I'm currently 21 years old, a full time sophomore in a community college and planning on attending a state university in fall of 2011 as a junior. My guess is that I have around 2.5 years of school ahead of me until I get my bachelor in some liberal arts major. Currently, I'm undecided in what I will major in, but right now I'm just getting general studies out of the way. I imagine that I will end up majoring into either Philosophy or Psychology, or something withing writing. None of the majors I am interested are likely to get me hired in a high paying position or a sustainable one.
I'm currently working ~30 hours a week in a coffee shop. I'm really tired of working for people (I have been working in food service for around five years now.) I really want to get out working minimum wage- .00/hour being a slave to customers and business owners. I'd like to start making my own money, and considering I do have the intelligence and expertise within coffee, I figure that I could create my own income.
Small espresso stands seem like a very affordable, low risk, high profit yielding operation. If I bought used equipment (with plenty of research) I think I could buy the entire stand for ~8,000 dollars (don't quote me, I've just begun researching.) I've maintained and operated espresso machines, I know local roasters from previous jobs who could give me a deal (one guy lets his customers use his coffee grinders/pots for free as long as you buy his beans.) My step dad has his own solar electric equipment and he could try to rig up some panels to make it an efficient cart.
So... I feel like I have plenty of ideas on how I could potentially put it together. Place the cart by big sporting events, festivals, holiday events, etc etc. I live by a very large university so it wouldn't be difficult to find events.
My limitations would be as follows:
I have a small car that I would not be able to transport the cart in. I would have to buy/lease a truck or trailer to move the equipment and I'm not sure how I could move it easily without help.
I have hardly any money saved. I may be able to pull together ,000 of my own money, but I doubt much more than that.
I have no real credit established. I have ,500 of credit debt but no student loans. I could pay off all the credit this spring if needed.
Questions:
Would it be possible to get a private loan to start the operation? Or could I get a student loan and use the money to buy all the equipment with plans to pay it all back?
I could work another job part time if needed while I get everything going to have some source of income.
If I can't get a loan I could possibly loan some money from my parents (~4,000 max), but I'm not sure if that is even feasible.
Any suggestions would be helpful. I really feel like I could profit off of doing this. I know the bizz, I'm an excellent barista, and I'm motivated to work for myself.
Thanks!