posted on Jul, 31 2011 @ 05:12 PM
reply to post by Hessling
First of all be prepared for a hell of a lot of disappointment and initial knockbacks,especially in the current economic climate,do NOT take no for an
answer,persevere,persevere some more and when you are feeling mentally and physically drained from the endless "nos" persevere yet more.
A structured business plan is a must,state your objective-i.e opening an eatery.outline the amount of personal capital that you are prepared to
allocate to your venture(if appropriate) show some figures,i.e the number of patrons that your business is likely to attract in the first year,you
could leaflet your local area outlining your intent and go door to door asking people if they would be likely to patronise your eatery should it
Scope out the competition,define why people would choose your establishment over similar dining establishments,i.e what makes you stand out? ensure
that your qurterly or annual forecasts are accurate,there's no point in asking a lender for say 50 K if that will not cover all your initial outlays.
Take into account(for instance) cost of buying/renting premises, staff salaries,utility bills,liability insurance,hygiene and food certification
costs,any local legislative requirements that may require an initial cash outlay.
More importantly determine if you have both the physical and mental stamina to run your own show.believe me it is a trial of wills at the outset.Seek
the advice from those who have been succesful in setting up a similar venture and check with your local government offices for any courses/advice on
setting up in business.
Stay positive above all else and the very best of luck to you in your venture.