I have always dreamend of opening my own Cafe Or Resturant.
i was hopeing that someone would know where i could look into getting a loan or somthing to do so. I do not have the best of Credit, And i also did not finish School... I know this is going to hold me back from my dreams. If i could find some help i would get my GED and then go to college. Im 22 so i have a few years still.
Any ideas i would love to hear them.
Thanks for all your help
2007-01-06 06:47:21 · 5 answers · asked by sexy momma 3 in Business & Finance ➔ Careers & Employment
Ambition is a wonderful thing. Many entrepreneurs often face setbacks or challenges and rise about them.
I would begin by writing a business plan (detailing all of your ideas on paper). Visit your public library for more information on business plans. Fully visualize your business, describe it and explain what it will take to get you there and how you will make this successful. The restaurant industry is quite competitive though, so you will need some type of competitive advantage.
Take this completed business plan to your local banker. No bank will even look at loaning you money for a business without this document. Be professional at the meeting and share your dreams and enthusiasm. Although you are young and may not have restaurant experience, your personal qualities can play a key role in your success.
As your credit is poor, you may also want to consider finding a co-signer for a loan or private investor/partner. If going with a partner, try to find someone who has strengths to offset your weaknesses (i.e. if you hate crunching numbers, find someone who can do this well ...).
Good luck with it.
2007-01-06 07:03:25 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You do have a few strikes against you fulfilling your dream right now. Education (limited), Life Experiences (Limited), Personal Credit (Limited).
Do not give up the dream. Get a job in a restaurant now. Do everything in the place to learn how everything is done. Do the food orders; do the bank deposits; review applications of potential employees; plan the menus---design new menus.
All of these skills will take some time to acquire, but as you said you are still young. Getting all of these skills will make it easier to prove to a banker in the future that you are a good risk. This path will also give you time to fix your personal credit. Good Luck!
2007-01-06 17:20:37 · answer #2 · answered by jpbofohio 6 · 1⤊ 0⤋
Citi Bank is pretty good about giving out loan. The interest isnt the best rate, but it is still money. As for your GED...i would search for government aid. For someone in your situatio, the government is pretty good about giving out grants (free money) along with loans that do not need to be paid until school is complete. Check out Feea.org, the Federal Aid Program. To get your credit score up, try consolidating all your debt and work on paying that off asap. Then, for future reference I would link your checking account with your credit card payments and use your credit card instead of your debit card. Just do not spend more then you have. This is a easy way to estabish good credit if you can stick to your budget.
2007-01-06 14:53:33 · answer #3 · answered by jb_outrakis 2 · 2⤊ 1⤋
You can get information on Federal and State Grants by going to www.FirstGov.gov
Some grants are geared toward helping someone who is wanting to open a business, go back to school, etc. There are also guides on how to apply for the grant(s) you are seeking.
2007-01-06 15:06:33 · answer #4 · answered by Deborah S 1 · 0⤊ 0⤋
The restaurant business is notorious for failing in the first year. You'll have a very hard time getting a loan. I would suggest finding a partner, or working for someone with an agreement to become a partner after a set period of time. Work hard and you can make it. Luck.
2007-01-06 14:55:49 · answer #5 · answered by Crash 7 · 0⤊ 2⤋