Small Business Loan

Dina Monaco-Boland · Posted: Sat Jul 28, 2007, 03:40 (GMT) Post subject: Small Business Loan

I'm just wondering if anyone out there has gotten a small business loan to help start up their vo business. If so, what suggestions do you have? Or is it a bad idea altogether?

I'm looking to expand my marketing strategies and we are beyond strapped for cash these days. I know it takes money to make money and just wondering if this is worthy option to pursue.

So.... any help?

David Oxford · Posted: Sat Jul 28, 2007, 05:13 (GMT) Post subject: Re: Small Business Loan

Kathleen Keesling · Posted: Sat Jul 28, 2007, 05:19 (GMT) Post subject:

I have not gone into debt so far, and don't anticipate the need to do so. I'm a little conservative though, so I hesitate to give you personal advice.

If you have the skill....the world will wait until you are ready, in my opinion.

Amy Snively · Posted: Sat Jul 28, 2007, 05:56 (GMT) Post subject:

I think a loan is a very bad idea. It's as bad an idea as borrowing on your house before heading to Vegas! Just do what you can, little by little, as you can afford it. There's a good reason why so many actors wait tables. Smile

Claire Dodin · Posted: Sat Jul 28, 2007, 09:49 (GMT) Post subject:

Philip Banks · Posted: Sat Jul 28, 2007, 12:03 (GMT) Post subject:

Debt for investment is a good thing. Do it only if you are able to quantify with a degree of certainty the on-going return on that investment.

Do not answer these question here but they are what you should consider.

How much do you intend to borrow?
Over what period?
If your investment fails to make a return would you be able to make the repayments?
Based on the amount of money borrowed what is the likely return - worst case scenario?
How would you spend the money, be specific don't just put "advertising and marketing $5,000"?
What leads you to believe you will make money as a result of spending it? Don't need guesses here, need evidence.

I know I have said this before but it's worth repeating. 95% of people who set out on the road to voice over heaven do not get there, they do not make a penny let alone their "money back". What leads you to believe you are in the 5%?

Ok this next part is not specifically for Dina.

The dream or desire to be a pro' voice is strong in lots of people, the trick is turning the dream into reality. To do that requires the raw talent and the strength of will to ask some tough questions of yourself and to get the discipline to do the things most don't like doing. The reason sites like voice123 do well financially is because they offer the soft option, no one has to put in the hard work or ask the tough questions in order to parade themself as a "voice talent"; we simply record a demo, pay up and wait. Smartcast is a great thing at the moment because it allows us to blame shift. It's not the young voices preventing us getting work or the low-ballers, females, Brits, Yanks, LA pro's, New Yorkers, tall people, short people, radio people, TV people it all Smartcast's fault ... For a few weeks then we'll have to find something else.

Today is as good a day as any to do your business "due diligence". Work out if you are unlikely to make a commercial success as a voice over, you have nothing to fear, the truth will not kill you. THe good news is that you will either move on to something to which you are better suited or you will discover you are quite likely to make it as a voice. I like the heads you win, tails you win exercises.

Kathleen Keesling · Posted: Sat Jul 28, 2007, 13:32 (GMT) Post subject:

Thanks Philip.

Excellent post. der klugscheisser

Dina Monaco-Boland · Posted: Sat Jul 28, 2007, 15:19 (GMT) Post subject:

Thank you all for confirming what I already thought. I too am more conservative, financially speaking. David, Kathleen, Amy, & Claire-- I'll be heeding you're prudent advice. Thank you!

The hubby (bless his heart) started this dialog and I thought I'd look into it.

To Philip:
Thank you for that checklist of questions. They really helped solidify my position--and they are useful tools should I change my mind in the future. At this point, we are just too fragile to take a hit (re question #3). You know, Philip, I think you should write a book. You're quite adept at articulating loads of things about this business that many may not have thought of.

To answer your question of: "What makes you think you're in the 5%?" Talent, determination, persistance, hard worker, adaptability, AND.... my eyes and ears are ALWAYS open, meaning I try to never miss an opportunity to learn something. Learning opportunities are everywhere.

I do hope that didn't come off as conceited but I've come to the point where I not only believe in myself but I'm also confident.

Thanks guys.... as always, this community comes through!

Bob Bergen · Posted: Sat Jul 28, 2007, 15:59 (GMT) Post subject: Re: Small Business Loan

David Oxford · Posted: Sat Jul 28, 2007, 16:34 (GMT) Post subject:

Beautifully spoken, Phil! An absolute gem of wisdom!!!

David Oxford · Posted: Sat Jul 28, 2007, 16:46 (GMT) Post subject: Re: Small Business Loan

[quote="Bob Bergen"]

David Oxford · Posted: Sat Jul 28, 2007, 16:51 (GMT) Post subject: Re: Small Business Loan

.......and to further, respectfully, add to Bob's latest post here, I quote:

"You miss 100% of the shots you never take."
– Wayne Gretsky

Kathleen Keesling · Posted: Sat Jul 28, 2007, 16:52 (GMT) Post subject:

Excellent post, Bob.

I'm one of the lucky that get to do this full time. Although I don't like debt risk, I do freelance writing and whatever else I can drum up to keep me constantly investing in my business.

Cira Larkin - Studio 53 · Posted: Sat Jul 28, 2007, 17:35 (GMT) Post subject: Re: Small Business Loan

Grant Holmes · Posted: Mon Jul 30, 2007, 14:44 (GMT) Post subject:

Dina, how great to have a spouse that supports your dream.

I am scraping along, probably doing too much and risking too much. I started a software company that has a software project ready for beta testing.

If I include time invested, I've spent deep into 6 figures for something I HOPE will happen. Right now the THOUSANDS of credit card debt I'm carrying pretty well says, use the USB mic you have and LEARN.

Luckily I too have a wonderful spouse that supports my dream. However, now two years into the mix, it's time for this to pay off. I hope that will pay off and pay off BIG.

Great Advice from all of you! Especially on doing things that can be done "for free" or at least with only an investment of time/labor. -Thanks!

I really didn't relate the above for any reason other than to give you hope, energy and to realize that many do get to live their dream!