Suggestions on finding funding for The Maine Candle Factory, my business, even though I'm not earning 50k yet
Hi. Any suggestions on finding funding to grow my new business?
I started making candles about one year ago. I lost my job and have tried to split my time between interviews, driving to new jobs, and testing my candles and learning every technique here or there.
I've found my niche here in Maine with soy candles with amazing fragrance and beautiful hand made vessels and hand poured candles.
Now that I've finished with my testing as far as wax testing, fragrance testing, wick testing, vessel testing, heat of the containers, labeling, shipping boxes, and more, I've found two large chains here in Maine who may want to carry, The Maine Candle Factory candles.
Everyone says to start small. Sell at events and flea markets at first. After spending all of my savings on this business for the past 10 months, it's difficult to afford reserving spots for shows and events not to mention a cash box, a tent for the event, a sign, etc.
I decided to sell online with Shopify, but I was only able to sell maybe 20 candles until my inventory became low and any money I set aside for advertising has diminished since I've focused on continuing testing of my products while also looking for work within 90 minutes away. I've gone on so many interviews in Maine.
As a military veteran, I recently learned that a SBA loan may work best for my business, but I've been turned down since I'm not earning $50k/year yet.
I've said to them that if I was earning $50k right now then I think I could go without a loan and afford to grow.
I'd like to lease a storefront in a semi (affordable) popular area with foot traffic where I will have some space to make more candles and sell them every day and pay myself minimum wage so that I can really focus on the business.
I was looking for $150k business loan so that I can have one year with a lease for a good storefront here in Maine, some additional equipment and supplies, tables, signs, marketing, and the minimum wage (though I expect to work 18 hours days for the first few years and only expect a minimum wage) in order to fully immerse myself into my business. I would also like to attend all sorts of craft shows and events, but I'm unable to even get started because I can't afford the initial setup costs.
I created a 6 year financial document that shows exactly what I expect to do financially and I think it looks rather impressive.
I am looking for any suggestions on if I should just continue looking for work and in my spare time make a couple of candles per week as time permits, and maybe once per month I will have about 20 to sell, or if anyone thinks that it is possible to find an interested financier to fund my business and I can start working Full Time, even at minimum wage and pump out hundreds or even thousands of candles per month, if I was able to fully immerse into the business.
Any and all suggestions, even criticism, will be very much appreciated ✌️