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Old 02-14-2020, 02:04 PM   #22
Bob Noodat
Veteran Member
 
City: Fort St James BC
Join Date: Dec 2019
Posts: 39
Syjos: I would not disagree with anything you say, except when you dismiss the SBA advisors out of hand. Remember that some of them are people exactly like you.



A person has to take a close second and third look at any advice. We did that for our first clinic: I went to my bank to enquire about a business loan. They said I needed to write a business plan, and handed me a 60 page booklet. I threw that in the trash and we started on a shoestring with cash in hand and IKEA cabinetry. That was our best ever decision. But we knew our business well, as my wife had managed other clinics before, and there was nothing new or revolutionary in what we were doing. It is different if you are new to independent business and need to understand the basics.



I say get as much advice as you can and then sift it all carefully. Borrow as little as possible: once you are approved for a business line of credit, financial institutions want to lend you as much as possible, often against their own long term interests as a lender. Resist the pressure to borrow more than you absolutely have to.


Tugboater, if what you really need to know is if an idea will fly, or at least float, then you are probably going to have to rely on your own judgement for the final decision. You will surely be taking a risk. Never know till you try.
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