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    8 Replies Latest reply on May 27, 2009 12:34 PM by DeanMalibu

    Need help in how to start my own business

    tmccadden Wayfarer

      I am interested in starting my own business and have a lot of experience in the food industry. I have helped my husband operate several of his restaurants, and now want to open my own restaurant. I have a location selected, name, and type of business. However, I need with the process of writing my business plans and the best type of funding to open a business. I do have a pension fund that I can tap into if I need to, but would prefer to use that in the last resort. I am interested in a SBA loan from $50K - $100K. I just don't know how to apply for one or the qualifications. I have excellent credit, but need help with the financing. I would like to open the business by November if possible. The location will be downtown, and I already havem most of all the equipment to open from my husbands previous restaurant.

      Please advise for the next step in fullfilling my dreams of being my own boss.
        • Re: Need help in how to start my own business
          EL_DollarShop Adventurer
          That's Great you want to follow a dream, and well you are already getting by the sounds of it so to say in the right direction!
          First here are to web sites that should be of top priority to start with, and remember it's free, and they love to help future business owners.
          The first web site is the SBA Small Business Administration http://www.sba.gov/index.html
          The second web site is SCORE http://www.score.org/index.html

          Each of these has a wealth of information right at your finger tips as well as qaulified counslers to assist you. I suggest getting that business plan figured out with or with out their help. But both sites offer ideas on how to write one.

          Now if you have a good FICO Score that will be a asset to you as well, but one thing you need to keep in mind that your personal credit is always at risk if your restraunt does not pan out right, or other things that go wrong while owning the restraunt. You might consider going corporate to maintain a business credit score seperate from your personal credit. There are alot of advantages to going corporate you can check out on the above mentioned web sites.

          Getting a lawyer, and accountant will be your next step, they will be very important to you in business.

          Got a question also? Do you plan to open lines of trade credit with merchants to purchase everything you will need to open the restruant, and run the restruant from then on? Will you be leaseing equipment, or buying it? Maintain equipment used, who will provide the service? Will you be buying the building or leaseing?
          I ask those questions because you will need to consider them as well as many more!

          If your interested in talking to a reputable business credit counsler may I suggest one that I use, and has done me very well in getting everything going just the way I needed.
          Business Credit Services Inc. 1-866 254-6076 http://www.bcscredit.com/ they do it all from foundation up! It's worth looking into.

          Last but not least do not fall for those that will offer loans over night! Real investors will lend money to business owners that have everything right for them to see, that you are knowledgeable, sincere, and not a high risk.

          Good luck to you! And don't beat your head against the wall to much when writing that business plan, it can be hard, but well woth the effort!
          • Re: Need help in how to start my own business
            tmccadden Wayfarer
            Thank you for your response. I have already decided that I want to put the business in a Corporate name. I do have an accountant already which is my father. I just need to find a lawyer now.

            I plan to do LOC from merchants, and buy a lot of the merchandise myself from Sams club to save on costs. I will be leasing some of the equipment, and some I will be buying used. I will be leasing the building for the business.

            My husband has owned several successful businesses in the last 20 years. I plan on turning to him for his expertise a lot during the process.

            I guess this is all new to me, since I have never been a business owner myself, but have worked in the restaurants, fast food during my h/s and college years. I have worked in the banking field as a manager for the last 10 years, and feel that I can run a business with my husbands expertise behind me.

            I just need help with the planning, financing, and where to begin. Do I start with the business plans, and then try to get a SBA loan. When can I start looking for a location, after the financing is in place? I know this is going to be a long journey trying to get my business open. I also understand I have to reserach out the name and make sure it is avaiable.

            Thank you for your advice.
            • Re: Need help in how to start my own business
              LUCKIEST Guide
              Need help in how to start my own business, Welcome.

              Sounds like you are off to a great start.

              Do you know about SCORE?? SCORE is FREE online or in person.
              SCORE wants to help you succeed.

              Where are you, like city and state??

              Good luck, LUCKIEST
              • Re: Need help in how to start my own business
                Tracker
                Hi,

                Working for your self is both one of the greatest things you ever do but also one of the most demanding and responsible of things you ever take on. The starting point should be to get your business plan down on paper and in shape to present to funding sources; including SBA lenders (who I have experience in dealing with and know they love to see a good presentation of the principals involved and a solid business plan). Here is a link to an overview, numbered list, of what your plan should consist of (use it as a guide for working on your plan): http://www.adducentinc.com/services/Busin
                ess_Plan_Proposal_Overview.htm. I've worked with many entrepreneurs starting or buying their first business. The very first thing I tell them is to understand that if you need funding for your business (or its acquisition) you have to prepare a well crafted business plan/presentation to funding sources or investors. There are a number of resources you can find online about writing business plans if you wanted to draft it yourself or have someone assist you. Here is a link to an example of how being prepared helped a client buy the restaurant she'd managed for 8 years: http://www.lbo-training.com/Internal/File
                s/Restaurant-Franchise-Buy-Out_Example.htm
                .