Just a quick note today as I continue working a restaurant! It's busy and sometimes although I'd love to be posting here to help you, work is necessary at my business.
That's the point I want to make today, don't quit your day job.... just yet!
There will be plenty of time to get your restaurant up and running and there's much to do before you actually get there so, for the time being you'll probably need to keep working to keep your income growing. That will only help you with more money down for your own loan or to assist your investors. Oh, and of course to keep paying your own bills on time.
How's everything going so far? Hope you've taken some of our advice already given and started working on it.
I'll try to get back here before the end of the weekend, we need to get your business plan in place and that the next section that we'll be discussing.
So, back to work I go and hope you'll be doing the same.
Until we meet again, thanks so much for reading and I appreciate your comments and plan to help you get started in business soon.
Cheers!!
Thursday
Wednesday
Check your Credit Report
Just a quick post today to let you know if you don't already, that you should definitely check your credit report before you make any appointments to meet with any type of lender for your new restaurant. This is a necessary step to getting a restaurant financed through anyone as they will want to make sure that you are current with your bills and pay on time. Start now to pay everything on time and learn how to get a free credit report.
You can get a free credit report every year by going to creditreport.gov. If you need more than one per year you will be charged a fee of $15.00 each time you request your report.
Once you get your credit report, let's take a look at what you want to check. Your lender will also get a copy of your report so, it's a great idea if you already know how it reads before meeting with the lender.
Here's what to look for on your credit report and how to make changes if needed:
You can get a free credit report every year by going to creditreport.gov. If you need more than one per year you will be charged a fee of $15.00 each time you request your report.
Once you get your credit report, let's take a look at what you want to check. Your lender will also get a copy of your report so, it's a great idea if you already know how it reads before meeting with the lender.
Here's what to look for on your credit report and how to make changes if needed:
Friday
Commercial restaurant equipment
Just a quick word about the equipment you'll need for your new restaurant.
Before you go out and start buying restaurant equipment, you must know that you will be required to have all commercial grade equipment installed in your entire restaurant. That includes your restaurant kitchen, your bar and your service areas.
Many people are unaware of this and begin to accumulate equipment that maybe they've used in their home such as a microwave, coffee maker or toaster. These appliances simply are not made for continued use day in and day out and for long extended hours as you'll be working in your restaurant.
The Board of Health, your Department of Revenue and the Liquor Control Board as well as the Fire Department for your state, no matter which state you live in, will not approve your restaurant without
Before you go out and start buying restaurant equipment, you must know that you will be required to have all commercial grade equipment installed in your entire restaurant. That includes your restaurant kitchen, your bar and your service areas.
Many people are unaware of this and begin to accumulate equipment that maybe they've used in their home such as a microwave, coffee maker or toaster. These appliances simply are not made for continued use day in and day out and for long extended hours as you'll be working in your restaurant.
The Board of Health, your Department of Revenue and the Liquor Control Board as well as the Fire Department for your state, no matter which state you live in, will not approve your restaurant without
Thursday
Organize your Bills for the Lender
Let's Get Organized!
Keep a clean and organized office at home as great practice for when your new restaurant is up and running! Good habits start at home.
Your lender is going to want all the information you have about your current finances in order to determine your eligibility to get a loan so you'll want to make sure you are organized. Use these simple strategies for organizing your bills so you're ready when your potential lender is ready!
Use a file cabinet that looks good - take it to your restaurant later! Keep it affordable
** Keep a file system
Any kind of file box will work and you can keep manilla folders inside of it, labeling each of those folders with the name of the bill. Once you start to use a file box, all your bills can easily be added once they're paid and you'll be able to find the most recent interest rate you're being charged, the total balance due and the monthly amount due. Your lender will no doubt ask you all of these questions so a file box will really come in handy. You can find file systems at any office supply store, Pier I and online at places such as amazon.com and you'll get free shipping with amazon and some good deals when you buy items in bulk.
Keep a clean and organized office at home as great practice for when your new restaurant is up and running! Good habits start at home.
Your lender is going to want all the information you have about your current finances in order to determine your eligibility to get a loan so you'll want to make sure you are organized. Use these simple strategies for organizing your bills so you're ready when your potential lender is ready!
Use a file cabinet that looks good - take it to your restaurant later! Keep it affordable
** Keep a file system
Any kind of file box will work and you can keep manilla folders inside of it, labeling each of those folders with the name of the bill. Once you start to use a file box, all your bills can easily be added once they're paid and you'll be able to find the most recent interest rate you're being charged, the total balance due and the monthly amount due. Your lender will no doubt ask you all of these questions so a file box will really come in handy. You can find file systems at any office supply store, Pier I and online at places such as amazon.com and you'll get free shipping with amazon and some good deals when you buy items in bulk.
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