Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
lmao...ok buddy. You seemed to only be able to say negative things and I picked up sarcasm in post #10. Don't deny it.
You gave advice....on why I'd fail. So please don't try to act all innocent. Again thanks for your realism perspective, just not what I'm looking for.
You'd better get used to that because you will hear a lot of it when you start asking for investors to put up the money...
But I wish you luck....I have wanted to open an old style hamburger joint for years..... One with real meat and real fries... Todays kids have no idea what a real hamburger and fries taste like....
Like I said, EVERYBODY that has started a business doesn't know everything. And I bet alot of them knew nothing, The idea of mine is the motivation I need to make this work.
And yeah everyone comes up with ideas, but everyone is not me, and I know everyone can say that, but there's just some people that are better thinkers with better ideas then others, and honestly I'm one of them.
This restaurant idea has been stirring in my head for acouple years now. This is one of those VERY strong gut feelings that is something I shouldn't pass up doing.
If I mentioned my idea, I'm sure ALOT of you would say "Wow that IS a really good idea, I'd come eat there, BUT how are you going to make it work with your limited knowledge in business?"
And I'd say, just like everyone else with something called LEARNING. It's an amazing thing that anyone can do. I'm still amazed at learning new things. lol. Anyways, Thanks all. Good points and again, opinions noted.
Yeah I told my wife, when I get 50 people I talk to tell me my idea is a Fail, then I'll probably give up, but not because some people on the internet are telling me I'll fail.
And No nobody has SAID that, but come on you think I can't read between the lines, seriously?
Last edited by TravelingSilvers; 02-12-2011 at 07:50 AM..
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
Quote:
Originally Posted by RanchoNan
Nobody has said you would fail, and nobody wants you to fail.... Start at SCORE or at your local SBA and get a mentor. ... I also wish you the very best of luck
Yep, very good reply to OP,
Quote:
I have a great Idea but no money, how do I go about this?
Just get your ducks in a row (small and concise business plan that will instill investor confidence (don't focus so much on the idea, but the strategy for obtainable results)) and detailed financials with realistic and substantiated projections for 3-5 yrs.
#1 Banks and SBA do not lend on start-ups (friends, family, self) #2 Accurately plan and specify start-up costs (a food joint can take significant capital to bring to Health and safety code $50k - $100k ez) #3 Detail how you will bridge cash-flow gaps. (like paying suppliers, insurance, permitting, lease, and contractors BEFORE you have revenue) #4 Indicate your 'skin-in-the-game' as lenders call it... They typically want you to be 20-30% 'at-risk'. #5 Realize that food business collateral is not highly valued. (such as your $2500 fridge will get you about $250 in collateral loan value) #6 Understand that food business puts a very high value on the cook. You die or get sick, best have a written plan and lots of insurance to satisfy obligations to lender.
Maybe find a venue where you can work 'undercover', and discover the successful management and operation of a similar business. Hopefully you can practice and get exposure for your idea so you can validate opportunities for success.
SCORE and SBDC offer free business consulting and loads of resources including financial models and webinars. I like to use SCORE first (for idea generation, logisitcs, and starting financials), then fine tune with SBDC (especially BEFORE going to a lender. SCORE | Small business mentoring and training | SCORE SBDCNet - National SBDC Information Clearinghouse
You can obtain data from existing business plans and get free copies of food business business plans by searching the web. I would also buy a few Harvard, McKinsey, or Babson case studies specifically in your industry sector. Here is a site that will help get you some benchmarks for performance, but you should get the RMA data from library. Free Business Statistics, Financial Ratios and Industry Statistics by BizStats (Realistic and substantiated financial ratios will help smooth your presentations to investors).
It is much faster and cheaper to learn from the mistakes of others.
Many entrepreneurs offer 'step-by-step' "How to start your small business", for a couple hundred bucks they will lead you through the steps to learn this, or... you can research and do it all on your own.
Start at SCORE or at your local SBA and get a mentor.
Maybe you had better luck than I did, but both SCORE and the SBA were a complete waste of time and effort when I was working on starting my own small business.
They are literally OBSESSED with a business plan. That is all they have to say to me....."do you have a business plan?" "If you need a business plan, then go here and go there....blah, blah blah". When I told them I had a business plan, they were just LOST. No help whatsoever.
The OP needs to understand that this is up to HIM because dealing with government red tape is just going to aggravate and frustrate him. At least that is what happened to me, and many other people that I have talked with recently.
Like I said, EVERYBODY that has started a business doesn't know everything. And I bet alot of them knew nothing, The idea of mine is the motivation I need to make this work.
Motivation is everything. Business is like a roller coaster, a series of ups and downs. For a new startup those ups and down are more dramatic. It's literally goes from, "holy smokes, I'm actually making money." to, "Oh god, I NEED to get this sale or else I am headed for bankruptcy."
Also in regards to people telling you that the idea is a failure, don't listen. What you need to realize is that there are two types of people out there: working class people and the rich. Each has very distinct behaviors and opinions especially in regards to money/business.
The rich will say, "invest your money wisely." The working class will say, "save your money."
The rich will say, "Start your own business and sell, sell, sell." The working class will say, "find a good job."
The rich will say, "work hard at your business and never stop learning." The working class will say, "go to college so you can get a good job."
Keeping that in mind, the working class person will ALWAYS say that starting your own business is a waste of time. You could have the developed the medicine for everlasting youth and they would still say its a bad idea to start a business. Just keep that in mind.
When it comes to making money, working for others is at the very bottom. Starting your own business or doing other self employed tasks is a way better option. At the end of the day everyone works for some company that was started by an entrepreneur.
That's right. The only way to really *fail* is to "not try". If you try and don't reach your goal, you have succeeded at finding one way that doesn't work.
What you need to realize is that there are two types of people out there: working class people and the rich. Each has very distinct behaviors and opinions especially in regards to money/business.
Keeping that in mind, the working class person will ALWAYS say that starting your own business is a waste of time.
When it comes to making money, working for others is at the very bottom.
I think that you're mixing *class* with *wealth*. Some working class people are wealthy. A person's class is equated to their behavior. Someone who hits the lottery can still behave like a working class person.
But, you're pretty much on the mark, in my opinion, about there being two types of people. One type likes to lead the other type likes to follow.
Most of the working class people I know have the "don't do anything but work for someone" view.
Being a business leader doesn't always mean wanting to make big bucks. Most people want to make big dollars even if they are working class.
If someone wants to make their ideas reality, then business is usually the way to go. They may make a bunch of money and maybe not, but at least they will have tried to make things better.
...but both SCORE and the SBA were a complete waste of time and effort...
They are literally OBSESSED with a business plan. When I told them I had a business plan, they were just LOST. No help whatsoever.
The OP needs to understand that this is up to HIM because dealing with government red tape is just going to aggravate and frustrate him.
That's the same thing that happened to me anytime I went to the SBA or SCORE. They do have good guides and booklets for "very new entrepreneurs" they can provide. The SBDC seemed to be more interested, but didn't have the tools they needed.
Yes, most *true* entrepreneurs want to *make things happen* not spend time messing about. Government red tape, although necessary, usually frustrates entrepreneurs.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
Quote:
Originally Posted by Rich_CD
That's the same thing that happened to me anytime I went to the SBA or SCORE. They do have good guides and booklets for "very new entrepreneurs" they can provide. The SBDC seemed to be more interested, but didn't have the tools they needed.
SCORE is often best for 'new in business', but with over 10,000 mentors you can usually find a better match for your need. I have found some terrific marketing and financial gurus there. You can change counselors anytime you wish - it's all free, and all are volunteers, so YOU need to dig till you get a match. (the price you pay for 'free', AND if you are incented you will dig). The SCORE Online option (and most local sites) give you a profile of counselors, so you can pick most relevant help, and change helpers anytime.
SBDC is a bit different animal (paid counselors). They get their SBA revenue based on criteria such as # of jobs created & $$$ of loans enabled to local businesses. Thus, they have little time available for start-ups. Their resources vary per site, but they are abundant if you need something. (Reporting, Primary and Secondary Market Research, Regional spending trends, ...). They also have some centers with the same financial software as the banks use to validate your Financial Ratios in comparison to RMA data, and how your operation fares with industry benchmarks. You can do an exhaustive sensitivity analysis of your business practices and see graphs and benefit of tweaking operational plans such as receivables, payables, inventory, capital spending, fixed and variable costs ...
There are lots of resources on their national and regional sites.
Quote:
Yes, most *true* entrepreneurs want to *make things happen* not spend time messing about. Government red tape, although necessary, usually frustrates entrepreneurs.
It is VERY important for an entrepreneur to identify their skill gaps and hire / partner with someone to take care of the details to keep the government happy (and paid). Fees / fines / trouble can quickly cost more than the 'services' to manage the details. Payroll, Bookkeeping, Legal, and Accounting is very affordable through online and local service providers.
Marketing.... that is often NOT too affordable, but without it, many entrepreneurs face a steep (and slow) climb.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
