I own a successful restaurant already, but the first years were tough.  I paid my employees and vendors before myself which destroyed my personal credit history so no bank will touch me ( I still have three years on my SBA loan so they won't touch me either even though I've never been late on even one payment.)\nThe bar is established with $ 1M in sales and I only need $75K to take it over debit free.
209381
1) The SBA does NOT loan money to anyone. Banks loan money, the SBA backs the loan...big difference. Even if the SBA did back the loan, it is still up to a bank to approve the loan.\n2) $1M in sales says nothing about profit on the $1M. Trust me, if it were profitable, the present owner would NOT be selling it for $75K...that is a simple fact of life. The present owner is trying to salvage some part of his investment, and is certainly taking a loss. Wise up! No one sells a valuable busines for nothing, and $75K is really nothing! \n3) IF you WERE to purchase this Res/BAr, think of the diffusion of your energies...your present establishment would go downhill in a handbasket while you were trying to establish a viable busines from what is apparently a shambles. Do not be a fool. Stick with what you have and make it bigger, better!\n4) You are recovering form a near disaster from you first business. Stick with it and repair your credit. IF you were to get this place, trust me, your credit will be ruined, you will probably have to put up the other business as collateral (I doubt that anyone would do that...res/bars are nothing but service, and service requires hugh labor management, constantly) and you could well loose what you have now...this is NOT very smart!\nSouth Beach is subject to tourism cycles...there are times when it is packed, but far more times when it is not. You already know that. Think of how hard it is in the slow times with what you already have. Do you want to multiply those problems with another larger problem?\nSorry to be so pessimistic, but all I am doing is injecting some realism here. You are on a high, thinking of the "glamor" of the new place...you and I both know that there is little glamor in the res/bar business...it is work, work, work...you have to be there when the waiter calls in 'sick,' when the bartender is on vacation, whatever. Back off and settle down. Get back to your valuable business and don't even think of saving someone elses a**!
127750
Had a sandwich shop right out of college. It was in California. It was not hard to start because we figure out how much money we needed by thinking of all the equipment we would need and then we doubled it. Money is the life blood of any business. Without it, the best chef in the world can not market to the world and let people know about this daily specials. He can't pay employee, order supplies, etcetera. Plan out as much of your business as you can before even starting. Any college bookstore will have a cheap "how to start your own business" book for $20. Buy it and go through some of the exercises. Or, go to a library. Do your homework. Remember, poeple don't plan to fail, the fail to plan.\n\nHope this helps.
629779
First off it would take lots of money do you have that??  Will your product sell from a little boutique.  You need to write up a proposition and get it to a loan officer or someone that is more qualified.  This little place might be two minutes from disaster.  Don't loose lots of money.  I wish you the best.
603956
I started many businesses for over 5 yrs now, internet and mailorder. I even owned real estate twice, from a Will Trust, and No Money Down Deal. Now, I sold the Will RE and I lost the RE from a bad broker deal, that went foreclosed.  Business is still going after many failures.  But here is my advice.  You can make real estate a good business with DD research and know that its better to buy RE and sit on it, instead of waiting to purchase later.  While it goes up in value, you can always borrow against it for future purchases or for a new business enitity.\n\nAfter my last failed RE deal.  I vowed to learn how to make the type of money from my business first, then I can buy what RE, multiple types...land, Mobile Homes, Condos, Farms, Family Res, etc. and make it worth my time, with much DD effort.  But whatever you decide, make sure it is your passion.  You would have to love doing it, and always fine tune it, to keep it growing.  Learn from your mistakes and never give up with your business.\n\nI have just crossed the path that I set my goal for, and that was to make in the range of $3-5k per month from the internet.  Now I am researching properties in certain areas that I would like to buy.  It took awhile, but I made that first goal successful. Now my next part is the RE of my choice.  It will become easier now, working with a RE management co. to take care of my RE needs as I purchase what I want to rent. So Good Luck and get your feet wet. I am sure you will do just fine.
279919
You must do extensive research into what OTHER people want, not just what you like. I know of too many  "chic" clubs that failed for one reason or another. It is a very tough business and demands much of your time. You need a solid business plan, reviewed by people who know you and those who really don't, like your banker or accountant. I suggest you check out websites of successful clubs and try to import ideas that you feel would work for the demographics of your specific area. Exact location is not so important as the proximity to your customer base. People will not normally drink and drive, taxis can be too expensive for some, and ideally folks should be able to walk or take a taxi for no more than 8-10 dollars, again depending on the income levels of the folks you hope to attract. Two important aspects: try to find a location somewhere in between two clubs that are already successful, so that yours is a natural place to "stop by". Second, staff attitude is ultra important; too many owners hire just the best looking servers, who MAY have bad attitudes and work habits. There is no question that better looking staff sell more....it's not fair to most but simply a fact of life.
460353
Create business plan. It must include projections for at least 2 years.\n\nMake sure you have 20% - 30% down payment\n\nMake sure you have collateral. The following is the formula to calculate collateral:\nCollateral = (Personal Real estate value*0.8 – Mortgage) + Commercial Real Estate Value * 0.8 + Equipment value *0.5 + Inventory *0.1\n\nMake sure your credit score is 680+.\n\nMake sure you have relevant experience. Banks will never finance career change.\n\nCollect all necessary financial documents:\n1)Personal tax returns for the last 3 years\n2)Business tax returns (for existing business) for the last 3 years\n3)Profit And Loss statement year to date\n\nCall your local banks. Ask if they do SBA loans.\n\nWhile choosing bank, keep in mind that banks are specialized entities If you wanted Chinese food, you wouldn’t go to a steak house, would you? Banks are organized the same way. You will never find a bank that does all types of businesses and all types of loans.\n\nDo your homework. Call the bank, ask for a business loan officer and describe your business type and your financial needs. Try to avoid banks that will give you a general answer: “We make our credit decision on a case per case basis”. Most likely you will waste money and most importantly your time.\n\nComplete loan application – make sure there is no arithmetical errors, mistypings and all personal financial information is correct.\n\nSubmit the complete package – all documents that were requested by the loan office, in the order that was requested to the bank.\n\nGood luck,\nMarina Lando\nPresident\nBusiness Loan Quest\nhttp://www.blquest.biz
177587
We, as you and somebody else... Let that be the first RED FLAG... Not only do you not have the positive cash flow yourselves but you dont even know anybody to ask... This is getting off to rough start... I'm not being negative, just real... Restaurant and bar biz is no joke when it comes to trying to make a buck... Especially when you have to pay back most of what you make in the beginning... Think about it... Good luck!
6482
THE STAFF!!  I have worked in restaraunts since I was 15 and I must say that if your staff isnt GREAT CHIPPER UPBEAT And ready to deal with the JERKS that walk in then you restaraunt wont do well either!  You need to establish a 'regualr' customer base and really get the word out.  2/3 businesses dont make it past the first year due to going into the hole.  Make sure that you are prepared to losse money your first year in order to provide promotions and specials to the public to get them into the restaraunt.  Make sure that since this is your first atempt that you only hire experienced servers and cooks.  This will not be the place to train new employees!  Make sure to set a budget for each month and make sure that you stay within it!!  I helped open a restarant in St. Charles MO and they are now making a killing off the business so this is where I get my info from.  Make sure also that who you have doing to books and all is someone who you TRUST!!  Accounting is a huge part as well!!  Make sure that you like all of the food that you serve cause if you dont like it and you wont eat it chances are that the public wont either.  Any time that you try a new dish serve it as a specail once or twice a week for about a month to see what the responce is to it first.  Have your staff taste things as well they will be your most honest critics!!  Cause they wont want to serve something that they cant sell... you have to think that servers make money directly off of your products.\n\nOh and feel free to IM me at justone_girl on yahoo.  I would love to help you out any more if I can
184996
Take the Bus. Mgt., I've been in the Hospitality Business for 20 years, and I turn 36 next month, I've worked at golf resorts, hotels, restaurants you name it I've done it and you don't need a specified hotel/motel degree, I'm a manager now at a restaurant and it isn't that great, I've bartended food and beverage manager, it's knowing the right people, making friends and connection, and working hard, being diligent at whatever you do, and given time, the right people will notice and by the way honesty works real well, my connections will soon make me a lot of money. Last thing, get your degree and learn all you can about money, the rule of 72, compounding interest, everything.  I was a microbiology major and later became a financial analyst and that taught me what I needed to know.\n\nPlease respond if you have further questions, always happy to help someone!
617581
GO TO\nsba.gov\nyou need to have a good business plan before any one can exsept it. so go to sba.gov they will help you out.
417023
Well I didn't have any certification as a bartender but I was one for about a year and a half and that was the best paying job ever.  My tips were always more than my pay.  I only worked in a small town bar and I took home $200 easy on a band night.  Not meaning to be rude but really there is no way to estimate howmuch you will make.  It really does have to do with how you look and if you can mix those drinks with a little show.  I've never worked in a hotel but I would think due to the hotel night clubs I have seen that not a lot is paid in tips in those bars.  They are paying so much for the room they stay in they don't tip as much.  Your hourly pay would most likely be higher, but that's nothing in comparison to tips.  At my small town bar I made about $600 a week.  Good money as long as not to many men pinched me.  I'm sure in a more develped area you can do better.  Good luck.
137425
Ask for recommendations from reputable lawyers and CPAs in your area too. There are likely consulting firms near you also. Check references from people in your line of business. Go to your local Small Business Administration office too. They'll lead you to help, and probably provide you with some free help too.\n\nBrandon O'Dell\nO'Dell Consulting\nRestaurants/Retail/Bars\nbodell1@cox.net\nhttp://www.bodellconsulting.com
167370
The easy answer is to ask family to back the idea with private loans.  Remember to treat it professionally rather than personal, money makes enemies out of friends.\n\nYou could also incorporate and give your family stock and by that partial owner ship in the business, but retaining a larger majority of stock than was given out so that you retain control, especially since I imagine you would be involved in day to day operations, but incorporating has rules that has to be followed and may be too complicated for your situation.\n\nAnd, when all else fails you can always try to get financing from a bank.
340673
every business a person opens is different, so no two restaurant businesses are the same, and no person running it is the same.  You can do a five-year business plan on any project or business you'd like.  It will be good practice for you for when you do start your business (will take about three months to prepare).  Learn how.  Contact the SBA in your area and take a short class.  They will tell you everything you need to know from which you can do your business plan and determine what YOU will need for your restaurant business.  From that detail that you put together you can then apply for a loan.
559862
Money follows management.  It is not a great product, but a great management team that will help you get the financing you need.  Lenders want to be assured they will receive their money back.  If you surround yourself with other people who have done this and have been successful, a lender will feel more secure lending the money.  Gather a management team of other business owners, consultants, attorneys, accountants or any other professional who can help support your business.  It is impossible for you to know everything, and every successful business person surrounds themselves with people who are smarter that they are.  Once you have built your management team/advisory board, then a business plan is next.  There are many resources available to explain how this works.  I think with a good team of advisors and a business plan, your chances of getting financing will be better.
506946
If you are only looking for $3,000, check out SBA's Microlending program http://www.sba.gov/financing/sbaloan/microloans.html which provides loans up to $30,000. For that amount, you can use your credit card instead.\n\nIt is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.\n\nNonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.\n\nEven if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.\n\nEven SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html... \n\n"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."\n\nHere is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.\nhttp://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show\n\nMost of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program \n\nGrants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs \n\nFor private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.
506793
You did it so why can't they also try and improve their lot in live. Just because you have become more successful is not any reason for people to try and take advantage of you financially.  With Christmas coming I imagine your going to hear all kinds of sob stories.  How did they survive while you were working your arse off to get your business to where it is today?  Be as honest with them as you can and let them know that your not a ATM and would appreciate if they all would cease asking you for help financially.  Congratulations on your business becoming successful and all the hard work you have put into it.  Bravo!!!