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    6 Replies Latest reply on May 26, 2009 2:14 PM by mightyventure

    Questions about starting up my business!!

    musiclover06 Newbie
      Hello people I'm new to this site and would love your opinions and insight.

      My parents and I are interested in starting a bar and grill of sorts, with live music and a dance floor ( i don't really know the proper name for that). It will be marketed towards an older crowd, ages 25 and up. We are located in Memphis,TN. It will be somewhere for adults to come and chill out, with music, good food, tv, and alcohol.

      My question is this: How do we go about actually starting the business and also, how do we get the finances to set our plan into motion? We are looking to open in about a year, maybe next summer.
        • Re: Questions about starting up my business!!
          JCPweb Wayfarer
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          Justin Peterson
          Christina Kick
          1 of 1 people found this helpful
          • Re: Questions about starting up my business!!
            BizSolutions Adventurer
            we would like to offer some suggestions. Please email me Monique@accuratefinancial.info
            1 of 1 people found this helpful
            • Re: Questions about starting up my business!!
              phanio Pioneer
              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.

              Business Money Today
              www.BusinessMoneyToday.com
              • Re: Questions about starting up my business!!
                LUCKIEST Guide
                Starting up my business, Welcome

                If I was planning to start up my business and planned to open next year. I would do TWO things first.

                One:: Contact SCORE. SCORE is FREE

                Two:: Develop both a Business and Marketing Plan (and SCORE can help)
                • Re: Questions about starting up my business!!
                  musiclover06 Newbie
                  Thank you guys so much for the advice, everything will be taken into consideration!!!!!! ;-)
                    • Re: Questions about starting up my business!!
                      mightyventure Wayfarer
                      One thing we know about starting a business - the start-up expenses can feel never ending. Like most "roadblocks" however, this is not the truth. There IS a limit to your start-up fees - but don't forget to include them ALL when your fundraising. One strategy for success is to keep
                      your employee salaries to a minimum by hiring performance-based
                      salespeople and offering stock in your company, where appropriate. This will help you to have employees who are tied to, and invested in, your company's success.

                      Here's a list of startup expenses. Be
                      sure to calculate an initial investment of AT LEAST four months when
                      you're fundraising to give you some breathing room to get off the
                      ground. (You can copy this list to an excel sheet to make your life super easy!)

                      Estimating Your Start-up Investment

                      Monthly Costs
                      Your Salary
                      Other Salaries
                      Rent / Mortgage
                      Advertising / Marketing / Social Networking Fees
                      Delivery and Warehousing
                      Supplies
                      Cell Phones
                      Other Utilities
                      Liability Insurance
                      Medical Insurance
                      Income Taxes, Including Social Security
                      Legal and Accounting Fees
                      IT Expenses
                      Miscellaneous

                      One-Time Costs
                      Equipment and Software
                      Furniture and Fixtures
                      Computers
                      Inventory
                      Utility Deposits
                      Legal and Accounting Retainers
                      Permits
                      Incorporation Fees
                      Cash on Hand
                      Other

                       

                      To your continued success, Christine Comaford
                      Biz Accelerator and CEO of Mighty Ventures, Inc.
                      NY Times Best Selling Author
                      http://www.resultsnowsummit.com/letter/