Is there a way to get a loan to start a very small restaurant? I don't have any money to put down. Also, how do I know how much I need? I found a small place that is up for lease that would be a great location, but I don't have money to start it and have no idea how much money it takes it start it.....like put the ovens, carpeting, tables chairs....ect.... Remember, this is just a very small place not a big restaurant.....Like takes 3 people to run it.
Thanks for helping me with my dream and God bless all..Thank You.
2006-09-27 18:44:19 · 6 answers · asked by heythere 4 in Business & Finance ➔ Small Business
Slow down, take a deep breath, and get ready to get organized. You can start by contacting the Small Business Administration. Look it up on-line or in the yellow pages. They can tell you what info they would need to help you. That might take awhile, after all it is the government...
A faster way to get money would be either to borrow it from a person that you know, or a bank. A bank is going to want a business plan, and for that you will have to have answers for all of those questions that you listed above. You will also want to check with the city to find out if the building is up to code, zoned for what your intended use is, and get permits,etc. You will need to get a tax ID number from the IRS, and lots of other paperwork.
I opened a business several years ago, and I was very surprised at how complicated things get. Call your chamber of commerce, they will be able to put you in touch with somebody who has gone through all of these processes in your town.
If I were you, I would befriend another restaurant owner, and see who is a good local supplier as far as equipment, etc. You can find good deals on the internet, but I found that local companies were more willing to go the extra mile, and they will also support your business once you open the doors.
Also, I would go to the library or bookstore and get one of those Dummies books. That sounds crazy, but they really have a lot of info that you will probably need, and point out some things that you may otherwise overlook.
The most important thing that I can tell you though, is to get organized, and stay organized. Things can pile up reeeallly quickly.
Good luck!!!!
2006-09-27 19:08:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You MUST have the money to start that restaurant. As they say, 'It takes money to make money'. If you feel strong about it, get a loan from the bank that will support you.
2006-09-28 01:56:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
ask the bank for a loan
if they turn you down due to lack of money, get a job and save up some cash for a while
Starting a biz is extremely hard, 80% of new biz. fail in a month due to lack of training, time, and or money.
get all the info on this that you can before going into it.
2006-09-28 01:47:14 · answer #3 · answered by D S 3 · 0⤊ 0⤋
Shop around for loans. Banks or credit unions are good places. Apply for a small business loan. Good luck! I wish you much success!
2006-09-28 01:47:09 · answer #4 · answered by MoMoney23 5 · 0⤊ 0⤋
Try the book "Small Business for Dummies", really useful and helpful, it will answer all of your questions.
2006-09-28 01:46:22 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I AM NOT BEING A SMART A## WHEN ISAY THIS BUT, THE #1 BUSINESS TO FAIL IN ANY OF THE STATES IS A RESTURANT AND IF YOU HAVE NO IDEA ABOUT THE START UP, DONT VENTURE...
2006-09-28 03:34:58 · answer #6 · answered by sammi girls mom 5 · 0⤊ 0⤋