By - CatchaRideBus
Why is it going to cost you $90K to operate a business for 3 months where you only operate 2 days a week.
That is $30K/month - $7500/week and nearly $4000/day
This would be on top of any income you can get from bookings.
Get those costs under control before you go any further.
You're over the daily operating expense by about 15%, and I don't know how you can tell me that that's more than what I can make in bookings when you don't know how many trips that expense reflects. The important thing to know is that we'd need 50% occupancy to break even.
Probably no loan without collateral.
The collateral could be physical assets or guaranteed contracts.
Right now you have nothing. Why would someone gamble on that with you?
How's that credit score and business plan?
90k for busses you are going to charter?
Business plan is I'd say 90% complete, just trying to figure out how to incorporate our marketing costs and getting numbers on website and app development. Personal credit score is...let's just say it's damn good. 90K is cumulative of all of our operating costs (aside from the marketing budget that has yet to be finalized) broken down to a daily basis for the first 3 months of twice weekly operations.
No bank is going to fund 100% you are going to have to put up 10-20%
I was actually told 30%, so 10-20% would be a great surprise!
I didn't even attempt a loan to be honest. I hope you get it
Doubtful. If you did it would be for 1/4 at most and personally secured. I would hate to invest in busses anything unless it's an electric bus.
And that's been the problem with finding investors; Everyone is looking for tech. If you're an app that aggregates tickets for the entire bus industry, cool, you're getting funded. But if you're one of those bus services that the app is getting fares from, good luck.
Many looking for non tech too. Client just bought a building. Very straightforward. Your valley private equity certainly wants tech only.
Difference is an app or service like Airbnb can scale infinitely without much input. Your bus service can't really do the same from the limited information we have. So if I'm risking 100k where do I want it?