Due to the size of the facility I want, now, $30k-$40k may be more suitable as to finish the entire building, but I could make it happen off $20k.
Remodeling can cost hundreds of thousands of dollars. A commercial property broker will only let you have that work done by licensed professionals. You should have enough of a line of credit to sustain the business for at least a year with the assumption of very little revenue. If you are profitable immediately, great. Then you pay back your lenders. If you're not profitable immediately, then you have to have a good chunk of cash to keep the bills paid while making attempts to attract customers.
The facility is very nice as is, there's no need to spend that much remodeling. The only 'remodeling' I'm going to be doing will be putting up decoration, room dividers and furniture.
It's worth thinking hard about smoking regulations and where they're heading Dank. My feeling is the writing is on the wall for businesses which allow tobacco to be smoked on premises. It would be a shame to see you spend all this time and money setting up a bar only to have the govt regulate you out of existence shortly thereafter.
Good luck.
I won't live in fear of something that hasn't happened. Actually, there is already a smoking ban, for bars and restaurants, in my state. Hookah bars continue to operate. My lounge is neither a bar nor restaurant. Also, hookahs do not qualify as smoking because the tobacco is never burned.
Thank you.
Hello, my idea for Dank Glass has evolved thanks to a friend. I now plan on opening a hookah bar in my area. Hookah lounges can be a lucrative business and I have the perfect location for it. There are several colleges in my town and only one other competing hookah bar. I can easily compete with this hookah bar by pricing alone, but the unique psychedelic atmosphere in my lounge will further attract customers. We may also accept Bitcoin. I am more than capable of designing a logo, website and promotional material myself.
How is the other bar doing? How many customers do they have per night? What is the square footage of their premises? How many employees do they have on the payroll? Does it stay open during the vacation, when students are not on campus?
Since you're posting here, why not write "We
will also accept Bitcoin"? A Bitcoin Hookah lounge may be more attractive to lenders or investors.
I'm seeking a 1000-2000 BTC loan, depending on the total expenses, for a maximum term of one year. I can pay back the loan on a monthly basis if desired.
You should be seeking a USD loan, not a BTC loan. If the USD/BTC rate increases, it may become very difficult to reimburse your loan. Also, the USD lending rates would be much lower.
I'm willing to provide identification for this loan. If you'd like to invest, please shoot me a PM so we can talk the finer details including interest.
Are you looking for lenders (who will get their money back + interests) or for investors (who will get dividends as long as they hold the shares)? What access to the business accounting information would they have? If you're looking for investors, will they have any voting rights?
Lenders will probably request much higher interest rates given the risk of this business failing, especially if no property is put as collateral. Investors will be there for the long term, but it means that you would share the profits forever should your venture succeed.
It's worth thinking hard about smoking regulations and where they're heading Dank. My feeling is the writing is on the wall for businesses which allow tobacco to be smoked on premises. It would be a shame to see you spend all this time and money setting up a bar only to have the govt regulate you out of existence shortly thereafter.
That happened in France, and many hookah bars became fast foods when smoking inside any public place got banned.
As posted earlier, the other bar (primarily a restaurant) has stopped serving hookah.
I don't like to post definites about something I've never took time to think over, I probably, 99% chance will accept Bitcoin but I've never looked over the procedure and requirements to do so.
As I said earlier, I would like to recalculate the loan, each time interest is calculated based off the initial loan size. This would prevent BTC rates having an effect but would also secure against a declining USD value. I will seek a USD loan from a bank if Bitcoin fails me on this one.
Preferably, a single lender. I'm fine with generous interest rates, I don't think it will be an issue with this business.
My local Hookah bar makes more money off the alcohol than the hookah - particularly among students you'll probably find that the alcohol revenue is required to make this business really work.
That's great for them but I've already calculated the hookah revenue is all I need to make this business work.
