Opening a brick n mortar

[madegen]

Hey all! I had some questions about opening a store front.

I own 2 small businesses, I run art shows for one and make art and jewelry for the other.

There’s this amazing property for rent in my town and I’ve always dreamed of running it. The business went out years ago and just hit the market for rent. It’s perfect for hosting events and running a small art gallery. I host very successful events and it feels like a logical next step for my business.

I don’t have a lot of money and rent is high. I was wondering how plausible or worth it, it is to get a business loan under an LLC. Or really how that works?

Is it a good or bad idea to get a small business loan to open a business? I have the business plan, I have the community and I genuinely think it could be successful. But rent is high and I couldn’t afford to open without it.

Thank you for any thoughts and opinions!

 

[kimibeeman]

@madegen You own 2 small businesses and you stated that you don’t have a lot of money and rent is high. My suggestion to you is to concentrate on growing your other 2 Businesses and not leverage any further. So many people go under from over leveraging. Good luck.

 

[madegen]

@kimibeeman They’re 2 separate things but cohesive. I make art and jewelry on the side and for the events I run, I table at each one.

Because I run art shows, it makes it easier to maintain both as one thing, while they’re still technically 2 different businesses.

My thought is to run an art/study lounge and host a few events a month. That would give me the space to do it while still having artwork from the other business intertwined in a easy and manageable way.

Both are profitable on their own/together. I recently lost my venue and securing spots for my events has been difficult. I know my events would be more successful given they had a set venue where bands could play and art shows could be had. It’s an old garden center so it’s perfect.

I’m asking if a business loan attached to an LLC to get started is a good idea or not.

 

[marytx0]

@madegen Why do you think that you are going to make a LOT more money? How much for all the amenities above the rent? What is your expectation of weekly/monthly income? What is your expected expenses? How do justify the numbers? These are the questions that the loan people will want answered. Can you do it and put it in a spreadsheet?