Prospect Business- Need Info!

Business By Babarooskie Updated 13 Apr 2010 , 3:24pm by ZinniaCottage

Babarooskie Posted 12 Apr 2010 , 4:03pm
post #1 of 9

Hello hello...

I hope you're all doing well. I need some advice, help, suggestions, etc. from all of you icon_biggrin.gif

I'm in the works of putting together a business plan to open up a shop. I have all my ideas and currently working on my menu, etc.
My question is, when you started your business, did you have to take out a loan? How did you get started? What/Is the outcome??

Thank you icon_smile.gif

8 replies
Babarooskie Posted 13 Apr 2010 , 4:01am
post #2 of 9

70 views and no response? icon_sad.gif

I'm not asking for your business secrets, just wanted to speak to some of you for inspiration.
Any help will be appreciated.

Thank you

indydebi Posted 13 Apr 2010 , 4:07am
post #3 of 9

I had most of my smallwares already bought ..... over $7000 worth of pans, utensils, plates, silverware, trays, chafers, cambro insulated food carriers, rubbermaid containers, stainless steel shelving, and the delivery van, etc.

I spent about $2500 to invest in getting a good biz plan written. Took me about 9 months to put it together. Took it to 3 banks before I got the loan. Used my home as collateral, 2nd mortgage, plus cashed out some of my retirement plans.

I used a kitchen design firm, who saved me THOUSANDS!!! No kidding .... my first quote just for the build out was $99,000. She found me a guy who got it done for under $30,000.

If you have Cake Central magazine, read my article in there ..... "Things I Wish I'd Known when I Opened my Business". IT's the little things that kill you.

(And don't even get me started on that stupid $50 mop bucket!)

EvMarie Posted 13 Apr 2010 , 4:30am
post #4 of 9

I hope you get more help here....

I'm just venturing in...on the low budget road though. No big hunks of cash coming my way anytime soon. So, I'm going to have to build a word of mouth biz & network via facebook. So, I can only sell in Ohio now. But, I hope to rent/buy a commercial set up & ship nationwide.

If you are venturing in...on the not so low budget road - I am rooting for you buddy! Sorry, I don't have any secrets to share. If I come upon any - I'll holler at ya!

icon_smile.gif

CakeMommyTX Posted 13 Apr 2010 , 4:39am
post #5 of 9

Loans, rich Uncle or investor are about the only options unless you have the money yourself.

Enchantin-Cakes Posted 13 Apr 2010 , 8:59am
post #6 of 9

I actually started from home the first year and was able to put some money aside. Just enough to get me a 3-bedroom apartment and start with some sort of class! Money comes in regularly thereafter co apart from baking and decorating, i take classes. Good news...i'm now planing on expansion!
The lesson in my story? Take it one step at a time...but make each step sassy!
Welcome to the club!! icon_biggrin.gif

cakesdivine Posted 13 Apr 2010 , 1:14pm
post #7 of 9
Quote:
Originally Posted by CakeMommyTX

Loans, rich Uncle or investor are about the only options unless you have the money yourself.




Had to laugh when I saw this...I do have a rich uncle, but forget about going to him for anything unless you are dead or dying...LOL. For those in Houston, my uncle owns Houston Garden Centers. I have sent a couple of biz plans to him in the past, and he says he will look but never does, I am sure they go right into file 13, because he never responds. icon_lol.gif

Babarooskie Posted 13 Apr 2010 , 1:21pm
post #8 of 9
Quote:
Originally Posted by indydebi

I had most of my smallwares already bought ..... over $7000 worth of pans, utensils, plates, silverware, trays, chafers, cambro insulated food carriers, rubbermaid containers, stainless steel shelving, and the delivery van, etc.

I spent about $2500 to invest in getting a good biz plan written. Took me about 9 months to put it together. Took it to 3 banks before I got the loan. Used my home as collateral, 2nd mortgage, plus cashed out some of my retirement plans.

I used a kitchen design firm, who saved me THOUSANDS!!! No kidding .... my first quote just for the build out was $99,000. She found me a guy who got it done for under $30,000.

If you have Cake Central magazine, read my article in there ..... "Things I Wish I'd Known when I Opened my Business". IT's the little things that kill you.

(And don't even get me started on that stupid $50 mop bucket!)




It's Madness! icon_surprised.gif

Right now I'm currently working on the menu to get my food cost to then get my selling cost, projections, etc. I have so many ideas! From the decor, to the location, to the logo, the design on the cupcake boxes, etc.

However, I have an amazing opportunity right now. My Father who is also a foodie, said that if I conduct a business plan for him (and he approves), that he will help me to open a location. I already have a web/logo designer...

There's just so much to do! icon_eek.gif

ZinniaCottage Posted 13 Apr 2010 , 3:24pm
post #9 of 9

Hey Babarooskie!

Congrats on taking the first steps to opening your own business!

I have owned 3 businesses in my lifetime. Although none of them have been food related and I cannot speak for that part of it. I do have some general advice for you.

First and foremost most of the clichés youve heard about opening a business are true. Location, business plan, advertising, etc. When I opened my first business (a flower shop) I was in my mid 20s and thought I knew everything! I ignored all of those things. I just opened my shop with my beautiful displays and waited for the money to roll in. NEVER HAPPENED! I closed after the first year.

Second thing I learned is to be creative on a budget. I spent thousands setting up my first business. I wanted everything perfect before I opened the doors. I had customized packaging with my logo, customized receipts with my logo, customized ribbon with my logo, customized labels with my logo, etc. I didnt even use 1/3 of it! A friend joked that they were surprised I didnt have the logo printed on the toilet paper! Honestly, did I really need the receipts to be customized? I should have just bought standard receipt books from the office supply store. A lot of the things we THINK we need when we first open our businesses will probably never be utilized.

Finally, and I hope I dont sound like a dream squasher here, but keep yourself grounded. It is OK to dream big! Im all for it! Its what keeps you going, striving, and growing. When I opened my first 2 businesses I naively thought that I was well on my way to financial freedom. I thought the customers would discover that I was offering something unique and that they would be lined up around the block just waiting to give me their money. I was always stressing myself (and everyone I know) out trying to achieve my goals. Looking back now, I realize that I wasnt enjoying myself and I honestly think it reflected in my work. Now that I am older and have some experience I have realized that I am so happy to just be making a living, doing what I love, and not answering to someone else. That doesnt mean I dont still dream big, or strive to be better. It just means that I now am more focused on the day to day operations and enjoying all of it.

I wish you luck! It sounds to me like you have a good support system.

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