Funding for my Venture

[Roz]

Hello All,
Being new to this I am in need of assistance. I am trying to find the best way to go about finding funds for my Upscale Club for Women. I am aware it is difficult, but not impossible, I am asking the experts, and all who may be able to assist me in the area. If you were a private lender or,... what would you need to convince you that this is a profitable venture? What would be my best course of action? How do I approach possible investors? What type of data could I provide? Are there any commercial lenders anyone recommends?
Looking forward to your responses and I thank you all in advance.
Roz

[owneroper]

Is this a bar? good luck getting funded from a bank. Not sure what you mean by a club, nightclub? It seems to me this would be something for private investors who would want to be part of this.

[bargirl23]

i would check the small business association for women. i know that i have spoke with them in the past and the sba is always giving out grants and loans to women as we are considered a minorty to them. you will however need a business plan, usually for the next five years. that is what i needed. once you have discussed with them and you still need money then i would look to the bank or investors. investors are usually more apt to help once they see that someone else has lent money as well. the one thing never ever to do is use your own personal property (house, car, etc) as collateral. i have seen too many friends lose their house because their business went under. good luck

[Roz]

Is this a bar? good luck getting funded from a bank. Not sure what you mean by a club, nightclub? It seems to me this would be something for private investors who would want to be part of this.
Thanks for your response .I am sure a bank won't give me the money, so I am looking more towards private investors as you said. Just looking at this point to get some feedback and suggestions.

[Roz]

i would check the small business association for women. i know that i have spoke with them in the past and the sba is always giving out grants and loans to women as we are considered a minorty to them. you will however need a business plan, usually for the next five years. that is what i needed. once you have discussed with them and you still need money then i would look to the bank or investors. investors are usually more apt to help once they see that someone else has lent money as well. the one thing never ever to do is use your own personal property (house, car, etc) as collateral. i have seen too many friends lose their house because their business went under. good luck
Thanks for the insight.
Is there any resources for finding private lenders, and would I need a buisness plan? I am not sure the SBA would loan or assist for this type of club. It is all woman club, so..... Any info you can give about the private lenders would be great, and how to approach them.
Thanks Again,
Roz

[bargirl23]

i wouldn't think that it would matter what type of business as long as you did the business plan. the worst they can do is say no, so why not try. as far as investors... i would go to other clubs, meet owners, managers, etc. after you get to know them, you can ask if they are interested in investment opportunities. other people in the industry are going to be ones that are interested. also, spread the word with other friends etc. especially those that will be frequenting the club. it is basically a chain reaction. sooner or later, you will find someone.

[Roz]

i wouldn't think that it would matter what type of business as long as you did the business plan. the worst they can do is say no, so why not try. as far as investors... i would go to other clubs, meet owners, managers, etc. after you get to know them, you can ask if they are interested in investment opportunities. other people in the industry are going to be ones that are interested. also, spread the word with other friends etc. especially those that will be frequenting the club. it is basically a chain reaction. sooner or later, you will find someone.


Thank you so much for the advice. It make good sense. :)

[ginger21]

if you don't have enough funds for your project, you can try taking out a loan but be sure that you'll have enough money to pay it off.

[icrunchdata]

Roz,

I have been in the same situation as you when it comes to getting a business loan. Since I have good credit (Thanks to me being responsible with my money and the credit cards), I was able to obtain personal loans, increase my credit cards limit and obtain business credits. However, no such luck in getting an SBA loan or any loans for this matter. The bank will not lend you money for this type of business 'bar / nightclub'.

I have one invisible partner that has provided some money to secure the lease and now I'm trying to find one more to secure an additional space (this is 14K venue), right now I have secure 7K. If you are interested in becoming a partner/investor, email me. We just launch our website tonight and we are getting ready to open for business in about 30 days.

I know Philly. Sisters Nightclub is your biggest competition but I don't believe that 'only women club' is a good business idea. They fail eventually. But then again, Sisters has been in business for over 5 years. So they must have a good clientele.

I'm from NJ and I know all about the women dances/club in that area. And forget about business plan. No money no loan. Unless of course, you find an investor/partner. It will never happen. Business plan is good after you have been in business and making money..Then you go to your bank and ask for money.

My 2cents of advice. Been there done that...

[Wild Turkey]

You might also try the coin op owners in your area. 2 different coin op vendors offered some start up cash as long as I contracted with them.

I know a lot of owners in my city that sold existing bars with partial owner financing..thats how I bought mine.
As a matter of fact only 2 bars in my county(that leased the Real estate) have sold without some kind of owner financing in the last 20 years.