Buying A Bar With No Money?

Buying a bar with no money may seem impossible, but it's not. No Money Down? It's possible!

I get thousands of people every month on my site and many email me and ask me the question that could possibly change their life and fulfill their dream. The question is, “ where can I get the money to start my own bar/restaurant/nightclub”?

Many send me emails that are very descriptive, and tell me about their ideas and their plans. And many of these emails I can see that a lot of thought was put into them. These ideas weren’t just thought up in a couple of minutes. These plans and ideas took some thought, and time to put together in their mind. I am proud of you.

So this new guide of mine is an overview, and is going to try and get you the chance of making your dreams a reality. Read this slowly and take in what I am explaining you, ok?

Let’s start. Of course, having the cash to get started is of course the easiest way to get started. But like many, including myself, when you have a dream alive in your heart, it is very difficult to get it out of your mind. But you know that if wait until you actually have the cash to build your dream, it may take forever, and you want it now, or at least in the foreseeable future.

These ideas are risks. They are a gamble. But in many cases, that’s all you will lose is your time, and maybe a little money. As I go on to explain these options, you must understand that this is “YOUR SHOT”. A chance for you to get into this industry, so you can build and grow. So you will have to put in the time. Not forty hours, but maybe seventy hours, eighty hours or even a hundred hours, to build this dream.

As you need to find a way to get started, one way is to look in your area, or close vicinity, for a place that you know of that is having financial difficulties. Or maybe a place that is run down. Maybe you know of someone that has been in the business for many years and they are just burnt out, and they want out desperately. This is an opportunity. Check out these places one by one. They don’t have to be exactly what you want, but a place to start. A place that you feel that has potential. What is the location like? How is the neighborhood it is in? Is the place decent size so that you can accommodate enough people to make some money? And then there is the parking. Parking is one of the most important things you have to have.

If it is hard to get parking, or the parking is far away, you will have problems drawing people to your place. No one wants that issue when they go out, and usually avoid places that it is difficult to park.

The object in you search for these places is to find someone that is disgruntled about their situation. They are just disgusted. They want out badly, and they have probably already have tried to sell their place, with no luck. The reasons that they couldn’t sell their place may be evident.

Maybe they wanted too much money for their business? Maybe the place is in bad condition, of has no convenient parking? Maybe, it is a bad location? Maybe, just maybe, they don’t see the potential that you do? Maybe someone is sitting on a place that could come alive again with the right insight, hard work, and a personality! And maybe, that person is you!

There is an old saying, “desperate people do desperate things”. And when people are desperate to get out of the business they are in, they may be persuaded to make a deal that makes you the “new owner”. Do you understand what I am saying here? If not, read this part over again, ok?

These people want someone to take this burden off their shoulders. They have given up for one reason or another. And some got into it, like you want to and thought to themselves all this work isn’t worth it to them. You see, everyone thinks that if you build it, they will come. Not true! And many think this industry is so easy, only for them to find out, it isn’t. They just want out.

You also need to consider this too. Are you ready for a lot of hard work? So now, you have located a place that you feel has potential. What do you do? Well, you are going to approach the owner with a very bad deal for them, or so it seems, and a very good deal for you. The offer you make them has to be on your terms. You are not dealing here on prime property. You are taking a gamble that you can make this work. And although you may say to yourself, “they will never take this deal”, I am here to tell you that may just do that. It just depends on how desperate they are.

For example, you have found the place you are considering. So do your homework and find out what ever you can about the place and the owner. Walk in the place as a customer and look around. Be specific when looking around. What kind of work will the place need to give it life again? Maybe just paint, decorating, and some new lighting. Or maybe, it’s too much work as it is falling apart. Does the air conditioning work? Are the bathrooms in decent shape and functional? See what I mean?

If you don’t know anything about this kind of stuff, bring along someone that does. They will be able to see things that you don’t see, and explain to you about what it would take to repair. Ask them not to say anything while you are there, and speak with them when you leave.

After you have done your homework, contact the owner and ask if they are for sale? If so, make an appointment to meet with them in private. Not when they are working in their place. You will get interrupted too much. Explain that you don’t have the money to purchase, but just enough to make some improvements to get started.

Don’t tip your hand! If you tell them your ideas, they may steal them from you and do it themselves. But tell them you are willing to make them a good deal if they are willing to carry it (finance it). Here is where you have to make a sweet deal for them. It has to be so tempting for them that they will sit and listen seriously. Why are you giving them a good deal? Because you have to give something to get something. You have no money and you want someone to give you their place, and trust you for the money!

Now the options you do have, have a lot to do with the liquor laws in your State. Check those out with you State. I have a page on my site that will bring you to the laws of your State. You see, each State is different in what they allow and what they don’t. What are they all different, I have no idea, but they are.

The lease: Depending on your State laws, you may be able to lease the business from the owner. Offer them a monthly amount of money that is tempting enough for them to walk away, but not enough where you won’t be able to afford it. On top of leasing the premises, remember you are paying him this to lease the business, and depending on if they actually own the building or not, you will also have to pay rent also. They want to walk away, you know this. But it has to be tempting but not where you don’t make any money.

The Management Agreement: Depending on your State laws, you may be able to enter into a management agreement where you operate, manage, and promote the place as you see fit for a certain amount of time and reap what ever percentage of profits you both agree on. This gives you a start but whatever changes you want to make, are probably going to cost you the money. If you get the seller excited, they might split the costs with you.

The Purchase: Depending on your State laws, you may be able to make a deal where you purchase for no, or little money down, depending on the seller’s circumstance, and pay him a monthly mortgage payment. Generally, the seller won’t want to carry the financing for a lengthy time period, but you may be able to go ten years, and at the end of ten years you pay the seller off. In a ten-year period, you should be able to save and or secure financing by then.

These are all generalizations. But I have laid out the premise for you to get into the business with little or no money down. You will need to get an attorney to look over and draw you up a contract.

The ideal behind these “deals” is to get into a business for the least amount as possible. And if things don’t work out, make sure you have an escape clause whereas you are not liable for anything if the deal doesn’t work out. In other words, this is a gamble for the seller and yourself. You both are gambling. Finding a desperate seller may get you your own place.

But there is really so much more. As I have explained in my web site, educating yourself is the key to becoming successful. You have to know how the laws work, and you have to know to know how to operate a business like this. You have taxes, insurance, employees, and the list goes on.

And you can’t make a deal with someone if you don’t know how all this works. You have to know what the going price of businesses such as this are so you can establish the worth of the place you are trying to acquire.

You need to read all the pages on my web site so you can consider all the different things in this business. But my site is generalizations on many topics. You still have to learn the business, so you have to work in it and learn. Take classes in business management at a local college if you can.

No one would try to own or manage a business that they new nothing about. No One! So why do people think that in this business, it requires no training or education? It’s a foolish thought.

The successes of the deals you make to get started are going to be based on how much you know. So learn it well, and you will be successful. This little guide is to show you that the possibilities are there. You don’t have to have a lot money to get started. You can live the American dream and start form nothing, but it requires work, and education.