bella soy Posted April 17, 2006 Share Posted April 17, 2006 How do you guys feel about getting a small business loan to start a candle business for supplies etc. I am very new at making candles and its taking me along time to test because I cant spend all my money on supplies. Right now I have a box of stuff comming but for the next two weeks I cant order anything till I get paid. I just think that If I had more money I could get the ball rolling allittle quicker. Im scared that the business will flop and ill be stuck with a huge loan that I cant pay off. I guess you could say thats my biggest worry. If you dont mind will everyone share wether or not you got a loan to buys supplies etc. and if you think now that it was a mistake or the best thing you ever did? Quote Link to comment Share on other sites More sharing options...
celicagtca Posted April 17, 2006 Share Posted April 17, 2006 I never got a business loan but I did purchase a bit through my line of credit. If I were you, I would purchase as you go along with your pay. Don't go overboard right off the bat. You may get into candle making and find a couple of months down the road, you really don't like it. Or, you may love it! Based on experience, I would recommend that you test the water first before diving in. Buy a bit of supplies off of the classifieds first before purchasing brand new items and that way, you'll already be saving some $$. Practice for a few months, give friends and family some samples, make CT your #1 daily reading and research board and in a couple of months decide if you feel your ready to expand your hobby into a business, then take out a business loan.Hope I made some sense to you. Just don't want to see you sink before you sail. It's better to be safe than sorry. Quote Link to comment Share on other sites More sharing options...
Reese Posted April 17, 2006 Share Posted April 17, 2006 If your looking to do an SBA loan you really need to be established with all your testing and marketing. SBA requires you to be ready to start selling. They are not going to loan you money for testing only. Depending on who you try to get the loan with they require that you have a business plan to submit with your application. SBA will help you free of charge to write a business plan. hth Quote Link to comment Share on other sites More sharing options...
Fire and Ice Posted April 17, 2006 Share Posted April 17, 2006 It's really not a good idea to take a loan out until you know that you can make a go of it. And even then, if you lose your job, candlemaking will not pay back a loan. It's takes years to establish a clientel and wholesale accounts. Stick to what you can afford NOW. It akes years to make it in candles.:lipsrseal Quote Link to comment Share on other sites More sharing options...
The_Dallas_Texas_Dean Posted April 17, 2006 Share Posted April 17, 2006 bella.......I totally agree with the good sound advise that celicagtca gave you. I think that she hit the nail on the head! I Quote Link to comment Share on other sites More sharing options...
bella soy Posted April 17, 2006 Author Share Posted April 17, 2006 Thanks guys. That your responses really helped me. I will not be getting a loan any time soon if ever. I think that I can be "self made" so they say, lol. I love this site! you all are so nice! Quote Link to comment Share on other sites More sharing options...
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