Well the reason I'm seeking funding is because I just don't have the $15k needed. I'm putting as much as I possibly can into the business to get it started. I don't have any assets that I could take a line of equity, like a house, either. I do have some friends that are potentially interested in investing but I can't rely on them to do it and it wouldn't be for the full amount needed anyways.

The cost for the initial build is $9600, the remainding $5k is for server costs for the first year and phase 2 development of the site which I anticipate to start in the 5th month and roll out in the 6th. Phase two is when we will begin generating revenue.

I have thought about the fact that it could be replicated by a competitor. For the existing larger competitors (yelp, citysearch, etc) it is different enough from what they're doing that they would have to completely change their focus which is unlikely, although not impossible. Locally there is a couple city guides and such, but all of these cover a broad range of businesses, not just restaurants so I think it would be hard for them to replicate as well.

A new site could be a challenge, but there are always clones of larger existing websites that can't match the success of the orignal even if it is deemed better or improved because of the market presence of the larger site. Gaining enough market exposure and notriety would be key in overcoming these challenges.