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Anyone Have success on crowdfunding a restaurant? And if So care to share? Please...
The Reason I know for sure my credit isnt worth a lick, I have asked about two hundred people on several websites and emailed them to become biz partners and no takers. So, long story short, I have asked, and asked, and I have a biz plan all written out and so I continue to search....
T1000,
Acquiring capital for a new venture can be frustrating and time consuming. from working with entrepreneurs over the past 10 years, we've determined that the "how' is as big a success factor as where . We've also determined the vast majority of capital support for an early stage business is received from the entrepreneurs "extended" network.
If your "network" isn't able/willing to help you, then I would focus on "building your constituency"-first.
Hope this helps. good luck.
If you want to discuss your specific situation, feel free to drop me a Pm or contact me directly.
Great to get ideas from investors who would also guide you through to marketing. Send me pm and a can guide you to the right place.
Just because an investor does not want to invest in your restaurant does not mean your credit it bad - it just might mean that the deal is bad.
Crowd funding is not really for restaurant type businesses. There have been tons of success with crowd funding - most funding of this type is for very small amounts of capital (under a few thosand dollars) and is usually tied to a project.
Thus, if your business found that many in your community wanted a place to go and karaoke and there were no places for them to do it. Then, this crowd many help your business raise enough funding to buy the necessary equipment to put this in your place.
Crowd funding is not ususally done to fund an entire business.
From Wikipedia: http://en.wikipedia.org/wiki/Crowd_funding
I suggest you find a SCORE office in your area. They can help you improve your deal as well as make other finance suggestions.
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