I am working on my financial portion of my business plan and it is stressful. I have no idea how to come up with the figures or even where to price some of these items. During my last meeting with my mentor from the Score program he informed me that the financial portion is the most important part of the business plan. The banks want to know when they will get their money back and I need to be able to project when I will make a profit off the business. I instantly became overwhelmed with this information. My anxiety gets the best of me at times, but I pulled it together and ask him a few questions. The idea of a bank loan scares me because I hate barrowing. I asked him for some resources to get started with this process. He gave me sample of a business plan that they use to show people what is expected. He also told me that it was a restaurant equipment store in Laurel, MD that should have most of the equipment that I will need. He also told me to start working on it and bring it back for review. So, I decided to go ahead and get started. The first thing I did was look over the sample business plan. When I say looked over it that’s exactly what I did. I glanced at it and thought this is so confusing.
So, I decided to look up equipment. I googled coffee shop equipment. I looked through the different websites at espresso machines. I almost passed out at the price. Those things can be as expensive as 20 thousand dollars. I decided to look up the restaurant equipment store in Laurel. There website only had a few clearance items on there. So, I called and asked was it open to the public and they said yea. stopped what I was doing and headed out there. When I arrived at the store the equipment meant me at the good. The place is covered with each and every type of equipment that a restaurant needs, from cooking utensils to a food truck. I began to look around and price somethings and take pictures. I found a lot of the equipment that I will need. I was surprised by the price of things like a coffee grinder. The espresso grinder cost 1,200 and the regular coffee grinder was 600. The only thing that they didn’t have was an espresso machine.
Once I came home I decided to sit down and read the sample business plan. It was actually very informative. The reason why it seems so hard is because I don’t know the figures or even all the supplies that I will need. Now I have a better understanding of the supplies that I will need and the equipment. I have been putting things in on an excel file to help me stay organized. I am hoping that I am doing this correctly because this determines how much money I will need to start my company. I am still stressed because I am afraid of the unknown, but this stress is motivating me to keep going and pushing through. I have invested a lot of time into this process and it is getting closer each day.
Hope you will continue this journey with me I still have a lot of work ahead of me.