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 opening a restaurant and getting overwhelmed

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romines190

  • Total Posts: 1
  • Joined: 10/8/2013
  • Location: knoxville, TN
opening a restaurant and getting overwhelmed Tue, 10/8/13 10:14 PM (permalink)
can one help me out and give me some advice in opening a restaurant im working on the concept and business plan and getting overwhelmed with projections and strategies i know what i want for my restaurant just making it understandable on paper is an issue 
 
#1
    fishscale28

    • Total Posts: 217
    • Joined: 2/21/2013
    • Location: Fort Lauderdale, FL
    Re:opening a restaurant and getting overwhelmed Tue, 10/8/13 11:28 PM (permalink)
    If making sense of it on paper is tough you have a very, very rough time ahead of you. Your best bet is partner with someone who has lots of experience and lots of money. If you can start with that you'll be ahead of the game.
     
    #2
      love2bake

      • Total Posts: 1269
      • Joined: 8/10/2008
      • Location: SFBay Area, CA
      Re:opening a restaurant and getting overwhelmed Wed, 10/9/13 8:56 AM (permalink)
      Try contacting the Small Business Development Center in your area. They can be an awesome resource.
       
      Here's a link to get you started.  Good luck!
       
      https://www.tsbdc.org/map...ville&groupby=area
       
      #3
        kingofcreams

        • Total Posts: 111
        • Joined: 1/3/2012
        • Location: Duluth, MN
        Re:opening a restaurant and getting overwhelmed Sat, 10/26/13 9:14 AM (permalink)
        I'm planning on a B&M myself and every time I would start to work on my business plan I'd get a menta block even though I know exactly what I want to do. The projections and P&L stuff frustrated me. You can go on sba.gov and work on a business plan there for free. I think they have examples and stuff too if I remember right.

        This past week I found a paid site called liveplan.com and I paid a discounted price of $10 for the first month(cancel anytime) with a coupon code It has all the sections of a business plan for you to fill in and gives you 5 written examples plus a video explanation of each section. I just finished the financial stuff and it pre fills all the spreadsheets and does the calculations. Pretty cool. Once I'm done I can export to word or PDF.
        <message edited by kingofcreams on Sat, 10/26/13 9:18 AM>
         
        #4
          Foodbme

          • Total Posts: 9526
          • Joined: 9/1/2006
          • Location: Gilbert, AZ
          Re:opening a restaurant and getting overwhelmed Sat, 10/26/13 11:08 PM (permalink)
          Since you're in Knoxville, go over to the Business School at UT and they can help you find a MBA Candidate that would love to work on your project as part of their MBA program.
          They eat projections, pro-forma's, and Balance Sheets for breakfast!
          They have computer programs that can spit out more numbers and business plans than fly's on the manure pile in the Ag Dept.
          It's amazing how much help you can find at Colleges and Universities in this country-for free!
          <message edited by Foodbme on Sat, 10/26/13 11:15 PM>
           
          #5
            tbone654

            • Total Posts: 79
            • Joined: 9/18/2009
            • Location: Milwaukee, WI
            Re:opening a restaurant and getting overwhelmed Mon, 10/28/13 3:47 PM (permalink)
            This is quick required reading...  Pay particular attention to the woman who started the bakery...
             
            The E-Myth revisited... By Michael E. Gerber
             
            Here's a summary
            http://www.kmcenteeassoc.com/site/assets/docs/emyth.pdf
             
            #6
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