Wanting to open a party center/restaurant?

i'm interested in opening a party center/restaurant in my town. it's pretty small, about 12,000 people, but the business would be the only one within a two hour drive and the only local place is for conventions and such so there is no competition for my business. My idea was to open a place with party rooms that can be booked, also it would have a small restaurant open to the public and I intend to sell decorations and have a small section that is like a gift shop inside it. I want to learn all I can about this business before I even try to get started. three questions:
1. What would be a good online degree to get and how long will it take?
2. is this a feasible idea or am I wasting my time? I'm just now researching and I want to be well prepared before I make a move.
3. What kind of funding could I possibly try for, I am a single mother.
thanks for your help.

First of all, I applaud you for being courageous enough to WANT to take this step and build a better life for you and your kids. My mom was a single mother so I know how terrible anxious you are that you do not make mistakes, especially when you have the well being of your family at stake.

Before I answer you specific questions, I'd like to give a couple of thoughts about your idea. I'm glad you have considered the need to diversify and not depend only on the party center/restaurant, with the population only at 12K.

Do you live in a well known tourist spot? If you do, you could build a side niche around that. Every town has its own quaint specialties. You might want to offer a service built around that too. Perhaps a bed and breakfast, home made food/treats or hand crafted goods etc.

If you're near a city, why not offer country-style bed and breakfast with meeting facilities to companies that may want to have motivational or team-building getaways?

What I am basically saying is that you need to look at the possibility of marketing your business OUTSIDE of your town (expanding your target market). This will help you avoid dependence on your town as your main market.

Now on your questions :

1. You do not really need a business degree for this sort of business. These types of businesses will be unique so running it will sort of be a learn-as-you-go-along kind of thing. However, you will need to know some basics in bookkeeping, costing and business administration (as far as rules and regulations governing your type of business and the applications you need to put in).

After that, it is important to get some sort of marketing training, because you'll want to learn to sell your business to potential customers.

One good source for free online courses can be found at the US Small Business Administration website at :

http://www.sba.gov

2. Your idea is feasible as long as you are NOT depended on a limited market. Like I said in the beginning... your plans to diversify is a good move. Obviously, there will be good months and bad months as far as income goes, but if you diversify well and are finacially prudent, I don't see why this cannot be a stable income source for you and your family. I think you are on the right track by researching to be well prepared. The first sign of an impending failure is a gung-ho attitude. However, going into business always carries a certain amount of risk. I'm just glad that you seem to be aware of the need to be prepared.

3. Funding will depend on many factors, but a good place to begin learning about your options will be the microloans section at :

http://www.sba.gov

I believe that EVERY single mother posseses an inner strength that can overcome any obstacle. I'd like to encourage you to also NOT get stuck with just ONE idea. If you eventually come to the conclusion that this business is not for you, look for other options.

Your quest to be financially independent will bear fruit in the years to come. Bless you.

Andrew
http://www.positivemoneyideas.com

1. Business Administration, but you don't really need a formal education if you know how and you aren't going to be applying for a job with someone else.

2. To me it doesn't sound feasible with a population that small. Say you are charging $50/hour to rent a room. You would need 20 hours per week of rentals to make $50,000 in sales per year, and that's not including paying for hydro, renting/buying the building, all the furniture and other stuff you will need to buy up front. How many people do you think are going to pay $50/hour when they could just do it in a room at their business or house in your area?

3. If you can't get a loan from a bank or your family, you're pretty much out of luck.

I truely hope you find something that works, I can tell you are an entrepreneur but you just haven't found your niche yet.

u dont need any degree u can hire that but do your research n zero down on your target customer. the kind of funding u need is your savings ventures dont like the restaurant biz