Forums: Discussions for entrepreneurs and small business.

I have a small catering business that my partner and I have been doing on the side for 2 years now. We are only doing this on the side as I have a family to feed and insurance to pay. I want to take this to a higher level and perhaps do this full time. All the money we made in the past 2 years went back into the company for equipment purchases, insurance, licensing and we never took a dime for our self so there is little money in the bank. So here is my question, with us doing this on the side and no real record keeping, how do we go about getting financing to make this happen. I know I could be very successful at this as I am always turning away business due to my Monday - Friday job. Thanks for any info!

"...and no real record keeping..."

You'll probably need a lawyer before you need an investor.

I am an international angel investor,I would like doing business with you,Do you need fund? How much? and  for how long? Kindly,contact me via email (oildealers22@gmail.com ). If you are interested.

I am an international angel investor,I would like doing business with you,Do you need fund? How much? and  for how long? Kindly,contact me via email (oildealers22@gmail.com ). If you are interested.

international angel investor???? With a Gmail address?

Yeah right, and I'm the tooth fairy.

You really need to keep records of your side business. Apart from getting investments, you need the records for tax returns and other legal purposes. Also ongoing compliance requirements for all businesses require maintaining the books of accounts and offial records of the business.

I realize that it's been a while since you posted your request, but in the event you're still interested in receiving some guidance on the subject, here's what I'd recommend to do.

First of all, there will be no straight line from your current level of operations to turning this into a full time business. It will be a process, which likely entails multiple steps, including cleaning up the mess concerning your historical financial records, or should I say the lack thereof, conducting a feasibility study/developing a business plan, and creating a proper legal and organizational structure that would enable you to accommodate investors.

You mentioned that you have no financial records, but reinvested all revenues from operations back into your business. Are you incorporated, who owns the machinery, equipment etc. Have you declared any income from this side business in your tax returns or a corporate return? (don't answer that in a public post!).

It sounds like you're somewhat successful operating this business, so it may be worth taking a closer look at if it's possible taking it to the next level.

No matter if you continue to operate your business on the side, or if you take it to next level, you should absolutely address the issues you mentioned in your post.

If you're interested in discussing your options in greater detail, please send me a PM and I will see if I can give a few pointers.

I hope this helps.

Mark

You could try banks, business grants, loan companies, angel investors, venture capital etc… Many banks, loan companies & others may not help you when you have little to no records or a business plan. It may be hard for you to get adequate financing or any financing without any accurate record keeping. When you have no real record keeping, you may run into more problems than you’d expect. You may need a business manager, better organization, a strategic plan & a management plan.

A business needs accurate record keeping & planning. Usually when many business owners try to go at it alone, with no real organization or the right management support they run into to tremendous problems. You might need to seek out getting a business manager or consultant to help you better manage things.

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An administrative business management support company & small business strategic planner. Providing you with the business management support services that you need in your business or projects from startup through daily management. Contact Clerical Business Solutions Today!

I agree with Mar at Fast Ventures. those little things like record keeping should be tended to first. Is there a trustoworthy famil member who can do your books once a week? As business grows, you'll want to already have this under way as it could be the thing that takes you under later.

Be sure you are professionally formatted (LLC, Partnership, Corporation etc). As business grows, you and your partner must be clear on what you each receive as payment. Is it 50/50? Never assume. Sometimes, one persone believes he/she is doing more work than the other. Be clear. Have it on paper.

Visit your local Small Business Association or SCORE to get some assistance. These services are free and may also have some funding solutions as well.

Best of Luck!