I would like to start a small business (rib & beer) take out place, but I don't know how to start and I have bad credit. :confused:

Hi, JONDON!

The first thing that I would suggest that you do, is to go to city officials and find out what sort of licensing, zoning, permits, insurance requirements, and anything else that might be specific to operating in the location in which you intend to be in business.

You also need to put together a detailed business plan in order to have any chance at getting a loan. Clicking on the following links and information you'll find on various sites should give you an idea as to how you might do that.

]Restaurant Business Plan - Google Search (http://www.google.com/search?hl=en&safe=off&q=Restaurant+Business+Plan&btnG=Search)

Bar Business Plan - Google Search (http://www.google.com/search?hl=en&safe=off&q=Bar+Business+Plan&btnG=Search)

Running things by an attorney would also be a good idea to make sure that all you prepare is in order and in compliance with any requirements.

Looking at information on the following two sites should also be helpful to you.

http://www.sba.gov/ and http://www.score.org/index.html

Have you ever operated a business previously? Also, how bad is your credit?

Thanks!

Jondon,

My credit was far from perfect when I started my retail business. I agree with everything Clough said above, but would also add one more thought: think about starting with a partner. If you are seeking financing (aka, bank loan), then the bank will look at all the people involved and having a partner with good credit will help. The only caution if you do take on partners: make sure you have a good operating agreement!

-Adeena
Author of "Cute Little Store: between the entrepreneurial dream and business reality" and "Cute Little Store 2: what ever happened to that cute little store?"

Having a business partner with good credit when you don't is a possibly. However any good business person knowing the situation would not settle for all the responsibility and that is what would happen as the bank will not deal with your credit situation only theirs. So most would ask for an advantage to take this responsibility upon themselves, such as a 60% to 40% ownership.

And when you own anything less than 50% in a two person partnership... you are an employee (period).

Just trying to make you aware of all points...

Stringer