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    8 Replies Latest reply on Oct 15, 2007 8:30 PM by Business Mind

    Financing for my business

    beautiful_1 Newbie
      I'm planning on opening a small restaurant, how much capital should I have on my own to invest into it and how much should I look to borrow from the bank?
        • Re: Financing for my business
          franco Newbie

          Mr. everything depends on financial statement or reserves that you have, always consider who stop to mount a business must count on his reserves and their personal expenses and thus to be able to make his decision whatever to invest, to request a loan to a bank everything will depend on their credit reserves and type of business .también makes a feasibility study of the type of business tries to obtain the premises already designed for the type of business thus its investment is smaller.

           


          francisco herrera
          Lic Mortgage Broker
          • Re: Financing for my business
            lainsurance Newbie
            You may want to contact your local SBA chapter as a start. If they cannot help you directly, they are aligned with tons of resources to help you get from point A to B. Many of these entites are FREE or low cost. SBA is usually aligned with 'Small Business Development Centers (SBDCs) that are a great resource as well.
            • Re: Financing for my business
              WEBillions Adventurer
              Talk to other local businesses to find out how they started. You might also find out some other information you hadn't thought to ask. At least you'll be informed when asking for your money.
              • Re: Financing for my business
                MerleHaggard Newbie
                Google "cost of opening a restaurant" for the answer. Roughly $100k is a good start. If you have enough credit cards you probably can finance it that way (though it's a bit more expensive).

                Also MD is pretty well trafficked in vittles, so I would pick a good location or do a lot of research.

                BTW, it's not true that restaurants fail more often than other small businesses--the failure rate is roughly the same for all.

                Good luck girl.

                Merle
                • Re: Financing for my business
                  LUCKIEST Guide
                  Morning, How soon will you be opening this restaurant??
                  Do you have a location or site that already has a restaurant or will you be starting from scratch??
                  Do you have the equipment needed??
                  Have you written a BUSINESS PLAN, explaining your plans to develop a successful restaurant.
                  Do you have a banker?? and good credit??
                  The more you share with us, the better we can help you succeed and also answer your questions.
                  Good luck, LUCKIEST
                    • Re: Financing for my business
                      beautiful_1 Newbie

                      I would like to open my restaurant a.s.a.p. I recently lost my job after 9 years due to the failing mortgage market. So I would like to ficus my attention on this since i consider myself still young, 26. I do have a location picked out already that used to be a chinese restaurant. I am in the process of writing my business plan. I've been doing my research on what it should entail. My credit is excellent and I was considering using my current bank which is Bank of America, but that's not a definite.
                    • The Business Mind Consultants
                      Business Mind Newbie
                      Hello

                      Contact me and I will provide a free phone session.Business is not done through question and answers.
                      Your entire strategy must be examined and the switch from consumer mentality to a producer mentality must come first.
                      Dont waste time and money.

                       

                      Mike Henry
                      The Business Mind
                      760-622-9132