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Old 12-30-2015, 01:33 AM   #1
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Default Just got a tiny business loan

I am starting small here, my wife bought me a rig and business cards for Christmas. I was given a small loan from a family friend, what would be a good next step? I have a business plan lined out and ideas for how to use it but I like to pick my mentors brains and make sure I am doing everything right from the beginning.
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Old 12-30-2015, 01:37 AM   #2
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Quote:
Originally Posted by peachstatepaint View Post
I was given a small loan from a family friend, what would be a good next step?
I'd blow it on women and expensive booze.
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Old 12-30-2015, 04:37 AM   #3
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website, door hangers/flyers
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Old 12-30-2015, 06:24 AM   #4
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once you get your first job you're away.
I'd suggest doing it all yourself.
complete satisfaction from total control / responsibility.
just dont be like me that you end up so busy, you put off your years tax's till the overdue's come in.
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Old 12-30-2015, 07:04 AM   #5
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I would give the loan money back. Get out there and drum up some business knocking on doors, handing out business cards, talking with general contractors, etc.. No reason to put yourself in debt to start a contracting business unless your plan is to grow big quickly which will require more than a small loan.
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Old 12-30-2015, 09:12 AM   #6
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Get to know the people you will buy from on a daily basis. For example if you see an independent store go meet the owner and tell him all about you so he can recommend you out. (Remember word of mouth is king)
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Old 12-30-2015, 09:13 AM   #7
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Since youbare doing apartment painting I recommend doing cold calls or walk in qnd see how you can contact the person in charge.
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Old 12-30-2015, 09:13 AM   #8
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I agree with Lambrecht.

All you should need is basic painting tools (hopefully your a painter and have this already), a vehicle to get to the job and enough money/credit to buy paint for your first job. Once you finish your first job reinvest the money back into your company. DON'T SPEND IT ALL ON YOURSELF. If you don't reinvest into the company you will never make it, doesn't matter how big your loan is. When I started my company I worked for someone else and did my jobs at night until I had a decent amount of money saved in the company account and had all my tools bought and paid for. Found all my work after hours and never solicited any work from my formal employer. You never want to burn any bridges.
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Old 12-30-2015, 09:34 AM   #9
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Definitely re invest back into the company. If you are strapped for cash purchase used equipment and then buy new. For example a used van or a rental from SW (spray unit)
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Old 12-30-2015, 01:42 PM   #10
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I took a small loan from my in laws to buy some tools and a cheap work van. .
Caused a lot of trouble because I didn't have the money back when they needed it.
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Old 12-30-2015, 02:00 PM   #11
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Depending how much it is, I would use is more so as a cushion if you need any emergency tools or repairs done on your van and reinvest a lot of it into marketing (nice logos on your van - this is important to looking like an actual company to the public eye, door hangers, website, business cards, and flyers are a good place to start) to book jobs.

Hell, get a copy of photoshop and get good at it so you don't have to pay someone else to do it for you - between that and excel you could have a lot of learning material during your downtime. Also look into Brian's OutOfTheBucket.com courses. Great for the new painting business owners.
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Old 12-30-2015, 03:15 PM   #12
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Since no one else has done it yet: https://www.painttalk.com/f2/new-memb...ntractor-2879/ Read that.

And welcome to Paint Talk.

Painting's the easy part (relatively). Your challenge is finding jobs and staying busy. Get a gameplan for that, and go make it happen.
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Old 01-02-2016, 01:51 AM   #13
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Thanks Everyone!
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