Please sign in to post in this forum.

ForumsFinancing Tips

Up to All Forums

This Question is Answered

1 "helpful" answer available (4 pts)

6 Replies Last post: Feb 8, 2008 12:51 AM by SageTrout

Thinking about leaving my cube

Oct 23, 2007 10:03 AM

Bluesuit 136 posts since
Oct 23, 2007

I work in a large skyscraper in downtown. I've always dreamed of opening up my own restaurant. However, I have a wife, and a newborn coming soon, and a steady paying job. It's not my dream job, but it pays all the bills. I'm stuck in a cube and don't know what to do.

Tags: alternate_financing_options, buisness, business_credit, capital, cash_flow, financing, investor, money, small_business_loan, working Report as inappropriate

BDS INC 131 posts since
Jul 20, 2007

1. Re: Thinking about leaving my cube Oct 23, 2007 10:16 AM

in response to: Bluesuit

Bluesuit,

A piece of advice that a lot of folks on the board give that makes a tremendous amount of sense is to find something you are passionate about and then find a way to make money on it.

I know just how you feel with a family and a good paying job that takes care of them but at the end of the day if you really want to get out of your cube you've got to take the first step.

Starting a business doesn't mean you have to quit your current job. I will guarantee you that at least half of the business owners on this board started their businesses part time while working a full time job to pay the bills.

The last piece of advice I have is for you to really want your business. With your family life about to get busier because of the baby and your regular job, starting a business will take up likely the rest of your free time, so understand the dedication it will take to make a real go of it.

Hope this helps!

Report as inappropriate

Pioneered 3 posts since
Oct 12, 2007

2. Re: Thinking about leaving my cube Oct 23, 2007 11:58 AM

in response to: Bluesuit

A lot of successful business owners were once in your shoes, its still possible to fulfill your dream. I beleive you should take your dream of owning a restuarant and make it a goal, if your really serious. Take that goal and break it down to into smaller goals that can be reallisticly acheived with your current situation. You have responsibilities that must be maintained. Even tho you have a full time job theirs things that you can be doing to move toward your goal. Take advantage of what ever time you have, start writing your business plan, think about what type of restaurant it will be, how it will operate, etc. With your situation a franchise might prove to be a better way to go, research them and see if theirs something that moves you. And I almost forgot, start seriously saving money. I started a company while working a full time job, I devoted nights and weekends to my business. I keep my full time job untill my paycheck from my company match the pay from my full time job(13mths), then I put in my resignation. After putting the time I spent at my job into my own company things really started to rock in roll. Keep in mine four years later I close to company to open the one I have now. Things don't always work out the way you want them to, and just because you open a good business doesn't mean it will suceed. Good luck!

Report as inappropriate

akgold 51 posts since
Jul 19, 2007

3. Re: Thinking about leaving my cube Oct 23, 2007 12:40 PM

in response to: Bluesuit

Hi Bluesuit,

I see that you live in San Francisco which is certainly a great place to start a restaurant. However, the restaurant business is hard and a lot of people think about opening a restaurant. Is there something else which interests you too? Because San Francisco has so many wealthy people, so many tourists and so many interesting angles, is there some other passion that you have that might enable you to create a product or service?

I say this because I have friends who have opened restuarants in San Francisco and they can be really hard work too. In their case, they went to the Cornell Hotel and Restaurant school and had a lot of training in the industry.

Just a thought. Good luck! San Francisco has incredible air so who wants to be stuck in a skyscraper.

AKGold

Report as inappropriate

LUCKIEST 7,938 posts since
Aug 6, 2007

4. Re: Thinking about leaving my cube Oct 23, 2007 1:19 PM

in response to: Bluesuit

It is the American dream to start your own business. You have gotten 3 good answers so far.
Lets try another approach. Tell us more about yourself, like age, education,what you do now and how long
you have been at your current job. If you stay at this job where do you see yourself in 5 years??
Next. Have you Developed a Business Plan for this dream restaurant??
Do you have the FUNDS and background to run a restaurant successfully??
SCORE helps people going into business, both in person and on line and their services are FREE.
Good luck, LUCKIEST

Report as inappropriate

Wingman 58 posts since
Oct 10, 2007

5. Re: Thinking about leaving my cube Oct 23, 2007 6:51 PM

in response to: Bluesuit

The responses you've received so far are all on the money.

I too was in a cube and I made the jump into my own restaurant. I set everything up for the business during evenings and weekends. I quit my corp job the day before receiving inventory and training my staff.

Other things you REALLY need to consider:
How much of a risk taker you are
Are you comfortable with managing 'non-corporate' type people
Can you handle the stress of running a restaurant during peak dining periods
Will your spouse support your efforts and your dream. You're both in this together and it will take everyone in your family to make this a go.

Alos keep in mind that even if everything goes the way you want it to, the restaurant could still fail.

Good Luck

Report as inappropriate

Lighthouse24 2,396 posts since
Oct 10, 2007

6. Re: Thinking about leaving my cube Oct 23, 2007 7:20 PM

in response to: Bluesuit

Take whatever free time you can afford to spare and spend it learning all you can about the restaurant business. It's a tough business, but the upside is that you don't have to rush into it to be on the "ground floor" or to take advantage of some temporary fad. People will always want to dine out, and there will always be a market for new places (especially in SF). So you can take the time to do it right.

Starting and running a business involves a lot of risks and a lot of mistakes. Your question indicates that you have a sense of responsibility to your family and your finances, so if you can reduce the risk by making most of those mistakes on paper or in someone else's kitchen/dining room -- rather than in your own establishment when it costs you real money -- you'll avoid a lot of worry and stress for you and your wife (not ALL of it, but a lot of it!).

Go for it, get outta the cube! Even if you don't actually quit your job or open the doors to your restaurant for another five or ten years, you can start in that direction right now!

I wish you success.

Report as inappropriate

MP_of_MP 6 posts since
Oct 10, 2007

7. Re: Thinking about leaving my cube Oct 23, 2007 8:08 PM

in response to: Bluesuit

I was one of the 8500+ people laid off from Cisco Systems in 2001. It marked the end of 30+ years working in cubicles and warehouses. I own my own business now. It is not always profitable, easy, convenient, or logical. I wouldn't have it any other way. Life is short. This is the Internet Age. In addition to this resource from Bank of America you have unlimited FREE support that will help you strike out on your own.

You have a unique oportunity to separate yourself from the "woulda, shoulda, coulda" people who leave this world with BIG regrets. Don't be one of them.

Best wishes to you for your continued success. Do what you love. Love what you do.

Report as inappropriate

emilyyep 3 posts since
Oct 29, 2007

8. Re: Thinking about leaving my cube Oct 31, 2007 11:03 AM

in response to: Bluesuit

Hi BlueSuit,
I am a Career and Business Coach and I help hundreds of people change and transition into businesses every year. I have started 3 successful companies and am now a solo entrepreneur, so I know what it takes alone. My services are not free for a reason, I give very personal attention and consultation, but very reasonable, and I offer very personal support and coaching. I have helped hundreds change their lives. I offer a complimentary coaching consultation , and this is no obligation. It is 25 minutes over the phone just to experience it. I am located here in SF, all my coaching is over the phone, since people are busy and they need the laser coaching.

Something to consider,

Emily Yep
Creative Transition Coaching
www.ctcoaching.com
1.888.293.2012
emily@ctcoaching.com

Report as inappropriate

fjuarez 3 posts since
Oct 11, 2007

9. Re: Thinking about leaving my cube Oct 31, 2007 11:46 AM

in response to: Bluesuit

Hello Bluesuit,
I know exactly what you mean and took the plunge a year ago, however, I decided to keep my day job until we could get the business into a profitable stage. I was lucky that I have a family that has been in the business for over 25 years and that made the huge difference. But having a business plan helped me discover a great deal about I didn't know about the day to day operations and all the legal/finance stuff. I let my sister run the business while I manage all the finances and that has helped but I tell you breaking into the restaurant business takes a lot of work and you have to have some sort of connection to the business/community to help your business. I am proud to say that we have survived our first year, on Nov. 1st we will celebrate that anniversay, but I had lots of help from SCORE, BofA and other groups to help me with finance, business plan and other critical issues.

Live your dream! Plan it and execute it!
F.

Report as inappropriate

DomainDiva 1,732 posts since
Oct 10, 2007

10. Re: Thinking about leaving my cube Oct 31, 2007 11:52 AM

in response to: Bluesuit

Jewish Mother Moment here:

Yes you want that business but your first responsibility is to your wife and soon to be in the world baby. The good news is you can actually start making PLANS now.

Decide what kind of restaurant, where you want the location to be, develop a business plan ...AH!!! I sound like Luckiest now

and start researching financing. Will you be the Chef? How will you find one? Do your homework NOW and be prepared for the future. YOU CAN MAKE IT HAPPEN!!!!

Make sure you keep your wife in the loop for everything you are doing and one day you will be ready to say 'adios' the the cube.

Report as inappropriate

WEBillions 154 posts since
Oct 10, 2007

11. Re: Thinking about leaving my cube Nov 3, 2007 11:09 PM

in response to: Bluesuit

Having just started a business and also being pregnant, I can tell you now it not the time to rush into self-employment. That's not to say you shouldn't do it, but you should put some careful consideration into exactly want you want to do and if you are cut out for it. There are some ideas about what do to at my blog mickysbusiness.blogspot.com. DO NOT quit until you have a clear plan in mind and even then you might want to try working on it part time at home to make sure you would really enjoy doing it for the next 5 years or more. Keep it mind that it will take some time before your business starts making money. Make sure your wife is supportive of the idea--it's not only your decision. Maybe she can even help out if you pick something both of you enjoy doing. I work with my husband. It's nice to work together on something you both feel passionate about.

Report as inappropriate

Bluesuit 136 posts since
Oct 23, 2007

12. Re: Thinking about leaving my cube Nov 3, 2007 11:47 PM

in response to: Bluesuit

This gives me a lot to think about. Thanks to all. Since, I last posted I have been using all my free time to plan for the restaurant, and intend to do so, moving forward. My wife and I talked about it, and she's very supportive of me pursuing my dreams. We agreed that I wouldn't do anything drastic with my current job, until at least 6 months after the baby was born.

Report as inappropriate

silvercell18 14 posts since
Jan 16, 2009

13. Re: Thinking about leaving my cube Jan 16, 2009 3:35 PM

in response to: Bluesuit

I know this question is old, but I hope the answer helps others down the line.

There's nothing wrong with making sacrifices, just make sure that when you jump and follow your dream to check that all financial loop holes are taken care of. With a new kid, a family and a pretty stable cube life...it might be ok to just bite the bullet and ride it out. Save up some money then build the best restaurant when you feel like you're a little more comfortable.

Report as inappropriate

Legend

Open Question
Answered Question
New content since your last visit
Updated content since your last visit
Content you have read

ForumsFinancing Tips

This Question is Answered

Thinking about leaving my cube

Oct 23, 2007 10:03 AM

More Like This

Legend