Opening First Business: Bar/Club?
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IM 19 and in In July 2008 Im moving to either San Francisco and I want to open up a Night Club or Bar. I already know Ill have to take out a loan and that this is chancy stuff but I like taking chances and the pay off could be big. But what else do I need to do? Anyone who has experience would be great. I dont have a college degree nor do I have to have one to open my own business.
Opening First Business: Bar/Club?Aside from not knowing enough about busines to make it work, you arent old enough to get an ABC license.
Knowing basics is going to get you broke. If you got cash, why dont you just give it to a decent charity, so it does something positive.
Opening First Business: Bar/Club?I say this not to discourage, but to give you a heads up... you are heading into an uphill battle. Unless you have some serious cash and a business plan ready, you are going to have difficulty securing a loan.
Bars & clubs are undesireable entities in many neighborhoods. The failure rate for these types of ventures are extremely high, therefore it presents a huge risk for financial backers. Do not be surprised if you are turned down several times. Your young age and lack of formal business experience will work against you.
Your best bet is to go online and find a template for a business plan. Sit down and put together a concrete proposal for lending institutions to review. If they see how committed you are, they may help you to get a start.
Also, keep in mind that 1) liquor licenses are expensive and in some cases unavailable and 2) there are strict insurance requirements as well as local government policies to adhere to.
Do your homework. Have things put together solidly before you pursue the financial backing that you need. It's better to wait and go in prepared rather than apply haphazardly. Bankers talk and your negative response from one institution could lead to other refusals if you don't have your ducks in a row.
Good luck.
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