Starting A Music Academy: Business Loans

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Starting A Music Academy: Business Loans

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Starting A Music Academy: Business Loans

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Question:
Discuss about the Starting a Music Academy for Business Loans.

Answer:
Introduction

Research options for getting small business loans. Develop a list of at least five different, realistic options for getting financial backing for your business. Recall that you will need $100,100 the first year alone, and you are still short of $30,000. Include the sources of the 5 funds, interest rates, payment arrangements, etc. Document your results in a two- to three-page paper, including a recommendation on which option to pursue.
Capital is a major concern while staring a business. I considered a number of sources for capital. The first source I considered was from my parents and other family members. It’s almost a guarantee that I can get a small loan of up to $3,000 dollars from my parents with no interest requirement during payment. Also it is not likely for them to issue a time limit for the repayment of the loan so that would be a good and viable source of funds.
Another source of capital for the business could be from venture capital firms. This might be especially difficult to get as I have to convince the venture capital firms that my business is worth investing into. One likely venture capital firm is Australian Private Equity and Venture Capital Association Limited (AVCAL). One major requirement is that for them to invest in a business the business take advantage of digital marketing and sales. In this regard, I have decided to open a website for this that will explain what the music academy is all about, its vision and mission. From this firm I look forward to getting around a $10000 financing. (AVCAL, 2016).
Another way of getting capital is from business administration offices in the country. One such administrative office is the Business Victoria. From their sponsored websites, the most ideal would be from Get business Sponsored which only charges a variable interest rate of 0.75% per month (Get Finance, 2016). Hence the accumulated interest would not be too much to repay. Taking a loan of $8,000 would accumulate interest of $720 after a year. I look forward to sustainable revenues after two years and plan to make arrangements with the firm after two years whereby the accumulated debt would be $9440.
Am also considering to get a loan from banks. A loan of $5000 would be great. Assuming a 7.5% per month (Canster, 2016) interest rate for a period of 2 years, the cumulative debt would be $14000. Part of the payment could come from the music academy assuming it’s making money by then. If not, I could use my car as collateral.
I could also get the remaining ($4000) amount by taking a loan from my friends. If I am not able to repay the debt from profits from the business one way of repaying the amount would be from the sale of some of my rarely used items such as old items such as phones, music players or clothes.

Research options for a rental space for the music academy. Develop at least 5 alternative sites. Include a picture of the sit, if available, square footage, cost, pros and cons, etc. Document the result and make a recommendation for which site to select in a three –to-four-page paper.
Another important thing in starting this music company is finding an office that will be used as the base of operations. The site Commercial Real Estate provides great options (Commercial, 2016). One suitable office would be at the Colliners International. It is spacious with about 700 sq. ft. Also it is well lit with enough windows. However, it being on the ground floor means that one is able to clearly hear traffic which is a distraction. Its cost too is also high at $2000 per month.
The Grosvenor Place is another great option. With offices with an average square footage of 800 sq. ft. it is very spacious. The cost of the office is also relatively low at $1200. However, there is no elevator which makes using the stairs inconveniencing.
Then there is the Cadigal. It is relatively cheap too at $1000 and is also spacious at 800 sq. ft. However, it being far from the city center may make delivery of various goods to the business difficult.
There is also the offices at Mirvac. There is minimal traffic in the area so there will be minimal distractions and the monthly rent is also relatively cheap at $800 per month. However, it is not spacious at only 400 sq. ft.
Finally, there are the offices at 580 George Street. They are very spacious at 1000 sq. ft. and are located in a serene surrounding. However, the offices here are very expensive at $1500 a month.
Taking all these into consideration, offices at the Grosvenor Place seem like the best option. They are not expensive and are spacious. A lack of an elevator is a small price to pay for that.

References
anon. (n.d.): ,,About AVCAL” AVCAL -. Retrieved 19.09.2016 from https://www.avcal.com.au/ about-avcal/about-avcal.
anon. (n.d.):,,https://loans.getcapital.com.au?infochoice/”.Retrieved am 19.09.2016
anon. (n.d.): ,,Offices for lease in Australia I page 1 “. Commercial Real Estate. Retrieved am 19.09.2016 from https://www.commercialrealestate.com.au?for-lease/australia/offices/.
@CANSTAR (n.d.):,,Unsecured/Secured Personal Loan Rates Comparison – CANSTAR”.Canster. Retrieved am 19.09.2016 from https://www.canstar.com.au/compare/personal-loans/?profile=loan

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