my wife and i are in our 50's and want to buy/start a restraunt/bar. is this a good time or bad time?

We would like to be around a N. Texas Lake and cater to the middle to upper middle class "biker" as we ourselves ride motorcycles. We need low investment property or good financing. Should we start/build or buy existing? Don't mind working hard to make something go.
In Market Conditions - Asked by Billy W. - Dec 13, 2008
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Answer(s)

Nuruddin M.
Lender/Mortgage Broker
Carrollton, TX

Hi my name is Nick and I am a Business Finance Consultant. Its a very challenging question to answer based on the information that you have provided. Well, if you have a good business plan, good location, experience and decent financial strength to face challenges in the business, then it can be considered a good time. Once again, based on the factors stated above and your financial situation. The economy will rebound eventually, it has too, thats what i believe in.
Buying a business VS Starting a business: I am big fan of buying a business if you have money to invest and if not, then contact me to help you get funded.
If you buy a businesses, you need to make sure that its cash flowing well. So, you know if they have Tax returns that can prove their cash flow and business strength, then you know that you will start making money with investing any extra money into advertising and other channels of reaching consumers. You do pay a price but if its a good business, then we can finance it.
Starting a business has it own advantaged. Your investment required is less compare to buying an established business. But on the other hand you can plan very carefully your target market, spend money on marketing and product and be there. Time taken to establish a business in this economy can be painful as compare to buying a business.
Since I do not know your exect financial background and situation, You can only judge between the best option for you.
If you need financing, you can contact me at 972.522.8700 or visit our web site at www.businessSolutionCompany.com
Thanks.

Dec 14, 2008
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Glen W.
Lender/Mortgage Broker
Atlanta, GA

Unfortunately this is a very bad time to start a new venture. Financing for a rest/bar is almost non-existent in this economy. It might be an opportune time to find a distressed rest/bar and rebrand it to focus on a different clientelle. Good luck with your transaction

Dec 16, 2008
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Barry W.
Broker/Agent
Chattanooga, TN

Having sold and owned restaurants and bars. (I also own a large real estate firm in Chattanooga.) I would encourage you too keep your overhead as low as possible. Start with a small place that always appears full. People follow herd instinct, especially bikers. Make it fun but high quality. Above all have a network of friends and neighbors who will support you from day one.

Dec 16, 2008
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