Negotiate with more than one lender. Don't be afraid to make lenders and brokers compete for your business by letting them know that you're shopping for best deal. Ask each lender to lower fees or interest rate. And ask each to meet or beat terms of other lenders.

Before you sign, read all paperwork carefully . It sounds boring and time consuming but it is better to be safe than sorry. If Home Equity Loan isn't what you expected or wanted, don't sign papers. Either negotiate changes or walk away. You will be surprised at what you can achieve by being firm.

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Financial Management:

Explain your source and amount of initial equity capital.

Develop a monthly operating budget for first year.

Develop an expected return on investment and monthly cash flow for first year.

Provide projected income statements & balance sheets for a two year period. Discuss your break­even point.

Explain your personal balance sheet and method of compensation.

Discuss who will maintain your accounting records and how they will be kept.

Provide "what if" statements that address alternative approaches to any problem that may develop.

Operations:

Explain how business will be managed on a day-to-day basis.

Discuss hiring and personnel procedures.

Discuss insurance, lease or rent agreements, and issues pertinent to your business.

Account for equipment necessary to produce your products or services.

Account for production and delivery of products and services.

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