Little money. Not so good credit. Want to start a business. Where do I start looking for help?

Question

I know I can go to the SBA. But would they consider helping me considering I've got not so good credit? I know the type of business I want to start and I know I would be excellent at it. I know how to succeed. I want to start an upscale romantic restaurant with international appeal. Its not "italian" or "french" or "latin". Its the best of the best. I have restaurant experience and know how to efficiently run one. Does anyone think I have a chance?

Answer 1

Go to SCORE first. Find someone to help you with your business plan. With that plan and a mentor from SCORE, then that is the time to approach the bank and others for investment. SCORE assistance is free.

http://www.score.org

Answer 2

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

Restaurant Related:
* The Restaurant Business Start-up Guide by Paul Daniels
* Restaurants That Work: Case Studies of the Best in the Industry by Martin E. Dorf
* Restaurant Financial Basics by Raymond S. Schmidgall
* Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan and Feasibility Study by Sharon Fullen
* The Restaurant Managers Handbook: How to Set Up, Operate, and Manage a Financially Successful Food Service Operation by Douglas Robert Brown

Finance Related:
* Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

Good day, Go to the SBA ask them what to do and do it.
NOW work hard long (up to 100 hrs week)and pinch every penny you can. Spend only on food and necessitites. Have a SIZE ABLE cash pile.
Borrow only from people/companies you don't like. Tell your spouse and family you are taking a second lover who will demand your life for next 5 years. Get any help you can from friends family in sweet equity only.
Open your place only, if you would for lack of not opening the place, die.
Restaurant success numbers are like Barbaro's chances. Go for it. Having done so numerous times
my best wishes for you.

Answer 4

I'm not going to have a great claim of knowledge as far as the SBA goes, but one thing I can tell you is that you need to create a thorough business plan (and I would consult a business expert to help with that).

You can't just go in and say "Hi, I need a business loan". They need to see exactly how you intend to use the money and so on".

For more information, click on the links below.

Answer 5

How about starting an at home cooking service.

When I worked outside of my home, there was a women that made gourmet lunches at a reasonable price and delivered them to our main lobby. She offered maybe 5 or 6 options per day. Besides sandwiches or platters for that day, she would offer a desert or two.

Every Friday, she would fax over her menu for the next week.

This way, you would get your name out there, have people experience first hand what you had to offer and create an income for the time being.

Started my business about 1 1/2 yrs ago. I offer alternative gourmet products which are used in at least 85% of homes already, however, I can offer them alternative candles and bath & body products that are healthier for them, their family and our environment.


Great income producer for only $50. The benefits are phenominal! Wholesale, web site, training and daily support. The only requirement is to maintain my membership which I can cancel at anytime. (Of course I'm not). No required meetings, quotas, inventory... Notta, Nothing.

You may just need to presently create a smaller dream to achieve your ultimate goal.

It's ALL Good!

Best of Luck to YOU!

Answer 6

The SBA will help you but first you need to apply for conventional loans from banks or other lenders. The SBA's rate will be higher but you will have your loan. Write a good business plan and good luck.