I would like to open my own restaurant in a few years. But, I don't know how much I need to save or borrow from bank. Is it good idea to buy all equipments and right from one who want to sell the restaurant?
2006-09-29 13:35:30 · 4 answers · asked by Jojo 1 in Business & Finance ➔ Small Business
go to www.sba.org select any volunteer and discuss all your issues with him.You need at least 10% of your projected purchase prices or total bank finance.
2006-09-29 13:45:25 · answer #1 · answered by precede2005 5 · 0⤊ 0⤋
You don't give your location, but I can tell you what I did when I opened my small restaurant. I found a building and signed a lease I could afford. My husband and I scrubbed the place from top to bottom, painted all the walls and built a luncheon bar. Then we began looking for restaurant equipment auctions and second hand appliances, utensils, stock pots, pots, pans, literally everything. We bought very few things brand new because as we made a profit, we could replace the used items with new ones. We cooked our own food until we got so popular we had to hire a couple of cooks. I also waited tables until that point - we ended up with a staff of 8 not counting ourselves. I also did my own bookkeeping and hired a payroll service to take care of the deductions and taxes. What a ride that place was! I loved it - I wish you well. If the equipment in the restaurant is in good shape or you can do any needed repairs yourself, then YES - buy his equipment! P.S. I opened after spending a grand total of $5,000.00 because I worked hard finding bargains, doing most of the work myself, and cooking my own food (to start).
2006-09-29 13:45:57 · answer #2 · answered by Decoy Duck 6 · 2⤊ 0⤋
If there are vacant properties on your section, how about a "abode watch" service the position you flow and take images and do inspections each month to work out if the backyard company, pool company, and so on. that the house proprietor has employed is somewhat doing the pastime. What changed into your college significant? What do you want to do on your spare time (if any)? those are sturdy techniques to foretell which niches you'd prevail in.
2016-11-25 03:11:10 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Anywhere from $ 25-$30 thousand dollars.
2006-09-29 13:37:37 · answer #4 · answered by WC 7 · 0⤊ 0⤋