Daycare or restaurant
Answers
I would love to help you start a pizza restaurant, we have a very unique approach that involves lower risk and capital than a normal restaurant. Once you have built your fan base with minimal investment the skys the limit ! Send me an email referencing this message Will@tinybrickoven.com
Hi Kinte,
You asked the same thing I did a couple of years ago.
I want to share an excellent program to help veterans with their business ideas: Entrepreneurship Bootcamp for Veterans (EBV). http://ebv.vets.syr.edu
It's free to anyone accepted, and all you have to do is apply for the program and apply yourself to the coursework. I attended, and it consisted of three weeks of online work and one week in class, during which you constantly interact with business owners, entrepreneurs, and mentors of all kinds. You also have to give your 30-second elevator pitch about 3 times a day! They make you work for it! But it's a program well worth doing!
I went through the EBV program not knowing a thing about business plans or what it took to start a business, and this was one of the best programs I've encountered for veterans. They won't tell you your business idea will work, but they give you the knowledge to set up the plan, and the mentors will give you a reality check on if your idea is doable, and more importantly, if it's sustainable. They will help you hash out the details to succeed as best as you're willing.
Like many have said in this thread: restaurants are some of the hardest businesses to maintain. They have an incredibly narrow profit margin and a lot of volatile variables. If your WHY keeps you coming back and believing you have something that can make it stand out and work, then programs like EBV can help you sell that passion and move forward. You also get a crazy amount of resources during and after the program to help keep you focused, because any program worth it's salt will want you to not just participate and graduate, but to succeed. Between this, and all the resources other commenters have provided, I think you'll have a powerhouse of tools available to you.
I hope this helps, and I wish you the best in your future ventures!
A cautionary note from a lawyer/businessperson:
Many people feel that opening a restaurant is a easy task - to some it might be. However the problem is in keeping it going - location; customers; cash flow, staffing problems; insurance; rent; supply contracts, and the like.
A restaurant business is a very high risk venture. Most fail after two years.
Talk to a knowledgeable lawyer, (the expense will be worthwhile), and some folks in the business and some that have failed at it.
Good luck, and God love you if you still want to go ahead.
Mr. Grant,
Before you consider any trade as a business, you may want to ask yourself the "why" question for find the deeper meaning of your business. You will need it during tough times on your business journey to stick with it. Before getting any money involved do the legwork and talk to a business mentor or a life coach in generally for a few months to see if your business idea will work and what are the phases of business that you should expect (ups and downs) and how will you make it during those down times. Expect the unexpected and take a calculated risk and not just risk alone.
Hi Kinte, my question to you is were you assigned a mentor through the ACP program? If not, that would be a great start. Although all of these are great responses, having a mentor who can step by step guide you in the right direction and help you narrow down your target business and goals would help a great deal. I connected through the ACP through their mentorship program. Which after answering many questions they matched me with a business mentor who fit perfectly. Although I already had my business ideas and plans narrowed down, she helped me to put everything into perspective, we worked together through the steps I needed to learn my business, research material and information, and start my business. Although my year was pretty much up, we still touch base and connect. It was probably the best option when you want to step out on your own in business. It may not be an easy journey but having one on one guidance with a mentor definitely helps a lot.
Hello Mr. Grant,
Thank you for your service. Another resource you may want to look into is the St. Joseph University Veteran Entrepreneurship Program. Click on this link to learn more: https://sites.sju.edu/veteransservices/entrepreneurship-programs/sju-veterans-entrepreneurial-jumpstart-vej/vej-application/
My husband, Army Veteran/CEO/Co-Founder of JDog, and myself are affiliated with this program. It is quite good.
Mr. Grant,
Consider connecting with Bunker Labs (www.bunkerlabs.org). They are a non-profit solely dedicated to supporting veterans and veteran-spouses with starting and growing small businesses. There is a chapter forming in Atlanta, and the group will be helpful to your goals.
You should attend one of the boots to business classes offered at many military installations. There also is probably a SBA affiliate office on a college close to you that you can visit. Also SCORE was mentioned above. The office is full of successful and retired business professionals that have years of experience that provide FREE help and can answer any questions and point you in the right direction. https://atlanta.score.org
Hi Mr. Grant
Thank you for your service
In order to start a business you may need a small business loan.
You will need a business plan with cash flow analysis and pro forma income statements.
The small business development center at your local University can help you with al aspects of the business plan
Starting a business requires many hours of work on your part. Some people thing it is less work than a Job but thatus not the case. Most small businesses take quite a lot of time and effort. The SBDC can help you get started
Hello Mr Grant and thanks for serving. My advice would be to cook from home and take samples to the daycares in your area. This would give you a chance to showcase your talent. In addition you will be able to see how a daycare is ran and what certifications you may need. The information you gain will be priceless. You won’t find this can experience in Any book.
Hi Kinte-
Can you tell us more about what you kind of help you are looking for and more about your situation. For example -
Do you need capital?
Have you run a business before ?
Why did you list those 2 businesses?
Based on what you said my one piece of advice is perseverance !
Thank you for serving our country.
Ethan
You say you want to "start" a business, but maintaining the business is what it's all about, and the advice you receive here is intended to help you do that.
The two business types -- childcare & restaurant -- are both high-challenge. And they are so different from each other. So I'm wondering if the desire to be self-employed is driving you, more than the desire to engage in a particular business.
If indeed self-employment is your primary objective, then you would probably be better served to find something you are very good at, but that doesn't involve renting facilities or hiring employees (at least at first), which both childcare and restaurants require. Consider commission sales (many of the benefits of self-employment, without the financial requirements of rent or personnel), for example.
If instead you are passionate about childcare or food, then choose one and dig into your internet research. Then visit SCORE or your local community college. Best wishes!
Mr. Grant, be sure to check out your local options for the Small Business Development Center and SCORE. Both are free services.
Draw up a monthly budget for your living expenses. Look at the amount of funds you have to invest and if you have to borrow money from the bank or else where make sure you have the proper financial statements to show what resources you have and the profit you think you can realize from your business. I was a banker for 15 years and have owned a small business for over 30 years. If you would like any special information regarding financials please email me at bobrcombs@gmail.com and l will help in any way l can. Thank you for you service and the best of luck. Bob Combs
Learn all you can about having the right systems in place and keep in mind that it takes up to 3 years before a business really takes hold. I've been involved in dozens of startups and that is almost always the case - but it's worth it.
Contact me an I'll send you a free copy of my book.
https://www.amazon.com/Ultimate-Business-Playbook-Mike-Grayson/dp/0981777511/ref=sr_1_2?ie=UTF8&qid=1522612624&sr=8-2&keywords=mike+grayson
Kinte:
Any person hoping to start a new business will have to have initial investment funds to start. I would suggest considering buying an existing successful business. The advantages are 1. business already making $ 2. good location 3. have experienced employees working 4.have all equipment - no $ investment.5.good customer base
I have owned 3 successful businesses in the last 20 yrs - I now help people buy successful businesses in Florida. Typically in Florida, you can buy a business with as little as $50k dn and the owner will finance 50% of the selling price. Take a minute and research "how to buy a business" https://imabusinessbroker.com/how-to-buy-a-business/ - not sure what opportunities are in Ga, but call me if you need to find a good broker in Atlanta -they will educate you .
regards Bill
Mr. Grant, send me your address and I'll send you a book titled A Guide for Doing Business This Year.
wattersjg@gmail.com
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