What is the best way to build the most capital in the shortest amount of time for opening a business
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I would like to open a sports bar/night club, but obviously need to have money to do it. I was told that in order to get a loan, you need to have 1/2 of the amount you need to open (if I need $150,000 to open the bar, I need $75,000 cash myself). I don't have anywhere near that much money- as I am only making around $22,000/ year. What is the best and fastest way to get the money I need to build and open this sports bar? My goal is to open in less than 5 years.
What is the best way to build the most capital in the shortest amount of time for opening a business?Write up a good business plan and hunt down investors who love ur idea and are willing to back you.
What is the best way to build the most capital in the shortest amount of time for opening a business?Bad news. You need to get some considerable experience before opening a sportsbar/nightclub. Aside from that, your goal of 5 years isn't a realistic timeframe because you don't yet have a way to do it.
Without being judgemental, I would suggest getting a job at the type of place you would like to open. In other words, work for the competition for a while to learn their strengths and weaknesses. It may develop that you gain valuable experience which is worth many times a starting salary.
I didn't really answer your question, because you want to know the best and fastest way to be successful for 5 years, so that you can then stop and open up a sports bar.
But the short answer to your question is to get a job in sales.
What is the best way to build the most capital in the shortest amount of time for opening a business?You might acquire a trusted partner for business, and then maybe they might have some cash. Or you could mooch off your parents, Only kidding. There are no get rich quick schemes as you may know so the best way would be to do some home work on how money works and how financing works, and how small businesses also acquire funding.
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