All Forum Posts by: Shaad Taylor

@Damon DiPlacido I would only want to open an independent concept.  I do not really think I would enjoy running a franchise, as I have pretty strong culinary skills and would gain pleasure from offering my own menu.  

I guess my thing is how are these concepts getting their start? I mean I see new businesses pop up all the time, maybe not in multi-million dollar brand new developments. Some even were fellow farmers market vendors,  I am pretty sure they didn't have million dollar opening budgets. So what gives?

Thanks @Joel Owens and @Robert Shaw for your replies.

I certainly do not plan on quitting my career and opening a business without serious planning and taking all into consideration.  I have actually had moderate success in food industry already as a farmers market vendor.  I had a few employees (paid friends) that helped me in kitchen and sell at several popular markets around the city on the weekend. I actually could have made a reasonable living doing this if I switched to full-time, however I wasn't truly in love with the concept and its overall growth potential. I also prefer to have a storefront as market attendance are subject to weather and seasonality much more so.   

I'm a new age guy and I think I could build a strong internet/ social media marketing campaign by partnering with local media outlets and influencers to get the word out.

@Robert Shaw I think I would have a bit more than the $135K, I think $175K is a safe bet, but I'm not trying to do a full service restaurant. I agree it would be amazing to have say $500k - 1 million in the bank to start a national concept, but that is not a reality for my situation.  However I can not imagine it takes that kind of money to open for example a local sandwich or ice cream shop in a city where rent would be say $2500 - $4000 on average for prime locations, in my size requiremnts. 

Am I missing something?  I plan on financing/leasing the kitchen equipment I need, which on the high end may be $20k. I have relationships with designers, architects and graphic designers to bring down those costs.  Payroll will consist of mostly individuals making about 10 bucks an hour. The menu is not very extensive. So all in all I think its very reasonable for me to open the doors with $75-100K in the bank.  Hey if I blow through that then it wasn't meant to be and back to drawing board, I mean we are investors right?

I'm  aiming for the stars of course, and i know a lot of you on here seek big profits on investments, but ultimately i'm just trying to make a living doing what I love. So I am not necessarily trying to start the next chipotle, but i'm hoping lol.  So if I can get average 80-100 customers a day, based on my projections, I'm doing well.    

@Joel Owens Yes, I will keep an eye out for  business for sale with financing options and available second gen restaurants as those would be ideal situations, especially if already in a decent location.  

I imagine that even by next year I may be the only person with the concept in the city I choose, so direct competition will be minimal to start at least.

Thanks @Charlie McCurry I truly appreciate the advice.  I am leaning hard towards relocating to the Charlotte area. Like I said I am aiming for spring of 2018 to really get out and bid for locations.  I will surely email you with any follow up questions and maybe I can work with you as the time for me to make the leap approaches.

Do you happen to know the going rates for retail spaces in say Uptown/South End areas of Charlotte? I am seeing $25-35 sqft on limited online resources. I am certainly willing to sign a long-term lease, especially in an ideal location. I think if given a Vanilla Box with paint ready walls, electrical panels and outlets, sealed concrete floors, finished ceiling with lighting, HVAC, sprinklers (may not be needed), and bathroom, I could do everything else myself with quite a bit of reserve capital. Would there be opportunities to get TIA on top of the shell or is that pushing it?   

Thanks

Hello all,

I'm new to this site, but so wonderful to find so much great information here.

I am one year away from my goal of leaving the corporate world behind to open a fast casual restaurant concept. I just wanted to run some of my information here and see if I could get some insight on where I stand in making this goal a reality or if I need to re-evaluate my timeline.

Basic Background information

Business Degree from respected university

Roughly 10 years of professional work experience with several fortune 500 companies  

Currently working PT for large restaurant group in Metro ATL

looking to open brand new start-up concept in metro Atlanta or Charlotte areas

Popular food concept is sweeping across the country in large popularity, but still not a true presence in these locations.

Concept requires minimum cooking so no need for the expensive kitchen requirements (hoods, grease traps, etc)

Looking for a high traffic area with national anchors with a young affluent demographic anywhere from 1,000-1,800 sqft.

I would also be open to an up and coming trendy part of town visited heavily by young professionals or a food popular food market stall.

Have $135k in Personal Savings

Another $25-$75 in business loans and/or angel investing

Solid credit Low 700's with extremely minimal outstanding overhead expenses

So what I would like to know is how feasible is it for me to get the kind of space i'm looking for and what should I be doing to strengthen my credibility over the next year?

What kind of deal should I be looking for that allows me to keep the most capital?

BTW - For this concept I would guess I could bootstrap a 1,200 sqft white box for around $50,000 to my liking. Maybe less if a second generation location. Is this realistic say for a sandwich or ice cream type location?

Thanks in advance!