OMGoodness....every time I read this thread it makes my stomach bottom out and I end up with my face between my hands shaking my head.
@hahsgyahba It seems to me that despite some EXTREMELY knowledgeable people giving you a heads up, in a very kind way, as to why it is not a good idea for you to open a restaurant (just yet).....you are going to do it anyway........here are some concerns
1) How long, do you think, it will take you to get the experience to open and run a restaurant successfully? (no academia answers, just your thoughts please)
2) What do you think a business plan is used for mostly and why do you think they say it is a good idea to have one?
3) What type of food industry positions do you think will give you the most rounded experience necessary to help you run a restaurant successfully?
4) What do you think you will be bringing to the industry that is not already there? and How are you going to execute it successfully?
5) How many years have the restauranteurs that you are shadowing or getting mentorship/knowledge from been in business for? and How many years in the food industry have they had? and What positions or how many positions in the food industry did they have before opening up a restaurant?
6) Do you know how to cook a steak? If at the drop of a hat, without research, I asked you to tell me how long it took to cook a skirt steak to medium on gas vs. charcol vs. electric could you do that and show me without making a mistake? Do you know what a skirt steak is and where on the cow it comes from? Why would you choose a skirt steak for medium and a paleron for rare? Do you know what a paleron cut is?
7) Do you know from pasture to plate the process of the meat? (not academia but personally experienced)
8) Does your wife know simple accounting? Do you know what food costs and labour costs are and why they are necessary to know?
9) How are you going to market yourselves?
10) Do you personally know a good chef that knows the answer to these questions and do you trust him with all your wealth and success of your business?
Just a few to start with.
Regarding the financing, yes I am working on a business plan and have looked at plenty online. I think I can make one which the bank(s) will be happy to finance - but as you know, time will only tell!
A bank will not even look at you to finance a business unless you personally have a couple of years experience in the industry you would like a loan for. However, there are banks and loan institutions that have been persuaded.
CW: Are you hoping to make more money? Do less work than you do now?
> yes, we are hoping to make more money than if she was just working for a company. Do less work? No, it will be more, much more but after a few years, I think it is worth all the energy.
So the thing is that yes, we want to make more money and be able to make get-away trips to other states or EU once a year, and live a comfortable life. I think instead of us working, its better that one of us works for a constant source of income and one of us gets into business and earns more than in a job which will pay-off after a few years.
Lol....okay this made me shake my head and giggle at the same time. You really do not understand the industry if you think you will be doing this as a restaurant owner.
I had asked the question before as to why you chose to look at the restaurant industry to open a business and you gave a bit of a blasé response so I am asking again.
I think the thing of it is mate that many of us giving the advice to you here have been in the industry for as long (if not longer) then you have been alive. We do not say what we do to make you feel like it is impossible to open and run a restaurant successfully, we only wish for the ultimate success of anyone willing to put in the longhouse drive, effort and passion this industry will demand of you. We say what we do for you both to understand that this industry is one of the most gruelling and brutal industries known in regards to stress, time management, physical and mental wear down so you have to be prepared for the only real happiness that comes from this job and that is a regularly thankful customer base and the feeling of a job well done at the end of the day. If you are able to profit then that is a bonus and comes from years worth of experience in this industry. Take your time.....if you truly come from a 'hard-working and good thinking family' then stay the course, work the industry for a few years doing every job there is from dish pit to serving, supervising to managing so that you will ensure your success when you eventually open your restaurant.
I may come across as harsh and I do apologize for it however I truly wish you well and all the success in your endeavour