Suppose that you and three friends from college would like to open a new restaurant....
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Suppose that you and three friends from college would like to open a new restaurant. Collectively, you have almost 20 years of experience in the restaurant industry and, with lots of new houses in the area, you think that theres an opportunity to make a lot of money if you can offer interesting food at good prices. Youve even identified a great location, but you realize that its going to take a lot of money to get this business off the ground. As recent college graduates, you dont have a lot of money, so youre looking for the best source of funding. Realistically, you realize that youre going to need at least $100 000 to sustain operations until your business starts to return a profit.
Please read carefully these questions
Brainstorm a list of options for financing. Youll want to do a little online research to find out more about some of the loan programs identified in the text.
For each of the funding options, develop a list of pros and cons. Be sure to consider all the implications of each form of financing, considering interest rates, repayment options, and eligibility requirements.
What form of business ownership would be most appropriate for your new restaurant and why?
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