coffee lounge and wine bar
- Thread starter cburton
- Start date
I'm guessing that's not what you wanted to hear, but the advice is sound, imo.
Look at it this way... If you start up a business with your idea and someone else's money, what risk are you taking? None, really. If it fails, you are out time, your "partner" is taking all of the financial risk. And with that risk may come a desire for control of the operation. So find a way to borrow the money yourself, if possible. And then prepare to set out on a venture that will be lucky to cover all of its bills the first couple if years, let alone turn a profit large enough to pay all of your personal bills as well.
Good luck.
Look at it this way... If you start up a business with your idea and someone else's money, what risk are you taking? None, really. If it fails, you are out time, your "partner" is taking all of the financial risk. And with that risk may come a desire for control of the operation. So find a way to borrow the money yourself, if possible. And then prepare to set out on a venture that will be lucky to cover all of its bills the first couple if years, let alone turn a profit large enough to pay all of your personal bills as well.
Good luck.
- Thread starter
- #5
I respect hus opinion and yours the funding is a issue but not as much as getting a good business plan I dont mind investing in my dreams just would like insight on the best ways to run a coffee lounge and find secondary funding and help ive been a chef for 12 by years I know the back. Of the house everything is is an awe
- Thread starter
- #6
I respect hus opinion and yours the funding is a issue but not as much as getting a good business plan I dont mind investing in my dreams just would like insight on the best ways to run a coffee lounge and find secondary funding and help ive been a chef for 12 by years I know the back. Of the house everything is is am lost
TheGreenJoe
New member
- Nov 8, 2014
- 66
- 1
2 choices in funding: Borrow or Save. Both have their pro's and con's.
Borrow: 1. Investors 2. Family 3. Loan Sharks
Pro: You get money now! Or at least when your business plan and credit are up to par...
Con: You owe money at an interest rate. In the case of #3, if not paid on time, could force you to invest in crutches
Save: Moonlight a second job or invest.
Pro: You don't owe money! You can take your time on opening your doors, allowing you to shop around for furniture and equipment
Con: Takes a while to save. Winebars and Coffeehouses aren't cheap. 40-90k in equipment, probably the same in inventory, rent and staff.
I have the same idea, but I'd like to tackle the coffee house first. Then once profitable, I'll reinvest into the wine. Possibly just open a second business. I'll have to see once I get there. I do know this, coffeehouses start early 4-5am. Winebars close late 2-3am. I'm guessing the first year, I'll want to save on money on staff, you figure each employee cost you 30-40k a year. So, if I'm working those hours, its going to be a looong day. But I'm sure you've probably already considered this.
Howard Schultz used investors. Built an empire from it. If your good at sales, you may want to consider approaching entrepreneurs. They're always looking for something to invest in...
Hope it helps man!
DaltonsBusiness
New member
- Nov 17, 2014
- 5
- 0
Hi cburton, have you considered a franchise? Banks are often more willing to loan to new franchisees, as there is a proven business model already in operation elsewhere.
