Anybody know where i can find angel investors/silent partners of sorts to help me open my restaurant?
April 23, 2010 by
Filed under angel investors
I want to open a Franchise restaurant in Lake Havasu City,AZ. Awesome potential to make huge money, but i can’t get a business loan. I need a silent partner, or an angel investor. Can anyone steer me in the right direction?
a bank! or… a loan shark! hope u dont like ur knee caps
A bank. Consult the SBA. What is your experience in running a business? Investors are going to want to know why they should invest in you and how their investment will be treated. If it truly is an awesome potential, then a business loan should not be hard to get. If the opportunity is awesome; however your history is hindering the loan, then with the exception of friends or family it is not very likely that you will be able to get anyone to invest in you. You may have to let this opportunity pass by, improve how you look on paper and then seek out a new opportunity.
I wish you well!
Every investor worth his/her salt will require from you a business plan for your restaurant. Firstly, if you have no experience in the restaurant business, I’d advise that you work in restaurants for the next six months or so doing everything from bussing tables and washing dishes to waiting tables and cooking if they’ll allow you back there and if you have the skills. This will give you some of the work experience that you’ll need to understand and run a restaurant profitably.
If this is your first business venture, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I’d call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.
Ask for someone who has a background in restaurants and they’ll try their best to match you with the right counselor.
The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a restaurant and force you to also understand all of the aspects of this business including the customers you’ll concentrate on (your market ) and how you’ll get them to find out and want to come to your fabulous restaurant.
The location of the restaurant is important but doesn’t make it successful. To prove that all you have to do is walk down a street in your town where there are several nice restaurants all in a row and you’ll find one or two that are empty while the others are very busy. It has to do with menu, ambiance, and your reputation at the beginning and over time.
You also have to have food handling licenses, the right zoning, the right city and county licenses and permits and you have to be skilled at negotiating with your landlord about who’ll stand the cost of the build-out or the changes to the premises to make it ready for your look and feel.
You also have to worry about the normal business planning and management issues related to starting up any business.
Take a look and read some of the articles at:
http://www.ychange.com/small-business-consulting-articles.html
especially the ones about a business plan and starting a business. Also try their Blog and their Bulletin Board.
Hope this helped.
here are some search results
http://www.yabloog.com/angel_investor.html