I’m finally quitting my day job... of America/Merrill lynch

[Zaroku]

Damn dude, what took you soo long? Is that piece of paper worth 43% of your waking hours. Is it worth your daughters first tooth coming out and you introducing her to the tooth fairy? **** no it's not. Do your thing bro, whatever it may be. Live love and be truly free. It sounds as though you may have done good for yourself with your previous jobs. Why spend your life chasing something that is imaginary. Tomorrow all of those bills and digits could be gone, With a flick of a switch, like that. Spend your time with what is real, you've done what you had to, now enjoy life with the ones that you love...…..Rockin'

Fear of failure dominates my life.. I got no other options..

Zero options..

[GrandmasterWang]

May God’s grace and mercy... follow you all ways follow you.. always

Thank you kind sir!

While you are older than me I have somewhat travelled your path in that I was part of the corporate rat race but left to forge my own path so can somewhat understand where you are now (admittedly I have no kids and wasn't married then so the circumstances are different).

That was over 3 years ago now and at the time I was very worried as to whether I had made the right choice and what the future would hold. Giving up a nice guaranteed income is never easy. I can empathize with your worry!

Now, I am the boss of my own firm and due to the experience in being the boss of my own successful place I was ended up taking a second position as the head of another firm in a way that if I had stayed in the grind just wouldn't have been possible.

The only reason I'm writing this and revealing this about myself is that like you I had moments of doubt and worry. Persevere and self-belief does not always come easily but on the quest to become a boss, you must FORCE it! There are always ups and downs but the journey is an enlightening one. If I hadn't taken that drastic step (as you have now done) then I would now probably be wondering what would have happened if I hadn't and potentially would be filled with regret, working hard for a boss who didn't appreciate my efforts beyond the big increase to their bottom line that I provided.

From your posts you have a lot of life experience (more than me) so please don't take the following advice as me being patronizing. If your story is real I genuinely hope you succeed!

For the first 24 months while you are establishing yourself/ your business do EVERYTHING you can to keep your overheads low! You won't be able to control your revenue but you can control your costs. Loss and damage minimisation is the key and this will give you the MAXIMUM opportunity to succeed, even if you fall down the first few times.

[GrandmasterWang]

Fear of failure dominates my life.. I got no other options..

Zero options..

Fear is normal.

Fear of failure is a crucial part of what makes us human.

Use it! Consume it!

Use the fear of failure to power your efforts to succeed!

[Zaroku]

Thank you kind sir!

While you are older than me I have somewhat travelled your path in that I was part of the corporate rat race but left to forge my own path so can somewhat understand where you are now (admittedly I have no kids and wasn't married then so the circumstances are different).

That was over 3 years ago now and at the time I was very worried as to whether I had made the right choice and what the future would hold. Giving up a nice guaranteed income is never easy. I can empathize with your worry!

Now, I am the boss of my own firm and due to the experience in being the boss of my own successful place I was ended up taking a second position as the head of another firm in a way that if I had stayed in the grind just wouldn't have been possible.

The only reason I'm writing this and revealing this about myself is that like you I had moments of doubt and worry. Persevere and self-belief does not always come easily but on the quest to become a boss, you must FORCE it! There are always ups and downs but the journey is an enlightening one. If I hadn't taken that drastic step (as you have now done) then I would now probably be wondering what would have happened if I hadn't and potentially would be filled with regret, working hard for a boss who didn't appreciate my efforts beyond the big increase to their bottom line that I provided.

From your posts you have a lot of life experience (more than me) so please don't take the following advice as me being patronizing. If your story is real I genuinely hope you succeed!

For the first 24 months while you are establishing yourself/ your business do EVERYTHING you can to keep your overheads low! You won't be able to control your revenue but you can control your costs. Loss and damage minimisation is the key and this will give you the MAXIMUM opportunity to succeed, even if you fall down the first few times.

Fortune favors the bold... With God on your side you can not.. fail...

I’m finally in a winning scenario..

[Sugar Adam Ali]

That's cool man, you're clearly very into your stocks so this could be a great move for you.

I was genuinely curious (not trolling) so cheers for taking the time to write that.

You mentioned bar n grill and setting up some franchisees (I'm assuming also bar n grill, if not then my question isn't relevant).

How do your own brand bar n grill places compare to the franchise ones in terms of turnover and net profit? Or did you rebrand your own setup places to the franchise once you had that licence?

If you feel like you've already said too much that's cool.

I'm just asking because in my experience there have been several cases where people end up regretting going the franchise route due to the exhorbitant franchise fees which are often turnover and not profit based and the lack of control (have to meet all the conditions of the franchise agreement etc). If you could go back in time would you still go the franchise path?

If you have stakes in/manage bar n grill places both as independent businesses and as franchise outlets you have exposure to both... what is your preference?

I work with a lot of businesses so am always curious to the opinions of business owners.

Great question. They both have pros and cons.

In terms of profitability, no way to tell, it’s comes down to execution of the actual location and other factors like overhead, etc. For example in Illinois they have video poker in bars, my franchise cannot due to corporate. I have a small bar in a working class area that does between 500-600k in sales, but I literally print money out of there because it has hardly an overhead, whereas one of our franchise locations does about 2 million in sales, but is barely breakeven, mostly due to overhead required and our GM not being that good.
In theory franchises should be more revenue and more profit simply due to the brand awareness but in reality that is far from the case. A drawback to a franchise is you have very little control over your overhead. Franchises require certain locations (expensive ones with huge mortgage payments), certain size building (sq feet is a huge multiplier of hidden costs like tv, insurance, etc.)

People buy a franchise so everything is planned out for them, they just have to execute.
Independent you literally have to think of everything and be on top of everything. What gets most independent owners in trouble is their lack of business knowledge like being able to write and read a financial statement, or setting margins, labor, etc

[Zaroku]

Great question. They both have pros and cons.

In terms of profitability, no way to tell, it’s comes down to execution of the actual location and other factors like overhead, etc. For example in Illinois they have video poker in bars, my franchise cannot due to corporate. I have a small bar in a working class area that does between 500-600k in sales, but I literally print money out of there because it has hardly an overhead, whereas one of our franchise locations does about 2 million in sales, but is barely breakeven, mostly due to overhead required and our GM not being that good.
In theory franchises should be more revenue and more profit simply due to the brand awareness but in reality that is far from the case. A drawback to a franchise is you have very little control over your overhead. Franchises require certain locations (expensive ones with huge mortgage payments), certain size building (sq feet is a huge multiplier of hidden costs like tv, insurance, etc.)

People buy a franchise so everything is planned out for them, they just have to execute.
Independent you literally have to think of everything and be on top of everything. What gets most independent owners in trouble is their lack of business knowledge like being able to write and read a financial statement, or setting margins, labor, etc

My location only makes money in the summer time..

I need big press... three taco trucks...Japanese backs are offering me kinda free money... my cousin.. gave me a loan.. I can’t repay..

I hate owing any body anything..

[Rockin']

My fear of failing.. I’ve been afraid of failing most of my life... I’m a great employee... I now got to be the boss.. I gotta put up...

My wife says you can do it... my 4 kids say I can do it...

I got no excuses to make.. I’m showing up... I’m terrified of embarrassing myself...

Always show up. I have a feeling that you will do great. Just do your thing bro...….Rockin'

[Rockin']

Fear of failure dominates my life.. I got no other options..

Zero options..

than do it. When life hands you lemons make some lemonade and then throw what ever is left over at your nay sayers……….Rockin'

[Zaroku]

Thank you kind sir!

While you are older than me I have somewhat travelled your path in that I was part of the corporate rat race but left to forge my own path so can somewhat understand where you are now (admittedly I have no kids and wasn't married then so the circumstances are different).

That was over 3 years ago now and at the time I was very worried as to whether I had made the right choice and what the future would hold. Giving up a nice guaranteed income is never easy. I can empathize with your worry!

Now, I am the boss of my own firm and due to the experience in being the boss of my own successful place I was ended up taking a second position as the head of another firm in a way that if I had stayed in the grind just wouldn't have been possible.



The only reason I'm writing this and revealing this about myself is that like you I had moments of doubt and worry. Persevere and self-belief does not always come easily but on the quest to become a boss, you must FORCE it! There are always ups and downs but the journey is an enlightening one. If I hadn't taken that drastic step (as you have now done) then I would now probably be wondering what would have happened if I hadn't and potentially would be filled with regret, working hard for a boss who didn't appreciate my efforts beyond the big increase to their bottom line that I provided.

From your posts you have a lot of life experience (more than me) so please don't take the following advice as me being patronizing. If your story is real I genuinely hope you succeed!

For the first 24 months while you are establishing yourself/ your business do EVERYTHING you can to keep your overheads low! You won't be able to control your revenue but you can control your costs. Loss and damage minimisation is the key and this will give you the MAXIMUM opportunity to succeed, even if you fall down the first few times.

I’m so afraid of letting my friends down...I’m kind good at being an employee.. I’m good at filling orders...

Now I have to lead... thaks for your kind words.. 202o Olympics... you show up...it’s all on me..

I want jaded to show up.. Boston guy too.. I really appreciate your kind motivational words... May GOD’s blessings follow you forever..

[Eddy Current]

I’m so afraid of letting my friends down...I’m kind good at being an employee.. I’m good at filling orders...

Now I have to lead... thaks for your kind words.. 202o Olympics... you show up...it’s all on me..

I want jaded to show up.. Boston guy too.. I really appreciate your kind motivational words... May GOD’s blessings follow you forever..

I'll come visit you, too.