View Full Version : need advice asap!
04-21-2006, 11:40 AM
I AM A YOUNG WOMAN WHO DESPERATELY WANTS TO OPEN MY OWN POOL HALL. I AVE TONS OF IDEAS BUT THE PROBLEM IS THAT I LACK START-UP CAPITOL. ANY ADVICE FOR SOMEONE LIKE ME. I NEED ALL THE ADVICE I CAN GET. THANKS
04-21-2006, 12:08 PM
First of all "Stop shouting" all caps are considered shouting on these boards.
The first thing you should do is get out the old Yellow pages and hit every pool room in your town. Talk to the owners, you may find one that wants to retire and will
finance you. Pick there brains and see what kind of area they are in, how much they charge, what kind of clientel they have. etc etc go on a fact finding mission, make up a list of questions. Most will be willing to talk to you about the advantages and disadvantages of owning there own business. Some may say stuff like " I wish i had known this or that before i started up" this information will help you. There are all kinds of things to consider, do they have a Liquer license or do they sell just Beer & Wine? also do they have a well lit parking area, do they sell Cues & accessories etc etc. Lots of stuff to consider.
As far as raising capital, how bout family members? Own any property? Most small business asscoiations won't loan money on Pool halls or Bars. I know i tried it last year.
There is a local pool hall where the guy was getting ready to retire, he has cancer, but i could not get the loan.
04-21-2006, 01:07 PM
Sorry about the shouting. Thanks for the advice. But the thing is that im young (20) and i come from a low income family. i am currently building my credit so i cant rely on the bank as of right now. So it looks like i need an investor. My professor speaks much about angel investors, but where can i find one?
04-21-2006, 07:50 PM
Do you have a busines plan to present to your potential investors? There's a lot more then just renting tables, to run a pool room. I've helped open a few, and watched as a succession of owners failed to make them profitable. The lady that used to give the business seminars for the BCA, was forced to close two rooms due to rising costs. It's a very tough business....Good luck with your idea...
And it helps if you can find an employee like me....not afraid to unplug an old toilet, or install a new one, change a light bulb or replace the fixture, setup your point of sales software....and not take one penny from the cash register. Maintenance, and employee theft can ruin any business plan.
04-22-2006, 05:03 PM
Do you have a business plan? Who is going to run the room for you? Will you have a liquor license? What experience do you have in operating a pool room? Where are you located? I'm not trying to discourage you, but any investor will have questions like these. Good luck
04-25-2006, 04:58 AM
Even if you have the Capitol and Business Plan. What is the City/Local zoning law, policy/restriction on pool hall. No matter how much capitol or the best plan. The Zoning Board or City Council can disapprove opening a Pool hall. Know the Law for place of operation. /ccboard/images/graemlins/shocked.gif
04-25-2006, 06:44 AM
Contact the Small Business Administration. There are groups that help minority business people too. They can assist you in making a business plan and getting you a loan, and continue helping you for 2 years after startup of the business.
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