Okay we have a great location picked: only drive thru one a major commuter road w/ space for a small retail shop inside. I have a great supplier who works with other small coffee shops in the state. I have the plans laid out and everyone thinks its great idea.

But for renovations/supplies/ect its coming out 300k. Is that a horrible idea?

I have reached out to local agencies and haven’t found grants and I don’t feel comfortable asking family.

I’m torn between you only live once/this is my dream and omg I want to throw up.

  • notshiftycow@alien.topBEnglish
    1·
    1 year ago

    For context, I am literally looking at a pile of coffee shop equipment which I’m storing as a favor, because someone had a dream, got in over their head, and lost it all. So my first reaction is, naturally, “horrible idea.”

    Ultimately, that $300k is going to be guaranteed by you, personally. Only after you’ve been in business for a long time with proven profitability and $M in cash, will any bank give you a sizeable loan secured only by the business, itself.

    So if you have the assets and can take on the debt without ruining your personal finances, go for it. If the shop runs into a bad couple of months and you’ll lose your home, then don’t.