The business is failing. Is it time to pull the plug? It’s a very difficult decision only complicated by each person’s unique situation. Or will it be pulled by someone else like a trustee in bankruptcy?
The start of the end
My first restaurant venture was financially kaput. I had sold the bistro and kept the restaurant and bar, but the original investment was still too much to overcome. The bank took possession of the business.
I then worked three different jobs as a bartender (restaurant, bar, club) simultaneously while planning my next venture. Thank god for part-time.
Within a year my brother and I started an independent fast-food outlet making French crepes with no more late hours or liquor. Not only did it require a much smaller investment with a new investor, but we only needed one part-time employee. Now this should work, or so I thought.
That is until I realized that the rent and common area costs made for a pretty thin margin. Although we were still in the top 3 or 4 in sales in the food court, crepes were a select market to say the least. Burgers and pizza were tough competition.
A plan for a second outlet fizzled. Within the year I realized it couldn’t sustain my brother and me. We shut it down soon after.
I had reached a fork in the road
Should I pursue my entrepreneurial dream further or say no more and get a regular job? Was it time to cut my losses and leave? Had I had enough? My heart told me one thing, but practicality dictated the obvious.
Luckily with my experience and education, I had some options to leave the restaurant business and work in administration somewhere. Ironically, it was my background in foodservice that helped secure a job as a high school business manager. The school was having issues with its cafeteria and that elevated my status.
I was able to start a new career while still flirting with foodservice. Lucky man.