8.
Re: How hard is to get a loan? Aug 8, 2009 6:17 PM
in response to:
mgdphotos
If you have been successful making and selling cakes and other desserts, my suggestion is to do more of it and earn your way to finance your dream business. And from experience, $25k is really not much money to start a restaurant of almost any size. And yes, a 3-page business plan suggests you may not have reviewed all the issues you will face with a much more complicated business than your current business including a detailed one year projection, etc.
One idea I suggest to clients is to continue doing what you are doing now to continue to earn some money and build on your past success while taking a job, any job, at a restaurant to learn more about the ins and outs of that complicated business. Learn from the inside what issues you will be facing from ordering food to managing a crew of employees at various skill levels to marketing to location and much more. A 1-year stint in someone else's restaurant can be a great education before getting started on your own. And please know the #1 new start up business that fails most often is opening a restaurant.
All the best to you. And if you do need professional no cost help with your business plan and suggessions on how you might secure some additional funding, contact your local Small Business Development Center (SBA) for counseling and advice and low cost workshops. Ben
