How to start ur own restaurant?
I am looking into starting a small restuaurant serving things like soup, salad, bread etc..no entrees i guess. My credit isnt good at all. I am sure I will need a small business loan. How do I go about that? What will I need to go about it? Im not sure a bank will finance at all with my credit history. Anyone reccommend where to buy foods or work with distributors..so on..clueless
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- If the cooking in your restaurant is really good and lots of people acknowledge it, you could get a wealthy relative to loan you some capital or do joint business with that relative. You would be the active partner. Once you've saved enough to pay his/her loan back, you can open your own restaurant. But make sure its all done with a legal 3rd party witness. Recipe rights and Restaurant name and trademarks should all be registered under your name. Cause you don't know if things might get messy. Family is family, business is business.
- It is always best to start your business by putting together all your questions and finding answers to them. You can do that with a business plan (and if you plan to look for investors or apply for a loan, you need to present your business plan). However, your bad credit will most likely make it very difficult for you to get a loan. You either need to improve your credit first before you embark on this business or find an investor who can finance you Here are some sample business plans that you can use Sample Restaurant Business Plan (steakhouse) http://www.bplans.com/spv/3228/2.cfm Sample Restaurant Business Plan (organic restaurant) http://www.bplans.com/spv/3259/index.cfm?affiliate=powerhomeb Below are free information and resources that I've found on how to start a restaurant business: National Restaurant Association http://www.restaurant.org/ Entrepreneur.com Marketing and Promotions of a Restaurant http://www.entrepreneur.com/article/0,4621,317716-8,00.html Starting a Restaurant Business http://www.awib.org/content_frames/articles/restaurant.html RestaurantOwner.com http://www.RestaurantOwner.com AllFoodBusiness.com How to Start a Restaurant http://www.allfoodbusiness.com/starting_your_own_business.php 6 Ways to Attract New Customers to Your Restaurant http://www.homebusinesscenter.com/how_to_start/restaurant.html You may consider the following resources (not free): Palo Alto's Restaurant Business Plans http://www.bplans.com/st/restaurant.cfm FabJob.com's Starting a Restaurant Business http://www.fabjob.com/restaurantowner.asp Entrepreneur.com http://www.smallbizbooks.com/cgi-bin/SmallBizBooks/00047.html Associations are great resources as well National Restaurant Association http://www.restaurant.org/ National Restaurant Association Educational Foundation (they have excellent training courses for restaurant owners) http://www.nraef.org/ Your state restaurant association (e.g. http://www.ohiorestaurant.org/ , http://www.azrestaurant.org/ , http://www.parestaurant.org/ , http://www.nmrestaurants.org/ ' If you want in-depth information, I suggest you check out the following books: The Restaurant Business Start-up Guide (Real-World Business) by Paul Daniels Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan and Feasibility Study by Sharon Fullen Start Your Own Restaurant (and Five Other Food Businesses) (Entrepreneur Magazine's Start Ups) by Entrepreneur Press and Jacquelyn Lynn Start Your own Restaurant and Five Other Food Businesses (Startup) by Jacquelyn Lynn
- What you may want to do is hire a company to write a business plan for you. What this does is tell loan officers how you plan on paying this money back to them. Most of the time if your plan is good you can get any amount of money you want. My uncle is getting his done by The Write Company out of Texas. They are GREAT!!!! Check out the web site www.writecompanyonline.com
