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re: Why would anyone in their right mind go into the Restaurant Biz?
Posted on 11/12/14 at 6:10 pm to Tiger Ryno
Posted on 11/12/14 at 6:10 pm to Tiger Ryno
Why go into business at all? Statistically 71% of businesses fail within 10 years.
Can't make it big if you don't take risks. A piece of advice from my Great Grandfather...who was CEO of Riceland Foods, the largest rice co-op and grain processor in the world, and he also held stock in over 50 major corporations, was in the agricultural hall of fame, and owned a few small businesses along with serving under Pres. Eisenhower in the Dept. of Agriculture and was chairman of the board of directors of Bancorp South...he once said "never start a business with your own money...use somebody else's money".
Can't make it big if you don't take risks. A piece of advice from my Great Grandfather...who was CEO of Riceland Foods, the largest rice co-op and grain processor in the world, and he also held stock in over 50 major corporations, was in the agricultural hall of fame, and owned a few small businesses along with serving under Pres. Eisenhower in the Dept. of Agriculture and was chairman of the board of directors of Bancorp South...he once said "never start a business with your own money...use somebody else's money".
Posted on 11/12/14 at 6:39 pm to Tiger Ryno
I've been owning a restaurant for 13 years now. I work a lot, but only because I enjoy it and the more I work the less I have to pay someone.
There have been scary moments financially but overall I'm doing alright considering. I make my own decisions and don't have to worry about some middle management SOB telling me what to do all day.
It's a helluva lot of work, from day to day operation, to bookwork payroll ect....and I don't recommend it to many people. It takes a different breed to be successful in this business. I happen to be of that breed.
In my experience most who do try aren't willing to make the sacrifice to be successful.
I'm married with 3 kids and they all spend a lot of time with me at work. So while I may work 50 hours a week I'll still see my family around 10-20 of those work hours.
There have been scary moments financially but overall I'm doing alright considering. I make my own decisions and don't have to worry about some middle management SOB telling me what to do all day.
It's a helluva lot of work, from day to day operation, to bookwork payroll ect....and I don't recommend it to many people. It takes a different breed to be successful in this business. I happen to be of that breed.
In my experience most who do try aren't willing to make the sacrifice to be successful.
I'm married with 3 kids and they all spend a lot of time with me at work. So while I may work 50 hours a week I'll still see my family around 10-20 of those work hours.
This post was edited on 11/12/14 at 6:41 pm
Posted on 11/12/14 at 6:42 pm to Tiger Ryno
Some can be successful. If you have something people want. They will buy it.
Posted on 11/12/14 at 6:43 pm to Tiger Ryno
The restaurant business is really fun. If you are really good at it, it doesn't even seem like work half the time. That said, I'm sure it gets REALLY old. Not to mention, that the average emotional maturity of your typical restaurant employee is extremely low for whatever reason, in my experience at least.
Posted on 11/12/14 at 6:46 pm to Tiger Ryno
quote:
there is a reason most of them fail…the vast majority don't have any clue as to what it takes to be successful
I'm in the business at a GM level and agree completely. It sucks when an owner has the right people in place to make it work... then the owner sabotages things with some stupid personal whim he/she thinks will be great...and isn't.
REcent experience with one location on a serious uptick over the previous year since I took over... only to have him try to open not one, but TWO new places in the same year.
TITANIC
Posted on 11/12/14 at 6:49 pm to yurintroubl
quote:
REcent experience with one location on a serious uptick over the previous year since I took over... only to have him try to open not one, but TWO new places in the same year.
Hogs get slaughtered and pigs live on.
Posted on 11/12/14 at 6:55 pm to deltaland
We know about your S corp brah
Posted on 11/12/14 at 7:00 pm to Tiger Ryno
I don't understand why it's so tough.
Seems to me of you have 3 things it's a no lose venture.
1)location
2)quality product
3)service
No particular order, just be spot on with all 3.
Seems to me of you have 3 things it's a no lose venture.
1)location
2)quality product
3)service
No particular order, just be spot on with all 3.
Posted on 11/12/14 at 7:00 pm to deltaland
My dad works at Riceland and I got a good buddy going into management at one of their facilities.
Posted on 11/12/14 at 7:06 pm to Tiger Ryno
quote:
i'm just a very conservative financially person
And you have poor very grammar
Posted on 11/12/14 at 7:29 pm to Tiger Ryno
I worked in a new restaurant which was family owned. It takes dedication and is your life. You are there every day and you work when everyone else is having fun. You need several dedicated and reliable team members with certain specialties to be successful. A chef who can cook like a SOB will see the restaurant fail without a professional and experienced manager. You need a quality bartender who can be trusted.
I am sure all of us have been to a restaurant in one form or another which had great food but terrible service and presentation. Those places don't last or barely pay the bills.
I am sure all of us have been to a restaurant in one form or another which had great food but terrible service and presentation. Those places don't last or barely pay the bills.
Posted on 11/12/14 at 7:41 pm to yellowfin
quote:
with franchises you really have to own several to make decent money
They usually require you to open up multiple units. Royalties can be a bitch for sure.
quote:
Margins keep getting lower, thanks to pricing pressure from all the competition. Can only make money on volume.
All of the insurance that we have to carry is a big part of it as well. Now that it is cheaper to pay out than fight it is a free for all. It is a bad situation that needs to be taken care of. I believe if you sue wrongfully you should have to pay back the defendant's expenses. I can go on a long rant about how the patrons are their own worst enemies. They really are raising prices and ruining the quality of service.
quote:
REcent experience with one location on a serious uptick over the previous year since I took over... only to have him try to open not one, but TWO new places in the same year.
He's pulling a Twin Peaks/Boston Market with the army outpacing the supply lines. It takes a lot to find the right management team and get the store running smoothly let alone do it with two at the same time! Fellow GM here to btw.
Posted on 11/12/14 at 7:42 pm to Tiger Ryno
No idea. Worked a restaurant between semesters during Summer of 1974. It was some of the hardest fricking work I ever did, because you did some of everything from waiting tables, to cooking, to sweeping the parking lot. All it paid in 1974 was $1.40 and tips.
My dad hired me in his construction business the following summer. Paid a hell of a lot better, and in a way actually wasn't as bad as restaurant work. Before anyone gets on my arse about the perks of being the owner's kid on the summer job, no - if anything he rode my arse harder than anyone else's. However, I will hand it to him, he whipped me into the best physical shape of my life that summer.
My dad hired me in his construction business the following summer. Paid a hell of a lot better, and in a way actually wasn't as bad as restaurant work. Before anyone gets on my arse about the perks of being the owner's kid on the summer job, no - if anything he rode my arse harder than anyone else's. However, I will hand it to him, he whipped me into the best physical shape of my life that summer.
Posted on 11/12/14 at 7:52 pm to jmarto1
quote:
jmarto1
You the guy who had restaurant ties on the Northshore back when?
I get you and jroyce mixed up...
Posted on 11/12/14 at 8:18 pm to yurintroubl
Yea, my family had Ray's Bull Pen and my mother had Touch of Italy in Slidell.
Posted on 11/12/14 at 8:19 pm to jmarto1
quote:
Yea, my family had Ray's Bull Pen and my mother had Touch of Italy in Slidell.
OK. Didn't have y'all mixed up afterall.
Posted on 11/12/14 at 8:21 pm to yurintroubl
Now I'm at Hooters in Houma. The family business days are long behind me.
Posted on 11/12/14 at 8:24 pm to jmarto1
You were AWOL here for awhile...
There was a thread about a month ago where a guys was thinking about "treating himself" while he was in Vegas... Figured y'all should compare notes (unless that was jroyce's adventures).
There was a thread about a month ago where a guys was thinking about "treating himself" while he was in Vegas... Figured y'all should compare notes (unless that was jroyce's adventures).
Posted on 11/12/14 at 8:24 pm to HempHead
quote:
It definitely depends on the kind of restaurant as well.
This. Overhead factors in big.
Posted on 11/12/14 at 8:26 pm to AUCE05
quote:
The failure rate for any business is very low.
Right!
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