So, I don’t have any assets other than my financed car and a decent savings. I’ve worked in the restaurant industry for over 20 years and went to school for it a long time ago now. Over the years I’ve tried to obtain a different career but nothing has ever stuck. It seems I keep working in food because I’m either a masochist or I actually must like it. I’ve been working FOH for a while, because BOH in a restaurant (even management) doesn’t pay enough or offer any sort of quality of life.
I want to go back to the kitchen though, but I don’t want to take orders from anybody. I want my own business. I’ve worked really hard for the little bit I have, I don’t even have a house…Is it possible I open a small food business on loan (got great credit) and open an LLC and NOT lose the little bit of savings I do have to my name? I don’t have a rich uncle to borrow from if I completely lose my shirt…failures not really an option but…just in case…would the LLC completely protect me, say if I borrowed 100k or so to open a food truck or food cart or whatever??
No but you can try calculating the risk. Try researching and applying your experience as much as possible so that you can mitigate common pitfalls and make sure you execute in the best way possible. That’s the other angle of not loosing your money. Also reflect on how you feel, it’s all about how confident you are that you’ll be able to pull it off.