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You are hereHome Business RetailJonathan Fine, founder and co owner of Sting Alarm, PBR Bar at Miracle Mile Shops and Rockhouse at The Venetian, says taking on investors help him avoid debt.
Michael Solomon's restaurant franchises were growing so fast that he had reached his credit limit with the banks, so he turned to an investor to fund his expansion plans.
LAS VEGAS BUSINESS PRESS
More than half a decade after Southern Nevada's economy hit the skids, it's still tough for small businesses to rustle up funding.
Sure, the markets have loosened, but companies continue to get the thumbs down when they apply for bank loans.
Consider the Biz2Credit Small Business Lending Index,nike requin tn, which shows that loan approval rates at big,tn pas cher, national banks rose to 15.9 percent in February. That was up from 11.7 percent in February 2012, but it also means roughly 84 percent of applicants didn't get financing to start up or expand. On the small bank side, 50.3 percent of owners received loans,tn chaussure pas cher, up from 47.6 percent a year earlier. Still, half of small businesses had to survive without additional capital.
What's more, other traditional funding sources still lag. Take home equity, once a vital source of small business capital. With more than half of local homeowners underwater, tapping into home value isn't an option for most entrepreneurs.
"It's very difficult. The restrictions are very tight," said Luke Hoffman, an investor who's funded small companies including a mortgage company,trousse longchamp, real estate brokerage, nightclub and show ticket brokerage. population is unbankable. People have had foreclosures,christian louboutin sale, they've let credit cards go. A person with a small business idea may have a great concept, but have an extremely difficult time raising money because of his circumstances."
That's where investors such as Hoffman come in. For a company closed off from funding, private investors are stepping in to fill the cash gap.
But investors aren't just for businesses that can't find capital any other way.
Jonathan Fine, founder and co owner of Sting Alarm, PBR Rock Bar at Miracle Mile Shops inside Planet Hollywood Resort and Rockhouse at The Venetian,air jordan shoes, said he doesn't like debt. Investors help him avoid it.
"We were funding through investors seven years ago, when credit was easy to get," Fine said. "My dad (local developer Mark Fine) always taught me to be conservative, and to never take on more than you can handle. If you have a slow month and you can't make a (loan) payment, you run the risk of everybody losing their jobs."
If you're looking for an investor,christian louboutin outlet, your best bet is to go through networks of people you already know. Start with trade groups or chambers of commerce, or talk to vendors and suppliers. Ideally, your investor understands your company's industry, Hoffman said.
"If you've been in business or worked somewhere for a while, you've made community contacts with people who know and respect you," he said.
Business networks brought Michael Solomon a key investor who helped his Las Vegas franchise company expand into Los Angeles. The experienced restaurant investor was looking for a business to fund, and mutual contacts directed him to Solomon's MJS Consulting,Louboutin pas chere, which owns and operates Capriotti's Sandwich Shop franchises.
"We were growing so fast that we had kind of reached our credit limit with the banks,requin tn," Solomon said. "The opportunity kind of fell in our lap, and it allowed us to open up a new market for what we were doing."
Business networks aren't the only investor source. Lots of business owners turn to people they know especially well: friends and family. Not everyone recommends this route. Hoffman called turning to family an "obvious" solution,longchamp pas cher 2014, but also said it could be "tricky," with "unintended consequences."
"You can have the fallout of hurt feelings if things don't go well," he said.
Solomon agreed, saying he's mostly stayed away from close friends and family as investors: "You don't want to worry about business issues at Thanksgiving."
For Fine, though,tn requin nike, friends and family have made up almost all of his investors. For one thing, they're likeliest to support your company, by bringing in friends and associates to give you business.
"We let everyone know that anything we do is a risky venture,sacoche longchamp, that we give them the opportunity to make some good money, but that they shouldn't invest anything they can't afford to lose in a worst case scenario," he said.
Whether you go with family or business associates, experts recommend a few tips for working with investors.????????
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