Comments on: Trader Vic’s Mai Tai bar http://www.swankpad.org/blather/2006/08/02/trader-vics-mai-tai-bar/ If it's Swank... Thu, 04 Dec 2008 23:02:29 +0000 http://wordpress.org/?v=2.6.2 By: Swanky http://www.swankpad.org/blather/2006/08/02/trader-vics-mai-tai-bar/#comment-140 Swanky Wed, 02 Aug 2006 15:26:11 +0000 http://www.swankpad.org/blather/2006/08/02/trader-vics-mai-tai-bar/#comment-140 Hans said you should have $400-500,000 to start the place. That amount is considered a small business loan. I think doing a franchise is more likely to get you that loan than the exact same concept made from scratch. Restaurant and bar loans are the hardest to get. I do think there are ways to cut costs and I think I could do it well under $400,000 here. But it would be good to get that banked first and have it left over, than to end up needing money. $500,000 may sound like a lot of money, but, try opening a major restaurant for that much and you'll see it is not. Kahiki Moon's opening costs ended up around $150,000 with James doing a tremendous amount of the work himself. Hale Tiki was opened with around $75-100,000 I think. A shoestring budget. One of the partners was a contractor with a crew, so all that build out was free, except materials. These are example of low budget, do-it-yourself with help from friends and hope there are no major expenses. Also, this likely is opening without a year's rent and employee wages in the bank, which is also a standard. If you close, you will have to pay off that lease and most restaurants have that money in the bank when they open, along with reserves for salaries. Hans said you should have $400-500,000 to start the place. That amount is considered a small business loan. I think doing a franchise is more likely to get you that loan than the exact same concept made from scratch. Restaurant and bar loans are the hardest to get. I do think there are ways to cut costs and I think I could do it well under $400,000 here. But it would be good to get that banked first and have it left over, than to end up needing money.

$500,000 may sound like a lot of money, but, try opening a major restaurant for that much and you’ll see it is not. Kahiki Moon’s opening costs ended up around $150,000 with James doing a tremendous amount of the work himself. Hale Tiki was opened with around $75-100,000 I think. A shoestring budget. One of the partners was a contractor with a crew, so all that build out was free, except materials. These are example of low budget, do-it-yourself with help from friends and hope there are no major expenses. Also, this likely is opening without a year’s rent and employee wages in the bank, which is also a standard. If you close, you will have to pay off that lease and most restaurants have that money in the bank when they open, along with reserves for salaries.

]]> By: How Bowers http://www.swankpad.org/blather/2006/08/02/trader-vics-mai-tai-bar/#comment-139 How Bowers Wed, 02 Aug 2006 15:14:03 +0000 http://www.swankpad.org/blather/2006/08/02/trader-vics-mai-tai-bar/#comment-139 Good luck with getting a TVMTB started in Knoxville! I really do think that this is a strong concept that has a wonderful chance of succeeding, as the pendulum swings tiki back into favor. I think a great many people are plotting and scheming how they could bring one to their home town. I know I am! I wonder if it would take winning the lottery to have enough funds or if a business loan would do... Good luck with getting a TVMTB started in Knoxville! I really do think that this is a strong concept that has a wonderful chance of succeeding, as the pendulum swings tiki back into favor.

I think a great many people are plotting and scheming how they could bring one to their home town. I know I am! I wonder if it would take winning the lottery to have enough funds or if a business loan would do…

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