I want to open a pub

[Ruff]

I know this is totally random, but, over the last couple of months, I've thought to myself that I really want to. I live in rutherford county, pretty much the middle of nowhere, in western North Carolina, and there's nothing like a pub with in a 45 minute drive.

I'm in the computer hardware engineering business, so I really know nothing of running a business other than te handling of finances at retail businesses growing up. However, one of my good friends is a financial analyst who works at a major banking company.

Does anyone own a small business? Does anyone here ever have dreams of owning their own business?

[4Corners]

Opening a bar, pub, or restaurant is a bad idea bro. And no offense, but opening one when you admit that you don't know what your doing and don't really have a market.....Don't do it. Sorry just being real.

[R0CKnR0LLA]

No, you really don't.

[Redaes]

Where do you live?

[Ruff]

Where do you live?

Rutherford county. Rutherfordton to be specific.

[Kevin Greene]

Bar pussy is awesome.

Go for it.

[Ja Rhule]

I know this is totally random, but, over the last couple of months, I've thought to myself that I really want to. I live in rutherford county, pretty much the middle of nowhere, in western North Carolina, and there's nothing like a pub with in a 45 minute drive.

I'm in the computer hardware engineering business, so I really know nothing of running a business other than te handling of finances at retail businesses growing up. However, one of my good friends is a financial analyst who works at a major banking company.

Does anyone own a small business? Does anyone here ever have dreams of owning their own business?

 

My CEO worked as a loan officer in one of the banks here in Charlotte and after 10 years he said fug it,  he started a company in his garage.  10 years later, company has close to $500m in annual revenue.  Now, my CEO almost never comes to work...  All he does is travel, party and attend Panthers game.  He has 16 PSLs.  He also opened 8 other businesses over the last 6 years including Commercial and Residential real estate businesses.  Cam Newton bought an apartment from him few years ago.

 

His recipe for success?  He found an industry that was 80% dominated by mom and pop stores.  He took out a loan and started his business, all money he made, he reinvest into his business... he opened few stores around Charlotte and after few years he continued to open stores in other cities.  When company had 10 stores, he start buying established business.  He purchased products in bulk from vendors with great discounts, he used that power to lower prices.  Mom and pop stores could not compete.  He offered to buy them and take their costumers instead of entering into competition.  Mom and pop stores always agreed to sale.  My CEO never fires owners after sale is completed.  He continues to employ the same people but collects the income.

[Ja Rhule]

I know everything one needs to know to run a business.  I know all ins and outs... The most difficult part is to find a right industry to tackle.  Pubs are nice but you have to be smart about it.  You have to evaluate local competition, customer sample size, expenses and menu and come with formula for return on investment (ROI).  Many people open bars and pubs and come to hard realization that they cannot pay their expenses or food is too expensive to attract local customers.  You have to advertise heavily when first open... You have to take into account every little thing.  You profit margins should be standard 20% to cover all your expenses and coasts but it's only works if you get healthy inflow of customers. 

 

 

[Redaes]

Rutherford county. Rutherfordton to be specific.

That's less than an hour from the biggest beer scene in the US. Your "no pub within 45 mins" quote is a little misleading.

Also, you live in the Bible Belt. There aren't bars because people around here don't drink (outside of Asheville). If you open a pub you will go bankrupt. If you really wanna open a business, build a church. You'll drown in money.

[PandaPancake]

Ever watched Bar Rescue? Might be a good idea

[4Corners]

I know everything one needs to know to run a business.  I know all ins and outs... The most difficult part is to find a right industry to tackle.  Pubs are nice but you have to be smart about it.  You have to evaluate local competition, customer sample size, expenses and menu and come with formula for return on investment (ROI).  Many people open bars and pubs and come to hard realization that they cannot pay their expenses or food is too expensive to attract local customers.  You have to advertise heavily when first open... You have to take into account every little thing.  You profit margins should be standard 20% to cover all your expenses and coasts but it's only works if you get healthy inflow of customers. 

 

This is something that a person who doesn't know sh1t would say. 

[Brooklyn Bully]

If you want to work long hours, always be in debt, be tired all the time, and eventually lose all your money, go for it.

 

[4Corners]

I have a friend who opened a bar/restaurant in Charlotte (some of you reading this may have actually been there) and it's almost ruined his life. Lost friends and broken up his family due to the stress it's caused. I have another friend who was (key word WAS) a GM of a popular restaurant and the stress he went through was sad for me to watch. Got ate up and spat out. 

[R0CKnR0LLA]

Pubs are a terrible investment for numerous reasons. The fact that you're in the middle of nowhere (horrible location) and have never ran a bar or restaurant before makes it an even worse idea. You might as well take your money and buy lottery tickets, that'd be about as sound of an investment as this idea.