Finding an investor/LOAN

[Entrepreneur101]

Hi guys. I recently just turned 20 and I have been thinking of starting my own business since I was a little kid. Alot of ideas has passed my head but one has really stucked in my head, and that's opening my own little restaurant. I am not the best cook, so cooking won't be my part, but I am great in controlling, managing and marketing a business. I've had 2 businesses of my own in the past, it was temporary, but I did a great job on it - Both businesses were service related.

Anyways, to get to the point, I have been really thinking of opening up my own restaurant, it's not going to be HUGE and fancy because I don't have the budget and experience for that, rather a small but busy restaurant - more like a food chain.

The problem is, I only have $8,000. I know $8,000 won't get me anywhere if I want to open a restaurant, so I'm going to need a loan or someone to invest for me.

I live in California, I just moved here and I don't have family and alot or know alot of people... I'm very determined, but I don't have the capital... I know theres the bank, but I'm only 20 with no college degree... Would they allow in giving me a loan? I haven't inquired, I thought I'd ask everyone here first because a good number of people here have tons of experience.

Or does anybody have a tip or advice for me on how to get a loan / investor?

I did my research, and came to a conclusion that I would need about $50,000.

Thanks for reading!

[jasaunders]

You are very unlikely to get a loan from a bank. You could try other routes, depending how good your personal credit is. But most of those choices are limited as well.

Your best bet, especially in opening up a restaurant without significant restaurant experience, is getting money from friends or family. If you can't do one of those, you'll probably be out of luck.

Also, The fact that you only need $50,000 is a little worrisome. It takes much, much more than that to open any type of restaurant.