Wannabe restaurateur wows bankers with plan
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The survey produced positive results and it was included in his business
plan. From there he expect*ed to spend two months writing it, but that
quickly became a year. In the course of doing so, he learned some*thing
about the business he was trying to start.

Initially, he had planned to have a dining area with his restaurant,
complete with a wait staff, but with his lack of experience he opted for a
"take out" concept.

Finally, he was ready to present the plan to local lenders, but first he
worked with Fletcher at the SBDC. Now located at the Confluence Technology
Center at OIds Station Industrial Park, Fletcher led Bugg through the
process as his business plan was shown to bankers on a trial basis.

But before anyone even looked at it, Bugg knew he had three strikes against
him as far as lenders were concerned. He was trying to (1), open a
restaurant; (2), start with a brand new idea in the marketplace; and (3), he
had no experience.

Fletcher said a lender's reluctance to fund a restaurant is because 80
percent of new restaurants fail in the first year. The 20 percent that do
sur*vive are usually because the owner has some past experience in running a
restaurant. Bugg has neither, but he did have a good business plan,
espe*cially the marketing study, Fletcher said. "It's easy to make
statements like, 'My product is the best,'" he said. "Those are opinions,
but with fact or evidence then you have credibility."

He said Bugg's business plan overcame his lack of experience through sheer
research. "He truly does under*stand and has addressed the inherent
weaknesses and demonstrated how he will be successful," Fletcher said.

Enthusiasm for what Bugg is doing also helps, he said. "He really believes
in his product and service," Fletcher said. "That confidence conveys itself
to lenders and customers."

Gwen Sparks, who handled the $225,000 loan for Bugg at Washington Trust
Bank, said Bugg's business plan was well detailed and represented a thorough
process. "It was evident that Dave [Bugg] had researched the industry and
was well aware of the risks associated with a startup business in a highly
competitive industry," Sparks wrote in an Email.

The $225,000 loan is backed by the U.S. Small Business Administration.

"Dave Bugg" deebuggatcharterdotnet wrote in message
Wannabe restaurateur wows bankers with plan


Wowed me too, Dave. Congrats, high fives and good on yous!

It may sound maudlin, but I'm darn proud of you Dude! Can't wait to see pix
of your grand opening!

John in Austin

JakBQuik wrote:

Wowed me too, Dave. Congrats, high fives and good on yous!

It may sound maudlin, but I'm darn proud of you Dude! Can't wait to
see pix of your grand opening!

You're makin' me blush. Thanks, amigo.
Dave

Steve Wertz wrote:

Speaking of grand openings, have you painted the big 5' X 7' white
sign with porky on it saying "Coming Soon!"? Thats' good
advertisement, but probably only appropriate 3-4 months in
advance.

You read my mind, Steve. It'll be the first thing that goes onto the
property once we close. I actually have the banner on order.
Dave

"Dave Bugg" deebuggatcharterdotnet wrote in message
...
Wannabe restaurateur wows bankers with plan
- from page Cl

and who says planning doesn't pay off!!!

Buzz