Forums: Discussions for entrepreneurs and small business.

Hello all.  I`ve just discovered this forum.  After reading many of the posts and responses I feel as if I might get the answers I seek.  A bit of background.  I`m a 51 year old CPT (certified personal trainer) who wants out.  I figure I have another 5 years before I reach physical and mental burnout.  Hey, would you hire an almost 60 year old personal trainer? I had thought about opening a one on one gym but this place is flooded with them.  So, I`ve been looking into business options.  A friend suggested I open a coffee house.  There`s a college campus being built here and this would be the perfect time to open this shop.  There are also many new businesses and offices being built around the campus.  My BF can wire the place for free internet access.  I have ideas that would make the place a total community unto itself.  I know it could be a success!  My problem is..........where to get the funding.  A loan is impossible due to past mistakes (husbands ) and available cash is not an option.  I feel as if I have this thing that could see me to a secure future but I don`t know how to get it.  Plus, I bake.  What I bake is low carb, low fat, low sugar.......in other words healthy and the taste is incredible!  Hey, fitness is my life!  So, incorporate great coffee (beans from a local grower, community involvement!), great healthy food (small, select menu) and a place to call home and you have a hit!  All I need is the funding.  If anyone can offer some realistic advise I would more than appreciate it.  Thank you for reading this!

TRNURBDY48,

Though independent coffee shops generally have a poor track record of success, aka profitability, I really like your individual ideas in making it a "community" spot. There are a variety of ways, which you have begun to touch on already, that you can get people to champion your Mom`n`Pop over the national chains that will inevitably come in.

However, concerning your specific question, do you have a general business plan put together? Do you know how much funding would be needed? I truly believe your first concern would be to put such ideas/issues to paper. Then, you can seek out funding.

But, to answer your question, under your circumstances I would recommend utilizing a peer-lending platform like www.Prosper.com. With this site, you can put up your request and include your story and ideas as you`ve done above. The way this site works is individuals from across the nation review various requests and invest usually between $25 - $100 or so in each venture that they chose. The aggregate of all these investments forms a loan for your venture that you then pay back according to the site`s guidelines, which I believe is over 3 years. The loan terms you receive will depend on the "riskiness" of your venture and your personal credit.

Anyways, I love your humor and your passion and I think based on the ideas you`ve included above you would be successful and providing a self-sustaining community outlet as well as providing yourself income to live on. There are just a few I`s that need to be dotted and T`s that need to be crossed before jumping in. I wish you the best of luck...


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J.J. Thomas, JD/MBA

Entrevisor - Entrepreneur Advisory Services

www.Entrevisor.com

Entrevisor@Gmail.com

Wow JJ, thank you so much for the very positive reply!  I`m going to yhe site you recommended right now.  Wish me luck!  And hey, the coffee`s on the house!

FYI..Just ran across this article while researching a response for someone else.
http://www.businessownersideacafe.com/business_ideas/LVbizlo ans.html

One more thing I just thought of is that if you are able to and decide to pursue the family/friends funding route, this site seems to have their ducks in a row as far as that process is concerned.

www.circlelending.com


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J.J. Thomas, JD/MBA

Entrevisor - Entrepreneur Advisory Services

www.Entrevisor.com

Entrevisor@Gmail.com

Glad to help! Good Luck...

Also, please feel free to email me with any additional questions/concerns/complaints/Million Dollar Biz Ideas at Entrevisor@Gmail.com.


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J.J. Thomas, JD/MBA

Entrevisor - Entrepreneur Advisory Services

www.Entrevisor.com

Entrevisor@Gmail.com

Ok.  I went on that site.  It`s wonderful but not enough is loaned for this specific project.........so, I`m going to go with my first project that will lead to the Coffee Shop.  You said you loved my humor, passion and ideas.  WELL, these things I have in abundance and I`m going to apply them to a concept for an exercise video.  As I mentioned, I`m an aging CPT (self-deprication is part of the charm) but I`m also a CPT who did it the hard way (lost about 100 lbs), with lifestyle changes.  I`ve designed programs for clients that are different from anything out there.  I won`t give any of this one away, so perhaps, I`ll write to you privately.  This, I know, will lead to my ultimate goal.  Thanks again JJ!

Sounds very promising. So, you are thinking about self-funding the coffee house biz with your unique exercise video idea? I do agree that putting out the exercise dvds would be way less costly. Please keep me updated and I would love to further help out in anyways, even if it`s just someone to bounce ideas off of. 

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J.J. Thomas, JD/MBA

Entrevisor - Entrepreneur Advisory Services

www.Entrevisor.com

Entrevisor@Gmail.com

Wow, are YOU lucky!! I just won the Illinois lottery for $15 million (after taxes), and I`ve been looking to invest in some small businesses.

This coffee shop thingie sounds interesting. How much money do you need? Over what time frame? When would I get that money back, and how much would I make on that money I lend you or invest?

Are you serious!?  Wait........let me think!  J.J., help!

As I said.......let me think.  My thinking has led me to the same conclusion as you but with a wee bit more skepticism.  Thanks again JJ.