where do i get money to start a sports bar and what are the regulations in opening one?

Answer 1

Outside of mortgaging your property or cashing in your retirement savings you have two paths to potentially follow here.

1) Bank - which will possibly lend you the money to start the business.
2) Partnership - not so much venture capital, but a small group of people that you can pool money from to help you start your business.

No matter which route you pursue you need to have a business plan that will outline exactly what you want to do.

You need to have all the particulars laid out like location, start-up cost, how you'll advertise, your demographic (e.g. who do you expect to go to this bar), liability insurance, licensing (you are planning to serve alcohol correct?), and why this business will succeed.

Banks are very structured in their approach and need to see a very formal plan laid out on what you expect to do in business, why you're qualified and how it will all come together to provide you profit (and pay them back along the way).

Take some time to get to know your local SBA chapter and their associated board of retired executives. These groups will work with you to help you lay the foundation of your business plan and provide you the help you need to successfully negotiate financing options.

A good business plan takes time and effort to pull together but done properly it can lead you a strong financing deal. Too many small businesses go into this process un or ill prepared and face rejection after rejection.

Regulations vary from state to state and city to city, the best I can offer there is to call your local city/town hall and talk to someone in the restaurant/retail licensing board.

Clearly you will need a permit to operate (which usually requires proof of liability insurance), you will need a food service permit as well as a liquor permit. These are the main ones, but also be prepared to get a fire and occupancy permit which will stipulate how many patrons your location can house as well as the adequacy of fire protection. You may also run into parking permits, storage, and other ancillary permits that will be required before you open.

Again your best place to start is your local city/town hall, they will walk you through the process. Be prepared to be patient and have some up front money for the permitting process (nothing is free).

To make your dream a reality spend the time now getting this information together. Good luck!

Answer 2

Mortgage your house, liquidate your savings and things.

If it is such a good investment for others, then it is just as good an investment for you. Or no?

If I am going to invest in someone's idea and I see them going "ALL IN." Then I would know they believe in it whole heartedly. If they are not willing to "GO ALL IN," then I figure they are not really sure about their chances of success.

Try the Small Business Administration, they can give you some ideas.

If you want a lot of people to invest in your Sports Bar, then you will need to demonstrate how GREAT a business venture it is.

The regulations depend upon where you life.

Answer 3

work