My wife and I would like to start a lounge/restaurant – how would we go about planning for this?
Posted by admin on 2 Dec 2009 1:12 pm. Filed under Small Business.
slosco
It has been a long time dream of my wife and I to have an entertainment/lounge/restaurant venue. We both come out of that world as employees and saw some of the things that we would do better if we had our own establishment….how do we get started? We don’t know the first thing about writing a business plan or how to raise capital for a venture like this……
It has been a long time dream of my wife and I to have an entertainment/lounge/restaurant venue. We both come out of that world as employees and saw some of the things that we would do better if we had our own establishment….how do we get started? We don’t know the first thing about writing a business plan or how to raise capital for a venture like this……
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On December 5th, 2009 at 6:18 am
Do you have experience working in a lounge or restaurant, particularly in the field of management? Or will you have a partner who has experience working for a restaurant?
The reason I ask is that when you apply for a bank loan, even SBA loan, the first thing the bank will want to know is your experience and knowledge in the industry. If you have no knowledge about the business, they have lesser confidence that you will succeed, and therefore not give you a loan
Here are some sample business plans that you can use
Sample Restaurant Business Plan (steakhouse)
Sample Restaurant Business Plan (organic restaurant)
You may consider the following resources (not free):
Palo Alto’s Restaurant Business Plans
FabJob.com’s Starting a Restaurant Business
Entrepreneur.com
Associations are great resources as well
National Restaurant Association
National Restaurant Association Educational Foundation (they have excellent training courses for restaurant owners)
Your state restaurant association (e.g. , , ,
If you want in-depth information, I suggest you check out the following books:
The Restaurant Business Start-up Guide (Real-World Business) by Paul Daniels
Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan and Feasibility Study by Sharon Fullen
Start Your Own Restaurant (and Five Other Food Businesses) (Entrepreneur Magazine’s Start Ups) by Entrepreneur Press and Jacquelyn Lynn
Start Your own Restaurant and Five Other Food Businesses (Startup) by Jacquelyn Lynn
The source below lists more resources in starting a restaurant