The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

About to shut down my 4 years restaurant business ...

AFMKelvin

Some Profound Quote Goes Here
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
199%
Jan 26, 2016
733
1,456
31
Rice, Texas
I don't know anything about the restaurant business.

But if I were you I would watch the movie Founder the story of Ray Kroc. I would read his autobiography and any other biographies. That man knew what he was doing.

Other than that read up on human psychology. For example having way too many choices confuses the customer. It makes them think too hard and thinking is not something people enjoy doing. Secondly from the real state business the key to a good sales is location, location, location. And stick to one theme. Don't sell seafood, burgers, pizza, tacos and sushi. That would make me want to buy one of each thus spending more money. Also you will force me to use my brain and choose my favorite and I don't want to do that.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Pharaoh

Contributor
User Power
Value/Post Ratio
175%
Sep 20, 2013
28
49
35
I hope OP sticks around. I just wanted to bump my own comment due to my curiosity.
I'm sorry mate, I'm just dealing with a lot of things right now and I have limited time online.

Actually my father wanted me and my brother to be employees, because he had always been a business owner and he saw his employee friends took vacations and had a more relaxed life while he was working non stop 7 days a week and never had time to spend with his family so he always separated us from the business. In the fact I have a degree in pharmacy and post grad degree in nutrition.
 

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
444%
May 27, 2013
3,639
16,158
United States
Actually my father wanted me and my brother to be employees, because he had always been a business owner and he saw his employee friends took vacations and had a more relaxed life while he was working non stop 7 days a week and never had time to spend with his family so he always separated us from the business. In the fact I have a degree in pharmacy and post grad degree in nutrition.

That's really sad that your dad never got to see the true benefits of entrepreneurship. I'd rather be an employee too, then "buying myself a job".

Separate your time from your income, and the rest of your life will be like one non-stop vacation.
 

Pharaoh

Contributor
User Power
Value/Post Ratio
175%
Sep 20, 2013
28
49
35
That's really sad that your dad never got to see the true benefits of entrepreneurship. I'd rather be an employee too, then "buying myself a job".

Separate your time from your income, and the rest of your life will be like one non-stop vacation.

True, but I believe he didn't have the awareness that we have these days during his time. He made himself from subzero while no one supported him or gave him advice. now he's the only member of his family to have his own business, provide for his family, provided top education for his children (pharmacist, engineer and translator). He has the strongest work ethics I've ever seen but he lacked direction.My be he's not the richest dad but I'm very proud of him.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

mrarcher

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
275%
Jan 26, 2016
273
751
Scotland
I had a similar experience a few years ago now. Started a take away restaurant with next to nothing, big dreams, crashed, burned, lots of debt. You may feel like your world is crashing down and it looks like there is no way out. The feeling of being a failure it awful, I felt useless. 50k in debt when i'd never even had 1k in savings my whole life. You'll come out the other end stronger and better. Maybe take some time out, work a job etc. The next time you start something you'll be amazed at the things you have learned from this.
Good luck!
 

Argue

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
385%
Oct 1, 2016
645
2,482
32
NYC
@MidwestLandlord vs. @fhs8

15dmiok.gif


Just kidding. All jokes aside, great responses from everyone here in this thread. Love the emphasis on "separate time from money". Should be notable. A lot of golden nuggets here to collect.
 

mrarcher

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
275%
Jan 26, 2016
273
751
Scotland
@MidwestLandlord vs. @fhs8

15dmiok.gif


Just kidding. All jokes aside, great responses from everyone here in this thread. Love the emphasis on "separate time from money". Should be notable. A lot of golden nuggets here to collect.
A side note should probably be made for a lot of new starts as it seems to be a recurring problem. Separating time from money cannot be done in the beginning. The object is to build the system, THIS TAKES TIME. You wont just jump into something and put no time into it.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Argue

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
385%
Oct 1, 2016
645
2,482
32
NYC
A side note should probably be made for a lot of new starts as it seems to be a recurring problem. Separating time from money cannot be done in the beginning. The object is to build the system, THIS TAKES TIME. You wont just jump into something and put no time into it.
Yeah, that's true. Sorta something like this:

1. Lease building space
2. Install furniture and equipment
3. Run shop and make sales
4. Get enough money, hire employees
5. Scale store (very hard to do especially a food place, unless you open multiple franchises)
6. Hire more employees/managers and separate yourself from the business
7. Sell business

I mean this is how the end goal looks right? But hard to achieve?
 

mrarcher

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
275%
Jan 26, 2016
273
751
Scotland
Yeah, that's true. Sorta something like this:

1. Lease building space
2. Install furniture and equipment
3. Run shop and make sales
4. Get enough money, hire employees
5. Scale store (very hard to do especially a food place, unless you open multiple franchises)
6. Hire more employees/managers and separate yourself from the business
7. Sell business

I mean this is how the end goal looks right? But hard to achieve?
I meant for any business, I'd wager MJ put a lot of effort building his system before it separated time from money. If you want to go the restaurant route there are things like perfecting the recipe process so its simple, allowing employees to learn it easily keeping consistency. Go to dominoes, mcdonalds or any other franchise and you'll see all food follows a step by step process. Getting that right involves making the kitchen a mess a few times.
 

Pharaoh

Contributor
User Power
Value/Post Ratio
175%
Sep 20, 2013
28
49
35
I had a similar experience a few years ago now. Started a take away restaurant with next to nothing, big dreams, crashed, burned, lots of debt. You may feel like your world is crashing down and it looks like there is no way out. The feeling of being a failure it awful, I felt useless. 50k in debt when i'd never even had 1k in savings my whole life. You'll come out the other end stronger and better. Maybe take some time out, work a job etc. The next time you start something you'll be amazed at the things you have learned from this.
Good luck!
That great, I'm in the exact same situation you were in. I hope I can cross to the other side soon.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

CPisHere

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
110%
Sep 17, 2011
750
827
Louisiana
I had a similar experience a few years ago now. Started a take away restaurant with next to nothing, big dreams, crashed, burned, lots of debt. You may feel like your world is crashing down and it looks like there is no way out. The feeling of being a failure it awful, I felt useless. 50k in debt when i'd never even had 1k in savings my whole life. You'll come out the other end stronger and better. Maybe take some time out, work a job etc. The next time you start something you'll be amazed at the things you have learned from this.
Good luck!
Tell us more about how you got out of that situation!
 

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,079
169,496
Utah
I'd wager MJ put a lot of effort building his system before it separated time from money.

Absolutely. Passive income is rarely passive. The Commandment of Time is a long game construct. Newbies who want passive income being passively active aren't gonna get it!
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top