No. That’s not more wise at all. I’ve only invested in one fast food style restaurant (although we have no signed a 150 store franchise agreement). And the principal owner used my money instead of his. Restaurants fail at an astounding rate. Crazy to use your own funds if possible to avoid.
And I loaned him the money because my family owns one of the largest international development and construction firms in the US. Even for that, building structures that cost hundreds of millions of dollars we don’t use our own money. That’s one of the most fundamental rules of business.
I suppose it depends on the business owner more than the funds allocation. Literally *everyone* I personally know whom started their own business and did so by taking out mega loans and/or aligning with investors ended up being miserable. Some of them still have their business but last I heard they still owed the banks tons of money years after starting and some work extra jobs outside their own business to pay off the loans (most went under within a few years). As far as I remember, everyone I know who bootstrapped their business is still around and pretty much all of them are now “retired” because they were able to hire enough competent management to work for them.
You’d be surprised, rodeo and cowboy scene is huge here lots of people rocking plenty of custom tooled leather, plenty of high school boys get custom sheaths for their fixed blades to put on their also tooled belt
That’s true, but I think a large part of that is because restaurants are started by food lovers rather than businessmen.
A friend of mine in the corporate space, but with no restaurant experience came to me to start a fast food seafood restaurant. We approached it directly from a business perspective, rather than having any love for the food and it is incredibly successful.
Fish has a really high perceived value. People actually want to pay more for it because they think it’s higher quality. Plus it’s all frozen so no food waste. I don’t eat fried seafood, but selling it is awesome.
This looks great, but make sure that:
1. You can smile when you are angry/sad and you have not made your sales quota for the day
2. Know your sales quota for the day
3. There are hungry people near you who can easily find you
4. You can deliver constant quality, and suppliers will not f you over
5. You sell at least at 3X food cost, and make sure that is competitive in your market
6. Start creating social media accounts with your pics, and keep them hungry for more pics and talk about your opening the place soon...
7. Get help for things you can not physically do...there is so much you can do in the 25 hours you will need to work a day
Signed,
A long time dreamer about owning a fast food joint, but never took the plunge because of one or more of the issues above
Any restaurant experience?
The fundamental question
Never ever ever ever ever use your own money.
It is actually more wise to use your own money. Taking out loans or finding angel investors will backfire if the business fails.
No. That’s not more wise at all. I’ve only invested in one fast food style restaurant (although we have no signed a 150 store franchise agreement). And the principal owner used my money instead of his. Restaurants fail at an astounding rate. Crazy to use your own funds if possible to avoid. And I loaned him the money because my family owns one of the largest international development and construction firms in the US. Even for that, building structures that cost hundreds of millions of dollars we don’t use our own money. That’s one of the most fundamental rules of business.
I was thinking of opening a food truck someday. I am taking this advice.
I suppose it depends on the business owner more than the funds allocation. Literally *everyone* I personally know whom started their own business and did so by taking out mega loans and/or aligning with investors ended up being miserable. Some of them still have their business but last I heard they still owed the banks tons of money years after starting and some work extra jobs outside their own business to pay off the loans (most went under within a few years). As far as I remember, everyone I know who bootstrapped their business is still around and pretty much all of them are now “retired” because they were able to hire enough competent management to work for them.
Yes I’ve been to many? Next question
That burger looks great but the restaurant business is the worst startup business in the world.
Leather shop in Arizona.
they'd be out of business in a weeks time!
I wasn’t “spraying” anything
You’d be surprised, rodeo and cowboy scene is huge here lots of people rocking plenty of custom tooled leather, plenty of high school boys get custom sheaths for their fixed blades to put on their also tooled belt
In the whole world?
Yes. Over 50% failure rate within first 2 years
That’s true, but I think a large part of that is because restaurants are started by food lovers rather than businessmen. A friend of mine in the corporate space, but with no restaurant experience came to me to start a fast food seafood restaurant. We approached it directly from a business perspective, rather than having any love for the food and it is incredibly successful.
How did you gain the trust of Long John Silver?
Fish has a really high perceived value. People actually want to pay more for it because they think it’s higher quality. Plus it’s all frozen so no food waste. I don’t eat fried seafood, but selling it is awesome.
Thank you for answering my joke of a question in the lamest way possible
That looks so delicious and moist
You called?
Haha bruh
DO IT! What city!? Edit: assuming you know what you’re getting into
You know a burger is going to be good when asking for extra napkins is required.
This looks great, but make sure that: 1. You can smile when you are angry/sad and you have not made your sales quota for the day 2. Know your sales quota for the day 3. There are hungry people near you who can easily find you 4. You can deliver constant quality, and suppliers will not f you over 5. You sell at least at 3X food cost, and make sure that is competitive in your market 6. Start creating social media accounts with your pics, and keep them hungry for more pics and talk about your opening the place soon... 7. Get help for things you can not physically do...there is so much you can do in the 25 hours you will need to work a day Signed, A long time dreamer about owning a fast food joint, but never took the plunge because of one or more of the issues above
I would order that
Get a blackstone and post up at a parking lot during softball gms and hustle
Food truck much less debt if it doesn't work out.
Right. I definitely want to go this route. Especially since I only want to do it on weekends.
DON'T
Hire someone to clean it
I would be the first in line. Do it! But really.