I am trying to start a new restaraunt/boutique in Kansas City. Does anyone have any words of wisdom or helpful hints that I can use to help me get a grant for my start up costs? Any help I get will be greatly appreciated.
Victoria M Lomas

Victoria, the very first thing you need to do is write your business plan. That way you know exactly how much you will need for start up costs. You will learn very quickly that start up costs will likely be in the tens of thousands of dollars. If you are relying on grants for your start up costs, you are going to be disappointed. Grants are generally not offered for small business start ups. If you do find any, they will likely be very small and not likely to make a dent in your total funding needs. Besides, the chances of winning a grant are remote.

This is not to say your dream of starting a restaraunt won't happen. But you need to be aware of the fact that you need to be able to fund quite a bit of your start up yourself. If you qualify for an SBA loan you still need to contribute about 30% of the total cash requirements yourself. They do not lend you 100%. To even apply for a loan you must have your business plan in hand.

So, first concentrate on that crucial task so you know where to turn next. See below for help with that.

http://www.smallbusinessstartup.biz/plan/

Victoria,

You don't say what your experience is in the resturant business. Can you say more?

I worked in restaraunts while I was in school. Plus several of my relatives have restaraunts that have been in business for years.
Victoria M Lomas

OK you have some experience, and that will make a difference when you provide a bank, SBA, etc., with a business and marketing plan. You have a better chance of funding when you have lots of experience in a field.

Restaurants have one of the highest failure rates of all businesses. Read all you can on why they fail. Read all you can on why they succeed. Put all you learn to good use.

Take a few classes on employment - how to employee folks, what to look for, employment law, etc. You'll be ahead of the game.

See if Entrenpreneur.com has a book on starting a restaurant book. I like their books. Start here http://www.entrepreneur.com/howto/index.html


You can also gather some more business resources at http://www.TheResourceQueen.com look under the Business area.

Having a business plan is the first step no doubt. You can make your dreams come true but you need to plan. Especially when you are talking about the amount of money you will need to do this and the fact that you will need this money to come from somewhere besides your savings.

I suggest start small and grow. Even something like catering that you can start with low money down, then later grow.

Scale up as you have more money.


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Victoria,

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