i want to open Thai restaurant in Tampa.Already found a restaurant for sale and really like it.
Now how do i get lone from the bank?
2007-03-17 14:43:12 · 3 answers · asked by jill 3 in Business & Finance ➔ Small Business
90% of restaurants fail in the first year. banks know that. that is why most people try to start self-funded by family and friends. don't buy a restaurant. lease a space - lowers cost and $$ committment. also, there are a lot of Thai restaurants in Tampa, especially in s. tampa. why is this one available? maybe they know something you don't.
2007-03-18 08:59:48 · answer #1 · answered by TheRockLady 4 · 0⤊ 0⤋
Get the figures from the business you want to buy, organise a simple business plan outlining strategy for making business successful, including any marketing. Do research on area to determine the market and how you plan to capture a good share of it. Go see the bank with a quietly confident manner, speak clearly and demonstrate knowledge of restaurant business and realistic goals. Hope this helps...
2007-03-17 14:57:19 · answer #2 · answered by MissHelpful 1 · 0⤊ 0⤋
She's right, If you don't have a collateral, a bank need a business plan before they agreed you a loan. Business plan is how you sell yourself to the bank to convince them in approving you a loan and if you are capable in paying them back.
You can download a lot of free software on "How to make your own business plan" in the internet . it will assist you in making your business plan. When you made your final business plan. Make lot's of copies and submit them as many bank as you can. Some bank may not approve, but the more you fish the chances you can catch one.
2007-03-17 23:33:45 · answer #3 · answered by crazy4U 2 · 0⤊ 0⤋