Funding a restuarant - Essay Example

It is not a great idea to live without emergency money that is to help when things start going south. Banks tend not to support and savvy investors may also forsake the business owner unless they see him/her taking most of the risk. Risks tend to be like a barrier to stop people who are not sure of the way forward from committing an offense though, those ready to risk tend to attain their goals. One of the reasonable ways to have a source of income is by looking for external investors. This includes partners, friends and family, individuals searching for an investment, or the entire above combination.

It is very good to make sure that every partner that is brought in your table are those that bring with them something that the group is missing. This is so since not every new partner comes because he/she has money that the business may need, some come because of their abilities and services that they will render to the company. This may include: amazing bookkeeping abilities, culinary prowess, a considerable amount of experience, marketing skills, host experience, efficiency expertise, knowledge of local dining, and operations skills (Fields, 2007).

Bringing name recognition; it is not necessary for a partner to come with money or some skills or qualities. It can be a plausible reason to have a partner on board because of his popularity. This may include a popular or celebrity chef who is to show you how to perform behind the house activities or even attract customers because of his popularity and quality of service. Too many chefs spoil the soup. It is common knowledge that the more partners one has, the harder to align them. One should deal with decision-making controversies before he/she seeks for sources of financing, opening the restaurant’s doors or talking of the business plans.

If the partners cannot come to an agreement at this, there are fair chances that any agreement will be reached and probably should not pursue the business together. If