What are the chances of I, a 22 yr old getting a 50,000 dollar business loan for a bar/restaurant?
Hi everyone! Heres a little background. I am a 22 yr old, and am looking at starting a bar/restaurant business in a very busy, young, vibrant, and rich downtown urban area. I have worked in a restaurant since I was 14, and know all aspects of running one, even management, as I have managed a family owned restaurant (my dads), of 75 yrs, until 2 yrs ago when he sold out. I have 3 yrs college experience, and have not graduated yet, although my heart truly lies in entrepreneurship, in the restaurant field. My father has been looking to get back into owning his own place, and we found this nice bar/restaurant, which has already been stated, and it is available for lease on a 5 year contract. Total capital required to start up, is 0,000. This includes 1 month food/alcohol, cooking/storage equipment, shelves… everything that goes into starting and running a restaurant. My dad has the means to get the funds he needs to start his share, and he wants a partner, and would love for it to be me. The problem is, that I need ,000 to pitch in, and become a partner. I have no real collateral to offer, as I haven’t invested in anything since I started college. We have a business plan, and we estimate total gross income at 1.3 million dollars, ( we used to do 2 million with our old restaurant, and this one holds about 80% of the seats our old one used to). We also did a budget,and to not get too specific and in depth, the project is a real profitable one, and will work, I know it will, but how to I get a bank to be on the same page as me and loan me the funds needed, especially because I have no collateral, other than the next 60 yrs of my natural life to offer. If you have any advice on how to obtain the funds needed to start my half, please leave an answer, or do I not stand a chance at my dream? P.S. I am also part of a credit union that I make my car payments through, my credit is in the low 700’s, and I have a 00 debt, not including my car, which covers unpaid tuition and a credit card.
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How to start a photography business/studio?
I am trying to convince my dad to fund my potential photography studio/business and he said he might help me but I have to develop a business plan first. I was just wondering if anyone on here owns their own photography studio or company and if they have any tips or help the could give me? How much does it cost roughly to start one? I am aware I would have to get the equipment like (computers, back drops, cameras, etc.) but how much would it cost to just start the business itself, like leasing a location/getting a business permit, etc.?
Thanks!
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I need help with my business plan. How do I figure out my equipment cost….?
I am starting my first business and I’m trying to start my business plan. When trying to figure out my budget for equipment like telephones, fax, computers, internet, rent, etc how do I get this information?
- Do I just call up Bellsouth and ask how much a business line would cost?
-Do I just call Dell or Apple and ask how much a business computer would cost?
-Do I just call the leasing office of where I would like my store to be located to get rental prices?
Like how do I get this information when I’m not an established company?
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Small business start up, Which would you do?
Ok, So I want to own my own business. In my area there are a lot of vacant rental properties, because of this many are offering free rent. My question is: would you A.take advantage of the free rent use the time for renovations and to obtain equipment and start preparing to open slowly, or B.save money up for a year and then start looking for a lease that will likely not have the same looseness as now?
Not looking to get bank loans for funding will come directly from my income and I don’t currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go?
Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost
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