Forums: Discussions for entrepreneurs and small business.

I am looking for direction to find an angel investor in Michigan for a restaurant startup. The concept is very close to a very popular already existing fanchise but with a totally different twist. I do not want to go into details here but I have a background in this area but not the restaurant business.

I would need funding for the intial startup. The area in which I want to place the restaurant is a highly prized tourist area within the state and has great numbers throughout the year due to the local businesses and area.

Where do I begin? Any help would be greatly appreciated. Any business I have started prior to this I have begun using my own funds but I cannot cover the funsing for this venture. Thank you in advance for your help.

Jeff

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Jeff,

Acquiring capital for a restaurant presents certain challenges- which can be overcome with preparation and planning.

We've learned from advising entrepreneurs over the past 10 years that the first key to success is choosing the optimum capital strategy (path) for your situation. this process begins with clearly defining how much will be needed and when.

The best way to do this is with a business plan.

 

If you would like to discuss your specific situation, feel free to drop me a Pm or email me directly.

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

Thank you Robert i will do that. I want to lay out everything in a clear concise manner so I will probably Pm you latter tonight. I have had success in other businesses but the scope of this one would be much greater than anything I have done to date.

I know I have to develop a good business plan. I just find it hard when developing one to come up with the projected numbers. To me all business plans are guesses, some more accurate than opthers but in the end just estimates correct? I know I can get accurate data on traffic, customer flow and things like that but sales, that one confuses me.

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I know I have to develop a good business plan. I just find it hard when developing one to come up with the projected numbers. To me all business plans are guesses, some more accurate than opthers but in the end just estimates correct? I know I can get accurate data on traffic, customer flow and things like that but sales, that one confuses me.

 Jeff,

 

The business plan is the best starting point.  In terms of it being all guesses with numbers...well more educated guesses.  You mentioned that there is a similar concept in the area, you could look at them to see approximately how much they are generating in sales.  Also, having industry averages and statistics helps a lot. 

 

I've actually written quite a few business plans for food establishments and would love to talk with you.  We are extremely affordable and professional.  In addition, my background is in Restaurant/Hospitality Management, which is also what I received my BS in.  Feel free to PM me or contact me directly.  ashley@branchofsuccess.com  888-332-8105

 

Look forward to hearing from you Jeff!

-Ashley

Jeff, even at the risk that I’m not going to tell you what you want to hear, please consider the following:

• Restaurants are notoriously risky undertakings with many start-ups not lasting long enough to celebrate their first anniversary. Investors know that and traditionally shy away from investment opportunities in that field, unless they’re celebrities who want to bolster their egos with being restauranteurs.
• Why would consider venturing out into this business if you have no background or formal training as a chef or restaurant manager? You may argue that you can buy in the required experience and expertise, but can you? Even if you hire a talented chef, how would you be able to control his performance, costs, and perhaps most importantly hone in on customer taste in a rather expensive and transient tourist area?
• Getting a business plan done will be the least of your problems. The fact that you’re already struggling with your financial projections only indicates that you maybe a little out of your comfort zone although you’re otherwise a business-minded individual. Investors will pick up on that.

While Ashley’s (BranchofSuccess) proposal to take an analytical approach to projecting initial sales is a valid one, I firmly believe that you have to resolve the lack of industry experience and expertise in your team first. It’s probably easier and far less dangerous teaching a chef how to run a business than teaching a business person how to cook, don’t you agree?

I worked on various new restaurant concepts in the Miami Beach area (FL) and the ones that were successful were always lead by teams with industry insiders. Some were even supported by competitors who already had successful restaurants in the area and saw the new concept as an opportunity to diversify their businesses. If you get people like this on board, investor interest will naturally follow.

Please feel free to send me a PM or contact me via our website if you’re interested in striking up a conversation. I will try to give you a few additional pointers.

Cheers!

Karl

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Jackson Steiner
http://www.JacksonSteiner.com

Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.
http://www.Publications.FastVentures.com

Jeff, I'm with Compound Profit, a company that provides working capital to small and medium sized businesses. We have EXCELLENT programs for restaurants. I would like to hear more about this concept and the challenges you're enduring.

have you established business credit ? Have you a location in mind ?

 

Feel free to email me directly :kbernhardt@cprofit.com

 

Keith

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Like everything else in business - you have to get out and market your business plan.  I suggest you get out in your community and attend any and all networking events that you can.  Talk to everyone - some of those you talk to won't or can't invest - but they may know of others.

Also, most local investors don't like to be approached directly - they usually have 'gatekeepers' - people that they have worked with in the past or trust - like CPAs, lawyers, etc.  Try to find these people and talk to them - they could provide you the introduction you need.

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Business Money Today
Small Business Loans & Start Up Loans

I know an investor/Loan lender. you can contact him on bobcolly22@aol.com

Regards,
Jello

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