How do I start a business? I've been in the hotel business for 27 years and want to just buy my own

I found a good place for 350,000 in Nebraska. So first, I want to know if I would even be approved for a loan like that. Do I just enquire at my bank to see or what. Some suggest to get a business partner or investor or something. I want to do it on my own but have no clue on how to get everything ready and set up with phones/website ect..

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sylvsn59 · 61-69, M

Having a partner does spread the risk around a little.
First step is to talk to your CPA...they will need to do a due diligence on the business, review the records for the income and expenses of the business to determine what the selling price should be. Then he will advise you on the structure of your business to buy it, probably an llc, check various sources on the what's happening in the area...is growing, are there issues developing i.e the biggest attraction in the area is closing, business are moving out etc.
Then you can go to the bank.

ArtieKat · M

How much capital of your own do you have, @swandfriends? I'm a semi-retired catering consultant, by the way.

swandfriends · 41-45, F

Nothing. I have no savings, don't own anything but a 20 year old car.

ArtieKat · M

@swandfriends Sorry to be blunt but you need a business partner with money. Nobody will lend you enough to purchase the property, let alone buy opening stock, pay wages etc.

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whowasthatmaskedman · 70-79, M

I think you missed step 1.. Look at the area for the local economy and look at the national outlook for the next few years as a guide. Is your business going to be in a good place if things turn down? Are you going to be able to cover that loan and your expenses if things go badly. Rule One.. "Murphy's Law is watching you."😷

HootyTheNightOwl · 41-45

Reach out for specialist advice first. SW isn't the place to help you with establishing a business plan.

justanothername · 51-55, M

Talk to your bank.

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