When looking to finance the purchase a business there are many sources to go to, e.g.: Bank, Friends, Family and Investors all these people know you and know your skill set and should be happy to invest in you.
Why would a vendor? You need to think long and hard before you approach a vendor, if friends and family will not lend you money
why would a stranger? What can you offer them?
If you are a good investment a vendor of a certain financial situation may see this and invest in you but in order to get investment you need to think of:
All investments need a return on that investment, what can you offer them?
Loans need to be secured, do you own a house? Will your parents stand as guarantor?
How much Deposit will you pay? What will the schedule of repayments be?
A business is not security for a loan it is an asset that the vendor already owns. If you are not suited to the trade or motivated to achieve results you can destroy the asset if you fail to run it correctly.
You need to be able to demonstrate that you are motivated to be a success and that you will work hard to achieve results, without risk you have no incentive to succeed.
You can already see that the business is a success, will you be?
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