Forums: Discussions for entrepreneurs and small business.

Im going to start off with a little background, so I started flipping cars a month ago and so far I have bought and sold 2 after fixing them. Its going well each car im getting 3x my money returned. Now I am experiencing a cash crunch, problem being I overextended haha took on too many projects. Its ok the cash crunch is being resolved, and the painful lesson is learned. As a business though I think my numbers are fantastic, even with the amount of money I have to put in the next two cars I am still making 3x my money back. I dont have the greatest credit around 624 but will I figure with the profits I am earning a bank should be impressed.  The deals have all been cash no receipts or anything just flip em quick never change title to my name or anything, I do however want to become more legit possibly open up a small lot down the road, how should I start keeping track of sales I bought a receipt book at walmart is that official enough to show sales? Also the banking question if I wanted to get a loan from a bank what would they want from me as a business? 

 Well I would say that go push it through. If at a minimum of few cars you were able to get 3 times more profit, then I guess you should be worrying about how to expand or market your business. I don't know much with regards with your banking question but with keeping track of your sales or profit, list down all of the money you spent on fixing it and the sales you had after selling it. From there, you can subtract what you are actually gaining by subtracting the money you sold it for and all the cost you had upon fixing them. Best of luck.

To keep a track of your business, you need to hire an accountant who can do the job perfectly. However, if you want to do it yourself then you should consider using accountancy softwares which are easily available in market as well as online.

As you are new in the business so you should possibly hire a commercial business agent who will get you through these and any other queries, but also take decisions carefully as there will many suggestions by the person you hire, to apply different strategies in your venture.

In my opinion, if you have no experience in the field of business, you should definitely consult a business agent and ask for advice. As far as we talk about getting a loan from the bank, I’ m afraid I am not able to help you, because the only field I am really acquainted with is auto donations, one of my biggest interests so far.