Update...
| I talked with our leasing agent yesterday afternoon who came back with a few stipulations. 1. They needed it personally guaranteed and 2. They did not want to hold the space, off market, until we secured the full SBA Loan we are trying to get. The good thing is that we have a financial backer that will take us till opening day giving us a few more months to help secure this loan. I have a few meetings in the planning stages for advice on the best way to achieve this SBA loan. This space is going to be $6.00 more per square foot (annually) but traffic will be doubled at this location so I believe it will pay off. It is still under the initial amount of $2400.00 a month in rent that I had set forth in the beginning of planning Cafe Evoke. I got a bit spoiled, I think, when we were working on the first space that fell through as that was going to be very cheap rent. We would have spent quite a bit on build-out however at the other space that we will not have to spend on this one as the floors are concrete (already) and we have no demo at all. Things are looking very promising and I have been given the go ahead by our financial planner to secure this lease. I am going to turn in my letter of intent today and hopefully we will hear something by mid week, have the lease by the end of the week, and sign something the next week. ~~be bold |
...a thought by Cafe Evoke Coffee Catering at 8/26/2005 06:47:00 AM
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Comments on "Update..."
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piggyslaveunit1 said ... (8/26/2005 10:43:00 AM) :
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Parker said ... (8/26/2005 01:30:00 PM) :
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Jason Duncan said ... (8/26/2005 02:41:00 PM) :
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Jason Duncan said ... (8/26/2005 02:42:00 PM) :
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Jason Duncan said ... (8/26/2005 09:00:00 PM) :
post a comment"They needed it personally guaranteed"
I didn't get this part - what do you mean personally guaranteed?
Anyhow - I was wondering have you calculated how much you would need to make profit/day to pay all the expenies and how many products(coffee cups)/day does this come to?
Another thing I was wondering - what kind of byracracy system do you have behind the scene? At least here in Finland an enterpreneur needs to pay some social fees (this is obligaturary). Roughly translated it is called enterpreneur's retirement moeny (but it is also social fee in case you will be unemployed for example) - I pay the minimum which is 80€/month. Do you have some obligarurary social fees that you have to pay?
What about hiering people - in here to know how much an employee will cost you you should multiply the salary you want to pay the employee by 1.5 - 2 times. The sum is big because we have so many taxes and social fees to pay. How much will you pay your employees? how much extra to the salary do you have to pay for the employee?
Sorry for all the questions but I'm just interested to know how the system works in other countries.
It still amazes me that I can read about the dreams and exploits of a Belmont entrepreneur, follow up on comments from someone in Finland, and add my two cents from East Aurora, NY! It becomes somewhat addicting afterwhile. I may never watch a reality TV show again. There's a touch of "The Truman Show" involved. I have made a commitment to myself that one day I will sit down at Cafe Evoke and have a cup of coffee. I can't wait.
Peter,
I would love to see you at Evoke when that time comes! I thank you for the comments and for reading and I hope you continue to come back and share your thoughts!
Piggy,
I will post next week to answer your questions. I think I should have probably hit on this before now and I thank you for bringing up costs, etc.
Thanks again for the continued comments. It really helps get the conversations going!
Parker,
I apologize for the "Peter"! My lovely wife pointing this out to me and I wanted to extend my apologies in public.
~~be bold