16 Aug Considering starting a glamping business – funding options?
I'm considering starting a dome glamping business with a couple friends. We'd like to buy a piece of land for $60-120K, then spend about $100-150K on development (domes, septic, electrical, etc).
In the process of putting together a business plan so that we can look into getting funding. Amongst the three of us, we have the marketing covered, as well as plumbing and tourism experience. With our connections, we can get equipment and a lot of materials at cost. The area we are thinking of is untapped with a lot of potential.
We're unsure of what funding options we have. I know ACOA and BDC are options, but we only have $20-30K – the rest we need to get funded somehow to make this happen.
I know BDC wants 40% to be self funded, but haven't gotten any details on other options.
Do we have a shot at getting $150-250K in funding with only $20-30K in personal funds? Is it possible to buy the land as a mortgage, switch to commercial, and use that as our "40%" self funding?
Any advice is welcomed! Positive or negative. Thanks!