Basically what is the amount I will be able to get in loans, and how much should I be using of my own? Ballpark figures for a tiny clothing store in a metro area.
To Start a Clothing Retail Store/boutique, How Much Money Should I Have Saved Up? How Much Needed for Loans?
OMG! Ive wondering that myself.
If you’re going into business you’re supposed to know this, not be told this. you should be able to map it out and know how much you need, if you don’t, you’re not close to being ready to open!
Map you are going to need at least 10% of the loan in your own equity. N ext, you need to yield a business plot or no bank will loan you money. In that business plot, you will lay out the costs for doing business for the first 6 months to a year – that will tell you how much you need, You will also develop a “roadmap” for your business (marketing, goals, target audience, etc.). Use this after you open to make sure you stay ontrack.
You can get excellent hepl preparing a business plot from the Tiny Business Administration’s web site at
Also, SCORE can help – check for the nearest SCORE office at their website (http://www.score.org)
make a business plot. map up all the expenses that you will need. nobody can tell you how much you will be able to get for loans until you apply with all your credit information. the bank will probably not talk to you until you present a business plot.