Need ideas to get capital for my new business

Discussion in 'Starting a Business' started by cakeladie, Apr 26, 2011.

  1. cakeladie

    cakeladie
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    Hi, I recently started an event planning company. We make lotion, lip gloss, body spritz etc at parties. As well as set up the decor and cater. So, far the business is doing well we have had eleven parties in less than three months. We do Diva parties, Teen Texting parties, Bridal Showers just to name a few. Most of the parties are done at a local teen center, or in a persons home.

    I need to buy a lot of the supplies in bulk for it to begin to make a profit. Basically, I can only afford to buy things as each party comes up. I also have some ideas on how I can increase my profit, but it all goes back to having money to do it. I went to the bank and they loved the idea, the presentation and video, but still said no. Even, one of the tellers has called us to book a party. I don't have any credit and I do have some credit issues from a previous marriage. I have applied for everything under the sun and nothing.

    I can't give up because I have finally found what I am supposed to be doing. I am blown away everytime I do a party and the client is so happy and enjoying the event. The thank you cards and emails are what keeps me searching for a way to keep going. Now, with all the sappy stuff to the side it takes money to run a business. I have reached out to family members and they have helped by donating some items or, giving me free labor for large events. I am open for any ideas anyone has including a loan from Pauly. Just joking! I've brain stormed, and I am out of ideas.

    Thank you!
     
  2. Fergal

    Fergal
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    Welcome to our Business Forum cakeladie, well done on finding a business that you enjoy so much and that inspires you. That really is half the battle, it's so much easier to stay motivated and to keep going through thick and thin when you enjoy and believe in what you are doing.

    I'm not sure where you are located geographically, but are there any credit unions or government business support agencies in your area that might be able to help you with some initial finance?

    Perhaps you could consider other ways to finance the business;

    • Maybe there is some room for you to increase the prices you charge to your clients a little
    • Perhaps you could take on a part time or even a full time job, until the business grows to a level where it is self sustaining
    • Would some of your suppliers be prepared to sell to you on credit?
    • Look at ways that you could increase the profit you make from each event, perhaps by selling some additional items or doing some promotion for other businesses.

    I'd also suggest that you take a close look at the costs associated with each event and compare that with the money you are taking in. Look at the figures to ensure that the events are actually profitable and to see if there are any ways that you can reduce your costs, without impacting on the quality you deliver to your clients.
     
  3. JPM

    JPM
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    Paulie Walnuts? ;)

    Seriously though, why don't you consider getting a part time job to help increase capital.

    Do you know any college students that are looking for work experience? Maybe they could volunteer and help you in 'event management' that way it is win-win for both parties. Maybe this would enable you more time to get the part time job also.
     
  4. Casey

    Casey
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    High cakeladie!
    Ever considered approaching an investor to your business?
     
  5. Rickytaylor

    Rickytaylor
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    Hello Cakeladie...First of all congratulations to you for your new business. Look, if you are engaged in some business than you have to be prepare for such scarcities and have to be positive. Now, according to me you could find some investor who can grant you some amount as a loan.:p "All the Best"
     

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