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    ndl1998's Avatar
    ndl1998 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Aug 3, 2007, 10:20 AM
    Opening a banquet hall
    I have always had a desire to open a multi-purpose banquet hall which could be used for corporate and social events. Just this week, I found a building that would be IDEAL! The building is only 3 years old. It's in a community that is growing by leaps & bounds, and is centrally located on a major street just miles off two primary interstates that run through the surrounding areas. My only problem is... I don't know where to begin. Can someone please tell me how I should start the ball rolling to get this building purchased & remodeled, and ultimately, the business open?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 3, 2007, 10:38 AM
    I would contact the SBA (sba.gov) and SCORE (score.org) for help in putting together a business plan.

    How much capital do you have to invest? Do you have an idea of what your startup costs will be? Do you have any experience in this field?
    ndl1998's Avatar
    ndl1998 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Aug 3, 2007, 11:00 AM
    I am working on gathering capital currently. I don't have a "total" just yet, but I have several people who are (and have been for years) willing investors. No, I don't know officially what my start up costs would be. I do know that with the particular building I have in mind, I'd need to do some remodeling on the interior because it's previous use doesn't meld well with the new intent of the facility (it used to be a large night club). If I had to guess, my start up costs would be in the area of $100K - $150K (not including the remodeling). Experience? In the area of running this type of business, no, I don't. This is a whole new arena for me, as I am currently working as an electrical engineer. (I know - drastic change!) :)
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Aug 3, 2007, 12:27 PM
    Like I said, the first thing is to setup a business plan. The SBA may be able to help with funding, but without a business plan you may have a problem with investors.

    Some other things to think of are liquor licenses, food preparation and serving staff (or a partnership with a caterer), maybe affiliation with some house of worship for recommendations, etc.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #5

    Aug 13, 2007, 12:36 AM
    Excellent answers by Scott above!
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