freud
04-03-2007, 04:49 PM
I have been reading the posts for the past few weeks and decided to through myself into the lion pit...
A previous co-worker and I have a concept for an upscale lounge. My restaurant experience is limited to a short waiting stint quite a few years ago, but please read thoroughly before you reply. Having been in several management arenas and owning my own business, I do know that it is possible to enter into a new industry and be successful by HIRING THE RIGHT PEOPLE.
I have spoke with a close friend who has been in the bar industry for 10 years and is currently head bartender at a 1.5M/yr establishment. His reputation preceeds him and I have the utmost confidence that he can run the floor and recruit the type of employees we will need. He has been an excellent resource. Personally, I have an accounting and CIS degree. My partner has his MBA. And, we both have the drive to succeed.
Now, please understand this is only a concept. We have been working on a business plan for about 2 months and feel as though we are coming to a point to start looking for investors and feedback. Because of the nature of the lounge, I prefer not seek outside feedback until a great deal of the legwork has been done.
The local market conditions, demographics, and competition create a very inviting environment for this type of establishment.
I do agree that experience is the best teacher, which, of course, I would feel more comfortable if I had more of. But because I don't, the next best thing is to seek out the advice of those that do (the reason I posted this). I certainly am not undermining the amount of blood and sweat that go into creating a successful venture...But, with 1) the right people, 2) an exhausting amount of market, finance, and industry analysis, and 3) an unmatched work ethic...is it possible to succeed in THIS industry (without a great deal of experience)?
A previous co-worker and I have a concept for an upscale lounge. My restaurant experience is limited to a short waiting stint quite a few years ago, but please read thoroughly before you reply. Having been in several management arenas and owning my own business, I do know that it is possible to enter into a new industry and be successful by HIRING THE RIGHT PEOPLE.
I have spoke with a close friend who has been in the bar industry for 10 years and is currently head bartender at a 1.5M/yr establishment. His reputation preceeds him and I have the utmost confidence that he can run the floor and recruit the type of employees we will need. He has been an excellent resource. Personally, I have an accounting and CIS degree. My partner has his MBA. And, we both have the drive to succeed.
Now, please understand this is only a concept. We have been working on a business plan for about 2 months and feel as though we are coming to a point to start looking for investors and feedback. Because of the nature of the lounge, I prefer not seek outside feedback until a great deal of the legwork has been done.
The local market conditions, demographics, and competition create a very inviting environment for this type of establishment.
I do agree that experience is the best teacher, which, of course, I would feel more comfortable if I had more of. But because I don't, the next best thing is to seek out the advice of those that do (the reason I posted this). I certainly am not undermining the amount of blood and sweat that go into creating a successful venture...But, with 1) the right people, 2) an exhausting amount of market, finance, and industry analysis, and 3) an unmatched work ethic...is it possible to succeed in THIS industry (without a great deal of experience)?