Posted on: 27-11-09 12:36:22
I agree with most of the points stated above, but i thought that was a reality in India only !!
May be thats how they survive the first couple of years here . and then they get used to that !!
we eat at a certain place bcos we like the food (Taste !), we eat at certain other places bcos it is cheap, food is OK, convinient and so on. my point is Can't a person start a hotel based on the quality of the food (in short Taste !)
not expecting to break even in a year or someting but making a name or a base ?
or isnt it a good idea to start take away initially , taste the waters and then jump. just my 2 cents.
Freddie's figures and Vandemataram's dark reality might scare anyone from starting anything ! this more than homework to be done. but thats good thing abt this forum . Well , i guess rsk12 has a better picture of wots surprises he can expect later going ahead with his plan.
All the Very Best !!!
"A decent place to rent with great exposure will cost $3,600.00/ month = 43,000.00
Your own salary. I doubt you will make the grade. $3,000.00/m = 36,000.00
A retired cook $2,000.00/m =24,000.00
A trainee waitress @ $10.00/hr 56hr week $2,400.00/m =29,000.00
A Grand Total of =132,000.00
Ingredients required for the generation of the revenue $30,000.00 = 30,000.00
This is the basic expense. There are other expenses, such as phone, Electricity, Heating, Accounting and other sundry expenses."
There are two scenarios one can dwell upon and do some analysis.
One is a Take out. The other a restaurant wher you sit down and eat.
When the reality kicks in you will find that it is hard to find a decent place to start off for under &2000.00 for take out and $3500.0 for a sit down and take out. I know you can't find a cook for under $4000.00 per month here in town. Then again he works five day week. Just see the ads in papers and HR offices. In the current times, you surely can find good waitresses for that money mentioned above.
Now what is so scary? You can start with paper plates and plastic cutlery in trying to achieve the goals initially, or when you start with some basic ideas
not finding a decent location or the staff to work with at that low rate of pay?
If you can find out the true costs and expenses with a survey or by spending a few dollars to do the investigations yourself and come up with a figure that you can live with, then the scary portion will vanish and you then get into the reality world where you will have to function with your own findings. That is the best method to follow.
There are so many items that have not been projected in the estimate and the opinion expressed are all rough figures. In the reality world you will have to add all of the renovating costs, the furniture required, the cutlery and crockery, Pots amd pans, the decor and fittings, the display and the steam tables or alternate, and you name it, it costs a pretty buck or you will have to find the same at the surplus sales. And all of these don't come cheap.
Please talk to someone who is running such a business and get the true facts and the figures before jumping into anything head over heels.
See if you can get a health inspection for that location and a paper to hang first.
Freddie.
oops ..little misunderstanding here..
i was not comparing hotel vs take out. it was just a suggestion. secondly the scary part was the figures u mentioned plus the reality put by vandematram together . meaning after investing so much if u have to follow wot vandematram has to say then it is scary indeed, for me atleast.
Hey rsk,
Did you make the leap? Or are you still stuck in your I-hate-this job (like many of us 
Quote:
Originally posted by goodraja
Hey rsk,
Did you make the leap? Or are you still stuck in your I-hate-this job (like many of us
I dont know about rsk,
but i myself ventured into 4 different business thinking that i hate my IT job...hmmm finally realized dreams/passions are not practical when compared to the IT job where u can easily make 10k per month by working hardly few hours in a day(if u r smart you can get the work in few hours..believe me).
This does not mean that one should never venture..if that so we would see every one is an employee and will never see these many successfull enterprenures.
Well, life comes only once...hence i made myself not to run for things which will make my life miserable.
On this same note, i would advise the OP to go for it in this line but not as an owner..instead try to get a job in a resturent and see by your self the reality. Give it a time and if you still think that this line is excellent and you like the challenges...please fullfill your dreams at the same time get prepared for some losses as well. Hey after all this is a dream/passion field for you and you are not really doing this make money (atleast i believe..or else u would never leave ur current IT job)
all the best.
-----------------------------------------------------------------
MK
What kind of IT job is it where one can make 10K/month by working only few hours a day?
Is it the US you are talking about, or Canada, and is it before taxes or after?
I know contracting in IT pays well, is it contracting that you are talking about?
Will appreciate if you can elaborate the job profile.
Thanx 
Quote:
Originally posted by mkannuri
Quote:
Originally posted by goodraja
Hey rsk,
Did you make the leap? Or are you still stuck in your I-hate-this job (like many of us
I dont know about rsk,
but i myself ventured into 4 different business thinking that i hate my IT job...hmmm finally realized dreams/passions are not practical when compared to the IT job where u can easily make 10k per month by working hardly few hours in a day(if u r smart you can get the work in few hours..believe me).
This does not mean that one should never venture..if that so we would see every one is an employee and will never see these many successfull enterprenures.
Well, life comes only once...hence i made myself not to run for things which will make my life miserable.
On this same note, i would advise the OP to go for it in this line but not as an owner..instead try to get a job in a resturent and see by your self the reality. Give it a time and if you still think that this line is excellent and you like the challenges...please fullfill your dreams at the same time get prepared for some losses as well. Hey after all this is a dream/passion field for you and you are not really doing this make money (atleast i believe..or else u would never leave ur current IT job)
all the best.
-----------------------------------------------------------------
sumjo
Yes, in canada and IT contracting. few hours of work does not imply that you really work few hours and get out....its just the work load that you can finish in few hours out of 8 hours if you are experienced and smart.
an average IT contract is around $50 to$60 which will get you more than 100k per annum before taxes and its your choice how much you end up paying the taxes. we discussed this in another thread on self employed tax implications.
hope you got the answer, if not checkout with your IT friends if they can disclose their income
Quote:
Originally posted by sumjo
What kind of IT job is it where one can make 10K/month by working only few hours a day?
Is it the US you are talking about, or Canada, and is it before taxes or after?
I know contracting in IT pays well, is it contracting that you are talking about?
Will appreciate if you can elaborate the job profile.
Thanx
Quote:
Originally posted by mkannuri
Quote:
Originally posted by goodraja
Hey rsk,
Did you make the leap? Or are you still stuck in your I-hate-this job (like many of us
I dont know about rsk,
but i myself ventured into 4 different business thinking that i hate my IT job...hmmm finally realized dreams/passions are not practical when compared to the IT job where u can easily make 10k per month by working hardly few hours in a day(if u r smart you can get the work in few hours..believe me).
This does not mean that one should never venture..if that so we would see every one is an employee and will never see these many successfull enterprenures.
Well, life comes only once...hence i made myself not to run for things which will make my life miserable.
On this same note, i would advise the OP to go for it in this line but not as an owner..instead try to get a job in a resturent and see by your self the reality. Give it a time and if you still think that this line is excellent and you like the challenges...please fullfill your dreams at the same time get prepared for some losses as well. Hey after all this is a dream/passion field for you and you are not really doing this make money (atleast i believe..or else u would never leave ur current IT job)
all the best.
-----------------------------------------------------------------
MK
