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6 Replies Last post: Aug 23, 2008 12:15 PM by finsolamerica

Getting a loan to start a pool hall - What do I need?

Jul 20, 2007 12:30 PM

Click to view akgold's profile Founders akgold 51 posts since
Jul 19, 2007
I've never had a business loan before, what should I do?
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Click to view SCORE108's profile SCORE SCORE108 12 posts since
Aug 6, 2007
1. Re: Getting a loan to start a pool hall - What do I need? Aug 7, 2007 5:08 PM
As stated by SCORE81 you will need to show what your business will do in the future and what you will do with the funds you borrow and how you will be able to repay the loan. A Business Plan will cover these items. Bankers almost always ask for a business plan when you approach them for a loan. If you search the internet for "sample business plans" you will find a wealth of information on what a plan covers.
Click to view FashionGal's profile Founders FashionGal 32 posts since
Jul 29, 2007
2. Re: Getting a loan to start a pool hall - What do I need? Sep 24, 2007 9:21 AM
I recommend going to your local branch for advice as a starting point.
Click to view jgoldstein's profile Professional jgoldstein 12 posts since
Oct 10, 2007
3. Re: Getting a loan to start a pool hall - What do I need? Oct 10, 2007 3:09 PM
1. Buy a book on this topic, there are many. First thing you will need to do is prepare a business plan. The book will show you how to do so.

2. Contact the local Small Business Administration office and ask them to put you in tough with the local SCORE team.

jgoldstein
Click to view WEBillions's profile Mogul WEBillions 154 posts since
Oct 10, 2007
4. Re: Getting a loan to start a pool hall - What do I need? Oct 13, 2007 10:41 PM
Is there another pool hall in your area? If so, consider whether it really makes sense to have another.

If not, find one sort of close by. Get in touch with the owner. See if he or she would have some time to sit down and chat with you. Find out how they paid for their starting business and how much it cost. See if they will share information about how much they make now. If you won't be competing (assuming you are far enough away from them), they may not mind. They might also have valuable information that you may not have thought of yet.
Click to view notaguru's profile Start-up notaguru 1 posts since
Oct 15, 2007
5. Re: Getting a loan to start a pool hall - What do I need? Oct 15, 2007 1:30 PM

Make sure you do your due dilligence, akgold. I by no means want to squash anyone's dreams, but I've been looking into opening a pool hall myself, and I've been very discouraged by what I've seen. Between the smoking bans, the popularity of poker, and the black eye that the IPT gave the sport (at least in the eyes of the sponsors), room operators have fallen on some hard times. Pool as a sport is struggling right now, and nearly every pool hall operator I've talked to in the last two years has advised me to hold off on opening a pool hall. That said, if you think there's a market for a room around you, I hope you succeed, and I'd like to hear about it. As an avid pool player, I'd love to see the sport rebound.
Click to view finsolamerica's profile Mogul finsolamerica 39 posts since
Aug 23, 2008
6. Re: Getting a loan to start a pool hall - What do I need? Aug 23, 2008 6:27 PM

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