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    4 Replies Latest reply on Apr 29, 2015 6:40 PM by Moderator Cath

    New Business Idea

    Nick Gilliam Wayfarer

      Hello, My name is Nick Gilliam. I've always wanted to own my own restaurant/bar but more modern including Hookah and even vaping which is becoming even more popular every day. I would like some advice on how I can make this dream become a reality. I live near Bellefontaine, not too big but big enough to create a large source of customers daily. I'm 22 and have no prior business experience but am willing to learn and do my best to make this dream reality. If anyone has some advice on what I could do and need to do to start this up it would be much appreciated. Thank you!

        • Re: New Business Idea
          LUCKIEST Guide

          Welcome to the Community Nick.

          You said that you are 22 years old with NO prior business experience.

          My best suggestion is that you learn at somebody else expense.

          Get a job at a restaurant and learn the ropes.

          Do well and the owner should promote you and the higher you go, the more you will learn.

          Set a goal of maybe 5 years or by age 30 and then go out and succeed in your own restaurant.

           

          Lots of luck, LUCKIEST

          • Re: New Business Idea
            Moderator Cath Guide

            Welcome Nick!  We are happy to welcome you to our community.  We feel that you will be able to garner some good information and tips/suggestions here.

             

            Luckiest has reached out and given you some good advice.  It appears you have a vision and some passion behind that vision but perhaps need to add some good feet-on-the-ground experience to add to your vision/passion.  He suggests gathering some experience by working in a restaurant - GREAT advice!  You will be able to see how to run a business from another perspective.

             

            Another suggestion for you to consider: why not open your own catering business.  You would be able to get good hands-on experiences and not have to invest a great deal of your finances. 

             

            Other things you want to have in your pocket: financing, business plan, good location, marketing ideas, knowledge of cooking for the public.....and the list goes on.

             

            Keep your vision - just gather experience in all areas of a restaurant business for a few years.  THEN let your ideas take root!  Best wishes.

             

            Cath

            • Re: New Business Idea
              Jon Lee Adventurer

              Hey Nick,

              We've done a lot of re-branding for restaurants and the one thing we've noticed from our experience is that it often costs a lot more to start a business in the restaurant industry than most businesses. You'd be looking at food handling licenses, consumption of alcoholic beverage licenses, any licenses required for Hookah and/or vaping, employees that you'll need to hire, rent for commercial real estate, promotional marketing materials (business cards, menus, flyers, etc.), cost of food and alcohol ingredients, etc. It's a significant amount of money and people generally rely on a loan to pay for the upfront costs which in you case may be hard due to your age (your credit score builds throughout the years).

               

              Gaining experience at a restaurant as Luckiest mentioned may be a good idea as well or starting at a smaller scale so you can at least get your hands dirty by catering without the initial investment as mentioned by Cath is also a fantastic idea. Either way, whatever your choice, I wish you the best of luck!

               

              Cheers,

              Jon

                • Re: New Business Idea
                  Moderator Cath Guide

                  I think we all wish Nick the very best.  You have given him some good food for thought and since you have some experience with the restaurant business, it helps to hear from you.

                   

                  Thank you for your post.  I hope it will be of help to Nick and others who are considering this path, too.

                   

                  Cath

                • Re: New Business Idea
                  chinadave Scout

                  Nick:  All is excellent advice.  Don't be afraid to  change jobs when you think you have learned enough from one restaurant.  You can get ideas from others as well.  Take good ideas from each job until you have enough capital and experience to do what you feel is best.  There is a reason why some restaurants have been in the same location for many years and are successful.  There is also a reason why so many go in and out of business too.  You are young with many years ahead of you.  Don't be too anxious to succeed too soon.

                   

                  Dave

                  • Re: New Business Idea
                    Moderator Cath Guide

                    Hi Nick,

                     

                    I hope we haven't discouraged you in your dream of opening a restaurant.  After reading through all the posts, what I am seeing is a great deal of advice - you will need to decide if it is good or not-so-good advice.

                     

                    Let us know what you are thinking will be your next step.  Please continue to ask questions and I am sure you will get a basket full.

                     

                    Cath