I need help from a person who started thier own business. Im 22yrs old and I have plans of opening up my own night club one day. How do I get started? What steps do I need to take???... etc.
I dont know anyone who started thier own business so its not like I can ask someone for tips. Is there anyone out there that can help me? Any tips, resources, research sites would help alot.
Mature answere ONLY Please!
Thank you!
2007-09-21 11:06:08 · 3 answers · asked by Anonymous in Business & Finance ➔ Small Business
I'll start by not directly answering your question... why do you want to open your own business (think about it)? If it's because you enjoy nightclubs, keep in mind that owning your own business often may take you away from what you really enjoy the most. If you enjoy the nightclub atmosphere, managing/owning your own business may actually keep you away from the "fun" activities.
So if you really want the management part, I highly recommend you first work for a nightclub, in a management position. This may mean starting from the "bottom" and working up... or find a nightclub owner who is willing to mentor you... or any other business owner who will mentor you...
Definitely spend the money to talk to an attorney and an accountant to be sure you cover all the bases about business ownership -- taxes, insurance, etc. Do a market study when you get close to actually opening, to determine where you will open it and when the timing's right.
Learn as much as you can before you put up your money.... and you may or may not need $100K startup -- that varies widely! I started my own highly successful business with about $200 (mine had little overhead, though!).
Good luck!
2007-09-21 11:24:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Dear Jessenia,
My advice is from many years of experience and the only way to make 1 million dollars a year in restaurant or night club is to invest 2 million into it.
ponydoc has a very good point there with having fun. The best way to get involved in night clubs is to have a high residual income already coming to you and you use the club to lower your taxes. If you dig deep enough you will find out that lot of restaurants and night clubs are owned by dentists, lawyers, surgeons etc. People with high taxable income. For them 100k is a play money.
If you are really keen on your dream, put together professional Business Plan which first of all must show that you do have your heart in it, then start presenting it to these groups or individual high earners for funding. They are always looking for dedicated professionals. That's the best way to go after your dream!
2007-09-21 14:18:34 · answer #2 · answered by StanTheMan 6 · 0⤊ 0⤋
Well , you will need at least a $100K in start up funds ( if you live somewhere cheap , like Ohio ) .
How much do you have for your start-up capital ?
>
2007-09-21 11:10:12 · answer #3 · answered by kate 7 · 0⤊ 2⤋