Need a Lil Buisness Starting Info..... Come in and Drop a Line.

[Bridgep0rt]

Well My goal for 2008, is to start my own Business... Yes People Always say im 2 young to start my own, but I wanna do it. Well Some info.

I live in a very Diverse City, Bridgeport Connecticut. Surrounded By white towns. I would Like to start a rollerskating ring/Entertainment Spot (ie Arcade, pool billard, paintball arena ect... ish like that) Just something that I can make/build for this boring ass city. No real entertainment here, seems I always have to go out of town for something to do on a friday night/weekend, and the damn movies are getting boring every weekend. I plan to have a buisness partner, because this was both of our ideas. I plan to start with the income tax money I get soon, since I dont have shit to do with it, besides bank it.


So here is some of My questions..

Should I start this with a buisness partner?
How much do I need to start?
Any info on 1st time owners grants?
How much space will I need?
Thats all I can think of for now.

Just ANY info...... Just drop a line.... and I will bounce in and out of this thread to answer any questions if u have any for me...

-BPT

 

[BronxBomber]

Think you should probably see how much money you can get your hands on. Very big task for a first business. Not trying discourage but seems like a business that could cost from alot of money to a million

Is there a building there already? If not are yall planning on buying land and building? Any other ideas? Seems like a very Grand idea.

I couldnt tell you about Grants or anything but good luck with this hope you get it going or atleast start.

Peace

 

[Temujin]

My advice would be not to start with a business partner if you can avoid it. Business partner disagreements kill more businesses then you can imagine. If you really want a partner make sure he brings something to the table you need to make the business viable. And make sure your partnership agreement is in writing and clearly states the duties of both parties the expectations and the terms of dissolution of the partnership.

Also like the other poster said this is a big project for your first business unless your income tax check is going to be in the 60k range I doubt it will be able to help you much with this project. What your tax return money will help with is getting incorporated and setting up your legal and financial documentation.

As far as loans and grants you first need to do your business plan which includes researching your market analyzing your costs and potential revenues and contacting potential vendors and finding a location. After you have your business plan contact your local SBA and chamber of commerce and see what type of programs they have available.

New construction on a facility like you are planning could easily run into the million dollar range so if this is your first business and you don't have any work history in businesses of this type finding investors is going to be very difficult.

If it was me I would look for a partner with a whole lot of money.

 

[DiamondDeuce]

Your least expensive option would be to buy an existing skating ring.

But this endeavor sounds very expensive. If you purchase a wharehouse building and convert. ... ask some contractors how much to build a skating ring. Then find out how much to LEASE arcade games. Find out how much for food service equipment........oh then employees and payroll.......insurance etc. Liability Insurance on a skating rink should be kinda high.

My estimate would be you probably looking at somewhere from $500K - $1Million to get open. You go to the SBA.......but you are going to probably need to put up 10% - 20% upfront.

If you are young and have NO capital ........you may want to try a less costly business something that would be under $100K to get open.

 

[Bridgep0rt]

Is there a building there already? If not are yall planning on buying land and building? Any other ideas? Seems like a very Grand idea.

Havent really looked into building, But saw a few open in the area. I dont plan to buy land and building, pretty much rent for now. As far as ideas, thats my idea and imma rock with it... I need some entertainment in this damn city.