I know someone who is selling a beautiful timber frame barn, brand new and it sits on 53 acres of land. It has a great location for a restaurant and is already commercialy zoned. I just dont have the start up money. how do I make it happen?
2006-08-30 07:28:01 · 9 answers · asked by jomamma2399 2 in Business & Finance ➔ Small Business
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Associations may be a good avenue to explore. 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:
* 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
* Upstart Guide Owning & Managing a Restaurant by Roy S. Alonzo
* The Restaurant Managers Handbook: How to Set Up, Operate, and Manage a Financially Successful Food Service Operation by Douglas Robert Brown
* Start and Run a Money-Making Bar by Bruce Fier
* Upstart Guide Owning & Managing Bar or Tavern by Roy S. Alonzo
* Start Your Own Bar and Tavern (Entrepreneur Magazine's Start Ups) by Entrepreneur Press
* The Food Service Professionals Guide to Bar & Beverage Operation: Ensuring Maximum Success by Chris Parry
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!
2006-08-30 09:34:26 · answer #1 · answered by TM Express™ 7 · 0⤊ 0⤋
first you must be enthusiastic and "committed" to see it thru, working over 80 hours a week, have no other people to care for, and put your heart and soul into the restaurant for the next 5 or 6 years to make it work, and it must be at a crossroads so it can draw traffic, and in a area where there are other attractions.
then you go to http://www.sba.gov and take 3 months out of your life doing a small business plan. Listing all your home and anticipated restaurant expenses and anticipated income (all true figures), equipment, building upgrades, licenses, how many people you will hire, at what salaries, etc. etc. Once you know all the figures you walk into a bank to take out a loan against your mortgage and your anticipated equipment, and ask the bank how much they will loan you. Of course you will have to come up with the part they will not loan you so hopefully you've saved your money while you were working. Good luck.
2006-08-30 08:10:07 · answer #2 · answered by sophieb 7 · 0⤊ 0⤋
Well maybe you could start very small, by having family donate to you so u can buy it. Then after yo buy it invite them over for dinner there. If you have any extra money you can buy a lot of extra cooking supplies. Then make cheep flyers around town saying something about the new dinner place. Work through tips to keep it running. If you can't afford to hire a cook ask a family member if they can help cook and clean up. The more popular the place gets the moe people will come and maybe someone will offer you a deal. Good Luck!!!!!!!!
2006-08-30 07:37:01 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It takes money to make money. If you can't swing the startup costs and still have enough money to live on for a year or so, you're probably doomed to fail. It's a sad fact of business.
But until you get some money saved up, you can still get experience in the business. Get a job in a restaurant like the one you want to start, and see if it's really what you want to do as a career.
2006-08-30 07:35:32 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
You have to start with a business plan. It should outline as much about the business that you want to start as possible. It should state how much money you want and what the money is going to be used for in detail. Should also state what you are willing to give up to get the money.
2006-08-30 07:53:43 · answer #5 · answered by WJVV 4 · 0⤊ 0⤋
Make dinner for friends and get their connections. They can taste the reasons you should get this property. You don't need money you need good connections.
2006-08-30 07:32:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Check for state and federal grants.
2006-08-30 07:33:40 · answer #7 · answered by CARLOS 2 · 0⤊ 0⤋
go online and research small business loans! there is plenty of info out there, good luck
2006-08-30 07:33:55 · answer #8 · answered by vampire2005 2 · 0⤊ 0⤋
It is nice to dream, you can't do any thing without money.
2006-08-30 07:36:44 · answer #9 · answered by Adnan Sallam 3 · 0⤊ 0⤋