Starting your own business - A bar/club

[guids]

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

[/ QUOTE ]

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.

[/ QUOTE ]

Not getting a loan then!

[/ QUOTE ]

my point being, this is an option and a risk if you are willing to take, can make getting the credit easier.

[xwillience]

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

[/ QUOTE ]

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.

[/ QUOTE ]

Not getting a loan then!

[/ QUOTE ]

my point being, this is an option and a risk if you are willing to take, can make getting the credit easier.

[/ QUOTE ]


sometimes for really small businesses a small loan/credit card can be used. A lot of people do it. but if you default on it your personal credit goes to [censored] along with your dieing business. credit is a whole other monster.

[hawk59]

You will need to put up a bunch of money in upfront, and then you will need to continue to put more money in to cover your losses. Then when you have had enough you will need to put in more money when you sell your assets for less than you bought them for.

[BWebb]

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

[/ QUOTE ]

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.

[/ QUOTE ]

No bank will ever make a loan to a start-up company without a personal guaranty.

As for the OP, your best chance at financing is through an SBA loan. As for if you will actually get one depends are your financial condition, experience, credit history, etc.

[guids]

Also, something else that is important, you are going to hear A TON of people w/ negative remarks about what you want to do, A TON. Dont listen to all of them, a lot are not risk takers, there is some good advice in their naysaying, but most of it does come from a bad place. You need to be realistic, but not discouraged. I know a bunch off people who have made a ton of money of the industry, I know a bunch that didnt make a dime and had the worst of what people talk about happen to them. IMO, the people who made it wouldnt have it any other way, but the people who didnt pretty much feel the same way.

[*TT*]

I've done it before you should search for my "ask TT" thread, someone else who responded to your OP (I won't name names) was also an investor in a business like this once upon a time.

My only advice to you is to don't do anything 1/2 assed, you are significantly under estimating your startup costs. Get good investors who believe in your concept. Private equity placement is the way to go, unless your bank is looking to invest in a bar concept for community reasons but I would venture to guess that doesn't happen often. Fund your concept properly, because you may not get a second chance. Strike while the iron is hot, I wish you luck!

Before you go into this, ask yourself WHY a nightclub/bar. There are two types of owners of these businesses... those who run their enterprise like a business such as Randy Gerber of Midnight Oil which controls the Whiskey Bar chain and is the husband of Cindy Crawford (he got his start as a second tier nightclub promoter), or those who live for the nightlife and their business is just an extension of their johnson.... a way to get laid, drink/party all the time, and always be popular. If your motive isn't the first one then this shouldn't be the business for you IMHO (although I am positive others would think I'm wrong about this).

TT [img]/images/graemlins/club.gif[/img]

[meleader2]

[ QUOTE ]
Also, something else that is important, you are going to hear A TON of people w/ negative remarks about what you want to do, A TON. Dont listen to all of them, a lot are not risk takers, there is some good advice in their naysaying, but most of it does come from a bad place. You need to be realistic, but not discouraged. I know a bunch off people who have made a ton of money of the industry, I know a bunch that didnt make a dime and had the worst of what people talk about happen to them. IMO, the people who made it wouldnt have it any other way, but the people who didnt pretty much feel the same way.

[/ QUOTE ]

everyone i know are degenerates and don't have an inkling of a sense of how great business ownership is. i'm prepared to handle their naysaying [img]/images/graemlins/smile.gif[/img]

[guids]

TT,
Is it possible to be both? I have wondered about this too, and am happy that I have your brain to pick. My initial reasoning for getting into the business, is to get laid, party, etc, but as I shadow the succesful people I know in the industry, I noticed that they definelty do not do this, and am learning that it always takes more time and effort than you think it will. Can you still party somewhat and run a good business? Or do you basically need to have one mindset or the other?

[meleader2]

[ QUOTE ]
...you are significantly under estimating your startup costs....

[/ QUOTE ]

this is what i'm worried about.

[*TT*]

[ QUOTE ]
TT,
Is it possible to be both? I have wondered about this too, and am happy that I have your brain to pick. My initial reasoning for getting into the business, is to get laid, party, etc, but as I shadow the successful people I know in the industry, I noticed that they defiantly do not do this, and am learning that it always takes more time and effort than you think it will. Can you still party somewhat and run a good business? Or do you basically need to have one mindset or the other?

[/ QUOTE ]

My recommendation is to not delude yourself. I literally had a girl reach down my pants in the middle of the club three times, two of them were incredibly hot, but I turned them all down (one of them I had kicked out). If anyone wants to be your friend that badly because you own a club then you don't want them as a friend. Owning this type of business can actually be kind of lonely in all the ways that truly matter.

But to answer your question, yes. It can be done. But at a significant price.

TT [img]/images/graemlins/club.gif[/img]