I need help and feedback

[Jrjohnny]

I have a few ideas and I need feedback, I want to start restaurants as entrepreneurship but when i google profit of restaurants owners, it says not very profitable, and I want to start 1 fancy restaurant and eventually branch to like 7. Are restaurants profitable??

 

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[Johnny boy]

It’s the same answer as opening a home services business.

It’s the same answer as playing football.

It’s the same answer as a social media marketing agency.

If you suck, you will not make much money. If you are great, you will succeed.

Maybe instead of looking at the odds of other people, you look at yourself and ask “what am I willing to go become great at?” And make sure it actually is something people will pay for, and that you can improve it in some way.

The reason they say businesses fail is because weak people start them and then quit or are stupid. Don’t be weak or stupid and stick with it and you’ll succeed.

 

[Jrjohnny]

It’s the same answer as opening a home services business.

It’s the same answer as playing football.

It’s the same answer as a social media marketing agency.

If you suck, you will not make much money. If you are great, you will succeed.

Maybe instead of looking at the odds of other people, you look at yourself and ask “what am I willing to go become great at?” And make sure it actually is something people will pay for, and that you can improve it in some way.

The reason they say businesses fail is because weak people start them and then quit or are stupid. Don’t be weak or stupid and stick with it and you’ll succeed.

Thank you man, now that I think abt it there are so many things I wanna do, probably different companies too. Thank you n have a good night.

 

[Jrjohnny]

Thank you man, now that I think abt it there are so many things I wanna do, probably different companies too. And I put thought into it, what if you combine a restaurant and a cafe/bakery, I mean people love baked goods and if they have a good meal their more likely to have it. Its the reason why a restaurant is still on my list. And also, does that mean I can be great in multiple things? (Real estate) anyways. Thank you n have a good night.

 

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[DDH]

I feel like if your just starting out, FnB is a really hard way to earn profitable revenue since the industry itself mainly relies on people in general. I learned this from an entrepreneur from indonesia, he said that 70% of FnB business basically dies in 3 years time because most of the preneur in the industry doesn't really pay attention to details such as quality control, pricing, and consistency in the market itself. We really have to know things like:

1. What the people in the area of business you want to build generally likes.
2. What the people in the area of business you want to build generally don't like.
3. Know the economy status of the people.

Those are just the very few that i understand as a 17 year old though, but happy to help.
Cheers,
Danish

 

[Tomco]

Thank you man, now that I think abt it there are so many things I wanna do, probably different companies too.

Starting out, you should focus on one thing. Make it so powerful, that you obsess over it night and day.

The 'different companies' will fall behind that one thing, meaning, your brain will naturally think up of different solutions to further your cause.

Think of it this way: You want to be popular on social media right? So you set up accounts on all of them: TikTok, YouTube, FaceBook, Instagram whatever.

By trying to understand all of their different metrics, how to post, what is currently trending on which platform etc. you'll wear yourself thin.

Train your focus on one (let's say YouTube) and then branch out from there (long video can be made into clips for TikTok, perhaps using FaceBook to get ideas of what people need help with, etc, to take the previous example).

 

[jclean]

It can be done but there's a good reason it's hard to get a bank loan for this...
it's not the easiest option. unless you already have a lot of experience in this.
on the other hand, starting a business is never easy... go for it and dont let other peoples opinion get to you

 

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[Jrjohnny]

Starting out, you should focus on one thing. Make it so powerful, that you obsess over it night and day.

The 'different companies' will fall behind that one thing, meaning, your brain will naturally think up of different solutions to further your cause.

Think of it this way: You want to be popular on social media right? So you set up accounts on all of them: TikTok, YouTube, FaceBook, Instagram whatever.

By trying to understand all of their different metrics, how to post, what is currently trending on which platform etc. you'll wear yourself thin.

Train your focus on one (let's say YouTube) and then branch out from there (long video can be made into clips for TikTok, perhaps using FaceBook to get ideas of what people need help with, etc, to take the previous example).

Yes, thats my idea, go from like a bakery/cafe, then once I get that going with profits, im going to open a restaurant. Then expand all over the place, invest into munis or sum then get rentals. Ive asked my mom, she says its a great idea. My grandmother has like 10,000+ recipes (baking and cooking) and shes teaching me and my mom has real estate knowledge.

 

[Jrjohnny]

It can be done but there's a good reason it's hard to get a bank loan for this...
it's not the easiest option. unless you already have a lot of experience in this.
on the other hand, starting a business is never easy... go for it and dont let other peoples opinion get to you

I don't think I need a bank loan, I have a good amount of money to start and Im planning on doing it once done with high school, yes I do plan a lot of stuff

 

[jclean]

I don't think I need a bank loan, I have a good amount of money to start and Im planning on doing it once done with high school, yes I do plan a lot of stuff

I don't think I need a bank loan, I have a good amount of money to start and Im planning on doing it once done with high school, yes I do plan a lot of stuff

difficult to get a bank loan = high probability of failure the bank does not like to lose money

 

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[Tomco]

Yes, thats my idea, go from like a bakery/cafe, then once I get that going with profits, im going to open a restaurant. Then expand all over the place, invest into munis or sum then get rentals. Ive asked my mom, she says its a great idea. My grandmother has like 10,000+ recipes (baking and cooking) and shes teaching me and my mom has real estate knowledge.

You're thinking big, which is very good, especially at such a young age. Keep going and you'll be amazed by the results.

Just several things tho...

Why a bakery/cafe?
Who will you help by opening that bakery?
Is opening a bakery really the only way you can help them?
With your age and experience, how can you help others, without actually building other things?

Not to put you down or anything, but answering these honestly might increase your chances of success in the future

 

[Jrjohnny]

You're thinking big, which is very good, especially at such a young age. Keep going and you'll be amazed by the results.

Just several things tho...

Why a bakery/cafe?
Who will you help by opening that bakery?
Is opening a bakery really the only way you can help them?
With your age and experience, how can you help others, without actually building other things?

Not to put you down or anything, but answering these honestly might increase your chances of success in the future

I want to do a bakery because
A: Its one of my passions
B: my grandmother has been teaching me how to bake
C: shes letting me use her recipes (around 6000)

Who will I help?
Majority of people love baked goods and majority of people indulge of instant gratification.

Is really opening up a bakery the only way you can help them
A: with my kind of money most likely, its something I really enjoy so its the only thing I dont feel forced to do. But im just thinking right now, 15 is 2 years from now

Is there anyone I can help them without building something?
Nothing that I could keep working on later from now