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Packing up the supplies and giving up on my dream

post #1 of 35
Thread Starter 
Over the years I have busted my butt, followed all the rules, won a few competitions, did all the research, started my licensed home business, created my own recipes, worked on getting a great credit score, and built an amazing client base. I did everything right. But 2 banks later and 2 turn downs for loans to open a storefront, I give up. My home kitchen is too small, it's busting at the seams with cake decoratings supplies (we use 4 cabinets and 2 drawers for our personal stuff). It's taking over our home. I feel defeated and deflated. The whole point was to expand, but hitting road block after road block will kill your drive. Banks don't want to give loans for "start up" businesses, how:-( are you supposed to succeed in this world? I am mentally and emotionally exhausted. I honestly don't even want to look at cupcake liner or cake pan right now. My last order is scheduled for October, then the supplies will be boxed up. icon_sad.gif
post #2 of 35

Sorry to hear that.  Unfortunately in the times in which we live, banks are strict and have some crazy qualifications for certain loans.  Loans are hard to come by.  I hope you don't feel deflated for too long.  Everything happens for a reason, even if we don't realize the reason for a while.  

post #3 of 35
Are you a woman or part of a minority group? If so, sometimes you can find loans or grants.
post #4 of 35
Sorry to hear that. Maybe you can take a short hiatus and come back with higher prices, which will both reduce your order volume and let you save more so you can fund a storefront yourself.

Another possibility is to rent out a commercial kitchen without a storefront, the startup cost is minimal and it will give you much more production space without affecting your home.
post #5 of 35
Sugar, PM me your email address. I Amy be able to help.

www.VeryDeliciousDesserts.com

https://www.facebook.com/pages/Delicious-Desserts/207874222593145

 

It's never "just cake!"

 

You may get a cake for $way to little but you won't get this cake!

Animal
(4 photos)
 
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www.VeryDeliciousDesserts.com

https://www.facebook.com/pages/Delicious-Desserts/207874222593145

 

It's never "just cake!"

 

You may get a cake for $way to little but you won't get this cake!

Animal
(4 photos)
 
Reply
post #6 of 35

Wow! I'm so sorry to hear that. I completely understand how you're feeling as I have been feeling the same lately but with different circumstances. Just moved again after hubby lost his job, so it's a slow start again, on the verge of being homeless and losing everything after I just had a baby. So I may have to sell all of my supplies to help keep us afloat. Any way this is about you not me.

 

I just want to say that you're cakes are AMAZING! I'm sure you're customers will be very sad to see you go. I must be honest that I popped over to your album thinking I would see some so, so cakes as is the case mostly when people post about giving up as suppose to retiring. I must ask you and all cakers to forgive me for making that assumption. NEVER AGAIN! I really hope you find a way to make it work. Even if that means you have to take a break and then come back out swinging for the fences. I think a combination of Jason's and Secret's idea will work. Get a grant to rent the commercial kitchen, hike up your prices a bit (your best customers will understand) and save for that storefront. GL!

Michelle

 

"The only thing better than a cake is two cakes"

Reply

Michelle

 

"The only thing better than a cake is two cakes"

Reply
post #7 of 35
Quote:
Originally Posted by keepingitreal21 View Post

Wow! I'm so sorry to hear that. I completely understand how you're feeling as I have been feeling the same lately but with different circumstances. Just moved again after hubby lost his job, so it's a slow start again, on the verge of being homeless and losing everything after I just had a baby. So I may have to sell all of my supplies to help keep us afloat. Any way this is about you not me.

 

I just want to say that you're cakes are AMAZING! I'm sure you're customers will be very sad to see you go. I must be honest that I popped over to your album thinking I would see some so, so cakes as is the case mostly when people post about giving up as suppose to retiring. I must ask you and all cakers to forgive me for making that assumption. NEVER AGAIN! I really hope you find a way to make it work. Even if that means you have to take a break and then come back out swinging for the fences. I think a combination of Jason's and Secret's idea will work. Get a grant to rent the commercial kitchen, hike up your prices a bit (your best customers will understand) and save for that storefront. GL!

Hang in there!!!  

post #8 of 35
Thread Starter 
Thanks everybody. I think what really kills my spirit is knowing that I've done everything right and can't move forward. I've watched a person (used to be friends) open a shop on a whim, went against all zoning and codes, and has no clue what she's doing.
post #9 of 35
Quote:
Originally Posted by ohsugarsweets View Post

Thanks everybody. I think what really kills my spirit is knowing that I've done everything right and can't move forward. I've watched a person (used to be friends) open a shop on a whim, went against all zoning and codes, and has no clue what she's doing.

That sucks!!!

Michelle

 

"The only thing better than a cake is two cakes"

Reply

Michelle

 

"The only thing better than a cake is two cakes"

Reply
post #10 of 35

Don't let other peoples actions or inactions get you down. You made decisions that were right for you, and you should be proud of that! I've been knocked down more than seems fair in my life, too. The one constant seems to be things really do get better.....one way or another. You never know what silver lining is hidden in the grey cloud above your head, seriously. It's o.k. to quit on small things but don't quit on yourself.

post #11 of 35
Quote:
Originally Posted by ohsugarsweets View Post

Thanks everybody. I think what really kills my spirit is knowing that I've done everything right and can't move forward. I've watched a person (used to be friends) open a shop on a whim, went against all zoning and codes, and has no clue what she's doing.

The difference there is that opening a storefront and failing will typically result in hundreds of thousands of dollars of debt and potentially BK. Deciding not to move forward with a storefront due to lack of financing means you are still doing everything right, and by closing (or hopefully just suspending) your home-based operation your loss will be relatively small.

BTW you shouldn't need a grant to rent an existing commercial kitchen, startup costs should be in the $2-3K range and ongoing operating costs are covered in the price of your products.
post #12 of 35
So sorry to hear this icon_sad.gif. I have been working my butt off for my business, and can't get financing either. And my town desperately needs a bakery, but I just can't come up with a way to make it work.
Hang in there. If you are doing everything right, you will eventually end up with your dreams coming through!
post #13 of 35

Also, have you spoken with your chamber of commerce? It might not be your ideal location to begin with, but they are often good at helping find deals in areas they want to develop. 

post #14 of 35
Thread Starter 
Are there any banks that have 10 year loans? There's no way I can pay off $50, 000 in 5 years. That would be crazy
post #15 of 35

I am so sorry you are having such a tough time, but I do understand.  Has your bank not mentioned a SBA loan?  It's a LOT of paperwork but well worth it in the end.  Both for you, the bank and your community.

Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways totally worn out, shouting..."Holy Smokes, What a Ride!"
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Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways totally worn out, shouting..."Holy Smokes, What a Ride!"
Reply
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