Hello all, new to the forums here. A little background to start off... A few people and I are trying to start a completely new venture into the restaurant industry. We fully know that the most restaurants fail within a year or two and that it is usually a struggle to succeed, unless you have a particular niche. What we want to do is a restaurant that serves elevated pub food (but not exactly gourmet) with an arcade that is separated from the restaurant. This arcade will cater purely to adults of legal drinking age. There will be no minors allowed in the arcade section. The arcade will consist of retro games (yes, like the barcades) up to some of the more modern/current arcade machines, including Playstation VR and Oculus Rift/HTC Vive on PC. I won't go into all of the particulars for now as this is not the main focus of this thread.
One very important point before the reason: We do not have any funding as of yet. Once our business plan is completed, we will be going to investors/sponsors, possibly even trying Kickstart/Indiegogo.
The main reason for this thread is to see if there is an answer to this question: What should be done first when in the initial planning stages of a restaurant without funding? My associates are all saying that we should find a location first because we cannot write a business plan without knowing the size of the location, and therefore would not know what can go into it. I agree that before figuring out the financials, the location should be known. However, we've now been looking for locations for about 3 weeks without much progress. I think that we could be making progress on writing out what we would envision with different amounts of space.
Since we do not have any funding and none of us will likely be able to take out a large enough loan to make a difference, I believe we should be focusing on trying to write as complete of a business plan as possible. Since only two out of four members are looking at locations, the entire process has started to slow down. We have to constantly wait for realtors to get back in touch with us and then try to schedule a time for all or at least two of us to go and look at a location. I understand very much the importance of finding the right location, but it also seems to me that using the excuse of not finding the "right" location is severely pushing back whatever momentum we had to start.
Thank you for taking the time to read this and your responses.
One very important point before the reason: We do not have any funding as of yet. Once our business plan is completed, we will be going to investors/sponsors, possibly even trying Kickstart/Indiegogo.
The main reason for this thread is to see if there is an answer to this question: What should be done first when in the initial planning stages of a restaurant without funding? My associates are all saying that we should find a location first because we cannot write a business plan without knowing the size of the location, and therefore would not know what can go into it. I agree that before figuring out the financials, the location should be known. However, we've now been looking for locations for about 3 weeks without much progress. I think that we could be making progress on writing out what we would envision with different amounts of space.
Since we do not have any funding and none of us will likely be able to take out a large enough loan to make a difference, I believe we should be focusing on trying to write as complete of a business plan as possible. Since only two out of four members are looking at locations, the entire process has started to slow down. We have to constantly wait for realtors to get back in touch with us and then try to schedule a time for all or at least two of us to go and look at a location. I understand very much the importance of finding the right location, but it also seems to me that using the excuse of not finding the "right" location is severely pushing back whatever momentum we had to start.
Thank you for taking the time to read this and your responses.
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