Getting in over your head......job related
 

Im finally opening up my first of hopefully severalnightclub/restaurants. We have the cash, I have partners that have been in the industry for 20+ years, one is a multi-millionaire, the other is no slouch. We are signing the official lease after negotiating a a bunch with our tentative agreements on Monday. Im investing, not my whole life savings, but a good chunk, we have a good quick exit strategy, and we really arent putting up that much cash comparatively, if I lose everything invested, it wont ruin me. Im nervous as [censored] though. My two partners have other places to run, so they will be pretty silent, Ill be running the day to day things from finances to ordering, hiring, kitchen etc, they have enough faith in me to let me do my own thing which is a huge plus, but I got a feeling in the pit of my stomach of impending doom, even though worst case scenario there aren't a ton of consequences other than reputation. Its a large operation 10k sq ft club, full kitchen (Im developing recipes, and menu items as we speak...just taking a break), we have a great great location, at the lower end of the national average for a triple net lease. Im young for such responsibilities I assume (25), but have been worked at a bunch of places, from high volume 100k/per night to small mom and pop operations, on the surface, and day to day I feel confident, but each day I have a little panic and think wtf am I doing. I think a lot of people liked adsmans thread, so Ill be kind of using this thread to do the same thing if you guys want. Please, dont wish me good luck, or anything, I dont want this to turn into that type of thread, I just want good suggestions on dealing with this feeling, and any other suggestions you guys might have from dealing with the waitstaff/bartenders/cocktail waitresses, to software packages (Im using quickbooks so far), to recipe suggestions. We should be up and running within 6 weeks.

Re: Getting in over your head......job related
 

quids,

"I feel confident, but each day I have a little panic and think wtf am I doing"

Welcome to life as an entrepreneur. It rules, right?

Re: Getting in over your head......job related
 

quids,

I have a fair amount of experience in this industry, so will have plenty of suggestions as this thread develops.

Suggestion #1: Hire hot chicks.

Suggestion #2: Assume that every single person involved in this is trying to rob you blind.

Re: Getting in over your head......job related
 

El D could you elaborate on suggestion 2,

are you referring to his partners as well or just the employees he's hiring?

Re: Getting in over your head......job related
 

guids,

I can't offer any advice for your business, although it's always interested me, but here's my own version of what you're doing.

About 3 weeks ago I quit my job as a radio station sales manager. It just stopped being fun and I felt trapped, so I guit with no real prospect of my next job. In the following weeks I have:

1) Tied up alot of money in 2 real estate developments.
2) Step my self up as a sales rep for a building materials wholesaler. It's commission only, and I can work as much or as little as I want.
3) Lined up a few consulting gigs with ad agencies.

I'm stressing more, drinking more, sleeping less, and trying to figure my finances out. Oh, I didn't mention I'm trying to finish the contruction of, and move into, my new house.

All that being said, I currently have no regret about the situation - maybe give me some time. I can do what I want, make as much as I want and am capable of, and I don't have to answer to a boss.

Re: Getting in over your head......job related
 

When my partners and I started our business, I remember once the point of no return arrived we looked at each other and said "Well, if this fails, it's going to fail spectacularly!" and we'd laugh.

I think was a great way to approach it. Don't go at this half-assed in any way. Poker analogies suck, but it's like the difference between playing to not lose and playing to win.

Make sure everything's in writing with your partners (like marriages, every partnership starts with the best intentions). Don't cut corners on insurance. Work harder than everybody else.

Re: Getting in over your head......job related
 

invite 2p2ers. there's plenty of money flowing around this site. and it would just kinda be cool to check it out.

Re: Getting in over your head......job related
 

Guids,

I just want to say that, no matter what happens, it is amazing that at the age of 25 you are in the position of opening and planning and managing a nightclub. Really an inspiration and good to see someone on this board taking full advantages of their opportunities and not wasting it on material BS they won't give a [censored] about in 20 years (yes I know this is weird coming from a bbv mod).

Re: Getting in over your head......job related
 

Dealing with the staff.

Be the boss - not their buddy

Don't get attached - they're disposable

Start out as a hardass - it's easier to get nicer than tougher.

Treat them all like thieves, they are.

Other stuff

Don't believe your vendors - especially ad reps - do what's right for you.

Stay on the good side of your purveyors.

Never ever take any kick backs or swag from purveyors - if you do they own you.

Re: Getting in over your head......job related
 

[ QUOTE ]
Never ever take any kick backs or swag from purveyors - if you do they own you.

[/ QUOTE ]
Could you expand on this a little please?