Starting your own business - A bar/club

[meleader2]

Mainly my question is regards to financing/business loans. I've done some research online, i'm pretty sure i wouldn't be approved for any type of loan because i have student loans, but apparently the startup cost for a bar/club is anywhere from 20g to 100g.

What other options do i have besides business partners, family, or credit cards? would a business credit card be worth it or is it a hidden scam?

[AAAA]

what makes you think you would be successful? what experience do you have? if you have experience and contacts, you will likely find it much easier.

there are books on how to write a business plan. any bank would want to see one of those for sure, and you can almost guarantee failure in any circumstance if you don't at least know the terms of the game.

people loan money usually expect to get it back with interest. the only exception might be someon who is madly in love with you. hopefully you wouldn't use this latter situation unless the person with the money had so much money that they could afford to keep a bar going without missing the money.

what is your unique advantage? something like people you know, or location or theme that is innovative...have you checked out locations and licenses and equipment costs?

sorry if i sound like a wet blanket, but until you have answers to all that and more, you aren't ready to run a club, but maybe work at one until you know more about it.

and i am one of the original believers in being self employed...have been for more than 30 years.

[El Diablo]

me,

A business credit card for a new business like this is effectively going to be the same as another personal credit card for you (ie: it will be personally guaranteed by you - the corporate entity will not likely be able to get its own card).

[man]

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people loan money usually expect to get it back with interest. the only exception might be someon who is madly in love with you. hopefully you wouldn't use this latter situation unless the person with the money had so much money that they could afford to keep a bar going without missing the money.

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[meleader2]

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what makes you think you would be successful? what experience do you have? if you have experience and contacts, you will likely find it much easier.

there are books on how to write a business plan. any bank would want to see one of those for sure, and you can almost guarantee failure in any circumstance if you don't at least know the terms of the game.

people loan money usually expect to get it back with interest. the only exception might be someon who is madly in love with you. hopefully you wouldn't use this latter situation unless the person with the money had so much money that they could afford to keep a bar going without missing the money.

what is your unique advantage? something like people you know, or location or theme that is innovative...have you checked out locations and licenses and equipment costs?

sorry if i sound like a wet blanket, but until you have answers to all that and more, you aren't ready to run a club, but maybe work at one until you know more about it.

and i am one of the original believers in being self employed...have been for more than 30 years.

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mmm let me redefine what i mean by club. i don't mean large downtown dance club, just like a smaller version of that, like a hipster joint.


also, i'm still fleshing out ur above suggestions, but i appreciate having that said. please, if u have more crap that i need to know say it on here!

[guids]

My ultimate goal is to own a bar/club, Ive done a lot of research over the last few months, and still have a couple years more to do. 20 to 100k, unless you are talking about buying an existing club, and that is going to be your offer, is pretty low, and that leaves no room for you to customize to your taste. There are a bunch of good books out there, art of the start, restaurant management, etc. A lot of community colleges have summer classes offering different kinds of classes too. PM me if you have any specific question. Credit is a bitch too, unless you are prepared to make a personal gaurantee, then the liablity is on you.

[xwillience]

yeah pretty much if your asking about this you shouldnt even be looking at opening any form of bar/club/hipster joint. You wont qualify for a credit card witha large enough limit to get anywhere near started, and you cant make payroll of a credit card. Screw whether or not you have thought our your super cool, blacklight, wednesday night open mic, dollar wells on thursday with minimal cover charge club, your not ready for that and you wont find anyone with any decent amount of money to finance you. Sorry if it sounds cruel, Im just being honest.

also startup costs just for opening doors can be 20-100k. this doesnt include the minimal two years of capital you need just to keep yourself in business just to see if you will make money.

AAAA sounds like he knows what hes talking about. Hes been doing this for a lot longer than i have. I think its great that you want to start your own business. I hate the corporate world and love entrepreneurship and small business. Why dont you start a little smaller though? Do you have any other interests or hobbies? Do you have any business experience?



I am curious though, what inspired the desire to open the bar/club/hipster joint or whatever you want to call it?

[xwillience]

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Credit is a bitch too, unless you are prepared to make a personal gaurantee, then the liablity is on you.

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rule #1: dont ever make a personal guarentee. business finance should be kept completely different than personal finance. this is what corporations and LLCs are for.

[meleader2]

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yeah pretty much if your asking about this you shouldnt even be looking at opening any form of bar/club/hipster joint. You wont qualify for a credit card witha large enough limit to get anywhere near started, and you cant make payroll of a credit card. Screw whether or not you have thought our your super cool, blacklight, wednesday night open mic, dollar wells on thursday with minimal cover charge club, your not ready for that and you wont find anyone with any decent amount of money to finance you. Sorry if it sounds cruel, Im just being honest.

also startup costs just for opening doors can be 20-100k. this doesnt include the minimal two years of capital you need just to keep yourself in business just to see if you will make money.

AAAA sounds like he knows what hes talking about. Hes been doing this for a lot longer than i have. I think its great that you want to start your own business. I hate the corporate world and love entrepreneurship and small business. Why dont you start a little smaller though? Do you have any other interests or hobbies? Do you have any business experience?



I am curious though, what inspired the desire to open the bar/club/hipster joint or whatever you want to call it?

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being stuck behind a desk 40 hours a week isn't my taste, really. also all the bars around here are garbage, and i understand the importance of owning ur own business. so i figured, hell i <3 people, music, and booze why not start a bar.

also the hours of operation in buffalo is until 4 am, with plenty of college students with $$ to burn.

[ColdCaller]

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Credit is a bitch too, unless you are prepared to make a personal gaurantee, then the liablity is on you.

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rule #1: dont ever make a personal guarentee. business finance should be kept completely different than personal finance. this is what corporations and LLCs are for.

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Not getting a loan then!