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Tips for opening a business???

circle

TRIBE Member
Anybody on the board familiar with opening up a business? Specifically in the restaurant/lounge industry.

1. Is it a big risk right now due to the high volume of similar operations and not enough clientele?
2. Can anyone give me a rough estimate on how much it would initially cost to open/run the restaurant?

Any other input and words of wisdom is very well appreciated!!

Thanks!!!
 

JayBrain

TRIBE Member
if your getting into the entertainment part of that industry.. HIRE GOOD entertainment. Never cut short on cheap entertainment... and pay your entertainers what they ask

:D
 

Bumbaclat

TRIBE Member
Originally posted by circle
Anybody on the board familiar with opening up a business? Specifically in the restaurant/lounge industry.
Good business to skim in. It's all about the cream. Figure out your angle early and cook your books properly.

Bumbaclat
 
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circle

TRIBE Member
Thanks for the advice guys.

I'm looking for a round figure on what kinda business loan my partners and I would need. (i.e. $500,000, $200,000, etc..)

Also, is it better to go with a bank loan, or look for investors and pitch the idea to them?
 
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ChROmE

TRIBE Member
Originally posted by circle
Thanks for the advice guys.

I'm looking for a round figure on what kinda business loan my partners and I would need. (i.e. $500,000, $200,000, etc..)

Also, is it better to go with a bank loan, or look for investors and pitch the idea to them?
I am sure a business plan woudl help you figure out how much money you need.....

Also it might be hard to get a loan without one of them business plans.
 

circle

TRIBE Member
Originally posted by PosTMOd
9 out of 10 restaurants close down within the first year of business in the GTA.

Good luck.
It won't be JUST a restaurant. It'll be a lounge/club as well. Something along the lines of li'ly on college st. or Butt'r...
 

Soundstream

TRIBE Member
Originally posted by ChROmE
Also it might be hard to get a loan without one of them business plans.
Who needs a business plan?

Just start a thread on Tribe asking "Would you go to my restaurant?". Then when it reaches the size of the "Nobody Cares" thread, print it out and take it to the bank.

Cheers ... Ian :)
 
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Mike Richards

TRIBE Member
Banks don't generally like Restaurants & Bars and partners are bad news as well. If you're serious invest your own money and run it yourself (for a while). Rhen Hire Good staff

Golden Rule: Hire'm Slow-Fire'm Fast!!
 

PosTMOd

Well-Known TRIBEr
Originally posted by ChROmE
I am sure a business plan woudl help you figure out how much money you need...
Plans, shplans.

I knew someone who overheard someone on the bus talking about someone they knew who went into a bank and they gave a loan no problem. They merely mentioned that they knew vinder from tribe.
 

stir-fry

TRIBE Member
there are lots of good books in the library on how to start a business.. i suggest reading a LOT and investigating the industry first.
 

Bumbaclat

TRIBE Member
Originally posted by circle
It won't be JUST a restaurant. It'll be a lounge/club as well. Something along the lines of li'ly on college st. or Butt'r...
do you have experience in this industry? how many years collectively between you and your partners?

Bumbaclat
 

ChROmE

TRIBE Member
Originally posted by Soundstream
Who needs a business plan?

Just start a thread on Tribe asking "Would you go to my restaurant?". Then when it reaches the size of the "Nobody Cares" thread, print it out and take it to the bank.

Cheers ... Ian :)

I hate it when you outsmart me.

Don't forget to advertise the new business in TRIBE. The marketing budget will need to be atleast a $1000 for the first year.... atleast!
 
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PosTMOd

Well-Known TRIBEr
Cocaine gets things going smoothly as well. At least one partner should be a heavy cocaine user.
 

circle

TRIBE Member
Originally posted by Mike Richards
...oh and whatever you do....don't get into it with any friends or you're friendship is doomed
Does it count that I just met these 2 guys last week?

On a side note: Mike, thanks for the speakers on New Year's eve! I had the walls shaking at the party I was dj'n at.
 

Klubmasta Will

TRIBE Member
Originally posted by circle
1. Is it a big risk right now due to the high volume of similar operations and not enough clientele?
opening up a restaurant or lounge is ALWAYS a huge risk. it is even riskier, for obvious reasons, when the economy is bad.

if you can offer something original or unique or BETTER (in one way or another), then you might have a fighting chance.

the next three most important factors are, anyone? anyone?

location, location and location. :p

Originally posted by circle
Also, is it better to go with a bank loan, or look for investors and pitch the idea to them?
that depends on what YOU want to do.

a LOAN is debt-financing. that means that you pay back the money you borrow, plus interest. you pay the same amount back regardless of your success. banks will likely require a personal guarantee for a small business loan, so you would not be able to wind up your company to escape the debt.

an INVESTMENT is equity-financing. your investors have a stake in your business. if you do well, they make more. if you fail, they lose their money. equity financing allows you to spread the risk around, but it also cuts into your ownership of the business (thus restricting your profit and potentially your freedom).

these are VERY basic business concepts. you should take a business course or at least read up a bit before attempting to start your own business.
 
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