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/biz/ - Business & Finance

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188377 No.188377 [Reply] [Original]

Hello, /biz/ness people! I am the Traveler of the Boards, gathering the wisdom of 4chan to piece together and spread freely. I humbly ask for any knowledge you have, or anything to help me on my journey.

To keep this on topic, I've come up with a business idea with my friends, and I wanted some input. We'd like to open a mix of short-order diner and bar, perhaps like a pub. What exactly would be needed to have both a dining establishment, and a bar w/ liquor license? And where would I seek investors, if this idea were to ever get that far. Thank you, /biz/ness folk. The picture is the best thing I have for this board.

>> No.188392

> Investors
Physically and metaphorically suck dick.

>> No.188398

>>188392
Ouch. Ok, then how much cash would one need to start even a small greasy spoon diner? We may have the capital, I just don't know what would be needed.

Also, any general business wisdom?

>> No.188405

>>188392
You will need to mark up from the cost of ingredients by at least 4x to survive. Food service is one of the hardest businesses to avoid failure in, charge out the ass for drinks to stay afloat.

>> No.188410

>>188405
Damn, I was hoping to be the comfortably cheap place in town. Everywhere here is expensive out the ass, just because we're near a major city. And ingredients shouldn't cost overly much, it'll just be short order cook stuff, eggs, pancakes from a mix, burgers if we feel daring. Basically, a place for drunks, stoners, and the poor to eat and drink.

>> No.188419

>>188377

You put together a business plan. This includes:
>mission and vision statements
>where you plan to set up shop
>exactly how much getting started will cost
>operating costs
>sources of revenue
>a solid step by step plan on what you are going to do with investor's money that will bring you off the ground and turning a consistent profit within 3 years

You then go to a bank and convince them to give you a loan for the amount you need using your business plan.

>>188398
Do your own research. You are putting real money into this thing. You should know how much everything is going to cost and how much money you are expecting to make, or if it's even worth your while. It's 10000x better to put a month into planning a business to realize that it's not going to work out rather than to already be spending money and maybe even operating and only then realizing it's a shit idea that won't get you any money.

>> No.188420

>>188398
Buy wholesale everything (ESPECIALLY ALCOHOL).
> Buy $0.25 each beer
> Sells for $2 easily at nice bar. (I think; not really experienced on the matter)

My dumb ass uncle buys products at costco for his gas station. *facepalm*
> HURRR DURR I HAZ TWO CHILDRENZ AND ZE WIFE THAT DEPEND ON MEHHHH
> Buys unknown/dead gas station franchise
> Buys overpriced gas ($0.02 profit per gallon)
> Costco shit ($0.25 profit on in-storeshit)

>> No.188427

>>188377

liquor license requirements are state to state - no standardized requirements but I know many places require your workers to have special training

also watch out for lawsuits when serving liquor, many places allow victims to sue the bar for damages caused by drunk drivers

>> No.188429

>>188420
Get what i'm circumcising?
> Jew reference and budget cuts on a economics related board for tips
> Hot.

>> No.188430

>>188419
Fair enough. The more I think on this, the more I doubt it can get anywhere, and if it does ever go anywhere, it'll be down, dragging us all with it. Thanks for the input.

>>188420
Jesus, I'm no savant at running a gas station, but th'fuck? Even I understand wholesale on everything.

>>188429
Ha, funny. Any general business tips, for something beyond my vague goal of opening a dive bar?

>> No.188437

>>188430
That's basically all you need. Business-wise.
> Intricate and detailed business plan
> Wholesale over errythang
> Sell x300 markup
> Disregard women, acquire currency.

>> No.188440

>>188437
Also: Don't make the mistake of getting comfy.

Expand your business as soon as you can. Do not hesitate

>> No.188443

>>188437
Right on, makes sense.
>>188440
But what if I don't want to expand? Isn't that a key way businesses fail, over-expanding?

>> No.188454

>>188437
Don't over do the markup. You want to make money by still staying competitive.

OP wants to open a restaurant that sell stuff on the cheap, so he of course wants to keep his prices at or below his competitors.

>>188443
I think another way of thinking about it is not even new locations, but constantly finding new ways to attract customers. Keep them coming back and make more money

>> No.188458

>>188443
Don't get expand-happy...
Research what McDonalds did. It is pretty interesting.

http://www.aboutmcdonalds.com/mcd/corporate_careers/training_and_development/hamburger_university.html

>>188454
I think that was implied but eh, thanks for clearing that up...

>> No.188461

>>188458
Their own college to keep people in line. College.

>> No.188465

>>188454
>>188458
Thanks for the help, guys. While I doubt this idea will go anywhere, if it ever does, I'll make sure everyone on /biz/ gets a founder's discount.

>>188461
Holy shit, that's heavy.

>> No.188473

>>188465
DON'T FUCKING DOUBT YOURSELF OP! DO YOU WANT TO END UP A NEET?!?!?!?

>> No.188485

>>188473
No, and I never did know what NEET stood for. Also, more to the point, I'm unlikely to get this business up because I'm young, ignorant, and have a bright future in non-food related work. Might I do this in the future? Sure, who knows, but right now isn't the time.