Are there any small business owners here?

[BuffyGirl]

We are really interested in opening our own small business. We know that it is never a guarantee to succeed, and it's not easy, but in life we all have to try or we'll always regret it.

My question for small business owners is...

We want to do research on how much things will cost, a building in the location we like, renovations, etc. But if we decide on a restaurant, how do we find a source to figure out what we'd pay for food we would order? How do you go to the source for that.

Also, I am guessing you need collateral for a bank to give you a loan? I know you can get grants, etc, but we want to look at it as if we're not getting that lucky.

I guess I just want to know what hurdles we will start with before the rest pile on us.

Thanks.

 

[Mesa]

Good luck. I can't offer any help as I have no idea where to even begin. In today's environment, small businesses are being hit the hardest, so I hope this is something you've considered fully.

 

[BuffyGirl]

Good luck. I can't offer any help as I have no idea where to even begin. In today's environment, small businesses are being hit the hardest, so I hope this is something you've considered fully.

It is. And it's also something that is going to take a lot of time. It wont be up within 6 months even. I am hoping in a year or so. But thank you. We want people to be supportive when offering opinions.

 

[EVILFACE]

I have a small business FCD but I operate it out of my home. I had experience with commercial art and vinyl and new pricing for material and a idea of what to charge.

For you though, I've heard restaurants are harder to get loans for as restaurants come and go. As for finding the source of food and such, ask someone that works at a restaurant. Most owners are proud and will give you info.

 

[ProgMatinee]

I think the logistics of things like getting the best deals on raw materials comes with time and experience. Same with credit. As your business succeeds and pays its bills, creditors start opening more doors to you. Unfortunately as a newly started business you can't expect to get the best rates on raw materials or the biggest credit balance.

My brief experience as a banker, most small businesses start with their own personal credit, both home equity loans and credit cards.

Of course, it doesn't hurt to find the best loans or the best vendors, but the most important thing to a successful business is 1) the idea and the 2) the effort one is willing to put behind their idea, working 70 hours a week to make it happen.

Hope this doesn't come off too negative, but I don't think the desire to be your own boss is enough in itself to justify such a big risk to your personal credit. You have to have that big idea and desire to make that idea happen.

For example, if you are thinking "open my own business" instead of "open my own restraurant" I doubt the restaurant is really the right "big idea" for you.

I have a friend and his dream is to open a fish and aquarium store, as outdated as that sounds, but its his dream. Opening a video store wouldn't be the same to him. You need to be really passionate about a specific dream or idea. Not just a vague "I want to be a business owner".

 

[ProgMatinee]

I do want to say though that I totally admire the drive and sacrifice you chose to break out of the corporate servitude so much of us are bound to.

I also admire that small businesses owners offer employment to people. Its the absolute best way of helping people, by offering them work.

So I hope it works out. I always dream and hope that an idea that I feel is business worthy strikes me.

 

[Phenix]

First of all Good Luck to you, I know things are difficult in the current environment. Hopefully you can find your niche market and become popular.

Unfortunately, I don't think there is a one stop shop to locate all available properties in a given area (unless you want to hire a commercial Realtor), you may just have to walk/drive around the area you want to be in and write down the addresses of the available properties and the phone numbers of the property manager(s), then call the managers and arrange walkthroughs of the properties. You may want to ask ahead of time if the property is already set up for use as a restaurant, as it may cost quite a bit to remodel an entire office space.

As far as distributors for your ingredients , I think you'll first have to establish a standard for your restaurant and then search for distributors that fit your standard. Just remember, you usually get what you pay for.

I hope this helps. I'm in the process of starting a business as well, but it's not the same. My wife is a very talented artist and we are setting up a business for her to sell her art through. Her focus is more towards the fantasy art, so perhaps lots of people here will like it.

Anyways, good luck again with your endeavour and I hope that you get the success that you want.

 

[BuffyGirl]

I think the logistics of things like getting the best deals on raw materials comes with time and experience. Same with credit. As your business succeeds and pays its bills, creditors start opening more doors to you. Unfortunately as a newly started business you can't expect to get the best rates on raw materials or the biggest credit balance.

My brief experience as a banker, most small businesses start with their own personal credit, both home equity loans and credit cards.

Of course, it doesn't hurt to find the best loans or the best vendors, but the most important thing to a successful business is 1) the idea and the 2) the effort one is willing to put behind their idea, working 70 hours a week to make it happen.

Hope this doesn't come off too negative, but I don't think the desire to be your own boss is enough in itself to justify such a big risk to your personal credit. You have to have that big idea and desire to make that idea happen.

For example, if you are thinking "open my own business" instead of "open my own restraurant" I doubt the restaurant is really the right "big idea" for you.

I have a friend and his dream is to open a fish and aquarium store, as outdated as that sounds, but its his dream. Opening a video store wouldn't be the same to him. You need to be really passionate about a specific dream or idea. Not just a vague "I want to be a business owner".

This is something I have wanted to do for years. And a restaurant is what we both want to open. Our restaurant idea isn't like any other that exists, and yes, we are keeping it a secret. It is actually one i know will make it, so getting the loan may be a bit easier with how cool our idea is. But that doesn't mean I am in any way getting my hopes up.

We aren't doing this to be our boss. That's just a bonus. We are doing this because A. it's something we want very much and are passionate about, and B. because if we succeed, and I have Faith that we will, we want to be able to give back. We believe in God and we believe in serving Him and helping people who need it. So we have more than just one passion in opening up a business.

 

[ProgMatinee]

Good luck then! Have you looked into putting some kind of patent or copyright or whatever is applicable on your idea, if thats possible for restaurants?

You may want to look for an investor/partner that could bring the restaurant knowledge while you bring the concept.

 

[Deeznutz6]

Hi

Im in the food service business, look for a local restaurant depot, or Sysco, maybe even Gordon Food service in your area, they could provide you with the majority of items you would need for your restaurant, even knives and forks and such

As for the bank, eh, Im Canadian so its different here, but maybe the government helps small business start ups?? I know it does in Canada

Location, there are commercial real estate brokers you can contact that would help you find somewhere, location is key depending on your type of restaurant

I know lots of people who own restaurants one of there major problems is employees, they are soooo unreliable, Id get that lined up also, who will work for you? You cant do it all yourself

Hope that helps

 

[ProgMatinee]

Yeah. Quality middle managers is a MAJOR thing for small businesses. You have to watch out that they don't scam you.

 

[BuffyGirl]

Hi

Im in the food service business, look for a local restaurant depot, or Sysco, maybe even Gordon Food service in your area, they could provide you with the majority of items you would need for your restaurant, even knives and forks and such

As for the bank, eh, Im Canadian so its different here, but maybe the government helps small business start ups?? I know it does in Canada

Location, there are commercial real estate brokers you can contact that would help you find somewhere, location is key depending on your type of restaurant

I know lots of people who own restaurants one of there major problems is employees, they are soooo unreliable, Id get that lined up also, who will work for you? You cant do it all yourself

Hope that helps

That actually helps a lot. I do believe we get grants in the usa for businesses, but you have to get lucky. They don't just hand them out.

We have a location in mind. It's pretty much the only place that would really guarantee the success of it and so we have to hope someone will open up within the next year.

Prog: Thanks, and I doubt we can patent it. I would love that though.

Want to add that our family members would come help us out for the first little while till we could could on our feet enough to employ people.

 

[Deeznutz6]

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