Small business

Years ago there were much better western style bars/pubs here. Limelight was great the Tropini was a wellknown meeting place/hangout and the royal salute there was also a small place called the office and an Irish owned bar across from OK pension but I forgot the name again. Hopefully more western style places will open again

 

So you will be managing your business from a distance. Are the family members equipped with the know-how in running your resto business? Food business is I think the hardest to monitor so business owners should run the business hands-on.

 

It would probably be easier and cheaper to just agree to support them for life. Family members seldom seem to make a business work that someone else paid for. It usually just becomes an endless drain on the finances, instead of producing a profit.

Larry

 

I definitely agree with you. I once help one of my sister to start her a small bakery business and I did provide her with everything that she needs but the business did not work. Aside from providing her business expenses I am also supporting her with their daily needs. Still did not work. Some family relatives can be abusive financially knowing that somebody else is providing it for them for free. I am not asking my money back it's just they are family and I wanted to help them so they can stand on their feet and support their own family. I felt sorry for some of them cos I can't do it forever. Now...some of my family wants to put a small business and I have not decided to provided them the expenses yet. They are not a professional business people and absolutely no experience on how to take care of a business. So...I guess I just have to support them.

 

Probably much cheaper in the longrun

 

Anita,
The best way to get into any business is to first work in the business as an employee to see if you would like it. Have your relatives go to work in a restaurant to learn how to run a restaurant. They will not learn everything but they will learn that most restaurants are open 7 days a week and that when the doors are closed and there are no patrons inside they will still be there working either preparing for the coming meals or cleaning up after everyone has left for the day.
Don't kid yourself restaurants are hard work with many many long hours. Your relatives should work at this even if it is for free to learn the basics. If they are not willing then you should just keep your money.:D

 

Yes......your absolutely right. My brother has an experience in a restaurant for about a year and within that year I don't know what he had learned. I never seen these people for 5 years. They are just lack of motivation. I have to push them a little bit harder.

 

Having spent 10 years in restaurant management in a previous life I was constantly amazed by the number of people that thought they could run a restaurant successfully. This is why restaurants have one of the highest failure rates of any business.

 

Anita, Any one that starts a business must have an intangible that I call "fire in the belly". Without it you are doomed to failure. If you go into a business with an indifferent attitude it will fail.
People come to me with this line, "I have an idea and I want to start a business". When asked for details they don't have any. Ideas are a dime a dozen, but a person that can make it happen is worth their weight in gold. To be successful the plan must be in writing, if they can't write it down they don't have a plan. The idea doesn't have to be something that no one has ever heard of before, just a better was of doing business but the most important element is to have the fortitude to make it happen.
"Courage is the foremost of the virtues because upon it all the others rest". Winston Churchill
It takes lots of courage to start a business with your own money at risk. If they don't have any "skin" in the game, don't lend/give them the money.

 

Nice post and many thanks. Usually, I would give them the money and whatever they want to do with it...it's up to them. I wash my hand and out of there business cos if I will get involve, I will be disappointed. My family doesn't have the skills and ability to put a business.