Do you have a passion for good food and you know which food sells? Do you have the secret recipes which make a difference and you want to share the outcome with people by opening a restaurant? Are you worried about not having the money to realize your dream? Well, money is not all if you have the passion. Here is what you can do to open a restaurant cum bar with no money.
Know The Cost
The first step is to know the cost involved in starting a restaurant cum bar. Having an idea of the cost will help you know how much you are short of the amount. Never mind, even if you are 100% short. Just be happy you know how much you need from other sources.
Write Down Your Concept And How You Plan To Achieve It
You have an idea and all you now need is financial support. Put down in writing what your concept is and how you hope to achieve it. Your business plan should contain:
- Your restaurant concept in detail
- The level of passion and experience you possess
- The theme of your restaurant
- Demand and competition for the theme in the market; big players if any
- Measures you plan to move forward
- Time you set to break even
- Costs involved for the entire process
- Your share, if any, apart from your active contribution
Inner Circle Meet
With the business plan ready, reach out to your family and friends for financial backup. Have an open discussion and let them know the level of financial support you require. These are the people who believe in you, share your passion and want you to succeed. Make them your confidantes and start trying right here.
If your family or your friends are able to contribute, treat it as restaurants loans online from a financial institution and have it documented, which includes the interest to be paid and the duration of the loan. Though there is mutual trust, treating the loan as an outside loan will keep you motivated to return it soon, which will be possible only if you make a profit.
If the first attempt does not produce results, call on the investors next. While investors may not be impressed by your passion, they will be interested in the talent you possess to achieve your passion as this is what ensures they get their money back. Meet them with your business plan, which will impress upon at least one of them if not all. Once you get a favorable reply, you may need legal assistance before you enter into an agreement with the investor.
Get A Business Partner
If everything else becomes impossible, try bringing in a business partner whose sole responsibility would be to finance the restaurant near clinton new jersey . Again, documentation is required here with the business partner. It should include the interest to be given every month and if the business partner prefers a share in profits the percentage of profit to be given has also to be included.
Whichever the channel from where you get your loan, stay focused on the project. Keep the lender informed of the progress as he was the one who made you open a restaurant cum bar with no money.