me and the woman are trying to start our own business - Mercedes-Benz Forum

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post #1 of 10 (permalink) Old 10-30-2005, 11:24 PM Thread Starter
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me and the woman are trying to start our own business

well we are both pretty young and nieve and would like some info on how to start our own business, for intance a local bar. can someone tell me some stuff about this? loans, downpayments any kind of info would be great! both of our parents own business's but we want to try make it on our own besides the help of a down payment. im sure my parents can front 50k while hers would hand over 75k possibly all the way up to 175k if needed. I know its a pretty big step but I would just like to know .. thanks
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post #2 of 10 (permalink) Old 10-30-2005, 11:58 PM
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RE: me and the woman are trying to start our own business

well I can't give you any advice, since I'm still a student myself.
But I wish you the very best in your entrepreneurship, and I hope you make it. It's nice to see young people starting businesses, here in belgium there are very few young people who find the courage to start up their own business, and it's the downgoing of this country.

good luck,


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post #3 of 10 (permalink) Old 10-31-2005, 12:37 AM
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RE: me and the woman are trying to start our own business

The first thing you need to know is that when you write professional letters to banks or other institutions,you must ensure that your spelling and grammar are perfect.Otherwise it is unlikely you will be taken seriously.Don't just rely on spellcheck.Have someone competant check any correspondence before you mail or transmit it.

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post #4 of 10 (permalink) Old 10-31-2005, 02:28 AM
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RE: me and the woman are trying to start our own business

Why should your parents give you 1 cent in financial support of your business ideas?.
Don't post your reply here, put it it to your parents, but don't expect their automatic approval.
Do your homework first - into all aspects of the business that interests you, and lay it out to them.
Good luck [:)]
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post #5 of 10 (permalink) Old 10-31-2005, 03:03 AM
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RE: me and the woman are trying to start our own business

50 + 75 = 125K.. thats good money..

put in in bank on 4% CD montly.. that is 125/100 x 4 = 5K per month.. thats is the safest thing which can be recommended plus orignal is safe too..

investing in developing countries like pakistan, india, far east europe, blah blah often means tax free returns for 5-10 years but higher profit and well as advantages of being a forigner investor.

Fuel economy!! whats that??
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post #6 of 10 (permalink) Old 10-31-2005, 04:47 AM
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RE: me and the woman are trying to start our own business

Not sure about California liqour laws but in Chicago the toughest part of opening a bar or nightclub is getting a liqour license. My wife owned a bar when I met her, (dream girl) back then license's were transferable from seller to buyer, this is no longer the case.If you are selling only booze and no food your liability insurance is astronomical. It can be fun but you'd better be ready to work LLLOOONNNNGGGGG hours. Bacause you're dealing with a primarily cash only business you need to be there to keep an eye on the till. Be cognizent of the fact that your client base will basically be the dregs of the earth.

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post #7 of 10 (permalink) Old 10-31-2005, 11:45 AM
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RE: me and the woman are trying to start our own business

Go to the Small Business Adminstration. They will load up on all the info you need. Concentrate on developing a polished and professional business plan - SBA will clue you in on what one entails.

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post #8 of 10 (permalink) Old 10-31-2005, 02:16 PM
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RE: me and the woman are trying to start our own business

So you want to start a bar business eh?
What the guys told you here are important. What you really need is find the right location that will give you max exposure to the kind of clients you want and do not forget the kind of people that will work for you.
That said, now you need to worry about being able to buy the place or build one. If you are buying you will have to find out of the owner is selling. If not give them an offer they can’t refuse. Everyone has a price, and believe me, just like thrillkill said they are probably tired of working long hours and cleaning puke from the stalls.
If you are building one, make sure you can in that neighborhood; you will need to check for zoning. Next you will have to do some PR work to get the permits and licenses needed to first build the place then second operate the place. Oh and don’t forget the neighborhood because if you piss them off you will be pissed upon.
Now let’s get to the meat. What about funding? You talk of amounts from the parents as if the will be K and just dish it out for you. First of all like KV said you have no business plan. Ergo you are guaranteed failure unless they are too dumb to realize that. Next what makes you think that they will be willing to go all the way to the amounts you mentioned? Next you need to really find how far above these amounts they are willing to stretch because believe me that will happen before you even see your first profit. Most important can you afford to turn your parents into enemies?
Now how about the bar’s theme? Did you think of that? You need to have what we call a competitive advantage. You need to have a strategy on how you see your operation, sort of a vision statement. To build up that vision you need to do a complete assessment of the potential situation your bar will be in. That’s called a situation analysis. Next you need to figure out your SWOT (Strength, Weakness, Opportunity and Threats) based on what your business is all about, where it is and how it operates. While you are doing all that you need to have a marketing plan to go along your strategy. Above all these steps you need to know how a bar operates: Did you ever work at a bar? And it what capacity? You really need to have done pretty much every aspect of the business to be able to pull off a good plan that can be part of the business plan you will eventually submit to your investors (aka parents and banks). You need to have an operation plan detailing how you will proceed once the business opens its doors. You will need to have policies in place for your employees to follow or they will eat you up alive.
Anyway, these are a few hints amongst many on what is entailed in such a business. Make sure that you don’t drink your own merchandise, good luck…
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post #9 of 10 (permalink) Old 10-31-2005, 03:01 PM
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RE: me and the woman are trying to start our own business

i come from a bar family.

my grandfather bought one to support his drinking habit.

it was in this wonderful establishment that my young mother and my young father met-- both babysitting drunkards.

damn am i proud to be descended of these people....

no really, entrepeneurship is hard work and youll likely see little profit. it isnt a turn-key endeavor and you will be putting loved ones in the equasion as well, so figure in nights on the couch and unrest at the dinner table(or in the back of the bar)

the bar(wonder bar) was closed down by the local authorities who, after failed attempts at purchasing the property from my family, "accidentally" blasted too close to it.... when the foundation gave away, they had to demolish the place.

the land still sits at the center of small new london, ohio...growing weeds. my mild-mannared grandmother curses to this day whenever we mention wonder bar to her, she is very angry still. i guess it was less to support my grandfathers addiction, more of their "american dream." but i am rambling.

if you want a bar, go for it!

dont expect it to be cheers, however.

my grandfather drove a vw beetle, not a mercedes-benz...

This signature removed to protect the innocent.
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post #10 of 10 (permalink) Old 10-31-2005, 03:22 PM
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RE: me and the woman are trying to start our own business

Here are some interesting links: (don't get confused with "bar")
A simple question:
A place to start:
Here is a list of business/franchises for sale in your area:

You need to do way more research but this is a start, have fun...
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