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Many programs to get a loan & some general advice -Long Posted by Wil W [Email] (#1148) [Profile/Gallery] (more from Wil W) on Tue, 17 Jan 2006 13:47:54 In Reply to: Business venture, turning movie theater into bar?, FCAero, Tue, 17 Jan 2006 09:52:21 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Try checking into programs from your state or city, or municipality There are lots of "special" programs for small business such as the SBA loans, Economic Development Loans, Redevelopment loans, minority loans (if you happen to be a woman or a minority), and other programs.
Many banks have special programs that may appy for you. They are backed by the government which often provides garuntees and/or collateral for the loan.
Also, you may want to do some market research on the profitability of bars and restaurants in the area. And most importantly as others have stated, figure out if the location is zoned for liquor (Deal Breaker).
I don't want to be negative, but general success statistics are rather negative for restaurants and bars. Also make sure you know your chances of success and your tolerance for risk. If you are married and/or have a family make sure you all have the same expectations and risk tolerance. (Many marriages have ended due to starting a business.)
Just some friendly advice, make sure you do your homework and understand what you are getting into.
I am an independent Venture Consultant and I help start-up businesses understand their business model, develop their strategy, secure funding, and launch their business. However, my primary market is high growth business with projected revenues of $100+M in 3-5 yrs. However, a similar start-up mentality and risk tolerance apply.
I hope this helped.
Wil W
'89 SPG
'02 9-5 Aero Wagon
posted by 71.210.138...
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