What would you do with a 100k loan?

I've recently began dreaming about my own small business. A retail flower shop/metaphysical shop. A scenario I pondered over while taking this class was wanting to open a storefront, assuming I've established and run a successful e-commerce site for at least a year. So, in this scenario the next big step would be to open a storefront and taking out a 100k loan to accomplish this. The benefits of doing this would be fantastic because this would let potential customers come into the business' physical location and actually see, touch and discover the products. Customers and employees can establish a positive connection and awareness of the business can be spread by word of mouth, bringing the community closer together.

 

 

 

I created a layout myself! Granted, this follows very closely to David's example. But rather than blindly input numbers, I took the time filling it out and thinking about the meaning of these numbers, with my notes side to side, for this the class. I struggled coming up with random numbers out of thin air. Yes, this is all hypothetical, but it's hard to know what are reasonable expense and revenue numbers to work with when you don't have actual numbers to work with. I have very limited knowledge on financing, but this class was a great introduction! I think I messed up a little at the cost of loan calculation (oops). However, I enjoyed learning about how to take out a loan and the process behind it, all fairly simplified. I definitely will put more time into business and financing because I actually enjoy working with the numbers and knowing them. It prevents disasters and keeps you from constantly worrying and guessing, as I've learned from a number of business tv shows like the Profit and Shark Tank.

 

- Abby