looking to open a small business.. but how? (license, profit, pay)

[LBSer]

i am looking to franchise a small business kinda like a hotdog stand thingy. i know FOOD is a NECESSITY. i won't fail in food business. i wanna know how much is the capital(start off money). any ideas. i wanna invest but i dont know the language or the going ons... on investment. i wanna be hands on in my investment. im tired of looking for a job... seems no one wants to hire me anymore at my age.. and my not impressive resume... i wanna do this while i still have my savings. i need ideas or websites you can recommend in starting small food business like hotdog stands. my target venue are concert/sports/exhibition events.

[cpg35223]

Here's a book for you.

The Idiots Guide To Start and Running Your Own Restaurant.

I was a contributor to it.


Some other things to consider:

1) Always underestimate your revenue and overestimate your expenses. For anything that can go wrong will.
2) Pay your taxes. You can be late with your rent. But never, ever be late with taxes.
3) Never go cheap on accountants.
4) Reconcile yourself to a 60-hour workweek for several years.
5) KEEP YOUR OVERHEAD LOW. In the restaurant biz, you need a good location with lots of foot traffic. But all the other stuff is just gravy whose only purpose is to impress your friends and relatives.

[NooYowkur81]

Food is a necessity but unless your planning on opening a supermarket in an under-served area there are a lot of risks associated with food service.

[Mircea]

Originally Posted by LBSer

i am looking to franchise a small business kinda like a hotdog stand thingy. i know FOOD is a NECESSITY. i won't fail in food business.

You'll fail. As rampant Cost Inflation continues for the next two decades, Americans will be forced to micromanage what's left of their disposable income.

The first that goes in a recession/depression is the service/hospitality sector, like restaurants.

Originally Posted by LBSer

i wanna know how much is the capital(start off money). any ideas.

Then you haven't done a business plan, and no one will talk to you unless you prepare one.

Originally Posted by LBSer

im tired of looking for a job... seems no one wants to hire me anymore at my age.. and my not impressive resume... i wanna do this while i still have my savings.

Okay, fine, I have no problem with that, but you need to look for a business venture that's recession/depression-proof.

[LBSer]

THATS why i want a food business. i did not say i wanna open a restaurant. just like hotdog stand in my target venue like big events... people get hungry and will always want to fill their hunger and thirst first and foremost recession or not.

you know like if there are summer events in all areas in my state, IL i want to save a spot.. and serve people hotdog or pretzels and lemonade and pop. simple food stands to go whereever the event is.

im interested to know what business venture that's recession/depression-proof though.

[chris_ut]

Originally Posted by LBSer

im interested to know what business venture that's recession/depression-proof though.

Funeral Homes

[krakenten]

Talk to the SBA.

I know a young black woman(with plenty smarts,her!)who retired at 40 with a string of snowball stands in Baltimore.

It gets hot there, and snowballs are a traditional treat-she started with one, put her profits into more and ended up with 25 of them, in a few years.

Coined money every summer-and summer there is six months long.

Trouble is, concession wagons are regulated, need a license, and some of the people who do that are tough customers, who may arrange a close encounter with a tire iron for you if you cut into their take.

That said, another family-Greeks-started with a felafel wagon in downtown Baltimore-the eateries are always crowded for lunch there-and now they have a very nice restaurant not a hundred yards from where they used to park the wagon.

And they grew through two recessions.

Park your cart where lines are long and lunch breaks are short.

[poconoproud]

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We often go to Buddy's Hot Dog stand here in the Pocono's. His location is in the parking lot of a willing builder in the area, which is situated very close to one of the biggest flea markets in NEPA. Everybody converges there after walking the flea market, even though the flea market has a food stand. They can't beat Buddy's dogs or Buddy's prices. Good Luck to you! We often thought about having a lunch cart, and driving it around to construction sites to feed all the hungry workers.

[poconoproud]

Do you have a local chapter of S.C.O.R.E.? Retired professionals who help those with start up ideas.

SCORE | Counselors to America's Small Business | SCORE

www.irs.gov

[dinalkulp]

Does anyone know roughly how much startup costs are for a small town breakfast type restaurant? Excluding the cost of the space, how much would be needed to turn an empty building into a restaurant with booths/tables, kitchen appliances, etc? Thank you!