Resources for new business - bakery / lunch spot

[cilla4progress]

I got laid off again this week. I am looking into taking over a bakery / lunch spot in my small town that was at one time successful, but failed for various mostly management reasons.

My only work in food service was 25 years ago waitressing in some nice places in our area. I love to cook and am good at it. I think I am developing a sound plan.

My primarily concerns are 1) start-up costs; 2) segregating our family's assets from the business; 3) how much work / hours it would entail; 4) how to make it profitable - cost of goods sold / income.

Anyone here know of any resources?

Thanks!

[Phentex]

1. A couple of things...

First, please post this in the Cooking & Baking Group here at DU. There are many people who work or have worked in the food service industry and I am sure they can give you plenty of ideas.

Second, have you considered going into a partnership with someone who has experience? This is a very tough industry and experience can mean the difference between making it and not.

As for financial resources, I think it depends on how much you need and how much you may already have. The C&B group can probably help you determine your numbers 1 and 4.

[cilla4progress]

2. Wow -

your kindness is appreciated immeasurably!

I'm working hard on my plan. Swinging a little, in my optimism...

I'll be counseling with SCORE, the volunteer nonprofit association supported by the feds / SBA (go public commons...) who will help with the penciling out piece.

I think you have identified my 2 biggest concers: quality/consistency, and financial feasibility.

I am not in fact well bankrolled. The only thing I might be able to do is put up some of my retirement savings, perhaps 10%, as some sort of security. I am a year away from access to my retirement accounts, and 3+ years away from having our home paid off.

Unlike my last position (paralegal in a bankruptcy practice) I find I am drawn to anything / everything having to do with baking - reading, watching, listening. I believe I do have the passion. Do I have the courage?

Thank you!

[Phentex]

3. Yes you do!

Courage and passion will go a long way. I am happy you posted in C&B. They are a very knowledgeable group.

Good luck!