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Start up funding for seafood restaurant
dawnhill
subscriber Posts: 1
Hello all! I am new to the forum and just wanted to say that it is such an awesome resource!
I have been perusing for 3 days! lol.
The reason for my post is that I want to throw my idea out there and see if it generates any interest or advice. So, here goes........
The objective would be to lease an existing but currently closed restaurant. The restaurant has been successfully run since the mid 80`s and was only closed due to the owners ending their romantic relationship. They liquidated and sold the building. The restaurant is a local landmark as it is in the shape of a boat. There are currently only 3 other seafood restaurants in the area. I have alot of connections in the restaurant business as I have over 15 years management experience. Through their previous supplier, I was able to find out how much inventory they were ordering on average, and since this supplier also did their food cost analysis, I am able to determine that they did around 800k in sales at least in the years of 02-07.
This restaurant is located 2 miles from a major university, .5 miles from the medical center, and conveniently located on a main artery connecting two sister cities.
My business plan is investor ready and I even have staff already in place.
What I need now is funding. We have determined that it will take about 90k total for start up costs including inventory, equipment etc (all detailed in the plan). My husband and I have 20k of our own to invest, as well as being managing owners. Our families are enthusiastic about our wanting this to be a family venture and are eager to get involved and help out. I think that this can only increase our chances of success, as our success can only benefit everyone involved.
I am only just beginning the funding process (or lack thereof lol), so ANY info is greatly appreciated. Failure is not an option, so I will be absorbing info like a sponge.
Thanks in advance
Dawn
A few pics of the restaurant can be found @ www.photobucket.com/dawnsboat
I have been perusing for 3 days! lol.
The reason for my post is that I want to throw my idea out there and see if it generates any interest or advice. So, here goes........
The objective would be to lease an existing but currently closed restaurant. The restaurant has been successfully run since the mid 80`s and was only closed due to the owners ending their romantic relationship. They liquidated and sold the building. The restaurant is a local landmark as it is in the shape of a boat. There are currently only 3 other seafood restaurants in the area. I have alot of connections in the restaurant business as I have over 15 years management experience. Through their previous supplier, I was able to find out how much inventory they were ordering on average, and since this supplier also did their food cost analysis, I am able to determine that they did around 800k in sales at least in the years of 02-07.
This restaurant is located 2 miles from a major university, .5 miles from the medical center, and conveniently located on a main artery connecting two sister cities.
My business plan is investor ready and I even have staff already in place.
What I need now is funding. We have determined that it will take about 90k total for start up costs including inventory, equipment etc (all detailed in the plan). My husband and I have 20k of our own to invest, as well as being managing owners. Our families are enthusiastic about our wanting this to be a family venture and are eager to get involved and help out. I think that this can only increase our chances of success, as our success can only benefit everyone involved.
I am only just beginning the funding process (or lack thereof lol), so ANY info is greatly appreciated. Failure is not an option, so I will be absorbing info like a sponge.
Thanks in advance
Dawn
A few pics of the restaurant can be found @ www.photobucket.com/dawnsboat
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Comments
Some general comments:
As you may know, restaurants are "high" risk and therefore a challenge to fund.
Since debt capital is much cheaper (in the long run) than equity capital - I`d begin by exploring the possibilities for getting a loan.
A solid business plan is a great start - but consider ways to make your opportunity more attractive - we call it being Capital Ready.
Send me a PM if you want to discuss your specific situation.