ForumsStarting a Business

You should start with a business plan and marketing plan. The business plan will outline what steps you need to take to ensure that you remain on a path to profitability. Plus, if you are seeking financing - the plan will outline how much you need and when you need it. The marketing plan will help you better understand your target customers. You say over 25 - but what else do you know about the people in your area. Most people will only travel a few miles for these types of services. Thus, does the location you are thinking about have enough of your target customers to support your business. If not, your marketing paln can help you find a better location - simply by knowing your customers and where they are at. It will also help ensure that you are not just duplicating a bar that is already there or that if yours is similar - it will do things better - attacting more customers. Plus, knowing your customers will help you with your marketing - e.g. what would be the best way to let these over 25 know about your business.

There are two resources that can help you develop and research these plans - both do not cost - SCORE (score.org) or SBDC. Seek them out to get started.

In terms of financing - it would depend on the amount you need and what those funds would be used for. If you and your parents have good credit and experience in business - might try a SBA backed loan. If you have personal assets that can be used as collateral - might try a traditional bank loan. If you are seeking equipment for the business - there are non-bank lenders that focus only on equipment loans - even to start-ups. Then, if you are seking under $125K - there are several non-bank unsecured lenders that can provide those funds.

lastly, if you do not have experience in the bar industry - I would suggest you get some. Go work for a bar - even for just a few months and try to learn all that you can - even if it is just volunteering your time.

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