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My husband and I have great ideas for opening our own restaurant and running it. We've looked into the business and have a good idea of how things need to be done. We have many years of experience working in the restaurant field but we're only in our early twenties. We have credit but not enough to take out big loans.
How would we go about obtaining the required amount of money it will take to start the business without writing a business plan. Reason for not having a business plan is that we are not interested in investors. Will the bank loan us the money without a business plan or without a co-signer?
Please no rude comments. Thanks in advance.
Need business advice!?People are right about the business plan, however the main thing you need are FINANCIAL PROJECTIONS. The banks want to see your overhead and projected sales and market data over a three to five year period.
Think about, why would I loan you $100 to start a lemonade stand without you telling me what you plan to charge, how many cups you think you can sell a day, your cost to make each glass of lemonade, and your general overhead?
I really can not understand why you feel that you do not need a business plan or financials. The only guess I have is that you feel entitled to a loan officer giving you hours of their time for you to orally tell them information and for them to take notes, something that will not happen, and will negatively impact you...
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