Friday, May 21, 2010

First Loan Secured

May 21, 2010 - I have secured PCM's first small loan from a gentleman who has been a strong supporter of People's Grocery for years and is now an enthusiastic support of PCM. This loan is what I call "pre-money money". It's intended as a stop gap between having no money at all and raising capital for the real launch of the company. In order to raise that capital a lot of things have to be in place already, like a solid business plan, financial model, presentation, office space, etc. But these things all take money, especially if you want to do them right. So in order to prepare to go raise some money, I actually needed to have some money in the first place.

Most entrepreneurs end up funding their "pre-money money" needs out of their own pocket. I'm fortunate to have the support of a gentleman who believes in PCM and in myself who agreed to provide that first bit of funding himself. I'm very grateful to him.

Now things can really get cooking as I hire three key consutlants to help me finish up the planning:
  • Retail Planning Specialist (helps with the floor plan, equipment plan and inventory plan)
  • Deli and Prepared Foods Consultant (to help develop a unique menu and signature deli experience)
  • Brand Development Consultant (to help further develop PCM's brand identity and strategy)

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