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Restaurant Le Malesan
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SHAKE the Money Tree: Funding for Your Restaurant
Restaurants
Imagine if you will. It is 1:30 a.m. and you have one more errand for the day. You need cash for your restaurant business. A simple $ 250,000 withdrawal from your ATM card and you should be good to go. The stinking ATM machine declines your request. Apparently, your $ 170.12 balance won’t cover that size of request.
Well, keep your chin up. All is not lost. You have, in fact, achieved a wonderful threshold of the entrepreneurial life. You have just received your first financing turndown. This NO puts you one step closer to hearing your first YES! And that really is wonderful. Forget about the ATM machine. Much like many lenders and investors, they won’t be able to see the same vision you do anyway.
Well, you gotta learn how to shake the money tree baby.
Let’s start with the basics. There are three financing stages and each will require you to find money.
1) This is startup funds to finish preparing the business for launch and then actually beginning to operate the joint, or taking a business that didn’t really take off and trying to give it the electric shock treatment.
2) This is once your restaurant has proven it is a viable concept and ready to grow.
3) This is usually brought on by the owner wanting his wealth out of the business, or possibly wanting to exit, or to bring on other investors.
Keep in mind, there is always money available. And there are plenty of ways to get money for wants and needs, but there are also plenty of money people who really enjoy saying the word, “No.” Get ready. Resilience is the theme for being effective at shaking the money tree.
There will be plenty of “No” in your future. To which, you can only say, “So,” and then move on.
In business, you cannot let a turndown deter you. If the plan is solid, the concept is viable, and you are passionate about the project, in time, you will certainly hear that magic word – whether it comes from your local banker, a venture capital firm, or even Aunt Emma.
The problem for some businesses, though, is they don’t know how to get the capital they need. Those businesses fail.
■ You must be able to answer, “What sets you apart from the competition?”
■ Whether you are a start-up or have been in business for twenty years, a business plan is critical to securing funding of any kind.
■ Great locations can ensure success for nearly any concept.
■ This is a set of strategies for targeting the right amount of money from the right sources, at the right time, for the right price. Be sure to examine all the sources you can. Also, define the points in your plan when you will most likely need an injection of cash. Knowing ahead of time what you will need and when is much better than trying to take all your money at once or worse, going to the money well too many times.
■ Figure out how much money you actually need, not what you think you can get.
Falling short later can be more painful than not getting anything now. And greedily overreaching is just, well, bad karma.
■ Can your team get it done? Often, a loan will be decided based on the level of experience, professional appearance, attitude, and the personal track record of success of your team, as well as your ability to engender confidence. So you want money for your restaurant? Surround yourself with people who cover any deficiencies you may have, whether it be leadership, accounting, marketing, etc. Once you have assembled your team, ask yourself- “Would I loan money to these guys?” If you have a team you believe in, that will shine through to a smart investor. Knowing WHO to ask and HOW to ask them is critical. You can beg and grovel, but that probably won’t work, so we will need to save that for next time.
Carefully consider what the use of someone else’s money will cost you. What areyou willing to give up in ownership? How much are you willing to pay in interest?
Colonel Sanders, himself, spent seven years traveling the country selling his chicken out of the back of his station wagon before he found someone to fund his secret recipe. He didn’t care who said, “No.” He knew the only right answer was, “Yes!”
Hackettstown arrests 5 at 2 restaurants for sale of liquor
Restaurants
By JESSICA MASULLI REYES HACKETTSTOWN — An undercover investigation led to the arrest of five owners and employees of two Hackettstown restaurants on charges of selling alcohol without a license, according to police. The five Hackettstown residents …
Restaurants question by Louis M: What restaurants are near the Greyhound station in Buffalo NY?
I am leaving for a trip to Columbus by Greyhound and I have a 3 hour layover in Buffalo NY, I am wondering what restaurants are close to the Greyhound station?
Thanks.
Restaurants best answer:
Answer by starzcrk
is this the address of the bus station?
Greyhound Bus Lines
(716) 855-7533
181 Ellicott St, Buffalo, NY
best restaurants nearby to experience the b-lo:
-Anchor Bar
1047 Main St, Buffalo, NY(best.chickenwings.ever)
-Pano’s
1081 Elmwood Ave, Buffalo, NY(cheap, has everything, open late delicious)
-Jim’s Steakout
92 W Chippewa St, Buffalo, NY(theres a bunch of them around the city, fast, and most amazing subs you will ever eat)
those are the best i can think of as far as cheaper, fast places that are delicious.
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