Thinking about opening a sports bar.?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
I live in a small town that could use a simple sports bar. I have been planning a sports bar for several years now, but never take it to that next level because I do not know what I will need to do, what the steps are, and what the laws are.
Would anyone have some insight as to what my first step would be? Would securing a lone be a problem? I have excellent credit, but I would prefer for my business to get the loan rather then me chance ruining my own credit should this venture fail.
Any help whatsoever would be greatly appreciated.
Thinking about opening a sports bar.?Your first step would be to check in on state and local laws to make sure you will not run into legal issues. Locally I would recommend contacting the office of code enforcement and on the state level you should contact the office in charge of liquor control.
Your next step is to find a suitable location. Steer clear of spaces that used to be restaurants/bars (there is a reason why there not there anymore). Check with the code office to determine if a bar/restaurant can go on your site, you should also talk with the local health department.
Loans will be a big problem. Banks don't like the odds on the bar industry and they really don't like the odds on loaning a brand new company money. Your best bet is to get the loan in you own name and they will most likely want collateral. Also I have found that local credit unions tend to be more open minded to a local entrepreneur. You could also look into finding a partner for financing.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.