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    8 Replies Latest reply on Jul 8, 2008 11:07 PM by mademan24

    In need of $30K for start-up costs for Ray's Sports Bar

    ragz1080 Newbie

      BACKGROUND AND DESCRIPTION
      I have been employed as a bartender and a waiter for well over 3 years now and have gained the confidence and experience to open up my own sports bar. Throughout my experience, I’ve come to realize that bars, particularly sports bars, offer people of all types to come in and unwind, especially after a hard day’s work.
      Ray’s Sports Bar will captivate the Downtown Jamaica Queens community with all brand-new equipment such as large and medium-size HDTV screens with HD cable, 2 billiard tables, a video game area, and state-of-the-art furniture and stools. Aside from liquor, various menu options will also be served such as pizza, burgers, sandwiches and appetizers. Due to the nearby college and corporate office buildings, Ray’s Sports Bar will capture the market which consists of lots of college students and professionals of all sorts in the neighborhood. I will be running this business with 2 other associates (both whom are also licensed and experienced with bartending and serving food) and will rotate shifts accordingly.
      PURPOSE OF LOAN
      The proceeds from this loan will be enough to cover all start-up costs which include:
      • minor renovations: $2,000.00
      • purchasing of equipment: $23,000.00
      • leasing costs and other fees: $5,000.00
      Aside from the main equipment such as TV’s, billiard tables, dining tables and furniture, kitchen equipment will be needed which includes 1 large freezer, 1 ice machine, 1 stove and grill area, 1 commercial dishwasher, storage cabinets and shelves, cooking tools and cutleries. Other minor necessities include glassware, glass racks, compartment sinks, ice bins, etc., and OFCOURSE the liquor (beer, wine and liquor).
      MY FINANCIAL OVERVIEW
      I am currently still a bartender and waiter and also play music professionally part-time around the city in which I work “off the books.” I reside with family which makes it easier for me to contribute a share to the rent, as opposed to carrying all the load on my shoulders. To better describe my financial situation, below is a detailed analysis of my monthly expenses.

      P.S. I’D LIKE TO THANK IN ADVANCE, ALL THOSE WHO WISH TO SUPPORT MY BUSINESS VENTURE, AND THE BEST OF LUCK TO EVERYONE ELSE ON THIS WEBSITE! THANKS AGAIN…!

      INCOME $600.00/wk (AS BARTENDER {$350.00/wk} & WAITER {$250.00/wk})
      + $500.00/wk (AS PART-TIME MUSICIAN)
      ________________________
      SUB-TOTAL = $1,100.00/wk
      x 4wks
      ________________________
      TOTAL = $4,400.00/month
      INCOME
      RENT - $450.00/month (reside with family w/ partial rent contribution)
      ________________________
      FUNDS AVAILABLE = $3,950.00
      UTILITIES & - $125.00/month (personal contribution)
      CABLE
      ________________________
      FUNDS AVAILABLE = $3,825.00
      INTERNET - $60.00/month
      SERVICE
      ________________________
      FUNDS AVAILABLE = $3,765.00
      TELEPHONE - $80.00/month
      ________________________
      FUNDS AVAILABLE = $3,685.00
      CHILD SUPPORT - $568.00/month
      ________________________
      FUNDS AVAILABLE = $3,117.00
      AUTO LOAN - $235.00/month (personal contribution)
      ________________________
      FUNDS AVAILABLE = $2,882.00
      AUTO - $170.00/month (personal contribution)
      INSURANCE
      _____________________
      FUNDS AVAILABLE = $2,712.00
      CREDIT CARD - $150.00/month (combined payments)
      DEBT
      ________________________
      FUNDS AVAILABLE = $2,562.00
      PERSONAL & - $900.00/month
      OTHER
      _____________________
      FUNDS LEFT FOR = $1,662/MONTH
      SAVINGS AND
      LOAN PAY-OFF

        • Re: In need of $30K for start-up costs for Ray's Sports Bar
          ragz1080 Newbie
          I'd like to add that I am willing to pay a hight interest-rate of 35% and will be able to repay the loan in a matter of 5-6 months, after my small business becomes stabilized. Thank you again in advance to those who wish to support my business venture.
          • Re: In need of $30K for start-up costs for Ray's Sports Bar
            ragz1080 Newbie
            wow...more than 800 views and not a SINGLE reply... not even a comment or suggestion.... i bet the first one to reply will offer nothing but criticism...thanks for nothing everybody...
              • Re: In need of $30K for start-up costs for Ray's Sports Bar
                Tracker

                Most of the people that view postings on this site do not actively engage in any dialog with other members of the site. They are passive ... reading, watching ... hopefully learning something from those that do post and those that reply to the posts. And there is a lot of good information and advice that gets shared on this site in response to specific questions that helps even those who do not actively participate.

                 


                Many that actively contribute to this community by posting and replying to posts are professionals that take time from their businesses to answer questions and provide feedback. That means they are not always sitting on this site to read/reply to everything that gets posted ... when it is posted.

                 


                I just spotted your series of posts and looking at your initial post ... it does not appear that you had any questions or asked for specific advice or feedback. You gave your spiel about your business idea and are just looking for money to start a business as many people are that come to this site. Nothing wrong with that unless your expectation was that someone would jump up and reply to that immediately.

                 


                If you are looking for advice then I can offer this:

                 


                If you have not done it yet, take what you put in your original post and use that as a basis to create a real business plan with real financial projections and then search in your local area for a private investor, interested in starting a sports bar business in your area ... they provide the funding and you provide the effort. Unless you have credit and collateral to secure a conventional bank loan that will probably be the surest chance you will find to raise money for a start up business of this type and size.

                 


                Good luck with your business start up plans.

                 


                Dennis Lowery

                 

                Adducent, Inc.
                1 of 1 people found this helpful
              • Re: In need of $30K for start-up costs for Ray's Sports Bar
                Santa Fe CPA Adventurer
                I have worked with several "Eating and Drinking Establishments" in the past. Your $30K start up money is about $70K short of success.
                The empolyees will steal from you in more ways than you can think of.
                The liquor supply business is usually in the hands of criminal elements. The vendors want cash on delivery. The customers want to be able to run a tab with you all night them dissapear.
                You are eaasy prey for every 2 bit hood with a Saturday Night Special or Zip gun.any where near the neighborhood.

                Don't do it until you are 10 years older and have built up the cash balance to support the operation for 6 months withou a paying customer..
                • Re: In need of $30K for start-up costs for Ray's Sports Bar
                  Favour Newbie
                  Hello,

                  i am interested in funding your project as long as it is worth it.
                  Can you kindly email me with more better details as regards to it for my perusal
                  and more.

                  Kind Regards,

                  Mandy