Small Business Discussion

• bjladams0

  biz partner and i started out 7 yrs ago with a couple hundred dollars between us and i have no idea how we've survived but we're opening up our 4th location at the moment and getting paperwork together for #5 later this year. i'm not sure i have any real advise... seems most things come down to the right combination of stubbornness and luck.

  bjladams 0Permalink

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  • 4 locations in 7 years sounds huge man, congratsMiguex
  • wow congrats on all that. Sounds amazing!shellie

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• formed0

  No loans here, but I have a line of credit for my business that I use. CC's are paid off in full every month.

  Best new discovery is a self-directed 401k. You can actually lend yourself 50% of what is in the 401k, up to $50k. You determine the interest rate (you are paying yourself the interest rate) and the only other requirement is that it's paid back in 5 years. So, technically, I am taking the first loan in 15 years. It's really great, wish I had known about it ages ago.

  You can also buy real estate with it, commodities, etc.

  formed 0Permalink

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  • HHmmmmmm...... i wonder if we have similar thing in canada.....pango
  • Worth asking. I hired a company to set it up for me, it's a book of paper work. Regular brokerages won't support them.formed
  • @pango, we can only borrow from our rrsps to purchase a home for the first time.Gnash
  • ya i knew about that.... too bad it's only housing...pango
  • ...and hockey sticksGnash
  • I believe you can pull from your RRSP but you pay the tax (HST or GST - I'm not sure) on the amount - since it then becomes taxable income... I think!Centigrade
  • ^ that's true. but you'd never want to do that. you're paying 40% off the top (if that's your tax bracket). not worth it unless you're desperateGnash
  • ^ you pay income tax, not sales taxGnash

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• Hayoth0

  So how much are you borrowing?

  How much is your interest?

  Hayoth 0Permalink

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  • She said there is no interest. Flat fee.ETM
  • Then how it it a loan? The processing fees?Hayoth
  • According to pay pal you pay a fixed fee on the loan amount. https://www.paypal.c…Hayoth
  • So that acts as interest rate. In some cases it's 25% of the loan amount depending on repaymentHayoth

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• pango0

  4th location? What's your product?
  I thought you sell paintings... O_O

  pango 0Permalink

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  • Shit. This should have gone to the note...pango
  • I buy chic-fil-a sandwiches on Saturday and sell them off the interstate on Sundaybjladams
  • you should start selling them in canada. there are some demand and no supplies.pango

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• Miguex0

  I have no idea what a capitol loan is either.
  Sounds like something shady politicians get in congress to "persuade" their opinion on natural disasters that need be kept hidden from the public by oil companies.

  Am I close? lol

  Miguex 0Permalink

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  • money must be used to purchase capital assets. Capital assets are usually tangible items that depreciate over time.Gnash
  • i.e.. buying a printing press is a capital expense, whereas buying ink is not (ink is a consumable)Gnash

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• BK0

  What's your business?

  BK 0Permalink

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  • smallmoldero
  • biglyutopian

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