
The Pressure of Innovation
As the shop became more popular, it was clear that he needed a larger stock of scooters. The issue was that the business was fairly new and many traditional loans weren’t available. It was a risk for banks and credit unions to move forward with a company so small and new.
However, the owner wasn’t going to give up so easily. First, he needed a plan. He knew there had to be a way to move forward without relying on typical financing so he started to do research and explore his options.
How Much Financing Is Needed?
The owner looked into how much money he would need to get a larger lineup of scooters, add in new marketing, and otherwise make sure his brand did well until he was more established. In the end, he decided $150,000 would be enough to move forward.
He didn’t want to get too little money since he’d just be in this situation again in a few months. He also didn’t want to go too crazy with what he needed since it would have to be paid back. It was going to take the perfect financing option to move forward.
