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??
While I appreciate your entrepreneurial spirit, you may have to sit down and decide if going into a business that usually has less than 5% profit margins worth the risk or no. You may end up opening a business that buys you a minimum wage job with a big risk. In my experience (have owned restaurants and cafes) you need a somewhat significant cash flow to survive the first couple of months, if not years. From what I’ve seen and read, about 90-95% of food businesses fail to even reach the break-even point before giving up.
That aside, this has to become your whole life, 7 days a week. Don’t let this bring you down, I just want you to understand that risks of the business you’re going into, you may be way better off starting a service based company which imo has a-lot less risk. Wish you the best of luck in your endeavours