Destee Network : If you had the opportunity to start your own business - would you?

Discussion in 'Destee Network :' started by IntuitioninMD, Dec 10, 2004.

  1. IntuitioninMD

    IntuitioninMD Banned MEMBER

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    If you did have the opportunity to start your own business - would you?

    If so, what is holding you back from starting your own business?

    What type of business would it be? Why?

    What would be your business strategy?

    Who would you market your product to and why?



    This might be an opportunity for us to share NOTES. :)
     
  2. HODEE

    HODEE Well-Known Member MEMBER

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    Yes, I would open a business. I have always wanted to own a club. Comedy, jazz, or a combination of this. A coffee house would work as well. I just want the people to sit and relax. There is a club here, in Berkeley, everyone sits and watches live bands .. I went there and saw Cameo. You have dinette sitting and club dining and seats. Just enough room for waiters to move thru and serve as you watch the show. I would want local singers as well to come and perform. Mariah Carry performed in clubs in San Francisco before she got started. Confunction started local, so the bay area is full of good talent and bands.

    At this time operating cost. Is my only factor. Commercial property isn't expensive right now, but the rent modifications, equipment, tables, liquor, liquor licence, employee salary, and rent per month all are concerns.

    I am a merchant. I have all the tools and I am on the edge of opening my first store front. I really want a lounge, I want a place with a throw back atmosphere, where everyone sit down and listen to live jazz, it would have a small dance floor.

    What is holding me back. Me!
    I have to be able to pay back on my loan. So I won't do it if it isn't feasible.

    I'm not working at this time, and If I was I would have been writing a different letter. I would be telling you all about my club.

    A great opportunity came up a few months ago, liquior licence and all for $150,000.00

    My wife said go for it. The rent was $2300.00 a month. I would have to buy stock of alcohol, and hire workers, bouncers and stuff.. all I could borrow would be about $150,000 right now without working. So it was just within reach.

    I would have to make it the first month, and that isn't good business sense or practice. To not have savings to fall back on. I should have at least 6 months of cushion after accounting for paying for everything else. Stuff happens and you have to be prepared.

    My business strategy was straight forward, start with current clientele, this bar has been there for over twenty years. I have visited once or twice for happy hour years ago. It has a kitchen, so I woud also have to hire a cook. I would pay my bartender starting at $15 to $18 an hour, and my security $15 at least to start.

    That is at least $1200.00 a week in salarys. Now I need a cook and someone to serve, I would call up some friends I know who have done this and have good customer skills in serving and cooking. They would be paid at least $15 an hour too. So my salary is at $9600.00 a month along with my rent of $2300.00 so I would need to account for a total of at least $11,900.00 a month and I havent sold a drink.

    That times six months cushion is $71,000.00 extra in the bank. If I had a little less I would still take the leap. My numbers tell me I would have about $50,000 extra, not $71,000.00 so I would have four months cushion.

    Not a real problem if I was working. I would borrow all I need from connected friends at low interest rates. So my friend would front me at least two hundred thousand easy out of pocket. Oh yea..I would have my loan cost, I would finance with him for two years, so interest only on two hundred thousand at arm twisting rates would be about $2,000 a month. Interest only.

    Don't ask me :zipit: :gossip: if he is in the mafia, :bazooka: I never ask, and do not want cement shoes. :injured: :wchair:

    This deal we did before, so I know it works for him, besides its out of pocket, he has to make some money, :thinking: and I do get all the write offs. :terrific:

    :dance3: :dance3: Party.. :party: :party: Party.. :party: you all are invited to my grand opening... :drums: :drums:

    The dream is still alive in my :hearts2: heart.
     
  3. IntuitioninMD

    IntuitioninMD Banned MEMBER

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    wow Hodee. I want to own a club/lounge too. WHo knows - one day we might be partners? You have given this much thought! Good luck. :dance:
     
  4. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    Business .........going in can be very hard and costly , when i started mines i had a hard
    time even though i made it pass the storm it's still hard out in the business world as a
    black owner .
     
  5. KWABENA

    KWABENA STAFF STAFF

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    DELETED BY AUTHOR
     
  6. CarrieMonet

    CarrieMonet Well-Known Member MEMBER

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    :cook: I had a catering business...I loved it and still do parties to this day. But when I ran the business full time, I'd be putting in 14 hour days 6 days a week and that was rough.

    The only reason I stopped was because at that time my daughter was only 9 years old and she said I wasn't spending enough time with her. There was no way I was going to put the business ahead of my daughter...so I stopped taking parties and found a job.

    Now that she is almost grown...I have been exploring doing the catering full time again....I still have the same business cards, contact info, and have been getting a lot of requests lately to cater some events. The good thing about catering is the start up is relatively cheap. My main costs involve getting insurance, retaining an accountant and a few supplies...
     
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