ForumsStarting a Business

That's Great you want to follow a dream, and well you are already getting by the sounds of it so to say in the right direction!
First here are to web sites that should be of top priority to start with, and remember it's free, and they love to help future business owners.
The first web site is the SBA Small Business Administration http://www.sba.gov/index.html
The second web site is SCORE http://www.score.org/index.html

Each of these has a wealth of information right at your finger tips as well as qaulified counslers to assist you. I suggest getting that business plan figured out with or with out their help. But both sites offer ideas on how to write one.

Now if you have a good FICO Score that will be a asset to you as well, but one thing you need to keep in mind that your personal credit is always at risk if your restraunt does not pan out right, or other things that go wrong while owning the restraunt. You might consider going corporate to maintain a business credit score seperate from your personal credit. There are alot of advantages to going corporate you can check out on the above mentioned web sites.

Getting a lawyer, and accountant will be your next step, they will be very important to you in business.

Got a question also? Do you plan to open lines of trade credit with merchants to purchase everything you will need to open the restruant, and run the restruant from then on? Will you be leaseing equipment, or buying it? Maintain equipment used, who will provide the service? Will you be buying the building or leaseing?
I ask those questions because you will need to consider them as well as many more!

If your interested in talking to a reputable business credit counsler may I suggest one that I use, and has done me very well in getting everything going just the way I needed.
Business Credit Services Inc. 1-866 254-6076 http://www.bcscredit.com/ they do it all from foundation up! It's worth looking into.

Last but not least do not fall for those that will offer loans over night! Real investors will lend money to business owners that have everything right for them to see, that you are knowledgeable, sincere, and not a high risk.

Good luck to you! And don't beat your head against the wall to much when writing that business plan, it can be hard, but well woth the effort!

Need help in how to start my own business, Welcome.

Sounds like you are off to a great start.

Do you know about SCORE?? SCORE is FREE online or in person.
SCORE wants to help you succeed.

Where are you, like city and state??

Good luck, LUCKIEST

Sorry I meant to say Score. I was typing while helping daughter out with homework. What is exactly SCORE?

Thanks,
Tammy

Hi,

Working for your self is both one of the greatest things you ever do but also one of the most demanding and responsible of things you ever take on. The starting point should be to get your business plan down on paper and in shape to present to funding sources; including SBA lenders (who I have experience in dealing with and know they love to see a good presentation of the principals involved and a solid business plan). Here is a link to an overview, numbered list, of what your plan should consist of (use it as a guide for working on your plan): http://www.adducentinc.com/services/Busin
ess_Plan_Proposal_Overview.htm. I've worked with many entrepreneurs starting or buying their first business. The very first thing I tell them is to understand that if you need funding for your business (or its acquisition) you have to prepare a well crafted business plan/presentation to funding sources or investors. There are a number of resources you can find online about writing business plans if you wanted to draft it yourself or have someone assist you. Here is a link to an example of how being prepared helped a client buy the restaurant she'd managed for 8 years: http://www.lbo-training.com/Internal/File
s/Restaurant-Franchise-Buy-Out_Example.htm
.