Looking for creative ways to finance my auto sales business plan
Need some help from the experts here in trying to figure out how best to structure my new business venture. I know there is a creative solution here somewhere, I just have not quite cracked it yet but I know it must be possible with $25,000 total cash investment. I do know potential investors, trying to figure out what part of this deal and how they can invest and the terms. I am also able to get financing in the form of a mortgage or other lending. Here is my situation, any advice is appreciated!
I am able to invest $25,000 and I wish to start a used car business. I have located a car lot which I can purchase around $100K and needs about $60K in improvements so a total investment of $160K for the property. Start up costs for the business (dealership license, dealer auction registration fees, signage, rent/mortgage reserve for the first few slow months) should be about $10K to $15K. Dealership vehicle inventory will be covered through special dealership only financing program meant for car dealerships vehicle inventory, so that is covered and I will not likely need any other funds to get my dealership up and running and making money. I don't believe I can swing the down payment for the property purchase AND the start up business costs so I will likely need to get investment help or some financing. Any advice on what you would do here?