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Rising Star
Looks like Greenday got the memo 😂
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I own a business while working. The best advice I can give you, be the high level manager but make sure those you hire are dependable to keep operations running smoothly. You don’t want to have to deal with as many problems that you can get away with delegating! It’s tough owning a business while working but doable. I’m in the process of taking the backseat at my business now but I transferring part ownership to a partner and having them run and scale from the point I got it to.
@KPMG1, well said. Profit sharing or commission is how we pay some of our employees. Especially the ones that do the heavy-lifting work that makes us the revenue. Sales gets a percentage of commission off the top as well. Pricing your product or service correctly here according to customer’s willingness to pay is key so that you can maximize your profit as owner
I own a side hustle, but it isnt brick and mortar…similar gig digital world remote work, but I run my ass off usually and still have a spouse helping too but we try to keep our standards of service high, which probably isn’t the most optimized. Only upside right now is I have a teenager coming of age I will begin delegation of some grunt work until he can drive.
I am thinking of starting a service based digital company. What's your idea? How do you execute?
I would like to learn more if you would like to share on this.
TIA
Coach
Commenting to stay subscribed to this. Also WFH in a role that lives 100% on a laptop in the digital world and have really had the itch lately to start a brick & mortar business. I want to use my hands and physically build something, manage actual processes and have ownership over something that isn't completely contained within a share drive.
I already run my own business, but it’s marketing and I still have a desire to have a brick and mortar. A coffee shop or a cocktail lounge/bookstore or something. No idea how to even get started on something like that. Like, I use a coffee grinder and I feel like that’s the best I got with my coffee skillz.
I had a coffee shop and it was the most difficult side operation but I didn’t staff well. Like IBM1 said, hire someone that will manage it.
Yeah mine failed and I lost a lot of money because I made staffing mistakes, but there is a reason why they say never do business with family and friends.
Have you thought of using a ghost kitchen and testing out products first?
Ghost kitchen sounds like a viable side business. Any inputs on wieghing the pros and cons here?
Remember to have lots of money before you start this business. And be prepared to have a lot less after.
I have same desire to have brick and mortar business , but one thing you might experience once you leave the digital world is how much people pay monthly for their business , starting from lease to employees , an the worst you still have to pay thousands monthly even if no revenue was generated , something someone who work in efficient environment like software can't grasp easily.
I've tried finding such a business but the barriers to entry are high and there are already players in the market that dominate.
As someone who used to own a B&M I cannot stress enough how you’ll need to have the right staff to operate the business, otherwise you’ll be working 16/7. With the right amount of prep and coaching you can def do it though. Best of luck.
Restaurants have the highest rate of failure.
In my opinion you should invest/buy shares in multiple business.
Small percentage won't need you to spend time in office, i tried 2 times having business with Job it's nearly impossible unless there is a unique business which can be attended in different hour effectively
It feels like you’re selling the idea sort by saying it’s basic with basic services and being a basic place. Well don’t! It may be a lot of work, but if it makes you happy than dive in! Make it a extravagant or “basic” as you want, you don’t have to justify to anyone else but yourself
I'm not too excited about the business itself as I am about the potential for making more money. I am keeping it basic because that is how you make money in the restaurant business. You need a small menu of high margin items. That's what other successful restaurant owners I know did and it worked.
I'm an engineer at heart, I enjoy engineering, but I feel like I've plateuad on the engineering side in terms of salary. For me to double my salary again would put me in the $300k+ range and I just don't see that ever happening. So a simple restaurant business on the side seems like a good option while keeping a chill corporate job.
Hey op, I would love to connect with you
You should also consider the staff shortage that is happening now. If someone doesn't show up, sometimes you'll have to work on their behalf. Definitely better to have someone experienced in the industry and disciplined to take over the management side and give them some stakes for long term commitment