Im only 14, I live in Bay City, Michigan. and yeah. economy sucks.
theres nothing here.
all we have are chain resturaunts.
there is one diner in town, and there food is expensive. (like 6 bucks for a hamburger)
and I love cooking,
im a sophomore this year, and know what im doing with my life. I want a diner, with good food really cheap, because no one here has much money left.
do you think, that 6-8 years from now, would the economy be any better to be suitable to own a diner? or is it a waste of money, time, and effort?
I know no one here lives here... but... what do you think?
Good for you. It's nice to see some youth with a goal in mind. That said let me share with you some of what I learned from owning my own fish & chip shop. There are many pit falls and hidden things that you may not see at first and there are a lot of things you need to decide on before hand. The list is long but if you are serious about it then this should be invaluable to you. 1) Location. Will you buy a building with an existing business, empty space, or rent? 2) Hours of operation. You will work most of the hours yourself as staff costs money. 3) Staffing. How many depends on the number of seats you'll have. 4) Financing. Almost all businesses need a large amount of "start up" money for things like lawyers fees, rent, food, utilities, taxes, wages, waste etc. 5) Type of food on the menu. Will you have a unique signature dish? 6) Advertising. You'll figure out that word of mouth is the best form or worst depending on how your food is received. 7) Bookkeeping. This above all is paramount to any well run business. Paying an accountant costs a lot of money. Doing it yourself daily keeps a close eye on your cash flow. 8) Uniforms. Will you get uniforms for the staff and yourself. 9) Decor. What will the diner look like inside? Plates, glass etc. Will it be a period diner. (50's style?) 10) Business plan. Any person who wants to own a business and make it successful must have a business plan. 3yr. 5yr., whatever. 11) Suppliers. Who will bring your food, paper and other items?
My advice is seek out some people that own a business similar to what you're after and just talk to them. Find out what they have to say about it. Seek professional advice for your finances as they will ultimatley determine whether or not something is feasable. There is a great deal of self sacrifice that you will need to do and an incredible amount of stamina and patience. Many people have tried and failed BUT many have tried and found their niche market and have done very well for themselves. Just get as much information as you can. The more the better and you will be off on a good start. The list I gave is pretty general and it could be more detailed, however it would be way too long. Good luck to you.
I think it is a great idea. So what if the economy sucks. You will be helping out the people in your town by not only fullfilling your dream, but by providing them with inexpensive, good food. Go For IT!
