My Dream Is To Open A Restaurant But I Don’t Have Any Money To Start One!
I recently had a Facebook friend tell me “I have a dream to own a restaurant but my problem is I don’t have money to start it …I’m a chef …I know how to cook a variety of dishes…and I know what people like. How can I make my dream come true?”
If I had a dollar for every time someone asked me that question I could probably start several restaurants!
It is one of the most common questions future restaurant owners have!
I can relate since I was once in that exact situation.
I experienced all different food industry businesses and positions including management.
I worked in high-end white tablecloth restaurants, French, Italian, Kosher, franchises, delis, pizza and sub shops.
Shortly after I got hired at my first food service position in a delicatessen and catering company in NY I knew I wanted to start my own food business one day.
I loved going in every day and learning new things!
I couldn’t afford a culinary education so I got my culinary knowledge from the school of hard knocks as they say and worked in every kind of restaurant I could. I learned a lot, gained an incredible amount of experience and filed it away in my memory bank.
After over 7 years I felt I was ready to go it on my own.
You reach this point if you have entrepreneur blood flowing through your veins, call it ah-ha moment if you want, when you realize this is where you belong, this what you have been called to do. Nevertheless, how do you get there when your biggest obstacle is needing money to make your dream come true?
What are your options? Do you even have options?
Yes, You Do!
You feel very strongly that you have the ability to own a restaurant but have you ever thought about having a business partner one that could help financially and do the things you don’t.
You can’t do everything in your business.
Why not find someone who can complement your skills and invest also!
You can’t do everything in your business.
Why not find someone who can share their talents, perhaps they have skills you lack or you rather put your energy as an owner doing the things you do best.
Finding a partner can be the answer to making your dreams comes true!
Do you know of anyone that is interested in starting a restaurant, a co-worker, family relative, or even a friend?
My sister was my silent partner in my first food business Josie’s it helped having a person who believed in me and my talents!
In my third food businesses, Corporate Catering I partnered with a food sales rep that I had built a business relationship with for over three years.
After almost 4 years we sold it for a profit and were able to invest in another business!
In each one of those circumstances, I couldn’t do it alone.
You have to make your own opportunities, think outside the box and don’t be afraid to find others with the same dream.
In many business situations, a partnership arrangement is a good idea.
Obviously, you have to find people who you can trust and have the experience and finances to be worthy of being a partner.
The best place to find a business partner is through people that you know.
You might think that is an obvious answer and if you knew someone you wouldn’t need help. But approaching the people who you know does not necessarily mean that they become your partner. Instead, they might know someone and will be able to make an introduction.
You are much more likely to be taken seriously if you get an introduction to a potential partner.
So, think about your friends, family, colleagues (current and past), and people you went to college or school with.
If you can’t make connections this way you will have to do a bit of groundwork.
The main thing is to make contacts with as many different people as possible.
Go to business networking events.
Get involved on a voluntary basis with community organizations and charities.
Get involved with your local chamber of commerce.
Finally, you can also use the internet to find new contacts.
Check out this site below ⇓
Just like finding someone on E-Harmony, you can find a business partner match on https://www.businesspartners.com.
Check out this post below ⇓
Once You Have Found A Possible Business Partner
Your next step is to make a decision on whether they are the right business partner.
There is no real science to do this everyone is different and each business is different, but there are two main things you should consider.
What are your weaknesses? Your business partner should fill those gaps.
What are your ambitions? Any partner you go into business with should share similar ambitions to you
Then there are some of the obvious things you need to look at:
Can you work with them?
Do they have the necessary skills and experience?
Do they have the same work ethic as you?
Do you trust them?
Finally, you have to make sure the arrangement is fair.
You don’t want to go through the process only to discover six months down the line that your business partner lacks motivation because he or she thinks they don’t have a big enough equity share, or that they are doing too much of the work.
As you can see, finding the right business partner is not easy, but with some work it is possible.
Need Advice Need Help A Restaurant Startup Specialist Is Your Answer!
Click On The Box Below