HOW TO FUND YOUR RESTAURANT IN FIVE EASY STEPS
The first thing you can do is ask family and friends for help. Now this should only be done with people you really trust. Not every friend or family member can be trusted. Loaning money out is a really big deal. If they can’t help you out, maybe they know any investor who can.
Show your plan to an investor or lawyer. Have him or her go over the details. An investor can show you what he/she will look for. This person can also be honest about how your plan looks. Sometimes it takes a third eye to notice the strengths and weaknesses.
This investor can also help you make any necessary changes. Below is an old saying to keep in mind.
“You might be the best cook in the world, but if you can not run your business as a business, you are just throwing parties.”
When you do have some funding lined up, be sure to have all your paper work ready to go. It’s not a good idea to show up unprepared. This is probably the worst mistake you could ever make.
You will need things like bank statements. If you have any loans out, you will need that paper work too. If you have applied for stuff in the past, bring that along too. It doesn’t matter if you have been turned down, the investors need to see it.
A non-disclosure agreement is not a good idea. It might seem like it’s in your best interest to protect your place, but it’s really not. You need to share your idea with people, especially those who can help.
Having a non-disclosure agreement means you are not serious about the plan. It also means you are not ready and willing to do the hard work that is involved. Most investors will not meet with you if you have one.