If you have a solid business plan and a good idea in a good location, the money should work out! Start cheap - find places where you can buy used - everything from furniture to cash registers to espresso machines. You can find equipment in good condition for a lot cheaper than new - and you can always upgrade later when the profits are rolling in! Most banks (despite the "poor" economy) are still willing to lend to small business - most of the ones I talked to wanted a 10% down payment for the amount needed, so if you have 10K of your own to invest, you can find a bank willing to lend you up to 100k. Also look around for grant options, and see what your city has to offer - most have money set aside to invest into entreprenuers - you don't have to pay it back, since you're helping the city's economy. As long as you are willing to work hard, you should be able to meet your financial responsibilities, especially in a field like food services. And remember - if the business does fail, you can always start selling the business's assets to make your payments!
in the process of starting a motorcycle shop, and have done a TON of research!
· 1 decade ago