You watch Atlanta Eats with Steak. You listen to Mara on the Atlanta Eats Radio every Saturday. You are consumed with Top Chef, Chopped, and seeing every possible Iron Chef throwdown you can DVR. Now, you’ve got the bug to start your very own business. With the proliferation of the modern day food truck hitting the scene, how would you secure funding to start up your very own mobile food business? Having worked with business owners over the past twenty years (and starting four companies myself), you should know in advance that starting a business is going to be really tough work (you can check out my entrepreneur series here on www.yoursmartmoneymoves.com). So, what may be the best modern day ideas to get funding for your budding business?
- WWW.FOODSTART.COM– Foodstart is a crowdfunding business that was specifically built for the restaurant industry. You can post up your new food truck or coffee shop idea and ask for donations to start your business. You can also reward your loyal followers with behind the scenes tours, line priorities, discounts, and so much more!
- CROWDFUNDING– If Foodstart doesn’t work for you there are dozens of new websites that promote the idea of crowdfunding. Websites such as www.kickstarter.com, www.rockethub.com, and www.gofundme.com are just a few that involve getting investors to donate money in return for some perks when your business gets up and running.
- PEER TO PEER LENDING– Not all peer to peer lending sites will allow for start up of a business to be a reason to ask for funding. However, you can investigate websites such as www.lendingclub.com, www.prosper.com, and www.zopa.com to look for lending in the $5,000 to $25,000 range. This may not be enough to fund a restaurant, but it could certainly make a down payment on your food truck!
- WWW.SBA.GOV– Unlike Healthcare.gov, this website actually works and really does help business owners. Go to the section on loans and review the general small business loan, known better as a 7(a) loan. They also have an area called “microloans” for those who need a low amount of initial capital.
- SELF FUNDING– Whether you use credit cards, friends and family, or your personal savings, self-funding your new business is certainly an option. Nobody plans to fail when they start a business, however the majority of new restaurant ventures crash and burn. Consider any capital you invest a flight risk.
Listen to the replay of the November 16th Atlanta Eats radio interview with Mara Davis and me from this past Saturday. Right after our interview, Mary Moore, who is the founder and owner of Cook’s Warehouse, shared how she got her business off the ground and discussed additional ideas on what it takes to be a successful business owner.
To get FREE brochures on the mistakes business owners make, go to www.oxygenfinancial.net. You can also have a complimentary meeting with one of our Private CFO’s to discuss your future business plan.
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