What financial advice would you give to someone just starting out in their entrepreneur career that would change the game for them?
I am a young professional getting started in food/restaurant entrepreneurship. I am passionate about creating a brick and mortar eatery that draws the community to connect through affordable food, local events and an inviting space. I am interested in creating a longstanding brand and expanding.
I am new to Alignable and am looking forward to helping each other.
Please let me know what you think in the comments! Looking forward to having a conversation.
26 Comments
Comments (11-20)
I would recommend you be careful with your marketing budget early on. Focus on network growth and word of mouth.
Robert let me know if I can help!! Great inviting mindset! 👏🏾 Financial services structured accordingly is a must for all businessess.
Denveloping good relations with vendors is a good start. Negotiating prices will establish your expectations of how they can help build your business. Thats what many of my restaurant business clients do each day.
Let me know if you would like to discuss further.
You've gotten a lot of good advice here. One thing that I always recommend is when you're starting up don't forget the advice of a accounting and tax expert. One thing that I haven't seen anyone mention yet, is the structure or your business, Are you planning on running your business as a sole proprietorship, a corporation, C or S, a partnership or an LLC? Make sure you have sound advice as there are differences and tax deadlines to meet even before you first open your doors. So, make sure you talk to a knowledgeable tax person, that can explain all of the nuances between the different business structures beforeyou get going. Oh, and you may also be subject to the new U.S. Treasury law on business transparency. Under this new law, they only give you a fixed number of days to file your first report even before you make your first sale. Good luck!
Pedro
Capital capital capital. Save a cushion just in case before jumping in.
I would recommend to get an EIN and a business bank account. I would start your marketing with family and friends. My parents started that route then bought a food truck and grew to 25 restaurants in Los Angeles. Build your business credit.
Make sure you have a vision board and SWAT analysis this is what your business plan truly should be made from. Also have a business narrative. I would say it's also super important to have UEI and register with grants.gov. people many times look over being prepared for grants for their businesses by Having the groundwork done already so that when something comes around you can apply. Create a budget of what you need finance wise to make it happen? Connect with service communities in your area around food justice. Local food bank gives. You can utilize their food amd your spices to girlie back and also let the non profit get a chance to taste your food without it effecting anything but your time. Catering is one of the best ways to attract a buzz for your opening. Find a local commercial kitchen establish a day th a t you can offer food on uber eats doordash from that kitchen. To get a kitchen reach out to non profits that are around food justice and local churches to find out affordable options for using commercial kitchen. Connect with apartment communities and offer to have firsta days in their poolside amd community rooms. Plan for winter months Connect with local businesses and see who are they hiring for their holiday catering? See if you can submit to be the one early. Ask chat gpt what are the most asked for dishes in your genre of food and start small adding dishes only in demand. These are nit in a particular order but I can spend a free hour with you and get you a road map. I love the advise I read here are just some additional things you can do whether we have a private one on one or not. Signatureplanning.org is my business past 18 years. I am pretty full for Coaching clients. We have space for funding options once you know exactly what you need. Next time you post please indicate your area of business too. That would be amazing so folks can share opportunities specifically for your area. I do not post on here because I am often not on this app. Your post was impressive keep being great!
Advice - free of course thus nothing personal
Customer of a financial advisor.
Becareful who you listen to. Bedside manner, gentleness , etc are attractive but that does NOT count. A discussion yes, but not an argument.
there is not any significant difference between a charge of 1.1 % and 2%.An advisor charging 2 or 3% isnt that much smarter. Go with 1.1% or less
No one can predict the future. Be aware. And let that sink in.
To start with a Think Tank team or cohort of volunteer advisors with specific specialties or industry experience