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The Entrepreneur / Business Owner's / Self Employed Lounge - Oneeyedjack - 04-12-2016

Quote: (04-11-2016 12:31 AM)Peregrine Wrote:  

Question for the crowd: focus on one startup at a time or have multiple irons in the fire?

It depends.

If the startup is you, then you focus on it 100%. Focus on your startup as if your life depended on it, because it does.

If the startup is dependent on your partners, then you can have as many as your time requires.

If your in it as an investor, generally the more the better. Your chances of an investment hitting it out of the park improves on the average with the number of investments you make (lots of caveats here.)

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The Entrepreneur / Business Owner's / Self Employed Lounge - Saweeep - 04-12-2016

Quote: (04-11-2016 11:24 AM)H1N1 Wrote:  

Quote: (04-11-2016 10:58 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 09:48 AM)PapayaTapper Wrote:  

Quote: (04-11-2016 08:58 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 08:13 AM)H1N1 Wrote:  

It depends on what you consider a startup. Round this part of the internet every kid with an ebook idea or a web-based affiliate program is an entrepreneur. What sort of project you're talking about will dictate the extent to which you are juggling multiple things.

That said, my view is that you should pick something, one thing, and do it well. Multiple projects means multiple distractions, and compound interest on your stresses and problems, of which there will be many in the startup phase. If this is a 'side hustle' thing, then it probably isn't earning enough, innovative enough, or competitive enough to really give you the opportunity to experience the kind of chaos and uncertainty that comes with building a proper business. If you are part time, then you simply do not have enough skin in the game to really experience that many stresses or difficulties, and so you can probably afford to take on more projects at a similar phase, and discard the ones that show themselves not to provide a sufficient return on time invested.

However, if you are trying to build a 'proper' business, a bricks and mortar sort of business, then you cannot afford to take your eye off the ball. If you have thrown yourself at an idea, full time, and are dependent upon its success for your financial well being, then you need a lazer-like focus on pushing that product for all it's worth. You also need any time off to be completely off and yours to do what you want with.

I wold agree with this wholeheartedly. At least for the first few years (after which no business is really a start up).

I'm at the stage now with my business where I have it cracked and it is expanding almost automatically. All the heavy thinking is done, a hard week for me is now 10 hours...and I am bored.

Out of my mind.

I am now a businessman, not an entrepreneur. This is not what I want to do with my life.

I need a new challenge before I subconsciously decide to burn it to the ground for the thrill of doing it all again.

Be careful what you wish for!!

Why don't you sell it and do something else?

It's complicated.

The thing is that I have no need or even desire to actually sell, even if a potential buyer existed, which I doubt.

I have the time to start another business right now but I'm not sure which of a few ideas to pursue. I've also considered doing a master's degree in ancient history or something academically satisfying but I suspect a rigid programme is not really for me; my tastes are eclectic and my distaste for authority unyielding (need to grow up hah).

I'll be honest, the last few months I've started to get really itchy feet; I'm at my happiest and most fulfilled putting out fires and solving problems...I'm genuinely concerned that if I don't find something soon I will start creating problems in order to solve them as they crop up with ever decreasing frequency.

I'm still searching for something, other than running off to Thailand to train, that truly satisfies me on a deep level.

More money more problems.

I get this completely. I have no real desire to sell my business either, though it may be lucrative. If you have a business generating good money then you are in a fantastic position to take a few calculated risks with disposable income, without too many negatives beyond short term cash loss. I definitely wouldn't sell in your position. You're a smart guy and still young enough to turn your hand to something new, even if it is in an unrelated field. To me, the point you're at now is where you can really kick on from and start taking over the world.

In my (entirely unsolicited) opinion, doing a Masters is a truly horrible idea for a number of reasons:

1. You'll get a better course online from MIT or one of these other amazing places that provides incredible courses for free. I'm just finishing up on a 'Probabilistic Systems Analysis and Applied Probability' course that has been completely fascinating. If you have any maths or science interest then Computer Science is actually extremely accessible (assuming a willingness to Google), requires ZERO programming knowledge, and is endlessly fascinating. On top of that I am certain with your experience you could probably conceive of some technologies that may make a splash in your industry, or indeed solve problems in the world around you. There is so much interest and opportunity in CS that it would potentially satisfy your requirement for academic stimulation and the need to apply your considerable talents to something exciting and innovative.

Here's an MIT entrance level course in Computability etc I did a while ago, in case anyone reading is interested: http://ocw.mit.edu/courses/electrical-en...ure-notes/

I have (admittedly very good) GCSEs in maths and science, but went the better part of 8 years just assuming it wasn't for me. As it turns out, now that I'm no longer in school and being asked to jump through hoops, I actually have a natural aptitude for this sort of thing. You may well find the same is true for you.

2. You will strangle some nerd and get expelled.

Assuming you are interested in being (initially at least) a small scale Elon Musk, then as a guy with money, time, experience and intelligence, you have a wonderful opportunity to trawl university departments and find out what people are working on, and see if you can't capitalise.

Anyway, I realise this giant wall of text is a load of unsolicited advice from a child who has not experienced your success. However, I expect to be in a similar position to you in 2 years time, and all I can think about is how many, how exciting, and how varied the opportunities are that exist once you have got the initial business out of the way. It would be a huge shame if, having reached such a point and honed your talents, you let that stagnate and go to waste.

Reflecting on this post overnight...everything you say is completely right.

There's nothing more to say.

I'm off to Thailand in a couple of weeks. Sun, sea and hitting things to recharge.

Then I'm going to start a new business; maybe even 2. In a similar sphere as my existing one but online and B2C.

I'm actually looking forward to getting an office and doing an honest day's work for the first time in a few years.

I can't thank you enough for taking the time to write that post; sometimes it takes someone completely unknown (for want of a better phrase) to cut through the nonsense and reframe things.

Forget beers, when we finally meet up (this Summer hopefully) the champagne's on me

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 04-12-2016

Quote: (04-12-2016 11:59 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 11:24 AM)H1N1 Wrote:  

Quote: (04-11-2016 10:58 AM)CrashBangWallop Wrote:  

Quote: (04-11-2016 09:48 AM)PapayaTapper Wrote:  

Quote: (04-11-2016 08:58 AM)CrashBangWallop Wrote:  

I wold agree with this wholeheartedly. At least for the first few years (after which no business is really a start up).

I'm at the stage now with my business where I have it cracked and it is expanding almost automatically. All the heavy thinking is done, a hard week for me is now 10 hours...and I am bored.

Out of my mind.

I am now a businessman, not an entrepreneur. This is not what I want to do with my life.

I need a new challenge before I subconsciously decide to burn it to the ground for the thrill of doing it all again.

Be careful what you wish for!!

Why don't you sell it and do something else?

It's complicated.

The thing is that I have no need or even desire to actually sell, even if a potential buyer existed, which I doubt.

I have the time to start another business right now but I'm not sure which of a few ideas to pursue. I've also considered doing a master's degree in ancient history or something academically satisfying but I suspect a rigid programme is not really for me; my tastes are eclectic and my distaste for authority unyielding (need to grow up hah).

I'll be honest, the last few months I've started to get really itchy feet; I'm at my happiest and most fulfilled putting out fires and solving problems...I'm genuinely concerned that if I don't find something soon I will start creating problems in order to solve them as they crop up with ever decreasing frequency.

I'm still searching for something, other than running off to Thailand to train, that truly satisfies me on a deep level.

More money more problems.

I get this completely. I have no real desire to sell my business either, though it may be lucrative. If you have a business generating good money then you are in a fantastic position to take a few calculated risks with disposable income, without too many negatives beyond short term cash loss. I definitely wouldn't sell in your position. You're a smart guy and still young enough to turn your hand to something new, even if it is in an unrelated field. To me, the point you're at now is where you can really kick on from and start taking over the world.

In my (entirely unsolicited) opinion, doing a Masters is a truly horrible idea for a number of reasons:

1. You'll get a better course online from MIT or one of these other amazing places that provides incredible courses for free. I'm just finishing up on a 'Probabilistic Systems Analysis and Applied Probability' course that has been completely fascinating. If you have any maths or science interest then Computer Science is actually extremely accessible (assuming a willingness to Google), requires ZERO programming knowledge, and is endlessly fascinating. On top of that I am certain with your experience you could probably conceive of some technologies that may make a splash in your industry, or indeed solve problems in the world around you. There is so much interest and opportunity in CS that it would potentially satisfy your requirement for academic stimulation and the need to apply your considerable talents to something exciting and innovative.

Here's an MIT entrance level course in Computability etc I did a while ago, in case anyone reading is interested: http://ocw.mit.edu/courses/electrical-en...ure-notes/

I have (admittedly very good) GCSEs in maths and science, but went the better part of 8 years just assuming it wasn't for me. As it turns out, now that I'm no longer in school and being asked to jump through hoops, I actually have a natural aptitude for this sort of thing. You may well find the same is true for you.

2. You will strangle some nerd and get expelled.

Assuming you are interested in being (initially at least) a small scale Elon Musk, then as a guy with money, time, experience and intelligence, you have a wonderful opportunity to trawl university departments and find out what people are working on, and see if you can't capitalise.

Anyway, I realise this giant wall of text is a load of unsolicited advice from a child who has not experienced your success. However, I expect to be in a similar position to you in 2 years time, and all I can think about is how many, how exciting, and how varied the opportunities are that exist once you have got the initial business out of the way. It would be a huge shame if, having reached such a point and honed your talents, you let that stagnate and go to waste.

Reflecting on this post overnight...everything you say is completely right.

There's nothing more to say.

I'm off to Thailand in a couple of weeks. Sun, sea and hitting things to recharge.

Then I'm going to start a new business; maybe even 2. In a similar sphere as my existing one but online and B2C.

I'm actually looking forward to getting an office and doing an honest day's work for the first time in a few years.

I can't thank you enough for taking the time to write that post; sometimes it takes someone completely unknown (for want of a better phrase) to cut through the nonsense and reframe things.

Forget beers, when we finally meet up (this Summer hopefully) the champagne's on me

You're very kind to say so CBW. I'm genuinely excited for you.

I'm taking over everything below Watford, but I'm very happy to let you have the North

I'm going to be on the road a lot over the next few months with my new tech, and am certain to be in your neck of the woods before the end of the summer, so I'll look forward to catching up with you then!

Have a great time in Thailand!

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The Entrepreneur / Business Owner's / Self Employed Lounge - storm - 04-13-2016

Met a Ukranian today, his brother does marketing and sales for a product in exactly the same space. We bonded on the topic of traveling (credit rvf).

This is what has been missing from my company: a strategic alliance with someone who can leverage more tools in sales. Someone with a deep understanding of the industry. I am very optimistic...we both stand to gain a huge amount.

Still. I am wondering if I should shop around for a "best" SA. I feel obligated. My intuition is that it is rare to have someone be so good a fit, but of course I haven't met the guy, and his brother seems like a great wingman. My strategy is to figure out what one would call SA in this sector and shop around just to make sure I have a fair price. Or should I be more ruthless? For me it is a big break. Can anyone chime in with some advice?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 04-13-2016

Ok folks...I am at the crossroads now, and I would like to hear your opinion about this matter.

I am selling currently on Ebay (high end clothing, if that is of any relevance). I have sold most of it, and made some nice net profit (I record everything, took accounting lessons). And, of course, I have learned a lot of things - how to be a responsible seller, how to accurately describe an item...things like that.

I am planning to reinvest the amount I originally invested in, plus all the profits back to my Ebay account, of course. There will be time for bitches eventually, I hope, haha.

But...I am thinking about investing some more money from my savings in order to buy more products to resell. The amount is significant, but it will not ruin my quality of life, if, God forbid, fails...too much.

On one hand, I believe that I have gained valuable experience which would justify my decision (about investing more money). But...on the other hand...you know...you always think about failure, and the consequences. A bit beta, I know...but justified in a sense.

What would you do, if you were me?

Invest more from my personal finances (+ initial investment and gains) in an e-business that made actual profit?

Or just reinvest the money I earned, plus initial investment?


Every opinion is welcome. fellas. Thanks in advance.

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The Entrepreneur / Business Owner's / Self Employed Lounge - texas - 04-13-2016

Irenicus, what is the average cost per item and how long do they typically take to sell? What are your profit margins? Do you have another source of income that is steady besides the eBay business?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Oneeyedjack - 04-13-2016

Quote: (04-13-2016 08:58 PM)Irenicus Wrote:  

Ok folks...I am at the crossroads now, and I would like to hear your opinion about this matter.

I am selling currently on Ebay (high end clothing, if that is of any relevance). I have sold most of it, and made some nice net profit (I record everything, took accounting lessons). And, of course, I have learned a lot of things - how to be a responsible seller, how to accurately describe an item...things like that.

I am planning to reinvest the amount I originally invested in, plus all the profits back to my Ebay account, of course. There will be time for bitches eventually, I hope, haha.

But...I am thinking about investing some more money from my savings in order to buy more products to resell. The amount is significant, but it will not ruin my quality of life, if, God forbid, fails...too much.

On one hand, I believe that I have gained valuable experience which would justify my decision (about investing more money). But...on the other hand...you know...you always think about failure, and the consequences. A bit beta, I know...but justified in a sense.

What would you do, if you were me?

Invest more from my personal finances (+ initial investment and gains) in an e-business that made actual profit?

Or just reinvest the money I earned, plus initial investment?


Every opinion is welcome. fellas. Thanks in advance.

Based on what you said, it seems like there are no downsides to investing more of your personal finances. Even the worse case scenario will not significantly impact your quality of life. Seems to me like this is just play money and you can risk it all for maximum returns.

Failure is not necessarily a bad thing as long as you did you best. Its also one hell of a teacher.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Laner - 04-13-2016

Quote: (04-13-2016 08:04 PM)storm Wrote:  

Met a Ukranian today, his brother does marketing and sales for a product in exactly the same space. We bonded on the topic of traveling (credit rvf).

This is what has been missing from my company: a strategic alliance with someone who can leverage more tools in sales. Someone with a deep understanding of the industry. I am very optimistic...we both stand to gain a huge amount.

Still. I am wondering if I should shop around for a "best" SA. I feel obligated. My intuition is that it is rare to have someone be so good a fit, but of course I haven't met the guy, and his brother seems like a great wingman. My strategy is to figure out what one would call SA in this sector and shop around just to make sure I have a fair price. Or should I be more ruthless? For me it is a big break. Can anyone chime in with some advice?

I just started a SA with another company about 6 weeks ago. Already they have been able to send three clients my way. They are good hustlers and our alliance seems to have a lot of upside for the both of us.

It has been reassuring to hear from another entrepreneur that my product is great and that I have a market with no competition- yet. Sometimes the delusion can be hard to break out of, so having someone who has no reason to lie is good (partners can be just as deluded and more likely to lie).

This is not my first SA which is why I was keen to get involved with this company. I love their product too. In my experience, they can be absolutely win/win. I am splitting a trade show booth with them next weekend as well. Just be sure to have complimentary products rather than even slightly competitive ones. Obviously.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 04-14-2016

Quote: (04-13-2016 09:23 PM)texas Wrote:  

Irenicus, what is the average cost per item and how long do they typically take to sell? What are your profit margins? Do you have another source of income that is steady besides the eBay business?

I usually invest between 20$ and 50$ for each item. I usually sell it for 2, or 3 times more.

Since the clothing I sell are mostly suits, it does take some time, because, naturally, people do not look for these everyday. But...for the last few it took me a week to sell, and for the blazer I sold yesterday, less than 24 hours.

I do odd jobs on the side, and I run another e business with a friend (which I started before starting with Ebay), in which we sell computer parts. Profits are small (very low capital investment, originally we did it "for the lulz"), but we have a net profit, and we learned a thing or two, so we are happy.

If I fail (again, God forbid), it will not mean that I will be living under a bridge.

I hope that I have answered your questions, friend.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Saweeep - 04-14-2016

The worst case scenario is you sell your stock for a small loss, if it's not selling on Ebay, no?

If you wish to be really cautious, try and figure out what your maximum loss may be and only order stock to the value that the maximum loss is not exceeded by the profits you have already made.

It does seem like you've tested the market though and should just go for it.

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The Entrepreneur / Business Owner's / Self Employed Lounge - texas - 04-14-2016

Hell yeah, go for it. When you said high-end I thought each item might be in the hundreds or thousands so it may be tying up too much capital during holding times. Your numbers are definitely easier to work with so keep rinsing and repeating man.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 04-14-2016

Thanks folks for your input. I will let you know, hopefully soon, how it ended.

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The Entrepreneur / Business Owner's / Self Employed Lounge - fortysix - 04-14-2016

Does anyone here have experience with opening or running a restaurant / bar?

I am seriously considering starting a niche restaurant - I have a good concept in mind (I guess they are always good when they are in your own mind), but my experience with the industry is fairly limited.

I'm currently working (3 years experience) in legal side of private equity industry; have about 2 years of random restaurant experience which I gained before I went to law school. The PE industry is interesting, but I'm a salt of the earth type of guy and want to work with something that I can feel - pushing paper makes good money and is intellectually stimulating, but I earn to my hand in something else as well.

I have a steady income of about 120k per year, but I've been saving pretty much everything I can into retirement accounts, and spending the rest (I have an emergency fund, but I'm not very liquid. I'm considering cutting my retirement saving and just building a fund for this potential restaurant venture.

I feel comfortable taking care of all of the legal back-end stuff (including getting a liquor license etc.) but thats generally the easy stuff. Is there anyone here whose brain I can pick about this industry? I'm most worried about the following costs:

1. Leasing (obviously) - also what to use as security for the lease (I don't own a house).

2. Where & how to find vendors for food that won't rip me off, and which have the specific ingredients I need.

3. Where to buy restaurant equipment.

4. General design (I have a restaurant I visited in EE in mind, and a bunch of photos, but I'm assuming I would need to hire a designer to copy the style and adapt it into a practical format for the space that I find...)

5. How long until I should expect to be profitable? 12 mo? 24? 36?

Is there anyone here who can give me some intro counseling? Recommendations for books? Blogs? Industry Events? Talk me out of it? My 120k a year is comfortably cushy, but now that I have the skill I think I can always return to it.

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The Entrepreneur / Business Owner's / Self Employed Lounge - roberto - 04-15-2016

Quote: (04-14-2016 09:21 PM)se7en Wrote:  

Does anyone here have experience with opening or running a restaurant / bar?

I am seriously considering starting a niche restaurant - I have a good concept in mind (I guess they are always good when they are in your own mind), but my experience with the industry is fairly limited.

I'm currently working (3 years experience) in legal side of private equity industry; have about 2 years of random restaurant experience which I gained before I went to law school. The PE industry is interesting, but I'm a salt of the earth type of guy and want to work with something that I can feel - pushing paper makes good money and is intellectually stimulating, but I earn to my hand in something else as well.

I have a steady income of about 120k per year, but I've been saving pretty much everything I can into retirement accounts, and spending the rest (I have an emergency fund, but I'm not very liquid. I'm considering cutting my retirement saving and just building a fund for this potential restaurant venture.

I feel comfortable taking care of all of the legal back-end stuff (including getting a liquor license etc.) but thats generally the easy stuff. Is there anyone here whose brain I can pick about this industry? I'm most worried about the following costs:

1. Leasing (obviously) - also what to use as security for the lease (I don't own a house).

2. Where & how to find vendors for food that won't rip me off, and which have the specific ingredients I need.

3. Where to buy restaurant equipment.

4. General design (I have a restaurant I visited in EE in mind, and a bunch of photos, but I'm assuming I would need to hire a designer to copy the style and adapt it into a practical format for the space that I find...)

5. How long until I should expect to be profitable? 12 mo? 24? 36?

Is there anyone here who can give me some intro counseling? Recommendations for books? Blogs? Industry Events? Talk me out of it? My 120k a year is comfortably cushy, but now that I have the skill I think I can always return to it.

Thedude dropped a bunch of knowledge on this, but I couldn't find it with a quick search. It's out there though.

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The Entrepreneur / Business Owner's / Self Employed Lounge - texas - 04-15-2016

se7en, check out this post: thread-46812-page-9.html

booshala drops some knowledge (7th and 11th post from top). Veloce has gotta be a good resource for that too. Any chance you could stockpile cash a couple more years in PE and do some restaurant-related side hustles in your free time, ie: start up a food truck or niche catering service? Does working in PE leave you with any free hours?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 04-16-2016

Quote: (04-13-2016 08:58 PM)Irenicus Wrote:  

Invest more from my personal finances (+ initial investment and gains) in an e-business that made actual profit?

Or just reinvest the money I earned, plus initial investment?

Turn over the same money over and over and grow it without touching the "personal" finances. Just find a way to turn it quicker in order to grow faster rather than adding more capital. Find the items that sold slowly and cut them or figure out how to speed the sale so that the whole pot of money turns over and grows.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Kona - 04-16-2016

Quote: (04-14-2016 09:21 PM)se7en Wrote:  

Does anyone here have experience with opening or running a restaurant / bar?

I am seriously considering starting a niche restaurant - I have a good concept in mind (I guess they are always good when they are in your own mind), but my experience with the industry is fairly limited.

I'm currently working (3 years experience) in legal side of private equity industry; have about 2 years of random restaurant experience which I gained before I went to law school. The PE industry is interesting, but I'm a salt of the earth type of guy and want to work with something that I can feel - pushing paper makes good money and is intellectually stimulating, but I earn to my hand in something else as well.

I have a steady income of about 120k per year, but I've been saving pretty much everything I can into retirement accounts, and spending the rest (I have an emergency fund, but I'm not very liquid. I'm considering cutting my retirement saving and just building a fund for this potential restaurant venture.

I feel comfortable taking care of all of the legal back-end stuff (including getting a liquor license etc.) but thats generally the easy stuff. Is there anyone here whose brain I can pick about this industry? I'm most worried about the following costs:

1. Leasing (obviously) - also what to use as security for the lease (I don't own a house).

2. Where & how to find vendors for food that won't rip me off, and which have the specific ingredients I need.

3. Where to buy restaurant equipment.

4. General design (I have a restaurant I visited in EE in mind, and a bunch of photos, but I'm assuming I would need to hire a designer to copy the style and adapt it into a practical format for the space that I find...)

5. How long until I should expect to be profitable? 12 mo? 24? 36?

Is there anyone here who can give me some intro counseling? Recommendations for books? Blogs? Industry Events? Talk me out of it? My 120k a year is comfortably cushy, but now that I have the skill I think I can always return to it.

Speak about the concept a little. What kind of food?

Aloha!

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The Entrepreneur / Business Owner's / Self Employed Lounge - fortysix - 04-18-2016

Quote: (04-16-2016 04:05 PM)Kona Wrote:  

Quote: (04-14-2016 09:21 PM)se7en Wrote:  

Does anyone here have experience with opening or running a restaurant / bar?

I am seriously considering starting a niche restaurant - I have a good concept in mind (I guess they are always good when they are in your own mind), but my experience with the industry is fairly limited.

I'm currently working (3 years experience) in legal side of private equity industry; have about 2 years of random restaurant experience which I gained before I went to law school. The PE industry is interesting, but I'm a salt of the earth type of guy and want to work with something that I can feel - pushing paper makes good money and is intellectually stimulating, but I earn to my hand in something else as well.

I have a steady income of about 120k per year, but I've been saving pretty much everything I can into retirement accounts, and spending the rest (I have an emergency fund, but I'm not very liquid. I'm considering cutting my retirement saving and just building a fund for this potential restaurant venture.

I feel comfortable taking care of all of the legal back-end stuff (including getting a liquor license etc.) but thats generally the easy stuff. Is there anyone here whose brain I can pick about this industry? I'm most worried about the following costs:

1. Leasing (obviously) - also what to use as security for the lease (I don't own a house).

2. Where & how to find vendors for food that won't rip me off, and which have the specific ingredients I need.

3. Where to buy restaurant equipment.

4. General design (I have a restaurant I visited in EE in mind, and a bunch of photos, but I'm assuming I would need to hire a designer to copy the style and adapt it into a practical format for the space that I find...)

5. How long until I should expect to be profitable? 12 mo? 24? 36?

Is there anyone here who can give me some intro counseling? Recommendations for books? Blogs? Industry Events? Talk me out of it? My 120k a year is comfortably cushy, but now that I have the skill I think I can always return to it.

Speak about the concept a little. What kind of food?

Aloha!

I'm currently toying with the following three concepts:

1. Snatch up a lease in a hipster part of town where the locals are used to paying for $7 cup of coffee every morning and open a small overpriced gourmet hotdog shop (selling weird hotdogs like hotdogs w kimchi etc). Get a liquor license and also sell craft beer.

2. Exactly duplicate a concept for a high-end restaurant chain in EE - I won't divulge the details, but its extremely popular in EE and its packed - the only issue I'm stumbling with is I'm not sure how the US population will react to this kind of food (its not really EE food - more middle eastern, but not typical middle eastern).

3. Start a regular coffee shop in an area with increasing gentrification and build my credibility and personal brand to gain more upfront capital for ideas #1 and #2 above.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 04-18-2016

Quote: (04-18-2016 03:23 PM)se7en Wrote:  

Quote: (04-16-2016 04:05 PM)Kona Wrote:  

Quote: (04-14-2016 09:21 PM)se7en Wrote:  

Does anyone here have experience with opening or running a restaurant / bar?

I am seriously considering starting a niche restaurant - I have a good concept in mind (I guess they are always good when they are in your own mind), but my experience with the industry is fairly limited.

I'm currently working (3 years experience) in legal side of private equity industry; have about 2 years of random restaurant experience which I gained before I went to law school. The PE industry is interesting, but I'm a salt of the earth type of guy and want to work with something that I can feel - pushing paper makes good money and is intellectually stimulating, but I earn to my hand in something else as well.

I have a steady income of about 120k per year, but I've been saving pretty much everything I can into retirement accounts, and spending the rest (I have an emergency fund, but I'm not very liquid. I'm considering cutting my retirement saving and just building a fund for this potential restaurant venture.

I feel comfortable taking care of all of the legal back-end stuff (including getting a liquor license etc.) but thats generally the easy stuff. Is there anyone here whose brain I can pick about this industry? I'm most worried about the following costs:

1. Leasing (obviously) - also what to use as security for the lease (I don't own a house).

2. Where & how to find vendors for food that won't rip me off, and which have the specific ingredients I need.

3. Where to buy restaurant equipment.

4. General design (I have a restaurant I visited in EE in mind, and a bunch of photos, but I'm assuming I would need to hire a designer to copy the style and adapt it into a practical format for the space that I find...)

5. How long until I should expect to be profitable? 12 mo? 24? 36?

Is there anyone here who can give me some intro counseling? Recommendations for books? Blogs? Industry Events? Talk me out of it? My 120k a year is comfortably cushy, but now that I have the skill I think I can always return to it.

Speak about the concept a little. What kind of food?

Aloha!

I'm currently toying with the following three concepts:

1. Snatch up a lease in a hipster part of town where the locals are used to paying for $7 cup of coffee every morning and open a small overpriced gourmet hotdog shop (selling weird hotdogs like hotdogs w kimchi etc). Get a liquor license and also sell craft beer.

2. Exactly duplicate a concept for a high-end restaurant chain in EE - I won't divulge the details, but its extremely popular in EE and its packed - the only issue I'm stumbling with is I'm not sure how the US population will react to this kind of food (its not really EE food - more middle eastern, but not typical middle eastern).

3. Start a regular coffee shop in an area with increasing gentrification and build my credibility and personal brand to gain more upfront capital for ideas #1 and #2 above.

Love #1
Im not a hipster but ill buy a $7 kimchi hotdog

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The Entrepreneur / Business Owner's / Self Employed Lounge - Cruisen_Chubby - 04-21-2016

I'm unsure as to if this belongs here as I don't feel I hit the definition of entrepreneur, but I have been self-employed almost my whole working life, including now.

I'm not trying to reinvent the wheel, per se; but perhaps grease it and apply new age thinking to an age old business.

In short: I am a twenty-five year old investment advisor and tax accountant. For my age, I have some pretty impressive credentials-- yet youth seems to be both a blessing and a curse to me. I find that most of my leads for financial services come from my existing tax clientele (they already trust me and know I do great/consistent work for them year after year); however, now that tax season is over, how can I generate more leads?

The obvious would be to go to networking events but I find most of those are filled with a bunch of realtors trying to push real estate on you. There are exceptions to the rule but they aren't very fruitful IME.

My question to you all is... How would you like to be approached (or not) to discuss financial services (Taxes, Retirement accounts, mutual funds, estate planning, college saving plans, etc.)?

It's easy to do with my existing book of tax clients as we are already on the topic of money... but it feels weird and off putting to come out to someone relatively random and ask them what they do, how much they make, and tell them they need to save for retirement, especially so, via myself. I'd like your guys' input on the best way to go about this.

As of now, I'm getting referrals from existing and satisfied clients but I'd like to be proactive as well and get out there.

Disclosure: I am fully licensed/registered to do all of the above. I believe in retirement planning and get paid on a % of assets I manage and some commissions on certain products (if applicable to said client). I'm not selling snake oil or sailboat fuel, but truly enjoy helping people manage money (which I know is hard for most americans).

Open to any and all criticism/suggestions.

Thank you.

PS--- I go between Las Vegas and LA (Hollywood mostly) so that is where my business takes place. Plenty of money around here in niche areas (a lot of nurses, cocktail waitresses, bartenders, small business owners---- cash intensive).

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The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 04-21-2016

Not worth of opening a thread so...

I have sent a package to my client in the US. I have declared what is inside on the form, but I accidentally forgot to mark it as "gift", and did not declare value.

The clerk and local customs office did not react.

Does anyone know how the US customs will react to such a package (no value, not marked as gift)?

Package is medium sized, sent by standard shipping.

If someone experienced something similar, let me know

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The Entrepreneur / Business Owner's / Self Employed Lounge - Peregrine - 04-21-2016

Quote:Quote:

Disclosure: I am fully licensed/registered to do all of the above. I believe in retirement planning and get paid on a % of assets I manage and some commissions on certain products (if applicable to said client). I'm not selling snake oil or sailboat fuel, but truly enjoy helping people manage money (which I know is hard for most americans).

Haha sailboat fuel, I've never heard that one before. 'Tis a good one.

Question for you: any particular reason why you charge a % of assets managed rather than a flat fee?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Cruisen_Chubby - 04-21-2016

Quote: (04-21-2016 10:26 PM)Peregrine Wrote:  

Quote:Quote:

Disclosure: I am fully licensed/registered to do all of the above. I believe in retirement planning and get paid on a % of assets I manage and some commissions on certain products (if applicable to said client). I'm not selling snake oil or sailboat fuel, but truly enjoy helping people manage money (which I know is hard for most americans).

Haha sailboat fuel, I've never heard that one before. 'Tis a good one.

Question for you: any particular reason why you charge a % of assets managed rather than a flat fee?

Sure, good question.

I actually give the clients an option. I charge a pretty high fee for a quarterly/annual consultation (if their investments are held at another firm or spread out between multiple)-- or I offer a 1% management fee, give or take, to manage their assets (roll them over to me and my firm).

A good percentage of the time-- clients elect to have the 1% simply because I make more money when they make more money (and vice versa)-- simply put, our interests are aligned. 1% of 10,000 is good, 1% of 100,000 is better.

They also don't cut me a check that way, it just comes out of their portfolio quarterly.

If it's a mutual fund/life insurance/hedge fund/annuity --- then it's a commission as I, technically, am not managing anything.

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The Entrepreneur / Business Owner's / Self Employed Lounge - redbeard - 04-22-2016

Quote: (04-18-2016 03:23 PM)se7en Wrote:  

1. Snatch up a lease in a hipster part of town where the locals are used to paying for $7 cup of coffee every morning and open a small overpriced gourmet hotdog shop (selling weird hotdogs like hotdogs w kimchi etc). Get a liquor license and also sell craft beer.

This was done in New Orleans already and it's a massive success:

http://www.datdognola.com/

Keys to growth:

Great food, low cost.

Start small - they started in a food truck, moved into a hole in the wall, then a larger location, then multiple locations.

When they opened they only took cash, people still flocked, but this upped margins by avoiding CC fees.

Build a brand - why do the employees wear Hawaiian shirts? No one knows, but it's unique and quirky, just like the rest of the place.


edit: Unless you have restaurant experience it's a bad idea to open. thread-49111.html

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 04-22-2016

Quote: (04-22-2016 07:29 AM)redbeard Wrote:  

Quote: (04-18-2016 03:23 PM)se7en Wrote:  

1. Snatch up a lease in a hipster part of town where the locals are used to paying for $7 cup of coffee every morning and open a small overpriced gourmet hotdog shop (selling weird hotdogs like hotdogs w kimchi etc). Get a liquor license and also sell craft beer.

This was done in New Orleans already and it's a massive success:

http://www.datdognola.com/

Keys to growth:

Great food, low cost.

Start small - they started in a food truck, moved into a hole in the wall, then a larger location, then multiple locations.

When they opened they only took cash, people still flocked, but this upped margins by avoiding CC fees.

Build a brand - why do the employees wear Hawaiian shirts? No one knows, but it's unique and quirky, just like the rest of the place.


edit: Unless you have restaurant experience it's a bad idea to open. thread-49111.html

Some chick I was talking to yesterday was talking about the "food desert" which I assume is at least a warning sign that she has had an SWJ education. There is no "food desert" when there are food trucks and entrepreneurs like this. And the hood where this supposed desert is to be found, happens to be the location of some of the best new restaurants because the concept they had was to made excellent food and keep the cost low by staying out of high rent areas.

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