2006-10-05 16:21:44 · 4 answers · asked by Juliana R 1 in Business & Finance ➔ Small Business
You need to STOP and back out of the deal!
If you don't know or haven't work at least 3- 5 yrs in the food industry or that business, you will fail. Sorry an little knowledge is dangerous.
Classic business failure story is some one buys a business they don't know about. Good way to lose your money and spouses and retirement.
Do you research and internship before you sign for any thing especially a business.
2006-10-05 16:31:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You might want to learn how to spell business. You'll also need to know how to write a business plan because if you don't, you won't be able to get a loan to start the business if you don't already have the cash you'll need up front.
You'll nead to learn about local health codes...if your business isn't kept properly clean, you could wind up facing lawsuits if someone gets food poisoning in your establishmnt or from the food you've sold them that they took home.
You'll need to know if the business you plan to purchase is actually needed in the area it's in. Why are the current owners selling it? Have they been in it so long that they want to retire, or are they selling it because it just didn't work in the area it's in. If it's the latter, you'll need to make changes to try to make it a valuable asset to the community its in or you can look forward to it shutting down soon and you losing your initial investment.
2006-10-05 23:36:53 · answer #2 · answered by Chanteuse_ar 7 · 1⤊ 0⤋
It' a big undertaking. You need more than the basics. Find a mentor or partner that has done this b4.
2006-10-05 23:29:15 · answer #3 · answered by Crazymom 6 · 0⤊ 0⤋
know that most restaurants fail within the first 3 years also call your health department to find out what guidelines you must follow.
2006-10-05 23:32:59 · answer #4 · answered by barnett95 3 · 0⤊ 0⤋