The Money-Losing Pizzeria: What Value Does a Failing Restaurant Have?
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- เผยแพร่เมื่อ 7 ก.ย. 2024
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Allow me to introduce myself. I am Chef Jimmy Ryan. It's all about Marketing. Don't whine about competition or location. You got what they like, they come to you. You do it right, they keep coming back. Always give the people what THEY want, NOT what YOU like. NEVER EVER spend all your loan money - save some aside for rent and payroll. Even if you are doing well, save for contingency. I didn't pay myself as much as my workers for months. Don't overhire. It is MUCH cheaper to work an employee longer shifts and overtime than to have another 30-hour worker. Even if you are eligible for a huge loan, first SAVE up, borrow from more than one source don't get it all from one lender. They can kill your business. No excuse to have a losing restaurant. Never an excuse to take out more loans after you start. This is how most restaurants fail within 6 years. If you don't have a natural marketing sense, stay home!
Did you watch the video?
I met a woman who bought a coffee business in Friday Harbor WA for $1,000 because the owner wanted out so badly. She made a little $$$, but not more because she was lazy
Those little coffee shops are tough. Many are little more than a job.
lol
Thank you David , I am thinking to buy a draining ship, now as per my plan i will redo everything on that business.this video helped me, keep up the good work.. thanks
I’m glad that it helped you. Pls like and share so the video will come up for others.
lol
Hey David... Probably watched 10 videos of yours in the last couple of days. Amazing content. Now, if you answer this question, you'll make my day: So I might end up buying a bar or a restaurant soon. I'm talking to a couple of business owners who want to sell. My question is about licenses and permits: Do the licenses and permits end up getting transferred? Or will I as the buyer need to re-apply for licenses and permits? And if so, is there a way to ensure that business continues to run without a downtime through the transfer? Many thanks!!!
This is a great question and I'll put it on my list for a video answer because there's a lot to say about this.
The buyer paid 40k. Did the buyer pay for any of the equipment or supplies? Or he just paid 40k total? Thank you,
That was the total. The seller thought it was a good offer vs. breaking the lease, trying to remove the equipment before the landlord noticed and then selling it online from his garage.
If a business doesn't make money, It's literally a scrap liquidation. In this case, he got $$$ and avoided issues with his personal guarantee on the lease. It was a good deal.
This was helpful. Thanks, David.
No Problem, Thanks for the kind words. Don't forget to like, share and subscribe.
Do you think a pizzeria is better than a 9-5 slavery job?? I worked as a delivery driver in Boston, MA and witnessed uneducated people owning a food business making a killing with the bare minimum and no creativity,, all similar menu items and bland, frozen food and still they were making great money,, Imagine if someone intelligent getting into this with deep cuisine culture and knowledge,, he would be wiping these folks out of the map..I believe the best thing is to catch a falling business and squeeze the business owner to get a deal and convert the restaurant to serve something else more competitive...
Great points. Just be careful how you change things. There is a market for lower quality products.
Thanks for sharing, getting value from your videos :)
Awesome, I love making them. If you go to www.DavidCBarnett.com and subscribe to the email list, you get the new videos a few days before they go public.
Thanks for the kind words.
Thanks man, keep up the excellent work :)
what about buying a restaurant already closed down with previous owner still holding lease. been on market for a few months.
It's not a business. You're buying a bunch of assets already in place which will allow you to launch a new business. It's all the same risks as starting new except maybe you're getting a good deal on the equipment and furnishings. If it were a good business, someone would have bought it while it was running in most cases.
The problem with buying a failed pizzeria is that you are going to have to spend a ton of money in advertising to change the public's negative perception of the place. Kind of a wash.
Not true. Once the name comes down and it's redecorated it's just a new business. I've had many clients do this. They face the same struggles as any new business but the cost to build it is substantially lower than building a restaurant in a 'virgin' location.
Also small cities are like 3rd world countries,, which suck for investment and are a huge risk...
Potential market is important, I agree. It's why my business is online.
Rich Dad poor Dad runs scam training classes. Bad guy to associate with well deserved bad reputation
I’ve heard some of those stories. Did you ever do any?
lol....You're not educated enough to understand his logic....Being educated in business doesn't mean that you'll be successful, you have to understand the 35% returns logic. If you don't get this part, go back to 40 hours a week....