Wow an end of an era on #Gophers campus as Annie’s Parlour closed after more than 50 years! Who has great memories going there while in Dinkytown?

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Word said:
I know someone that is an executive in the food/restaurant business. He always says if you're just looking to make some money in the restaurant business your best bet is to buy into an established fast food franchise. Independent restaurants are high risk.
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I agree except I think buying into a franchise might be more expensive. Great to get all that institutional knowledge and then go off on your own later if you make it and want to do more of your own thing. That's what I did in a different field that required more education, but lower capital investment.

There will always be too many restaurants. The barriers to entry SEEM low for any person that dreams of running their own business. A lot of people are good cooks. A lot of people are willing to work very hard especially if it means working for themselves instead of someone else. A lot of people are tired of working for the man! Why not open a restaurant and chase their entrepreneurial dreams? The reality is that's probably 10% of running a profitable restaurant business.

I like visiting mom and pop restaurants, but it breaks my heart when I see them just holding on to their dream by a string which seems to be the large majority of cases. I read someplace that 90% of small business fail. I believe that's true in most fields. It seems to be true in my field. I made it because I had a better background then most and probably a good deal of luck.

A few years back, a client of mine bought a barely hanging on pizza restaurant from a retiring owner, made some changes, found a niche, and are now doing extremely well. They aren't even open all hours of the day just trying to scratch out a living. I can't believe it. I didn't think there were any profitable niches LEFT in the pizza business. Talk about commoditized!!! I thought they'd fail for sure. They are the extreme exception, not the rule.
 

SeaBee_Gopher said:
I agree except I think buying into a franchise might be more expensive. Great to get all that institutional knowledge and then go off on your own later if you make it and want to do more of your own thing. That's what I did in a different field that required more education, but lower capital investment.

There will always be too many restaurants. The barriers to entry SEEM low for any person that dreams of running their own business. A lot of people are good cooks. A lot of people are willing to work very hard especially if it means working for themselves instead of someone else. A lot of people are tired of working for the man! Why not open a restaurant and chase their entrepreneurial dreams? The reality is that's probably 10% of running a profitable restaurant business.

I like visiting mom and pop restaurants, but it breaks my heart when I see them just holding on to their dream by a string which seems to be the large majority of cases. I read someplace that 90% of small business fail. I believe that's true in most fields. It seems to be true in my field. I made it because I had a better background then most and probably a good deal of luck.

A few years back, a client of mine bought a barely hanging on pizza restaurant from a retiring owner, made some changes, found a niche, and are now doing extremely well. They aren't even open all hours of the day just trying to scratch out a living. I can't believe it. I didn't think there were any profitable niches LEFT in the pizza business. Talk about commoditized!!! I thought they'd fail for sure. They are the extreme exception, not the rule.
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I always think that the critical times I need to be running a restaurant ... is when I want to be home!
 

Convention Grill in Edina is still open I think, I guess I'll have to go there for my dose of Annies food.
 

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