I'd like to open a small restaurant business...where do I begin?

Question

I need a loan first since I don't have $ and then what?

Answer 1

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:

Restaurant Specific:

* 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

Business Loan Specific:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

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 2

Actually, before you can get the loan, you have to have a business plan to take to the bank. A business plan makes you answer all kinds of questions that are also necessary for you to know the answer to. Business plan help for specific industries is all over the web. Sample plans can be found at http://www.restaurantowner.com/public/555.cfm. After working in restaurants for 20+ years, I have switched to the marketing and design aspects that go into a sucessful restaurant. My web site, currently under construction, is http://designrestaurantmenus.com/default.aspx
Good luck in your venture!