Fed Financial
how do i go about getting financial help?
A small diner down the street just closed this week, and the property is for sale or lease. My dream has always been to start to a restaurant of my own. How would I go about getting government help to purchase the building? Or what would be the best route period to go for financial aid? And what are some pointers y'all can give me about starting the restaurant? I know why the diner closed. They had no business because, even though the atmosphere was awesome, the food wasnt worth the money. And from what I have been told it had closed once before for the same reason.
Public Comments
- If possible, find out why the present owners closed the diner. It may be due to retirement, but it also may be the cost of operating at that location. Unless you have been in the 'back office' of a business, you have no idea what it takes to make it profitable. Restaurants are the hardest because it is very capital (ie money) intensive. If you think you'd like to own a restaurant someday, then my suggestion would be is to start a catering service first. You'll learn who the suppliers are, what it takes to order product in large quantity, health laws and standards, the whole realm of what it takes to be in the industry. First step though, talk to the owners. Not as someone interested in buying or starting a restaurant but someone from the neighborhood who's curious why they're closing. Good luck
- There are no grants for a for profit business unless you are opening a daycare. If you need money, you will need to apply for a loan. No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan. Then, go to http://www.score.org/index.html and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA). SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
