FAQ 3 : I am buying a cafe but do not have much experience – any advice?
Answer: First of all I must ask you WHY? Do you have a death wish? Going into any business without a substantial amount of experience is the best way to commit financial suicide.
When people are sick of corporate life or just sick of what they are doing they buy a cafe or worse still restaurant for an easier life – WRONG! WRONG! WRONG! – “Go back you’re going the wrong way”
Nothing could be further from the truth, in fact it’s a pretty tough life which can be financially rewarding and satisfying if you get it right.
The people who do go into business without enough experience can create there own nightmare and find the stress unbearable, but by this time it’s too late, they are in too deep to reverse the situation and stop the carnage.
I hope I haven’t put you off with my view but this is one of my pet subjects as I see so much of it and it stirs the emotions.
Now for some positive advice- if you are still adamant about taking on this business you need to surround yourself with people who have experience. This could be professional people such as a coach, consultant, or friends that owned there own business and have been successful.
You will obviously have a solicitor and accountant but these people are often guarded about the advice they give, unless it is legal or facts and figures based. You can still pick their brains as much as possible.
If you are taking over an established business it will more than likely come with an established staff. You are not obligated to employ these people, in fact in cases where the new owner is experienced it can be smarter to employ new staff. However in you have little or no experience it would be wise to employ experience but choose them carefully as the unfair dismissal laws can make it difficult to change your decision (good time for advise)
Research and learn as much as you can, try to make some good common sense decisions.
Remember this important piece of advice, never be too proud to ask for help it could make all the difference to your success in life.
GOOD LUCK.
To Discuss Any of This Further, In Total Confidence,
Please feel free to contact me:
James Moger Lund
Tel: 04111 234 74 (Australia)
Or: 61 4111 234 74 (International);
or Email Me
I Look Forward To Speaking With You Soon