Advice From a Business Owner
Met a really interesting guy yesterday. He owns several coffee shops, a restaurant and 3 clubs in Dubai.
One of my friends is actively looking to start a coffee shop so I asked him if he had any advice for someone starting in the business.
He said copy a popular coffee shop’s theme. Just take a few snaps and show it to your designer.
He doesn’t believe in buying franchises because of the upfront fees and ongoing royalties. He believes that with the proper marketing you can drive tons of traffic to any business.
He likes to buy distressed businesses that are already setup so there’s no capital expenditure. They’re not doing well so he can get them cheaply. He then launches a huge marketing campaign to hype it up. This includes press releases, getting famous people[through his large network of friends] to show up, having special theme nights and other stuff.
He also suggests that you always try and get the seller to finance any portion you can’t get from the bank. Never invest your own money. Instead use that for the next investment!
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April 17th, 2006 at 5:13 pm
WOW!!! very good post!! Sometimes I don’t like franchise but it is the only way to go I guess…
What kind of distressed businesses does he like to purchase?
Also, I would of liked to ask him what he thought of convience stores and gas stations… I never see any hype about owning one of these
April 18th, 2006 at 9:09 am
he likes cafes, restaurant and clubs. i dont think he has any opinion on gas stations.
i would think that buying service industries with bad service is different from a commodity industry. if a gas station isn’t doing well, i dont see how you can improve it with marketing. after all, people dont go to gas stations becuase of the ambience!
April 18th, 2006 at 1:11 pm
True on the distressed part but I was thinking more of an established gas station/c-store like a BP or something of that nature… I have no idea on how to get one of these but I always see gas stations/c stores for sale advertise in my local paper
but was he a cook or anything like that? I know the food industry is very competitive. I have an opportunity to own a successful sub shop in the area from a family friend. I just don’t have the cash right now and the time he operates 11-3 I am working so I would have to have good employees that I don’t know how to do yet.
but I know the place is succesful.
Also, I think a business is probably the best investment there is and it is overlooked by a lot of investors (at least the ones I know).. It maintains capital and it gives you a good amount of cash flow
April 20th, 2006 at 9:52 pm
The Millionaire Next Door (book by Thomas Stanley) says that most American millionaires are self-made, first-generation millionaires who made their money by owning their own businesses, often in very “boring” sectors — dry cleaners, junk yards, car washes, all kinds of stuff. So yes, a business is a great investment — if you are determined to make it succeed, and learn what you need to know before you dive in.
April 20th, 2006 at 11:24 pm
very true. but it requires a lot of hard work and dedication intially to make it succeed.
I have a previous post about things to look for when buying a dry cleaner business.
April 23rd, 2006 at 7:12 am
I have read the one about the dry cleaners…. But what happenes if you can barely clean your own clothes? How am I supposed to “dry clean” other peoples clothes for money?