Forums: Discussions for entrepreneurs and small business.

I have a great restaurant concept, a thorough thorough thorough business plan (just like you're supposed to!), experience in the design and buildout of restaurants, I've worked in the industry and I have years of management and business experience. What I don't have is a credit score worth looking at and the contacts to people who are interested in funding a restaurant startup. Not going to the bank since my credit score blows. My friends in the industry have been extremely helpful evaluating my idea, but don't have the funds to invest themselves and don't have any potential investors to meet with. Any creative ideas out there?

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you should hire a consultant... In this way you will be safe

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Cialis Online

I ahve been a lawyer for 25 years and a restaurant owner for better or worse. While conventional wisdom is to avoid partners, that is the easiest way to start a restaurant.  Partners with money might enjoy being part of the equation while you work your tail off.  Have a professional run the money part if you are able to get this going and you will not have to deal with the worst part of partnership.

By the way, here is a novel idea.  Go to a restaurant that is not doing very well and has the kind of facility you like.  Present your plan to partner in the business and change the concept.  You'll strike out a lot, but it only takes one yes.  Perhaps a very exhausted restaurant owner would love a break and knows that he or she can return to the old business if your idea doesnt work out.

 

Dont be too worried about giving away your idea.  The hard part is executing.  After you open, everyone will have your idea anyway.

 

Good luck. It is a tough business.

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www.boomerangtool.com www.cornelllawgroup.com

Thanks Boomerang,

Yes, the business plan is designed to accommodate an investment partner. The ROI is excellent even though I ran the numbers conservatively. I just need to get the business plan in front of an investor - that's my dilemma. Your idea to find an owner/location whose restaurant is dive bombing is a pretty good one. Thanks for that!

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Vinvin,

There are a number of ways to bring capital into a business - even a restaurant. From our experience, we've determined that one of the keys to success (besides having a solid concept) is to choose the right "capital strategy"-for you and the business.

We've also determined that early stage capital almost always comes from the teams extended network (someone you know, they know,etc) so continue to "build your constituency" for this project.

If you want to discuss your situation in confidence, feel free to drop me a PM or contact 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

There are a number of good ways to get in front of investory. FundingPost.com has both an online service and a number of offline networking opportunities. I attended one of their events in CA. It was well-run and the people attending found it valuable.

Another source is the new website CapLinked.com. They allow you to post your deal and utilize your LinkedIn network to help source investors.

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Start Here. Go Far. LaunchX

Hi there, I think “Boomerang” made a very interesting suggestion.

Another idea would be partnering with your competition. I know this sounds strange, but I saw this happening on a couple of different occasions in Miami and NYC when two talented chefs with a unique concept approached other restaurant owners and partnered with them. Some owners of already established restaurants actually look for a way to diversify and are not necessarily disinclined to discuss fresh and innovative ideas with the new kid on the block.

As Boomerang already correctly pointed out, I wouldn’t worry too much about spilling the beans about your concept. You will always need to strike a balance between disclosing information to get the attention of potential partners and holding back enough, so, your concept won’t become a runaway train.

If you are interested in some hard facts and realities on raising funds from investors, take a look at our white paper “Reaching High Net Worth Individuals with Your Private Offering” at http://publications.fastventures.com/reaching-high-net-worth-individuals-with-your-private-placement

The paper merely includes first-hand experiences, accounts, and strategies (including sample marketing material) that we used when we raised $5.5 million from high-net-worth individuals for a distressed residential real estate fund two years ago. It’s a detailed action plan that explains the “Do’s” and “Don’ts” when raising funds.

I hope this helps. Good luck!

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

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Hi,

You should apply for funding to an angel investor. In order to do this, you should have access to a great data base of investors which will provide you the direct contact data of the persons who would be interested in funding a project such as yours. Pitch your idea and get the papers done and there you have it!

Good luck!

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With such a hitch in starting up your restaurant project, we at Ultra Capital welcome you with our arms open.

This is what we do, helping startups to grow into world class companies and yes we can provide you with everything needed to make sure your restaurant grows into a world calss restaurant.

you can visit our official website page on www.ultracapital.net or write directly to me at j.derek@ultracapital.net

I would be more than glad to see that you achieve your dreams.

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J.D