Joes Dream to be a Restaurant Owner
Hi, My name is Joe and I am going to be a restaurant owner. I will write a series of articles describing my journey. Here is my first installment.
I suppose it has been over ten years that I have had this dream of owning my own restaurant. I have put together ideas from time
to time and even began the works of several different business plans. The biggest mental hurdle for me has been my personal financial picture. Over the last twenty years and after two failed marriages and four kids later, my credit sucks. I have no accumulated cash in any kind of account, and my credit score is the lowest it has probably been. But with all that said, my determination to be a restaurant owner is high. I am determined to have my own restaurant regardless of my financial situation and in reaching success maybe I can encourage and inspire others to go after their dreams regardless of how distant and challenging it may seem. So, I will give you a sort of play by play as I creep deeper into my entrepreneur mode and take each step toward opening and running a successful restaurant. I will not let the readers down, so stay tuned. I know I have a long road in front of me, but it should be exciting every step of the way.
First decisions to make are so important to me right now. One decision is where should I try to acquire funds (high interest loans and credit cards) to finance my restaurant and be my own boss without partners, or should I acquire a partner to assist financially? In choosing the latter, my interest rates will be better, and I will have that business minded support and a feeling that I am not alone on this. I realize that with my financial back ground, both options will be difficult to pursue, and how many people are out there ready to invest all their money on someone else’s project. The decision I make here is relevant and relational to the other decision I must make.
The second decision I must make is what kind of restaurant will I open? I have several thoughts on this. Here are my current thoughts: open a quick casual franchise, open a turn key restaurant bar and grill, open a turn key fast food Mexican restaurant, or open a turn key quick casual Mexican restaurant. To open a franchise, I will need a stronger financial picture and thus a partner is almost entirely necessary. The others are something I could finance on my own. The bar and grill idea would be the riskiest but would potentially create the strongest profits. It would also be the most complex to set up and run. A franchise would offer me a proven concept, a strong support team, and I wouldn’t have to spend time creating menu and procedures, etc. These are my choices.
So, I will spend the next few weeks contemplating these decisions and finally making the decisions and moving on toward my goal of being a restaurant owner. I will stand firm on these decision once I have made them. After the decisions are made, I will move forward in writing a business plan specific to what I have decided.
I have started accumulating a network of people who can help me analyze my choices and I meet with one in a week. He is a very successful businessman in my area and I value his feedback. My meeting with him should help secure my decision and help me move forward on this dream.
I look forward with sharing with you on the next steps I take on the pursuit of being a restaurant owner.