Bowling allows people to relax and socialize with others.
Starting a bowling center business may require substantial investments, particularly if you want to build your own bowling alley. However, renting an alley is much cheaper. There are also other ways to run a bowling business on a shoestring budget. Still, your personal savings probably won't cover all of the expenses you need to incur before your business will become self-sustaining, yet alone turn a profit. Accordingly, it is necessary for you to raise some funds.
Instructions
1. Write a formal business plan. Although some enterprises were started with nothing less than a brilliant idea, if you are serious about raising money from creditors or investors, you do need a good business plan. A business plan is essentially a document that covers all aspects of the business. Estimate the demand for your services, the costs of delivering those services (fixed and variable) and project financial statements for your business. Determine how much money your business needs and when you expect it to break even. Also mention the competition and why people will use your bowling alley and not your competitors' (proximity, better customer service, newer facilities). Be realistic. Too rosy an outlook will make investors uncertain about investing their cash in a business run by a person who cannot evaluate risks properly. Use the Resources section to have a look at a sample business plan of a bowling center business and get an idea of what kind of book to read to write your business plan.
2. Ask your friends and family to lend you money. This may be much easier than seeking formal investments. On the other hand, heed Shakespeare's advice, "Neither a borrower nor a lender be: For loan oft looses both itself and friend." If your business fails, it will be difficult to look in the eyes of your family members and friends who entrusted you with their hard-earned cash.
3. Find a partner. Teaming up with a person who has experience in running similar businesses can boost your chances of success. However, be careful that your potential partner just doesn't steal your business plan or idea.
4. Secure a bank loan. A loan from a bank or other financial institution, such as a credit union, is the first thing to consider when looking for funds to start a small or medium-sized business. If your business plan is good enough, the bank may back it up with a significant credit line. Still, be prepared to put your own money in the enterprise. If you don't want to commit your own cash to your bowling center business, creditors and investors may have doubts about your incentives to run the business well.
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