Hi little buddies,
As many of you know i have moved to a country town. Been here for 6 months now and I have noticed that the town is lacking a few things, and been the keen businessman I have a few ideas. This town needs a mexican restaurant, dry cleaner and maybe a new cafe.
I have no experience in either of these industries.
Question is would it be a good idea and if so how do i go about setting up these businesses up?
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Do you intend to put roots down in this country town? Most businesses require some amount of time to become profitable especially if they require equipment purchases eg: dry cleaners, restaurant.
[quote]Dr. Pangloss wrote:
Do you intend to put roots down in this country town? Most businesses require some amount of time to become profitable especially if they require equipment purchases eg: dry cleaners, restaurant.
[/quote]
This. Be prepared to stick it out 5 years before you start to see a real return IMO. Be prepared to survive the first year essentially in freefall as far as your income is concerned.
Be prepared to work way more hours for less money than you would ever be willing to for someone else (at least in the beginning).
Not saying don’t do it, free enterprise is awesome. I’m just saying do it with a realistic adult timeline in mind. Most of us way overestimate what we can accomplish in a year but underestimate what we can accomplish in five.
Also, restaurants have one of the highest failure rates out there, so unless you are super passionate about this idea specifically, I would suggest a different type of business.
[quote]theBird wrote:
Question is would it be a good idea and if so how do i go about setting up these businesses up?[/quote]
It would be a good idea if you had a partner that had experience in restaurant management or dry cleaning. Also, tons of money helps. Even to open a shit franchise you need to be worth about half a million or so and have close to that in liquid assets.
If you are just looking to make extra cash, I would look at something with a little less overhead and something slightly more profitable than dry cleaning and restaurants. I don’t know shit about dry cleaning, but I doubt that equipment is cheap. Restaurants require meticulous management to be profitable.
You are dealing with tiny profit margins(hence all the mexicans that can cook italian/greek/japanense/french/etc)and if you don’t know what you are doing, you will lose your ass just like every other chuckle head that had a dream of opening a restaurant only to end up bankrupt. Though that isn’t to say you can’t make money doing either, as restaurants can be extremely profitable and I’d imagine so can dry cleaners.
My advice would be to come up with some other ideas.
Bird, I’d suggest you make a Mexican/Cafe/Dry cleaning combo, all in one building.
People would come in at 8:00 grab a coffee and could drop off their dry cleaning. Then they could come back at 19:00 have a burrito or 2, and pick their stuff back up.
Clean & simple. You could call it “Wake up, get clean & spicy”
I am sure they do not have Gay Massage parlors either.
Doesnt make it a good business decision.
Plus who the fuck you calling little?
[quote]theBird wrote:
would it be a good idea
[/quote]
Yes
Take out a huge loan from a loan-shark, one that will cut you into pieces and feed you to outback dingos should you not pay him back. No need to worry here - your business acumen and savvy will ensure that your well thought-out business ideas are all huge successes.
Hope this helps, little buddy.
[quote]theBird wrote:
Hi little buddies,
As many of you know i have moved to a country town. Been here for 6 months now and I have noticed that the town is lacking a few things, and been the keen businessman I have a few ideas. This town needs a mexican restaurant, dry cleaner and maybe a new cafe.
I have no experience in either of these industries.
Question is would it be a good idea and if so how do i go about setting up these businesses up?
tweet[/quote]
Hello little buddy,
If it’s legal in your area, consider going with a food truck before opening up a restaurant. This is like 1/20th the cost of opening a restaurant, can be run by 1-2 people as a part-time gig and scaled up accordingly… assuming people actually like your food and you can make money selling it. These are really popular in the US right now and the best ones grow into full scale restaurants without the monetary risk of actually opening a restaurant.
Don’t open a dry cleaner. There is no barrier to entry (you don’t even need to speak English) so an immigrant will eventually open up one at rates you can’t or are unwilling to match.
[quote]batman730 wrote:
[quote]Dr. Pangloss wrote:
Do you intend to put roots down in this country town? Most businesses require some amount of time to become profitable especially if they require equipment purchases eg: dry cleaners, restaurant.
[/quote]
This. Be prepared to stick it out 5 years before you start to see a real return IMO. Be prepared to survive the first year essentially in freefall as far as your income is concerned.
Be prepared to work way more hours for less money than you would ever be willing to for someone else (at least in the beginning).
Not saying don’t do it, free enterprise is awesome. I’m just saying do it with a realistic adult timeline in mind. Most of us way overestimate what we can accomplish in a year but underestimate what we can accomplish in five.
Also, restaurants have one of the highest failure rates out there, so unless you are super passionate about this idea specifically, I would suggest a different type of business.[/quote]
no, no, no silly, He didn’t build that.
The roads are paved and there are teachers in schools, the government is the one that does all the building of businesses, and the “little people.”
edit: there v their
Before you do any of this do your research, lil’ buddy.
Identify your market and customers. Since you live in a country town, is the local community’s income sufficient enough to support your endeavor? What about competition? Are there established restaurants already operating within the town limits? What are the taxes like? What’s it going to cost you to start up any one of these businesses and how long until you make back the money you invest into the business?
Research the demographics of your community sufficiently. There could be reasons why none of these businesses are operating within your community. I like your spirit though. Good luck
How well do you fit into the town?
And will they support you?
I know some small towns are very clicky and they don’t like to support anyone who isn’t a local.
Sometimes you aren’t a local unless you’ve lived there for 3 generations.
Just saying, but if they need something then I guess they’ll use it.
[quote]PimpBot5000 wrote:
[quote]theBird wrote:
would it be a good idea
[/quote]
Yes
Take out a huge loan from a loan-shark, one that will cut you into pieces and feed you to outback dingos should you not pay him back. No need to worry here - your business acumen and savvy will ensure that your well thought-out business ideas are all huge successes.
Hope this helps, little buddy.[/quote]
^^Hahahahahahaha, this!!!
[quote]Cuso wrote:
Bird, I’d suggest you make a Mexican/Cafe/Dry cleaning combo, all in one building.
People would come in at 8:00 grab a coffee and could drop off their dry cleaning. Then they could come back at 19:00 have a burrito or 2, and pick their stuff back up.
Clean & simple. You could call it “Wake up, get clean & spicy”[/quote]
I would patronize this establishment.
[quote]EmilyQ wrote:
[quote]Cuso wrote:
Bird, I’d suggest you make a Mexican/Cafe/Dry cleaning combo, all in one building.
People would come in at 8:00 grab a coffee and could drop off their dry cleaning. Then they could come back at 19:00 have a burrito or 2, and pick their stuff back up.
Clean & simple. You could call it “Wake up, get clean & spicy”[/quote]
I would patronize this establishment.[/quote]
There’s a Japanese restaurant here that has a shoe shine guy in the back. The guests come in, take their shoes off (which is protocol for most Japanese places) and can get them polished while they dine. The place has at best mediocre food but is always full, and the shoe guy makes a killing.
Offer anyone today a simple way to get two things done at the same time, and they’ll jump on it.
[quote]Dr. Pangloss wrote:
Do you intend to put roots down in this country town? Most businesses require some amount of time to become profitable especially if they require equipment purchases eg: dry cleaners, restaurant.
[/quote]
Ill be happy to commit myself to this place. This place has been tipped to be Australias fastest growing town. My home city is only a 4 hour drive away.
[quote]i_am_ketosis wrote:
My advice would be to come up with some other ideas.
[/quote]
Im thinking about buying a natty peanut butter machine and selling natty pb at the weekend markets, as there is no one in town that sells natty pb. Only thing is, that the health food stores will probably catch on after awhile and get their own machines.
[quote]Cuso wrote:
Bird, I’d suggest you make a Mexican/Cafe/Dry cleaning combo, all in one building.
[/quote]
I was considering this. Make maximum use of my rented premises.
[quote]polo77j wrote:
Before you do any of this do your research, lil’ buddy.
[/quote]
Thats what Im trying to do. Like I said this town is growing fast, most half decent restraunts etc seem to be making good business.
[quote]Mr Stern wrote:
How well do you fit into the town?
And will they support you?
[/quote]
Yer they love me. Im the towns new soccer star. There is only one dry cleaner in town, and it takes about 10 days to get back 5 shirts, and they came back all crinkled.
And thank you to all who have provided me with suggestions. All of your advice is appreciated. Little buddies.
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