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    7 Replies Latest reply on Apr 22, 2013 10:03 AM by Moderator Ilona

    Starting a new business

    Amy Cuffee Wayfarer

      I previously worked for a latte company where I was the general manager.About 4months later a coffee shop with bands on the weekends and free wifi and you could go in and set down moved across the street, we didnt last long. The coffee shop closed down and now the other coffee shop is no longer there, I want to reopen the one I worked at, American Latte was the old name and now I want to call it American Latte 2 It would be so simple to get this little coffee shop back going. I know the man who owns the building and hes going to give me a great deal on the rent and meaning I have already dealt with the vendors and know who they are that will be a breeze also,I was wondering if anyone wanted to go in with me to open this back up, or if any loan suggestions you may have would be great, I have bad credit but my husband has good credit I need to know who would be the easiest to get the loan from I would only need 35,000 probably less. Thank you...

        • Re: Starting a new business
          Moderator Ilona Ranger

          Hi Amy, you came to the right place. We have a lot of very knowledgeable posters here that can probably help you get all your questions answered. You said your husband has good credit, have you thought about having him get the loan for you? Have you checked with your own bank, if you have a good business plan they might be able to lend you the money to reopen the Latte shop?

          Please keep us up to date on how everything is working out for you and the shop.

           

          Ilona

          • Re: Starting a new business
            aaronl Adventurer

            Amy, you did not say where the shop was but let me advise you that there are America's Small Business Development Centers in all 50 States. Each Center has excellent advisors with the abilitiy to walk you through the mechanics of restarting the coffee shop and can advise you about lender levels and types of lenders. These Centers are partner's with the Small Business Administration and services are FREE,

            I provide my clients with contact information for various lenders. Those that most frequently work with start up entrepreneurs in your credit situation are micro lenders. Micro lenders in this state are WESST, ACCION and The Loan Fund. Recently, I have been referring clients to one of my clients who offers a crowdfunding site called CrowdForce.com. Several of my clients have successfully taken advantage of CrowdForce.com to obtain initial business startup funding.There is much to discuss as you begin this new endeavor so feel free to e-mail me at aaronl@unm.edu to bounce things around some more conccerning your start up questions and locations of the nearest ASBDC. I would be delighted to help and our services are free at the ASBDC New Mexico Rio Rancho office. Certainly, find and use every resource that you can to obtain information and help to get the project up and running. Best of fortune and I look forward to speaking with you in the near future.

            AARON
            aaronl@unm.edu        505 999 1834

            R.Aaron Lundquist

            Business Advisor, Certified Business Analyst

            Sandoval County Small Business Development Center

            4001 Southern Blvd SE Rio Rancho NM 87124

            http://www.nmsbdc.org/sandoval

              • Re: Starting a new business
                Amy Cuffee Wayfarer

                OOOH thank you so much for the info, the shop is in Gastonia Nc near

                charlotte Nc, If you have any more info you can give me on what kind

                of license I would need to start the coffee shop back up?

                 

                 

                On Thu, Apr 18, 2013 at 5:11 PM, R Aaron Lundquist <

                  • Re: Starting a new business
                    aaronl Adventurer

                    Amy,

                    Amy,

                     

                    It seems that SCORE is the resource of choice in GA. You nearest consulting resource looks to be at the Charlotte SCORE

                    http://www.sba.gov/ >Find Resources> click on your state> pick the address that is closest to your home or business>. Tell them I referred you!

                     

                    Charlotte SCORE<http://www.sba.gov/leaving-sba-dot-gov?url=http%3A%2F%2Fcharlotte.score.org>

                    6302 Fairview Road, Suite 300

                    Charlotte, NC 28210

                    Phone: 704-344-6576

                     

                    You may also want to call the SBA District office also at the following link:

                    http://www.sba.gov/about-offices-content/2/3127 to ask about other resources and get more information.

                     

                    Each state has their own laws governing establishing and registering your business. The detailed information that I could supply would be relevant to New Mexico only so you will need to talk with someone in GA about establishing the business. Generally in New Mexico we have the following procedures: you would need to obtain the legal structure from the appropriate State agency, obtain a Federal Empoyer Identification Number FEIN from the IRS.gov website and any business tax number if required. Then you would be able to obtain your business license from the City or County and start a business bank account with a bank or credit union.

                     

                    Let me know if GA corresponds to this as you learn more about what is needed from your SCORE rep in Charlotte. Feel free to call or e-mail at any time if you have other questions, Amy.

                     

                    Best of luck as you proceed, Amy.

                     

                    AARON

                    aaronl@unm.edu<mailto:aaronl@unm.edu>        505 999 1834

                    R. Aaron Lundquist

                    Business Advisor, Certified Business Analyst

                    Sandoval County Small Business Development Center

                    4001 Southern Blvd SE Rio Rancho NM 87124

                    http://www.nmsbdc.org/sandoval

                    [LetsTalk021512]

                • Re: Starting a new business
                  Guide

                  Hi Amy,

                   

                  One question hit my mind when I read your post, why did BOTH coffee shops go under? Yours I can understand, the other had more to offer. If I was an investor, that would be the first question I would ask. Your answer could make or break the deal.

                   

                  Melinda

                    • Re: Starting a new business
                      Amy Cuffee Wayfarer

                      The owners were out of town and I do be leave they moved back up north.

                        • Re: Starting a new business
                          icetzou Scout

                          I don't think that's the reason why it closed down. The owner moved out of town because the coffee shop closed down, not the other way around.

                           

                          I come from a coffe shop background and I suggest for you to fully understand the market that you are going into, your demographics, your competition. Having a seemingly good idea is not hard, but the execution is. Survey people to see what they like and don't like.

                            • Re: Starting a new business
                              Guide

                              I could not agree more, Icetzou. I would also find something that no one else offers to set you apart from the competition. The last thing you need is to open up shop only to face that threat of having to close doors because there are simply just too many of the same old in one location. The survey idea is a good one. Tailoring your shop to the locals needs will help you gain an edge on your competition.

                               

                              Good luck!

                               

                              Melinda

                            • Re: Starting a new business
                              Moderator Ilona Ranger

                              I have to agree, doing some research and finding out what people in the area of you future coffee shop really like will prevent future head- and heartaches. This is not to discourage you from opening your coffee shop just to help you make all the right decisions. Make sure you do your research find out why the other 2 stores failed, sometimes it's as simple as not enough passion on the part of the owner, other times it's over-saturation in the area or prices being to high. We had some stores here that closed simply because the owners got tired and either wanted to retire or just wanted to try something new because the profits where not what they had envisioned. Stores close for many reasons but it's good to know why they did so you can make the best decision possible for your own store.

                               

                              Ilona