census numbers for my local area, but now what? Second, how hard is it if you don't have capital to put into the business. I'm coming out of college in may, and have no money. I'm working on a FANTASTIC business plan, but will bankers take me seriously? Thanks. Diana

03-02-2003, 04:46 PM	#2 (permalink)
redhot Waiting Confirmation Join Date: Jan 14 2003 Posts: 211 Rep Power: 0	You might have a problem with the bank if you don't have any cash to put down. They may expect you to have some sort of collateral to apply for any loan. I was told by one banker (they are NOT all the same) that tanning salons are considered to be "high risk" for a loan. Plus, when you start a tanning salon (or any new business) you'd better have some money saved up. You won't be making any money for the first several months and will need some cash to help pay the bills. You might consider getting a partner or borrowing from a member of your family.. Good luck!

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