View Full Version : WHERE ARE THEY?
04-21-2006, 12:04 PM
IM IN SCHOOL FOR BUSINESS, AND WE TALK ABOUT MANY DIFFERENT WAYS TO GET GET FINANCING FOR A SMALL BUSINESS. WE ALSO TALK ABOUT ANGEL INVESTORS. BUT WERE WOULD I FIND THEM?
04-21-2006, 12:33 PM
04-21-2006, 01:11 PM
04-21-2006, 01:19 PM
About the only thing that will gain you support are a reasonable and marketable busniess and investment plan. Even with that, for an investor to be attracted they will require you have some economic stake in the enterprise as to 100% finance someone else's dream is not very practical.
Please understand, there are people on this board who know more about the business of pool than 99 percent of the people on earth and even they will struggle with a new business.
It is always more expensive than you think, business is not as easy to come by as you think and many have tried and failed. That being said, if you do your homework, you might can sell your plan. However, it is about 10 times harder to sell the idea of a pool hall to investors than is, say, a traditional business like a restaurant. Why? They fail at a very high rate and there is not a big market for the left over assets.
Best of Luck,
04-21-2006, 09:57 PM
OK Whats the product,and where is the Market? The biggest reason people get turned down by the SBA,is they don't ask for enough money,and they don't have enough brains to factor paying themselves into the equation. My nephew does venture capital,and wouldn't consider making less than a ten million dollar loan,and only to a company with a history of development. His specialty is biotech. And even then,ten million won't get you far. If you do find someone that will put up capital,be ready to work for them.
04-21-2006, 10:06 PM
Ten million dollars is alot of money. What about the ppl who dont need that much? I mean, eventually i hope to expand to the point where im using money like that, but all i need is a cool 30 to 50 thousand, which may be like pocket change to your nephew. But to me, its more than enough. What do you suggest?
04-21-2006, 10:10 PM
If I was a banker, I'd be impressed with your experience managing a pool hall.
04-21-2006, 11:48 PM
Put together a solid business plan. Even have an expert help you get it together. the extra cost will be worth it in the end. Then scout a location for this business venture. Do a feasability study and check with the town or city zoning commission to make sure that you can open this type of business in that area. Figure out what the cost of putting this business together will cost you. Figure the cost and set up of all your equipment including lights, carpet (remember with carpet on the floors you will have to use a fire retardent rated carpet. so figure that in also. Then figure the cost of getting your utilities turned on. Also remember that your utilities for commercial use will be more. including telephone and trash disposale. Then if you don't figure to own the property and lease the property you will in all likelyhood have to pay a triple net lease. After you get all your facts and figures together go to the Small business administration to ask for the loan. But remember that you are only 20 years old and may hold that against you. But it is worth trying. I am not trying to scare you. i just want you to be aware of what is really involved with starting up this venture. I wish you good luck with it as you seem to be determined..................mike
04-22-2006, 06:20 AM
<blockquote><font class="small">Quote yungentreprenuer:</font><hr> Ten million dollars is alot of money. What about the ppl who dont need that much? I mean, eventually i hope to expand to the point where im using money like that, but all i need is a cool 30 to 50 thousand, which may be like pocket change to your nephew. But to me, its more than enough. What do you suggest? <hr /></blockquote>If you think you only need $30 to $50 thousand, it is obvious you don't have a clue and you will quickly fail.
For a decent size room, you will have trouble getting tables for that money, let alone everything else you will need. How about lights, tables, chairs, kitchen supplies, bar supplies, etc., etc., etc.
You would also need money to live on, until the time comes, if you are lucky, that there is a profit.
You better do some more homework.
04-22-2006, 11:45 AM
Samson is right. How much experience do you have operating a money making pool hall.
Gayle in MD
04-24-2006, 04:30 AM
Get a second job, save five to ten thousand dollars. Go to the bank and take out a loan for five to ten thousand dollars for 90 days. Pay it off in 45 days. Do this several times. Build a relationship with your bank, then go back for the start up money, but pay a financial advisor to go over your business plan before you go into any business, and work in the business yourself before you go into it. Learn how you can do it better than your competitors are doing it, and learn the risks in advance.
Gayle in Md.
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