Let's Try This One More Time - Barista Exchange2024-03-28T11:17:23Zhttps://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?feed=yes&xn_auth=noSandy,
That SBA site seems t…tag:www.baristaexchange.com,2010-08-18:1688216:Comment:9045242010-08-18T10:17:11.427ZReggie Elliotthttps://www.baristaexchange.com/profile/Reggie
Sandy,<br />
<br />
That SBA site seems to be really thorough. Thanks for the link.
Sandy,<br />
<br />
That SBA site seems to be really thorough. Thanks for the link. christopher myers said:Thanks…tag:www.baristaexchange.com,2010-08-18:1688216:Comment:9045032010-08-18T08:12:52.209Zluke hudekhttps://www.baristaexchange.com/profile/lukehudek
<cite>christopher myers said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?commentId=1688216%3AComment%3A904374&xg_source=msg_com_forum#1688216Comment904374"><div>Thanks Luke, these are great. Interest rate I got was slightly high (probably because of my monthly income), but awesome backup resource.<br></br> <br></br> <cite>luke hudek said:…</cite></div>
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<cite>christopher myers said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?commentId=1688216%3AComment%3A904374&xg_source=msg_com_forum#1688216Comment904374"><div>Thanks Luke, these are great. Interest rate I got was slightly high (probably because of my monthly income), but awesome backup resource.<br/> <br/>
<cite>luke hudek said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?page=2&commentId=1688216%3AComment%3A903716&x=1#1688216Comment903716"><div>Ill post these two once again since they are very helpful for under 25k funding<br/> <br/> <a rel="nofollow" href="http://www.prosper.com" target="_blank">www.prosper.com</a><br/>
<br/>
<a rel="nofollow" href="http://www.lendingclub.com" target="_blank">www.lendingclub.com</a></div>
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</div>
</blockquote>
<br />
That is literally what we used it for, when we came in just shy of our total capital, and its clutch for a loan you can get in a week. Thanks Luke, these are great.…tag:www.baristaexchange.com,2010-08-18:1688216:Comment:9043742010-08-18T04:23:14.177Zchristopher myershttps://www.baristaexchange.com/profile/christophermyers
Thanks Luke, these are great. Interest rate I got was slightly high (probably because of my monthly income), but awesome backup resource.<br />
<br />
<cite>luke hudek said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?page=2&commentId=1688216%3AComment%3A903716&x=1#1688216Comment903716"><div>Ill post these two once again since they are very helpful for under 25k funding…<br></br> <br></br></div>
</blockquote>
Thanks Luke, these are great. Interest rate I got was slightly high (probably because of my monthly income), but awesome backup resource.<br />
<br />
<cite>luke hudek said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?page=2&commentId=1688216%3AComment%3A903716&x=1#1688216Comment903716"><div>Ill post these two once again since they are very helpful for under 25k funding<br/> <br/>
<a rel="nofollow" href="http://www.prosper.com" target="_blank">www.prosper.com</a><br/>
<br/>
<a rel="nofollow" href="http://www.lendingclub.com" target="_blank">www.lendingclub.com</a></div>
</blockquote> Ill post these two once again…tag:www.baristaexchange.com,2010-08-17:1688216:Comment:9037162010-08-17T20:50:16.043Zluke hudekhttps://www.baristaexchange.com/profile/lukehudek
Ill post these two once again since they are very helpful for under 25k funding<br />
<br />
<a href="http://www.prosper.com" target="_blank">www.prosper.com</a><br />
<br />
<a href="http://www.lendingclub.com" target="_blank">www.lendingclub.com</a>
Ill post these two once again since they are very helpful for under 25k funding<br />
<br />
<a href="http://www.prosper.com" target="_blank">www.prosper.com</a><br />
<br />
<a href="http://www.lendingclub.com" target="_blank">www.lendingclub.com</a> Sandy,
Thanks a ton. This (a…tag:www.baristaexchange.com,2010-08-17:1688216:Comment:9036942010-08-17T20:22:51.917ZReggie Elliotthttps://www.baristaexchange.com/profile/Reggie
Sandy,<br />
<br />
Thanks a ton. This (and pretty much every response to this post) is exactly the kind of info I was digging for. These are things that I had an inkling about but really no full grasp of. And it's the kind of info I WANT to know.<br />
<br />
For the record, upon finding out that we were expecting a child two years ago. I decided to leave everything I'd accomplished behind and move to a country where I knew no one, didn't speak the language and had no family save for the one I was building. I'm just…
Sandy,<br />
<br />
Thanks a ton. This (and pretty much every response to this post) is exactly the kind of info I was digging for. These are things that I had an inkling about but really no full grasp of. And it's the kind of info I WANT to know.<br />
<br />
For the record, upon finding out that we were expecting a child two years ago. I decided to leave everything I'd accomplished behind and move to a country where I knew no one, didn't speak the language and had no family save for the one I was building. I'm just saying that stepping into a frightening situation is something I'm just a little bit familiar with.<br />
<br />
I appreciate all these details, the more I have to process, the better. Keep it coming.<br />
<br />
<cite>Sandy Hon said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time?id=1688216%3ATopic%3A900812&page=2#1688216Comment902657"><div>Researching the business plan information online is really simple compared to <i>actually</i> writing one. It really does take a lot of thought. In fact, it makes you really ponder and question your own ideas.<br/> Many aspects are involved in preparing a business plan. *a serious business plan* includes everything from $ per square foot, store layout and building codes to purchasing costs and local food codes to human resources and state, local and federal tax information and government regulations that affect your business for instance- what type of business are you planning- a sole proprietorship, partnership, corporation or a limited liability company?<br/>
Your research should include Insurance information, i.e. - what happens if someone sues you? Depending upon your business structure- you could literally lose your own home.<br/>
I look at the above information as the not so fun stuff involved in owning your own business. This is the information that the banks and insurance companies are interested in. They do not care about your passion for coffee or whether you can pull a great shot or not. (We care about that of course, but they are loaning the cash, we're not.) the banks are interested in whether you understand the processes involved in determining financial your requirements. What are the sources of your start-up capital can you describe the components and uses of financial statements such as a balance sheet, income statement and cash flow statement?<br/>
Are you able to interpret financial ratios to diagnose the financial health of your business?<br/>
Will you be able to identify ways for improving cash flow?<br/>
Do you have a marketing strategy?<br/>
Can you identify the current causes of small business failure?<br/>
<br/>
Honestly consider your (desired) lifestyle and discuss this with your wife (as I’m sure you have already). What exactly are yours and her expectations and what are potential conflicts that could arise from owning your own place? How will you two work it out? You must have a plan in place. How many hours do you expect to work? Any staff that you hire - whatever you pay them- is money that <b>you</b> <i>could</i> be earning. I understand it takes money to make money= but you've got to make a living. As a new business owner, you must put yourself first and foremost.<br/>
Will you be able to pay the mortgage, the utilities, the car payment, put food on the table......play with Junior, while also running a business, paying the rent, the utilities, the vendors…<br/>
i totally understand your original defensiveness, you were sharing your dreams and desires. However, i can also see through the eyes of many of the posters that responded to your questions. They have either been in your shoes, dreamt the same dreams or have witnessed someone else who has.<br/>
Think of the original posters as your Loan Officer, or Leasing Agent......they may be asking you the very same questions. How will you respond?<br/>
Don’t be too defensive and put on some thick skin- you are about to embark on a huge...and very risky...endeavor. Not only will you have those wonderful customers to serve, but you'll also have the employees to train (and reprimand), the toilets to repair, the health department to appease and the tax man to pay.<br/>
Many of the above questions that I’ve asked have been taken straight from the syllabus of a Small Business Management class that I took a couple of semesters ago. Tough questions- and so was developing the business plan (our project).<br/>
Food for thought. Pieces to chew on.<br/>
<br/>
We do wish you the best of success and are here to offer suggestions (and suggestions they are), because ultimately this is your dream. I know that I for one am very excited to hear the outcome!!!<br/>
<br/>
<br/>
Great resource-<br/>
Small Business Administration<br/>
<a rel="nofollow" href="http://www.sba.gov/" target="_blank">http://www.sba.gov/</a><br/>
<br/>
<br/>
Cheers,<br/>
Sandy</div>
</blockquote> Researching the business plan…tag:www.baristaexchange.com,2010-08-16:1688216:Comment:9026572010-08-16T19:20:18.780ZSandy Honhttps://www.baristaexchange.com/profile/SandyHon
Researching the business plan information online is really simple compared to <i>actually</i> writing one. It really does take a lot of thought. In fact, it makes you really ponder and question your own ideas.<br />
Many aspects are involved in preparing a business plan. *a serious business plan* includes everything from $ per square foot, store layout and building codes to purchasing costs and local food codes to human resources and state, local and federal tax information and government regulations…
Researching the business plan information online is really simple compared to <i>actually</i> writing one. It really does take a lot of thought. In fact, it makes you really ponder and question your own ideas.<br />
Many aspects are involved in preparing a business plan. *a serious business plan* includes everything from $ per square foot, store layout and building codes to purchasing costs and local food codes to human resources and state, local and federal tax information and government regulations that affect your business for instance- what type of business are you planning- a sole proprietorship, partnership, corporation or a limited liability company?<br />
Your research should include Insurance information, i.e. - what happens if someone sues you? Depending upon your business structure- you could literally lose your own home.<br />
I look at the above information as the not so fun stuff involved in owning your own business. This is the information that the banks and insurance companies are interested in. They do not care about your passion for coffee or whether you can pull a great shot or not. (We care about that of course, but they are loaning the cash, we're not.) the banks are interested in whether you understand the processes involved in determining financial your requirements. What are the sources of your start-up capital can you describe the components and uses of financial statements such as a balance sheet, income statement and cash flow statement?<br />
Are you able to interpret financial ratios to diagnose the financial health of your business?<br />
Will you be able to identify ways for improving cash flow?<br />
Do you have a marketing strategy?<br />
Can you identify the current causes of small business failure?<br />
<br />
Honestly consider your (desired) lifestyle and discuss this with your wife (as I’m sure you have already). What exactly are yours and her expectations and what are potential conflicts that could arise from owning your own place? How will you two work it out? You must have a plan in place. How many hours do you expect to work? Any staff that you hire - whatever you pay them- is money that <b>you</b> <i>could</i> be earning. I understand it takes money to make money= but you've got to make a living. As a new business owner, you must put yourself first and foremost.<br />
Will you be able to pay the mortgage, the utilities, the car payment, put food on the table......play with Junior, while also running a business, paying the rent, the utilities, the vendors…<br />
i totally understand your original defensiveness, you were sharing your dreams and desires. However, i can also see through the eyes of many of the posters that responded to your questions. They have either been in your shoes, dreamt the same dreams or have witnessed someone else who has.<br />
Think of the original posters as your Loan Officer, or Leasing Agent......they may be asking you the very same questions. How will you respond?<br />
Don’t be too defensive and put on some thick skin- you are about to embark on a huge...and very risky...endeavor. Not only will you have those wonderful customers to serve, but you'll also have the employees to train (and reprimand), the toilets to repair, the health department to appease and the tax man to pay.<br />
Many of the above questions that I’ve asked have been taken straight from the syllabus of a Small Business Management class that I took a couple of semesters ago. Tough questions- and so was developing the business plan (our project).<br />
Food for thought. Pieces to chew on.<br />
<br />
We do wish you the best of success and are here to offer suggestions (and suggestions they are), because ultimately this is your dream. I know that I for one am very excited to hear the outcome!!!<br />
<br />
<br />
Great resource-<br />
Small Business Administration<br />
<a href="http://www.sba.gov/" target="_blank">http://www.sba.gov/</a><br />
<br />
<br />
Cheers,<br />
Sandy "But what would be nice is a…tag:www.baristaexchange.com,2010-08-16:1688216:Comment:9025172010-08-16T18:30:07.574ZRon Ingberhttps://www.baristaexchange.com/profile/RonIngber
"But what would be nice is a several page article which will sum up the 6 to 24 months it takes to open a shop in numbered steps with as little opinion as possible and as much detail as possible and the best resources available for each step."<br />
<br />
I don't really think that a "several page article" can possibly include the important subject areas, much less provide a step-by-step with details and resources.<br />
<br />
The current issue (August 2010) of Fresh Cup magazine includes the "A to Z Coffee and Tea…
"But what would be nice is a several page article which will sum up the 6 to 24 months it takes to open a shop in numbered steps with as little opinion as possible and as much detail as possible and the best resources available for each step."<br />
<br />
I don't really think that a "several page article" can possibly include the important subject areas, much less provide a step-by-step with details and resources.<br />
<br />
The current issue (August 2010) of Fresh Cup magazine includes the "A to Z Coffee and Tea House Manual". The manual part is probably 50+ pages. It is available on-line:<br />
<a href="http://freshcup.epubxpress.com/cup1" target="_blank">http://freshcup.epubxpress.com/cup1</a><br />
<br />
Of course, the Bellissimo Infogroup publishes the startup bible "Bean Business Basics" which is over 700 pages.<br />
<a href="http://espresso101.com/books_dvds/top_sellers/bean_business" target="_blank">http://espresso101.com/books_dvds/top_sellers/bean_business</a><br />
<br />
Two great resources and starting points.<br />
<br />
Ron, the Country Guy<br />
<br />
Note: I have no relationship with either organization, other than as a paying customer. what people are buying is you…tag:www.baristaexchange.com,2010-08-16:1688216:Comment:9024712010-08-16T17:55:03.105ZReggie Elliotthttps://www.baristaexchange.com/profile/Reggie
<div>what people are buying is you, your personality, the environment you create, the kind of people who want to work for you etc, so there's not much advice you can get for that aspect.<br/> .</div>
<br />
Actually, that's the part that I'm least worried about. I feel I have a very specific business philosophy that I want to build around. It's just the nitty gritty that appears to be the largest obstacle.
<div>what people are buying is you, your personality, the environment you create, the kind of people who want to work for you etc, so there's not much advice you can get for that aspect.<br/> .</div>
<br />
Actually, that's the part that I'm least worried about. I feel I have a very specific business philosophy that I want to build around. It's just the nitty gritty that appears to be the largest obstacle. Much better replies on this o…tag:www.baristaexchange.com,2010-08-16:1688216:Comment:9023552010-08-16T16:22:44.054Zryan mcdougallhttps://www.baristaexchange.com/profile/ryanmcdougall
Much better replies on this one. When someone asks "how" to do something and is replied to as if he had asked "if" he should do something it just makes me and others like me not want to be a part of social networking sites(I don't have a facebook, twitter, or myspace) or forums. Why would someone's instant reaction be to make someone question whether or not they should do something and thus putting up giant roadblocks? Reggie, I like that you don't take NO for answer. But, I digress...<br />
<br />
I'm…
Much better replies on this one. When someone asks "how" to do something and is replied to as if he had asked "if" he should do something it just makes me and others like me not want to be a part of social networking sites(I don't have a facebook, twitter, or myspace) or forums. Why would someone's instant reaction be to make someone question whether or not they should do something and thus putting up giant roadblocks? Reggie, I like that you don't take NO for answer. But, I digress...<br />
<br />
I'm actually going through the same thing. I've found a decent site on writing your business plan. <a href="http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html" target="_blank">here</a>. Check that out, maybe it can help. Finding the funding is definitely what I'm most stumped on, but the advice on getting the business plan as detailed as possible seems like the answer. Thanks everyone who has contributed replies DIRECTLY RELATED to this topic. I'm going to read Brady's links. But what would be nice is a several page article which will sum up the 6 to 24 months it takes to open a shop in numbered steps with as little opinion as possible and as much detail as possible and the best resources available for each step. 1) RESEARCH BUSINESS PLANS. 2) WRITE BUSINESS PLAN. 3) SUBMIT BUSINESS PLANS TO POSSIBLE INVESTORS, etc... You may say that I'm a dreamer... Great advice & so true!…tag:www.baristaexchange.com,2010-08-16:1688216:Comment:9022272010-08-16T11:02:08.118ZDerryl Reidhttps://www.baristaexchange.com/profile/DerrylReid
Great advice & so true!<br />
<br />
<cite>christopher myers said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time#1688216Comment902193"><div>what people are buying is you, your personality, the environment you create, the kind of people who want to work for you etc, so there's not much advice you can get for that aspect.<br/> .</div>
</blockquote>
Great advice & so true!<br />
<br />
<cite>christopher myers said:</cite><blockquote cite="http://www.baristaexchange.com/forum/topics/lets-try-this-one-more-time#1688216Comment902193"><div>what people are buying is you, your personality, the environment you create, the kind of people who want to work for you etc, so there's not much advice you can get for that aspect.<br/> .</div>
</blockquote>