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

Discussion in 'Lessons from Success/Failure' started by Pharaoh, May 17, 2017.

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  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    To be honest (and fair), this exists in any business. Any employee can sabotage. Any employee of any company can go on social media and post something detrimental to the company.
     
  2. ZF Lee
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    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I worry about it too although I have not come to that stage yet...

    What kind of countermeasures should be employed? Or at worst, is there some kind of marketing strategy or negotiation move to make to quell the fire? These kind of issues might be even more dangerous that normal customer complaints as they can warrant legal action, should the courts deem it fit.

    For big businesses, they are big enough to shield the blow, and have the resources to either silence the media or make concessions. But how about small businesses? How should they go about it?
     
  3. Ryan Wolf
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    Ryan Wolf Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    You didn't fail. You just found out how to not run a restaurant. If you know all of the little things that can and will fuck up a restaurant and apply that knowledge and understanding to other businesses, you're going to do well with future endeavors.

    I know I'm in the minority here, but restaurants are a blast to run...but only when they are doing well. And yes, it's hard to make a restaurant that does well. I've been able to make the red numbers go green in my own food establishment. It was a hard fought battle, but now I know what to do when I open my next joint.

    Yeah, I plan to open more restaurants in the future.

    @MidwestLandlord I wouldn't wish restaurant ownership to my enemies either, but I would wish it upon people like @fhs8 who is an industry expert despite no experience in it.
     
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  4. CycleGuy
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    CycleGuy Bronze Contributor Speedway Pass

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    I hope OP sticks around. I just wanted to bump my own comment due to my curiosity.
     
  5. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    This is why you two are among my favorite contributors on the forum.
    Rep++ for both.
     
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  6. kelvinfernandezm
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    kelvinfernandezm Contributor Read Millionaire Fastlane

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    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.
     
  7. Pharaoh
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    Pharaoh Contributor

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    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.
     
  8. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    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.
     
  9. Pharaoh
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    Pharaoh Contributor

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    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.
     
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  10. mrarcher
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    mrarcher Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    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!
     
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  11. Argue
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    Argue Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    @MidwestLandlord vs. @fhs8

    [​IMG]

    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.
     
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  12. mrarcher
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    mrarcher Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    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.
     
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  13. Argue
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    Argue Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    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?
     
  14. mrarcher
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    mrarcher Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    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.
     
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  15. Pharaoh
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    Pharaoh Contributor

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    That great, I'm in the exact same situation you were in. I hope I can cross to the other side soon.
     
    Last edited: May 21, 2017
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  16. CPisHere
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    CPisHere Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Tell us more about how you got out of that situation!
     
  17. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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!