Little help in organizing thoughts

desertk

What follows is a list of "things to do".  It`s not even 5% of the things I have to do, but they`re the ones giving me the most difficulty conceptually.  I have put them in the order that I think they should be accomplished.  Since I am feeling completely overwhelmed by the structure of the "Big Picture" and I just ran across this forum, I`m hoping I can get some smart business folk to doublecheck me and set me straight.Also, on a side note, is there anyone on this forum involved in the Family Entertainment Center business?  For simplicity`s sake, I`ll just compare my business to "Dave and Buster`s".Business PlanForm LLCTax IDBusiness bank account Acquire FinancingBusiness LicenseLease Buildingconstruction permitsRemodeling/ConstructionThe rest of my list is pretty straight I believe.I have serious doubts about whether any of this other than the first step (business plan) is in the correct order and my doubts are causing me some anxiety.  There is no pressure to get everything perfect right now because I have at least a year before I can start implementing my plan, but the lack of clarity on something that seems as though it should be so simple is frustrating to say the least.  Well, thanks for you time.

InactiveMember

There are no answers ... Planning is great but obsessive planning often gets in the way and leads to ... anxiety. If you want to worry ... spend more time thinking about whether or not you have a solid business idea. Because if you have a great idea, great strategy, and great execution, most of the things on your list won`t matter very much.

Nuevolution

What follows is a list of "things to do".  It`s not even 5% of the things I have to do, but they`re the ones giving me the most difficulty conceptually.  I have put them in the order that I think they should be accomplished.  Since I am feeling completely overwhelmed by the structure of the "Big Picture" and I just ran across this forum, I`m hoping I can get some smart business folk to doublecheck me and set me straight.Also, on a side note, is there anyone on this forum involved in the Family Entertainment Center business?  For simplicity`s sake, I`ll just compare my business to "Dave and Buster`s".Business PlanForm LLCTax IDBusiness bank account Acquire FinancingBusiness LicenseLease Buildingconstruction permitsRemodeling/ConstructionThe rest of my list is pretty straight I believe.I have serious doubts about whether any of this other than the first step (business plan) is in the correct order and my doubts are causing me some anxiety.  There is no pressure to get everything perfect right now because I have at least a year before I can start implementing my plan, but the lack of clarity on something that seems as though it should be so simple is frustrating to say the least.  Well, thanks for you time.Well it seems like you have all your ducks in a row, except for the Business Licensing and Leasing Building.You must first lease the building and then get your Business License.  The rest looks good.

desertk

There are no answers ... Planning is great but obsessive planning often gets in the way and leads to ... anxiety. If you want to worry ... spend more time thinking about whether or not you have a solid business idea. Because if you have a great idea, great strategy, and great execution, most of the things on your list won`t matter very much.I appreciate everyone`s comments on this thread.  Yes, I can get obsessive about the small things and I know that about myself.  The business idea is solid, and I don`t really have a problem with the execution of the business itself even though that is 10x more complex.It`s not so much as a prioritization problem because I know that each step, once we have location, will work itself out.  The problem I had with that short list is things like...  If you have arranged financing before your lease how can you give a banker an accurate list of fixed costs (lease) or how can you arrange financing before you have permission to operate (business license).  To me it seems that financing should be the last thing you do before construction on your facility.  These are probably all simple questions that can be answered by a lawyer/accountant/real estate broker, but because I am obsessive about this stuff I want to have the concept before I pay any money to these guys.desertk2007-3-27 8:31:5

leespizzahouse

hey this sounds just like mE! Well good luck, I am kinda stuck in the same situation. I have a lease contract ready to signed, but just been turned down by SBA. Now... I am waiting on another SBA loan as well as this other company that is helping me form my LLC and trying to get my business line of credit (which they gaurantee that I will get it). My problem is... should I signed the lease once agreeable terms have been reach? Should I put on contigency on the lease about the loan? Help...! = )

desertk

Does anyone know if it`s typical to have a lease agreement with a clause that the lease is contingent on loan approval?  That to me seems like the ideal situation for a future business owner.  Are there any real estate professionals here?Have you talked to a broker about a contingency clause Leespizzahouse?

leespizzahouse

I emailed him about it but havent heard anything. I`ll update you when I get information back. In the mean awhile, please shine in all you experts! = )

leespizzahouse

Just got the response back and the answer was no. I havent signed the lease yet but he said no "loan contigency" so I guess if I do sign this lease contract, I just hope all goes well and I am able to get my funding.
Lee

desertk

Well for what it`s worth, I`ve been doing more research and my plan is to spend a month or so scouting out places available so I can figure out what`s a ripoff and what`s not.  At that point, I`ll try to arrance financing based on an estimated lease cost, simultaneously I`ll work on getting a lease put together.  If financing falls through I just won`t lease the place.  I`ve seen most commercial places sit on the lease market for 2 months or more before someone moves in so I think there will probably be time.  I just can`t see signing a commitment to a lease with no way of paying it considering that my lease costs are probably going to be in the neighborhood of $25k - $40k per month.I really wish a real estate expert would weigh in here.

desertk

Just got the response back and the answer was no. I havent signed the lease yet but he said no "loan contigency" so I guess if I do sign this lease contract, I just hope all goes well and I am able to get my funding.
Lee Contact a lawyer experienced in real estate to look at your lease agreement before you sign anything.

leespizzahouse

Already completed that part of the deal. Hired an attorney a few weeks ago, and she made some recommendation but overall, lease looks good.