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    2 Replies Latest reply on Sep 23, 2015 1:55 PM by clarissamiller

    Restaurant

    clarissamiller Adventurer

      My name is Clarissa and I am a second-year college student. I have been excited by the idea of opening up a restaurant business for quite some time. My college town is predominantly white, as most are, and there is a very limited amount of food options. I am Dominican and from the city and sometimes I get home sick and get in the mood for some delicious Dominican/Spanish food, but, of course, in this small town there are very limited food choices, the only option is a "Mexican" taco/burrito store and Chipotle which do not serve the type of food I want. I would like to open up a Dominican restaurant that serves savory food and has the feel of a regular city Dominican Restaurant with the music and homey environment.

       

      My target audience would be mainly college students and their parents but obviously few college students would be going out to dinner, especially during the week, so I also wanted to target the VERY small multiracial community in town and everyone one else of course.

       

      So far I have created a design for how I would like my restaurant to look and a menu with price estimates. I still need to finish the business plan but it is a bit difficult because I am already creating another business plan for one of my classes.

       

      The main reason for me writing this post is that I recently saw one of the retail locations downtown was up for sale. Not only is it in a prime location but its design and layout are practically identical to my designs. The price of the location is $189,000 which is included the furniture and equipment. I am really excited about this plan, and this location would be absolutely perfect but I know that it is too early for me to open this business considering that I still have to year to finish my Bachelor's degree but I was wondering If I would qualify for a loan after college around the amount of $250,000. I don't have any collateral but I figured if banks are more than willing to give college students $250,000 school loans they may give me a chance.

       

      What do you think are the odds of loans giving me a $250,000 loan straight out of college?

        • Re: Restaurant
          LUCKIEST Guide

          Welcome to the Community Clarissa.

          I think your odds can improve greatly if you do your homework FIRST.

          A good Business Plan, An Accountant, A Lawyer, A Banker and an

          Insurance Agent who support you and the restaurant would also help your odds.

          There is a show on T V called Shark Tank. Maybe you would like a partner??

           

          Best of luck, LUCKIEST

          • Re: Restaurant
            Moderator Rebecca Guide

            Hi Clarissa!  Welcome to our community!  The traits that define the typical millennial—idealistic, confident, environmentally conscious and creative—all lend themselves to entrepreneurship. Add a little tech savvy, energy, and luck, and you definitely have a great combination for success under the correct circumstances.

             

            It's never too early to start planing your dream business once you graduate.  As Luckiest stated, you'll need to start with a good business plan.  You'll want to research the business trends in your field and your area to see what will be the most successful course of action for your dream business.   Schedule an appointment with your local SBA (small business association) or S.C.O.R.E chapter.  These are free resources available to help you with your goals.  The SCORE Association, supported by SBA, is a nonprofit association of thousands of volunteer business counselors throughout the U.S. and its territories.  You can find out more information on these resources at The U.S. Small Business Administration | SBA.gov .

             

            In the meantime, be sure to browse the articles and discussions on our site.  You may find some others who have the same types of questions that you do, or helpful tips and tricks to keep in mind while writing your business plan.  Feel free to ask questions along the way to our community!

             

            We look forward to hearing more from you!

             

            Cheers,

            -Rebecca