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7 Replies Last post: Oct 12, 2009 6:18 PM by PBAdvisors

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funding for an Italian pizzeria and restaurant

Sep 30, 2009 9:11 AM

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italiancook 5 posts since
Sep 30, 2009

I am a 34 year old Italian American born and raised in Queens, NY. Anyone from NY or ever visited, can honestly say We have the best pizza in america, (unless your from Chicago) The pizzerias that claim NY pizza, is good but it isn't NY pizza. I worked At a pizzeria in NY before moving here to Tampa. For 5 years, worked on making a great sauce for my pizza and succeeded. I know want to open up my own pizzeria and restaurant. New York style.

The community I want to serve is made up of 11 villages with 3 schools and 1458 homes. Two schools are very close. One is a High School the other is a 1st grade through 5th grade. Currently , the strip mall businesses operating are CVS, hair solon and a Chinese restaurant.

Now the challenging part. Finding someone that would finance or willing to invest. I would need funds for the material to design the interior, (My family and I would construct it). Equipment and at least one year's worth of lease payments. I know this is tough, especially with the recession But I am confident in the quality foods that I will provide.

Can someone direct me in the right direction in writing a business plan, finding an investor or where my best chances are to get financed.

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DomainDiva 1,731 posts since
Oct 10, 2007

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1. Re: funding for an Italian pizzeria and restaurant Sep 30, 2009 12:49 PM

Contact Score in your area for help with the business plan.

Maybe you could start catering or something to get your name out there before you open a restaurant. Just a thought. I can imagine that your food is going to be yummy. There was a documentary on Pizza and it's origins on one of the history /discovery channels. Of course then theres always the 8 table hole in the wall place that has a line around the block to get in....cheap and effective...

You may qualify for a bank or small business loan. If it were me I would make food to take along as well when meeting with a lender. The fact that you and your family will be doing the contracting and remodeling work I think is a big plus.

Banks are starting to open up the lending, be sure to do a demographic of the area and what the competition in that area is.

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TheSoloGuide 109 posts since
Jul 7, 2009

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2. Re: funding for an Italian pizzeria and restaurant Sep 30, 2009 12:49 PM

italiancook:

Congrats on taking a step out on your own and starting a business!

Regarding help with a business plan, I have a free page on my site that outlines what you will need (especially since you need to raise funds from outside sources). Here is the link:

http://thesologuide.com/planning/

I recently owned and operated a restaurant, so once you complete your plan, let me know if you would like me to look it over to see if you have all your bases covered and realistic numbers.

As far as money is concerned, I recommend that you seek out a member in this community that goes by the nickname "phanio". He has very helpful advice for finding funds, what's required to secure funding, and how your best option may be to get multiple loans from different sources for your various needs instead of one large loan to cover all of your expenses.

Hope this helps.

Doug Dolan

The Solopreneur's Guide

http://thesologuide.com

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italiancook 5 posts since
Sep 30, 2009

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3. Re: funding for an Italian pizzeria and restaurant Sep 30, 2009 3:32 PM

in response to: DomainDiva

Thank you for the advice.

I would like to start by catering, but it cant be done at my place of residence. Would you or anyone know of any kitchens for rent?

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TheSoloGuide 109 posts since
Jul 7, 2009

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4. Re: funding for an Italian pizzeria and restaurant Sep 30, 2009 3:51 PM

Italiancook:

I don't know any of the establishments in your area, but I recommend that you look at restaurants that aren't open for all three meals a day and hotels.

When I owned my restaurant, we were approached by a couple of start-ups because as you know the health department will not allow you to run the business out of your home. You must be in a commercial approved kitchen that they have audited.

We were only open for dinner, so we had free time in the first half of the day to lease out the kitchen. With so many restaurants struggling, you may have a good chance of finding one that is willing to cooperate.

Some hotels have the same issue. They aren't getting maximum use out of their kitchens, so leasing out space may make sense for them, too.

There was a buzz about a month or two ago about a woman from NJ, Angela Morgan, who was close to losing her home, so she started up a baking business selling Mortgage Apple Cakes. She ran into the issue with the health department and working from home, so she found a local hotel that leased her space. Google her name and Mortgage Apple Cakes and you will find a number of articles talking about her story.

Hope this helps.

Doug Dolan

The Solopreneur's Guide

http://thesologuide.com/

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AndrewRSA 7 posts since
Oct 9, 2009

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5. Re: funding for an Italian pizzeria and restaurant Oct 9, 2009 12:44 PM

Italian Cook,

In this environment, most of my clients are getting funded through angel investors though there has been an uptick in small business lending from commercial banks. The business plan is important for a variety of reasons -- perhaps mostly because the process of making one forces you to really think through the process of starting the business. Be wary of the template approach though; it strips you of the benefit of really thinking through the plan.

The best thing about starting a restaurant right now is that the real estate market is in the dumps. Sounds like you're in Florida, so this is particularly true. Though I'm located in New York, I have a client in Detroit who has the same unique advantage: a bad real estate market. This is a huge expense to any brick-and-mortar operations, so you should be taking advantage of this window of opportunity.

If you'd like to talk, let me know. Best of luck.

Andrew Levinson
Managing Director
Riverside Strategic Advisors LLC

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italiancook 5 posts since
Sep 30, 2009

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6. Re: funding for an Italian pizzeria and restaurant Oct 12, 2009 12:45 PM

in response to: AndrewRSA

I wan to thank you all for responding.

I applied for a loan with thrifty loans. They claim I was approved but find it a bit shady. No credit check, They just asked me a few questions in regards to the loan and bam I was approved. This is the email they sent to me.

We received the information you sent in the "financing form". We have reviewed your loan request and are willing to provide the required funding.

Consequently, the "terms and repayment schedule" for your loan have being prepared and attached to this message. You are requested to send us a response with your preferences, together with a scanned copy of your "driver's license", "identity card" or international passport" to facilitate the verification of your identity.

Has anyone heard of or have any history with thriftyloans.com? They are located in the UK, I'm just not sure if it's a scam.

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PBAdvisors 1 posts since
Oct 12, 2009

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7. Re: funding for an Italian pizzeria and restaurant Oct 12, 2009 6:50 PM

Without a solid business plan, the probability of failure is grows significantly. Check out the local small business association and become an entrepreneur - small business owner that happens to own a pizzeria. Invest at least 3 months in putting this together and do it right the first time. Once you open up for business, adjusting will be difficult and costly. Take the time to write the plan yourself. It is the process of learning that matters the most, not the finished product.

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