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I poured my blood, sweat and life savings into my restaurant. It ruined my life.

torontolife.com

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Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#91
post #83
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

I think his behaviour is already well described by Carl Jung. His world view is skewed by mythology (like movies and hero worship) instead of by rational thought.

Any particular work by Jung you’re thinking of?

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#92
post #28

Having started a software business with too much optimism and too little business knowledge myself, and failed, I seriously have no idea how people start successful restaurants at all these days. No matter what mistakes he made, I feel for the guy, and the thousands of people every year trying to get a restaurant off the ground and ending up bankrupt. Aside from marketing, the initial costs of getting a SAAS business…

This seems a little hyperbolic; this is business risk, not personal risk, and presumably the bank is (at all) discerning wrt the business plan. Do people start restaurants with their own money? That seems like a nightmare.

Yes people start restaurants with their own money -- almost all restaurants are people taking personal risk, even franchise chains like Subway and McDonalds! And yes I started my business with (mostly) my own money. Your ideas of business risk vs personal are adorable but wrong. I don't mean that as insult, just gentle correction. Bank business loans are not separable from personal risk, they are usually completely backed by personal collateral, and people who's restaurants are funded by the bank and fail are getting wiped out every day. You're absolutely right -- it's a nightmare. The only people not risking their own money are startups that get angel/venture/grant funding, and loads of them are still personally invested too. Venture groups almost never fund new restaurants, because restaurants are way too risky, and they're way harder to scale than software.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#93
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

Every single successful entrepreneur in the food industry that I know, and most of the unsuccessful ones as well, work their asses off. I know this because I have worked in the food industry at every single level, from farming to sales to prep to cooking to event planning / catering to waiting tables to washing dishes. And for the most part, not established businesses but startups, where it is very easy to keep a close eye on the business decisions of the founders.

I've seen a lot of different people fill those shoes. Their roles aren't symbolic, and it is an impressively grand delusion for a founder of any business to think as such. They are supposed to set an example for everyone else.

Only one of my bosses could not understand this, and his business has sunk millions without turning a profit because, initially, he was lazy and would blame every problem on his workers, the industry, the weather, etc. instead of his own laziness and lack of planning skills. He didn't seek to eliminate his problems, he relished in them because they let him feel like things were out of his control.

The rest of them worked themselves to the bone to provide good service and a good product. They took responsibility for all decisions and gave at least some thought before making stupid, risky decisions.

Literally the first thing you do when creating a brick and mortar establishment is research the area and find where the most profitable location will be. This guy fucked up from day one, choosing laziness over rational thought, and then denies responsibility for it. This is downright pitiful and he deserves to lose every penny that he did.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#94
post #32
post #22

A bit of advice from someone who was in the restaurant industry for 7 years. Don’t start a restaurant especially if you work in tech. 80-100 hours a week for managers and owners is mandatory. Tech is easy money compared to what it takes to create a profitable restaurant from scratch. The author made the same mistake I’ve seen people make before. This guy did no research at all and sadly this is extremely common.

I've done both restaurants and tech. I had to think for a really long time which one to focus on. It just so happened that the startup hype kicked in around that time. Tech is mentally exhausting. Really short but painful hours. Food & beverage is not exactly tiring, but the hours are very long. With tech consulting, you might be working 4-6 hours a day, with restaurants, expect around 14 hours/day. One involves a lo…

> With tech consulting, you might be working 4-6 hours a day

... huh? Which tech company is this?

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#95
post #88
post #46

Earlier quoted context omitted.

I know almost nothing about the restaurant business and I haven't even read the article, and my first reaction was still that this number must be missing a zero. I recall stumbling across the franchise agreement for a frozen yogurt place once. They wanted proof that you were able to invest something like $400,000 in the venture, and that's a way simpler setup.

I had the same reaction. I was looking at investing in franchises and they range from initial cash investments if $400k to $600k for one restaurant. And, like you hint at, these are behemoths that have networks of fine-tuned resources. Also, this information is astonishingly easy to find, so getting the gist of what opening a restaurant costs is stupidly simple. For example Dairy Queen requires: Investment Range: $77…

Thanks for putting some concrete numbers behind my vague recollection!

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#96
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

Lol. Same here, I stopped reading after a while as it was pissing me off. How can someone be so dumb and explain it in excruciating detail. You brought up good points, there's a ton more. For ex. $3000 spent on lawyer to register a company, who later told him he could do it online for a couple hundred! This kind of information is just a few Google searches away these days.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#97
post #44

> so I doled out $3,000 to hire a lawyer to oversee my incorporation. He later told me that I could have done it myself online for a couple hundred bucks. This guy is so raw that he is even missing basic stuff. > We can barely afford the place, but I wanted my daughters to have their own rooms And he doesn't learn.

most lawyers don’t charge 3k to incorporate. He got taken advantage of, plain and simple.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#98
You all would be surprised how many people will operate and act like him in worse ways. He’s putting it in business, however it looks dumb for what he did, people gamble in casinos, what would you say to that? He had a dream, was dumb, reckless but attempt to fulfill it. Hard life lessons learn the hardest of ways

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#99
post #83
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

I think his behaviour is already well described by Carl Jung. His world view is skewed by mythology (like movies and hero worship) instead of by rational thought.

So was the world view of Richard Stallman in Richard Stallman's Sedentary, Physically-Debilitating Quest for the Gnolden Treasure.

I'm not saying that you imply his wasn't equally skewed. Just that when I read about Stallman or other people who rightly attract admiration this truism tends to be conspicuously absent. But the mythology is just as strong there too-- a rational person would not take years to find out from a specialist that their chronic hand pain was due to repetition caused by an unreasonable amount of typing[1].

[1] https://stallman.org/stallman-computing.html

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#100
My role was largely symbolic anyway, and after a few shifts stretched over a three-month period, I checked off that box.

I am reminded of a college class where everyone but me was solely concerned with getting a good grade and enthusiastically encouraging the professor to curve the grades and skip parts of the curriculum. I was the only one who expressed the concern that we might actually need to learn the course materials in order to actually be prepared for higher courses or even, god forbid, a job at some point.

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