Business owners.... Please!!!!!

#1
blupotato

blupotato

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#1
If there are any business owners out in the nation I am seeking your help. I have aspirations of opening my own business and do not have a business background and have not taken part in starting a company before. I have had a dream of opening an ice rink in Chattanooga for many years and have some previous ice rink experience in an outdoor rink setting. I am seeking contacts to help me put together a business plan and possibly answer questions along the way to making my dream a reality. I understand it will take time and that with the economy in the dumps it will not be easy.

There a lot of aspects from a business perspective and considerations that I am not nescessarily aware of and any and all tips and help along the way is welcome. I have located a building that is for sale and is absolutely perfect so I would like to get the ball rolling before this opportunity passes me by. I am still in the earliest research stages and am aware of a small business consulting firm in Chattanooga. Aside from that I know very little of what needs to happen. If you are willing to help and bring a few jobs to our great country and help a fellow vol brother out I would be very gratious.

So calling all business owners and anyone who has worked at an ice rink before. Please help me.
 
#2
#2
Quite often there will be seminars that discuss what you need to do to start a small business. They tell you about the options of incorporation, LLC, etc. Go here and read up first. Maybe get a grant or something.
http://www.sba.gov/
 
#3
#3
Also seek out info on little league and rec hockey teams in the area, they will be a fairly constant source of revenue for you. I have a friend who does work for the Nashville Predators, he might have some contacts that will help you out.
 
#4
#4
not to be a debbie downer, but there it seems pretty unlikely you will get a loan for this business without significant equity in this environment.
 
#6
#6
Blupotato - contact UTC's Business School (you may want to start with the Marketing Department). I'm pretty sure they have several classes on entrepreneurship - you may be able to have a student group do some due diligence work for you or even prepare a business plan for you as a class project.

If the student group thing doesn't work, they may be able to direct you to local resources such as a Small Business Development Center that can offer advice, materials and possibly some help.

You will need a sound B-plan to get funding. I bet UTC can help.
 
#7
#7
volinbham said:
Blupotato - contact UTC's Business School (you may want to start with the Marketing Department). I'm pretty sure they have several classes on entrepreneurship - you may be able to have a student group do some due diligence work for you or even prepare a business plan for you as a class project.

If the student group thing doesn't work, they may be able to direct you to local resources such as a Small Business Development Center that can offer advice, materials and possibly some help.

You will need a sound B-plan to get funding. I bet UTC can help.
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That's my exact advice, then temper that with someone from the business community that you trust. The business school will help you and might have someone in house who very well understands the SBA process.

To droski's point, business loans are impossible in this environment, but SBA might provide the quasi equity you need in guarantee.

If all else fails, whine and moan alot to get yourself admitted to a Obama town hall. Get to the mike and you're done.
 
#8
#8
One of the "stimulus" provisions early on was to move more money through the SBA and ease the loan process. Given my faith in Congress, I'm sure that's now been replaced with funding for spotted owl research.
 
#9
#9
volinbham said:
One of the "stimulus" provisions early on was to move more money through the SBA and ease the loan process. Given my faith in Congress, I'm sure that's now been replaced with funding for spotted owl research.
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and those clowns act like we need more regulation to make sure lending practices are sound.
 
#10
#10
All I can offer is my promise to be a customer!! LOL My son was complaining last weekend about not being able to go ice skating anywhere around here. And a friend at work plays hockey in Atlanta, he'd like something closer as well.
 
#11
#11
BigPapaVol said:
That's my exact advice, then temper that with someone from the business community that you trust. The business school will help you and might have someone in house who very well understands the SBA process.

To droski's point, business loans are impossible in this environment, but SBA might provide the quasi equity you need in guarantee.

If all else fails, whine and moan alot to get yourself admitted to a Obama town hall. Get to the mike and you're done.
Click to expand...

This stunned me! Every town Hall he hosts now, is going to turn into an Oprah Winfrey event.
 
#12
#12
I would say to not put a lot of faith into college classes on running a business or Entrepreneurship. I have found they are taught/written by people who have no experience, just theories.

Fact-most new small businesses fail the first year, and by the third year only about 20-25% survive.
Fact-Most common cause of failure is lack of sufficient funding. Many think they will have enough income to fund the business right away. Almost never happens. Don't expect to draw any substantial salary the first two years.

Fact-Second most common cause of failure is poor management/business plan. A business that seems to run itself looks that way due to a sound plan that is adhered to. You plan your work, work your plan is a tired adage because it is so true.

I have no clue to the viability of an Ice Rink in Chattanooga, but you had better have one. Just because "everyone I talk to" thinks so is no sure indication. Some will say so thinking no way to avoid a debate or not wanting to discourage you. Is there one now, how is it doing? Why would another one do any better? To draw skaters you should offer lessons, is there an instructor available?

There are publications available from the SBA at little or no charge. Pull up their website.
 
#13
#13
rbroyles said:
I would say to not put a lot of faith into college classes on running a business or Entrepreneurship. I have found they are taught/written by people who have no experience, just theories.

Fact-most new small businesses fail the first year, and by the third year only about 20-25% survive.
Fact-Most common cause of failure is lack of sufficient funding. Many think they will have enough income to fund the business right away. Almost never happens. Don't expect to draw any substantial salary the first two years.

Fact-Second most common cause of failure is poor management/business plan. A business that seems to run itself looks that way due to a sound plan that is adhered to. You plan your work, work your plan is a tired adage because it is so true.

I have no clue to the viability of an Ice Rink in Chattanooga, but you had better have one. Just because "everyone I talk to" thinks so is no sure indication. Some will say so thinking no way to avoid a debate or not wanting to discourage you. Is there one now, how is it doing? Why would another one do any better? To draw skaters you should offer lessons, is there an instructor available?

There are publications available from the SBA at little or no charge. Pull up their website.
Click to expand...

RB - here's where I'd modify what you've stated about using University resources. I teach a Business Plan course that is really focused on the market due diligence/revenue model portion of the plan.

What we could offer a guy like Blupotato is some free work on market sizing, competitive analysis, market trends, and a bit of rudimentary forecasting. I've never run a business so I can't help with operational, HR, legal or detailed accounting. However, I've been performing market analyses for 20 years - I can do a better job than most new business owners can on this portion (especially ones just starting out for the first time). I show my students how to do it and make them do it. I can't teach someone how to run a business but I can teach them how to assess the market opportunity they are trying to capture; and how to present their market due diligence in a way that an investor will understand it.

Not bragging but just putting some parameters on what a University can help with. I bet UTC has similar resources that can help with one part of the puzzle. The advice about the SBA is sound as well. Also, BP - get good accounting advice and good legal advice (sometimes a good accountant can offer both).

:good!:
 
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#14
#14
rbroyles said:
I would say to not put a lot of faith into college classes on running a business or Entrepreneurship. I have found they are taught/written by people who have no experience, just theories.
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Wouldn't go that far. As one of my elective classes at UT I took this very class, a class on entrpreneurship(New Business Ventures - I believe was the name). Best class and best teacher I had in the program. He was VP of Operations at Goody's(I know they suck but he was awesome). He was the opposite of what you speak of, all experience.
 
#15
#15
On what VolInBham is saying:

Study the market and make sure you have something of worth to the people. Ensure that you will not be pissing in the wind and closing shop in 6 months.
 
#16
#16
What location? I know the last one in north gate or whatever mall it was in was just about the crappiest location someone could choose - part of the reason its gone now, I'm sure...
 
#17
#17
Bassmanbruno said:
What location? I know the last one in north gate or whatever mall it was in was just about the crappiest location someone could choose - part of the reason its gone now, I'm sure...
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there is one in eastgate mall and i believe that is what you are referring to. as far as i knew it had shut down due to a leak in the liner and it would have cost them too much to repair it. that said it is a joke of a rink to begin with. most people don't even know it exists. so in other words there are no real ice rinks in chattanooga at this time. there was one near the choo choo that was open for i believe close to 20 years before they closed up shop. there was a time i want to say in the 80's when insurance and ice rinks just did not go together. that may have been part of the reason for their closing. from what i have heard they were not short of faithful customers. the location i am speaking of is an indoor soccer complex that folded. it is a 25,000 square foot building, with room to expand. 88 parking spaces. it is locating down by hwy 27 and 153 intersection across from the hamilton county sheriff's annex. the building was built in 2005 and has been empty for close to a year. here is the link if you want to look at it.

Gallery
 
#18
#18
volinbham said:
Blupotato - contact UTC's Business School (you may want to start with the Marketing Department). I'm pretty sure they have several classes on entrepreneurship - you may be able to have a student group do some due diligence work for you or even prepare a business plan for you as a class project.

If the student group thing doesn't work, they may be able to direct you to local resources such as a Small Business Development Center that can offer advice, materials and possibly some help.

You will need a sound B-plan to get funding. I bet UTC can help.
Click to expand...

sounds like you have a great deal of experience in exactly what i am wanting to know. i may pm you sometime if that is ok with additional questions. i will certainly see if utc or chattanooga state can be of any assistance.
 
#19
#19
BigPapaVol said:
That's my exact advice, then temper that with someone from the business community that you trust. The business school will help you and might have someone in house who very well understands the SBA process.

To droski's point, business loans are impossible in this environment, but SBA might provide the quasi equity you need in guarantee.

If all else fails, whine and moan alot to get yourself admitted to a Obama town hall. Get to the mike and you're done.
Click to expand...

thanks bpv, i agree with all you have contributed as well. i will take your advice and start bitching at a town hall meeting. that might help.
 
#20
#20
vollygirl said:
All I can offer is my promise to be a customer!! LOL My son was complaining last weekend about not being able to go ice skating anywhere around here. And a friend at work plays hockey in Atlanta, he'd like something closer as well.
Click to expand...

thanks vollygirl. i here that from everyone i tell. i try and keep it a secret for the most part until i can actually make some headway. since there is not an actual well run ice rink in chattanooga i have no doubt that if the facility is up to par and the ice is maintained to the highest wquality than there will be a large number of loyal patrons. knoxville has several, atlanta has a couple, huntsville has i think 3, nashville i believe has 1 or 2. all i ever hear is that people hate to drive to one of those because of the distance. this can also be an opportunity for regional hockey leagues and also a boom for local figure skaters. there are quite a few of those around who hate to go to eastgate.
 
#22
#22
rbroyles said:
I would say to not put a lot of faith into college classes on running a business or Entrepreneurship. I have found they are taught/written by people who have no experience, just theories.

Fact-most new small businesses fail the first year, and by the third year only about 20-25% survive.
Fact-Most common cause of failure is lack of sufficient funding. Many think they will have enough income to fund the business right away. Almost never happens. Don't expect to draw any substantial salary the first two years.

Fact-Second most common cause of failure is poor management/business plan. A business that seems to run itself looks that way due to a sound plan that is adhered to. You plan your work, work your plan is a tired adage because it is so true.

I have no clue to the viability of an Ice Rink in Chattanooga, but you had better have one. Just because "everyone I talk to" thinks so is no sure indication. Some will say so thinking no way to avoid a debate or not wanting to discourage you. Is there one now, how is it doing? Why would another one do any better? To draw skaters you should offer lessons, is there an instructor available?

There are publications available from the SBA at little or no charge. Pull up their website.
Click to expand...

thanks rbroyles for the erspective you have brought to the conversation. all valid and thanks. to answer your first major point with the sufficient funding. through my research up to this point and just taking note of all of the necessities, the greatest expenses will most certainly be getting all that i need to properly manage the rink. refrigeration, ice netting, liner, dasher boards, glass, seating, flooring, scoreboard, zamboni, rental skates, skate sharpener, etc. many of these items are crucial to being able to hit the ground running. i am afraid of finding investors who want more than what the business can produce right away. since the building already is ready to go, that helps immensely. to build such a building myself i would have been looking at the minimum of 1.5 million.

i kind of hit on your last point of "everyone i talk too" in an earlier post. but i understand what your getting at. the fact that there is not an ice rink that is of any credibility in chattanooga makes me like the idea of a new one succeeding. from what i understand it was your second point of poor management and business plan that has run that one into the ground. this one could be in a brand new building that is a place devoted to strictly ice activities. but without a market study being done i can not yet officially say that it would succeed or not. the only one in existence now does not provide hockey from my understanding and that alone is enough to make a debate for a failure in their business. that is half to 3/4 of any other ice rink's profit. the facility i would like to create would have the capabilities to provide lessons, free skate, as well as hockey leagues and possibly hockey instruction.

i have met a few people who have instructor experience in figure skating and i will surely meet someone with hockey experience at some point. they are around town, it is just making contact. i have also thought hopefully down the road having business sponsorships and maybe even having a utc club team. who knows it is simply a dream at this point with a lot of possibilities but not a whole lot of money yet. thanks for the helpful thoughts.
 
#23
#23
joeydupree said:
I say put it out in Middle Valley...
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i don't necessarilly like where the building is now. if i could move it closer to the northgate area i would. with that in mind that part of hixson is booming right now and since the building is already there and would be just about perfect it is hard to say put it elsewhere. trust me i don't want to be close to a police station period or in red bank, but this building is the only building that i have been able to find that is perfect. you might know how hard it is to find a wide open builiding with no support beams. i had a heck of a time looking around. but my thoughts are that people from the hamilton place side of town can drive over here for once. i hate going over on that side of town so why not bring something special over here. also with easy access to the highway it can make it easier for people to find it.
 
#25
#25
blupotato said:
there is one in eastgate mall and i believe that is what you are referring to. as far as i knew it had shut down due to a leak in the liner and it would have cost them too much to repair it. that said it is a joke of a rink to begin with. most people don't even know it exists. so in other words there are no real ice rinks in chattanooga at this time. there was one near the choo choo that was open for i believe close to 20 years before they closed up shop. there was a time i want to say in the 80's when insurance and ice rinks just did not go together. that may have been part of the reason for their closing. from what i have heard they were not short of faithful customers. the location i am speaking of is an indoor soccer complex that folded. it is a 25,000 square foot building, with room to expand. 88 parking spaces. it is locating down by hwy 27 and 153 intersection across from the hamilton county sheriff's annex. the building was built in 2005 and has been empty for close to a year. here is the link if you want to look at it.

Gallery
Click to expand...

Yeah - that one was tiny and pathetic. I only went over there to that place like once to see their paintball store - nobody goes there at all.
 
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