No, but I've sold plenty of businesses....many of them restaurants....some successful but the majority of them absolute failures. Do HEAPS of research, dc and have a shitload of backup money. When you're in business, it doesn't take too many "shit months" for suddenly any profits to be eaten up and you're needing to inject money into the business to cover rent etc....then once you start that rollercoaster it's A LOT of hard work to get out.
I own a business now....my bf owned a record store a couple of years ago....trust me, once the novelty wears off, it's a pain in the fucking arse. Mine's not too bad being real estate/business broking because I can come and go as I please. The record store was a pain in the arse....having to be there 7 days a week....not being able to go away to see concerts....not being able to afford staff....and when you can not being able to find good ones etc etc. At your age, I wouldn't consider it. I'd wait until late 20s....finish your course and get yourself some good skills now in an unrelated industry that you can fall back on if need be.
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
You MUST do a business plan. My dad is an accountant and has done probably 500+ business plans for small and big businesses....I used to type them for him when I was at uni doing my commerce degree. You MUST do a comprehensive business plan (and preferably get a professional to help you with it) and stick to it.
My girlfriend and I are veggies. This has already been a huge consideration, along with some vegan pies. Ideally, I'd like to use all organic ingredients, and locally grown ones...but...just starting out, that might be a little difficult to swing. Who knows. As you can tell, I have a lot to learn about this.
There's some all-organic pizzeria that opened up about a year or so ago nearby. It's always empty, and in a high rent area. I think it's called Pizza Fusion. You might want to search that to see what you can find out.
Always empty? That's not a good sign. Is this high-rent area a bad location for a pizza place?
It's a relatively new shopping center that was built maybe 3 years ago. 3 doors down from a Trader Joes, next to a $5 store and a Petco. So it's a high-rent area (like $40 per square foot) but their neighbors are a mix of businesses. The parking lot is very active. The demographics for that area (because I'm looking to relocate my business nearby) is very good... and maybe it just looks empty to me, but I've never seen more than 2 people in there, and the place is huge.
However - you may want to consider your market. About 15 miles away there is a college area that is rather artsy, and has lots of old buildings around. There's 3 all vegetarian restaurants there and they are often packed. So, just something to keep in the back of your mind. I don't know if "organic" is as popular as it seems. Vegetarian, in the right neighborhood, might be more effective. It's really tough to know until you're in the middle of being there.
ADD 5,200 to the post count you see, thank you.
*NYC 9/28/96 *NYC 9/29/96 *NJ 9/8/98 (front row "may i play drums with you")
*MSG 9/10/98 (backstage) *MSG 9/11/98 (backstage)
*Jones Beach 8/23/00 *Jones Beach 8/24/00 *Jones Beach 8/25/00
*Mansfield 8/29/00 *Mansfield 8/30/00 *Nassau 4/30/03 *Nissan VA 7/1/03
*Borgata 10/1/05 *Camden 5/27/06 *Camden 5/28/06 *DC 5/30/06
*VA Beach 6/17/08 *DC 6/22/08 *MSG 6/24/08 (backstage) *MSG 6/25/08
*EV DC 8/17/08 *EV Baltimore 6/15/09 *Philly 10/31/09
*Bristow VA 5/13/10 *MSG 5/20/10 *MSG 5/21/10
No, but I've sold plenty of businesses....many of them restaurants....some successful but the majority of them absolute failures. Do HEAPS of research, dc and have a shitload of backup money. When you're in business, it doesn't take too many "shit months" for suddenly any profits to be eaten up and you're needing to inject money into the business to cover rent etc....then once you start that rollercoaster it's A LOT of hard work to get out.
I own a business now....my bf owned a record store a couple of years ago....trust me, once the novelty wears off, it's a pain in the fucking arse. Mine's not too bad being real estate/business broking because I can come and go as I please. The record store was a pain in the arse....having to be there 7 days a week....not being able to go away to see concerts....not being able to afford staff....and when you can not being able to find good ones etc etc. At your age, I wouldn't consider it. I'd wait until late 20s....finish your course and get yourself some good skills now in an unrelated industry that you can fall back on if need be.
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
You MUST do a business plan. My dad is an accountant and has done probably 500+ business plans for small and big businesses....I used to type them for him when I was at uni doing my commerce degree. You MUST do a comprehensive business plan (and preferably get a professional to help you with it) and stick to it.
I definitely do not plan on even considering doing this until I finish my schooling. I am always the kind of person that I must have soemthing to fall back on in the even to failure.
7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
My father has been a sushi chef for a long time and always wanted to open up his own restaurant... i feel bad for him because he is close to retiring and hasn't done it yet.
He recently left a restaurant he was working at in a small town due to a change in owners that he didn't wanna be involved in. Since he's left, the place has died... From what we've heard, they are getting hardly any customers. I don't mean to brag but he's got an energy and talent about him that can really make the restaurant succeed. Before he got there, they were only open tourist season. Word got around about him and htey could afford to open all year and be successful. People have been telling him to open up his own restaurant and he's really feeling now that he has the support of the community to do it.
But he's a shitty businessman....
I feel bad for him, he's always wanted to do it but my mom doesn't want to take the risk....
I hear you can make excellent food but if you're not business savvy you can go down quickly...
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
I think that same statistic still applies. I read an article discussing new business failures sometime in the past six months.
There has been some amazing advice provided in this thread. Good luck with your dream
"What the CANUCK happened?!? - Esquimalt Barber Shop
Call your local restaurant association. They gave me tons of good advice/guidance when I was looking to open a bar. I ended up not doing it, mostly due to conflicts with the landlord.
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
I think that same statistic still applies. I read an article discussing new business failures sometime in the past six months.
There has been some amazing advice provided in this thread. Good luck with your dream
When I was younger I had family members who worked in restaurants and family members who were bankers. I think it came up at one point the topic of opening up a new restaurant. The bankers in the family said that trying to get a business loan from a bank to open up a new restaurant is pretty much impossible, unless you have a track record of proven success owning restaurants.
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
I think that same statistic still applies. I read an article discussing new business failures sometime in the past six months.
There has been some amazing advice provided in this thread. Good luck with your dream
When I was younger I had family members who worked in restaurants and family members who were bankers. I think it came up at one point the topic of opening up a new restaurant. The bankers in the family said that trying to get a business loan from a bank to open up a new restaurant is pretty much impossible, unless you have a track record of proven success owning restaurants.
I agree with this. I was going to have to plunder my 401k for the up-front cash. I have great credit, and could get a business loan NOWHERE.
I agree with this. I was going to have to plunder my 401k for the up-front cash. I have great credit, and could get a business loan NOWHERE.
That sounds like the problem I'd run into. Except my 401k isn't too hefty because I only started it two years ago. Even if it was, I don't know if I'd want to dip into it.
7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
I agree with this. I was going to have to plunder my 401k for the up-front cash. I have great credit, and could get a business loan NOWHERE.
That sounds like the problem I'd run into. Except my 401k isn't too hefty because I only started it two years ago. Even if it was, I don't know if I'd want to dip into it.
There are plenty of shady peeps who will "guarantee" you a loan, but they want money up front to do it.
Comments
I own a business now....my bf owned a record store a couple of years ago....trust me, once the novelty wears off, it's a pain in the fucking arse. Mine's not too bad being real estate/business broking because I can come and go as I please. The record store was a pain in the arse....having to be there 7 days a week....not being able to go away to see concerts....not being able to afford staff....and when you can not being able to find good ones etc etc. At your age, I wouldn't consider it. I'd wait until late 20s....finish your course and get yourself some good skills now in an unrelated industry that you can fall back on if need be.
I read a statistic about 10 years ago: 80% of small businesses fail in the first 5 years....and 80% of those 20% will fail in the next 5 years. The number one reason for failure is the owner not having a total grasp on the finances of the business.
You MUST do a business plan. My dad is an accountant and has done probably 500+ business plans for small and big businesses....I used to type them for him when I was at uni doing my commerce degree. You MUST do a comprehensive business plan (and preferably get a professional to help you with it) and stick to it.
★ 2009 - Sydney, Brisbane, Auckland, Christchurch ★
★ 2011 - EV Newcastle, Melbourne 1, Melbourne 2 ★
It's a relatively new shopping center that was built maybe 3 years ago. 3 doors down from a Trader Joes, next to a $5 store and a Petco. So it's a high-rent area (like $40 per square foot) but their neighbors are a mix of businesses. The parking lot is very active. The demographics for that area (because I'm looking to relocate my business nearby) is very good... and maybe it just looks empty to me, but I've never seen more than 2 people in there, and the place is huge.
However - you may want to consider your market. About 15 miles away there is a college area that is rather artsy, and has lots of old buildings around. There's 3 all vegetarian restaurants there and they are often packed. So, just something to keep in the back of your mind. I don't know if "organic" is as popular as it seems. Vegetarian, in the right neighborhood, might be more effective. It's really tough to know until you're in the middle of being there.
*NYC 9/28/96 *NYC 9/29/96 *NJ 9/8/98 (front row "may i play drums with you")
*MSG 9/10/98 (backstage) *MSG 9/11/98 (backstage)
*Jones Beach 8/23/00 *Jones Beach 8/24/00 *Jones Beach 8/25/00
*Mansfield 8/29/00 *Mansfield 8/30/00 *Nassau 4/30/03 *Nissan VA 7/1/03
*Borgata 10/1/05 *Camden 5/27/06 *Camden 5/28/06 *DC 5/30/06
*VA Beach 6/17/08 *DC 6/22/08 *MSG 6/24/08 (backstage) *MSG 6/25/08
*EV DC 8/17/08 *EV Baltimore 6/15/09 *Philly 10/31/09
*Bristow VA 5/13/10 *MSG 5/20/10 *MSG 5/21/10
I definitely do not plan on even considering doing this until I finish my schooling. I am always the kind of person that I must have soemthing to fall back on in the even to failure.
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
He recently left a restaurant he was working at in a small town due to a change in owners that he didn't wanna be involved in. Since he's left, the place has died... From what we've heard, they are getting hardly any customers. I don't mean to brag but he's got an energy and talent about him that can really make the restaurant succeed. Before he got there, they were only open tourist season. Word got around about him and htey could afford to open all year and be successful. People have been telling him to open up his own restaurant and he's really feeling now that he has the support of the community to do it.
But he's a shitty businessman....
I feel bad for him, he's always wanted to do it but my mom doesn't want to take the risk....
I hear you can make excellent food but if you're not business savvy you can go down quickly...
I think that same statistic still applies. I read an article discussing new business failures sometime in the past six months.
There has been some amazing advice provided in this thread. Good luck with your dream
When I was younger I had family members who worked in restaurants and family members who were bankers. I think it came up at one point the topic of opening up a new restaurant. The bankers in the family said that trying to get a business loan from a bank to open up a new restaurant is pretty much impossible, unless you have a track record of proven success owning restaurants.
I agree with this. I was going to have to plunder my 401k for the up-front cash. I have great credit, and could get a business loan NOWHERE.
That sounds like the problem I'd run into. Except my 401k isn't too hefty because I only started it two years ago. Even if it was, I don't know if I'd want to dip into it.
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
There are plenty of shady peeps who will "guarantee" you a loan, but they want money up front to do it.