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    6 Replies Latest reply on Aug 23, 2008 6:27 PM by finsolamerica

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

    akgold Adventurer
      I've never had a business loan before, what should I do?
        • Re: Getting a loan to start a pool hall - What do I need?
          SCORE108 Wayfarer
          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.
          • Re: Getting a loan to start a pool hall - What do I need?
            FashionGal Wayfarer
            I recommend going to your local branch for advice as a starting point.
            • Re: Getting a loan to start a pool hall - What do I need?
              jgoldstein Newbie
              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
              1 of 1 people found this helpful
              • Re: Getting a loan to start a pool hall - What do I need?
                WEBillions Adventurer
                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.
                • Re: Getting a loan to start a pool hall - What do I need?
                  notaguru Newbie

                  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.
                  1 of 1 people found this helpful
                  • Re: Getting a loan to start a pool hall - What do I need?
                    finsolamerica Newbie

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