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
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