Executive Assistant at VSA Partners
With fair credit (due to student loan and light credit card debt), I foresee it being pretty difficult to get a small business loan for $250,000, which is what I will need if I want to start up my business. My business does not exist yet, however my business plan is 100%, I have all my quotes and contacts needed to launch successfully.
Of course there are options like Kickstarter and Indiegogo to start fundraising, but first I need to pay about $15-18,000 for legal/patent fees before I am able to publicly talk about my product.
If I take out a personal loan, I can pay off my credit card debt, pay for my legal fees and the remainder of my final prototyping fees.
I'm concerned about having a higher interest rate with a personal loan, and a pretty high monthly payment which will cause me to be pretty tight on money.
This product I have created is my passion, my baby, I have 100% confidence in this. My only fear is financials.
I've had this idea for about 5 years now, and I've let my fear of financials get in the way.
I am ready to dive in head first, but I don't want to screw myself and my business financially before I've even started.
What kind of advice can you offer for me to get the ball rolling?