Former Restaurant Owner
I was once one of you – a struggling restaurant owner, so know what you go through. Newly married and just had bought a house too, so why not a business too? Corner bar in a mostly polish-decendant neighborhood, shot-n-a beer joint with a Friday fish fry (popular in catholic neighborhoods). So at 23 years old, here I was a bar/restaurant owner with no knowledge on how to run a business and lack of funding.
I was doing pretty well as a new owner at 23 years old, started to expand the menu and eventually get into full-time lunches and dinners. Probably lost money on my Tuesday $1.99 all-you-can-eat spaghetti night and Thursday 10 cent per chicken wing night (This is Buffalo after all in 1980). No mentor, no cost of food costs and no understanding of financials or someone to help me with it (my accountant was no good).
So what do I do 2 years later? Buy another bar and get myself further in debt. So a “bootstrap” entrepreneur trying to create this “dynasty” at 25 years old! Little did I know that 2 years later, I would end up in bankruptcy court and owing over $100,000 of debts – maybe some can relate! Found buyers for both businesses and all the proceeds went to the creditors and none to me. Many life’s financial lessons learned at an early age.
Now that I am an insurance agency owner, I get to help people like I was back then – cutting costs and delivering value! I hope to be helping you one day and would love to hear your own personal story too. I wish you noting but success in your restaurant too.