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?

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?

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!) :)

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.

Excellent answers by Scott above!