Small Business: Industry: Restaurants & food services
Finding alternative revenue streams is a necessity for business owners trying to weather the recession.
Kyle, Sarasota, Fla.
We’ve run a dinner theater for three decades, and make most of our money during the tourist season between Thanksgiving and Easter. The rest of the year our audience is local residents. We’ve been operating at a loss for the last couple of years, and are unable to get a bank loan. We own the land and the theater building, and have put them up for sale with no success. We even closed the theater for two months this summer to save money. We don’t know what to do.
Selling sweet treats can be a fast way to make extra cash, but the road to doing it legally is paved with bureaucracy.
Ana, Dartmouth, Mass.
I'm thinking about making some truffles (chocolate and peanut butter), putting a flyer together, passing it to friends at work and selling to them. I'm making them at home. Do I need to get a business license or a food license?
Read more…
If you need to cut costs, here's some tips on how to break the bad news to the staff.
Richard Ryan, Barberitos Southwestern Grille and Cantina, Charleston
I own a small restaurant that grosses around half a million a year. I am going into my third year and I currently employ six people. Most of them live off this job. I am holding a meeting today to explain why everybody will have their hours cut in half. Any advice on how to do this without losing the good performance and enthusiasm of the staff?
After a business falters, its legal obligations live on – but your personal assets can be protected.
Dianne Fernanadez, Keva Juice, Vacaville, Calif.
My son and I opened a small smoothie business two years ago. We did great until the economy fell. We opened it under an LLC, and he has since bought me out. Now, he has to take money out of his personal account to support it every month. He just got a rent reduction of $600 a month, but that won’t be enough. He has it for sale and has a possible offer coming through. If that falls through he is planning to close the doors. He is afraid the landlord will go after his house. I have lost my home and have nothing left, so I’m not too worried about losing my property.
What is the best way to go about getting out of this? What kind of repercussions are we facing, as we still have three years on the lease? We spent $107,000 on the build-out (new tile floors, bathrooms, etc.) as it was a brand-new complex. The landlord inherits this – does this help? The business has no loans against it as we refinanced our homes and/or paid everything in cash. Please help! Read more…
Our Caribbean experts weigh in on which island is best for an expat's bar biz.
Edd, Philadelphia, Pa.
I'm interested in starting a bar or café somewhere in the Caribbean. I have around $400,000 in startup capital and 20 years of experience managing restaurants. I am trying to find the best and easiest island on which to start my business. Read more…
Experts share tips and tricks to prevent work from eating family time.
Claudino Petruccelli, Owner, Petruccelli Pasta, Ridgewood, N.J.
My wife and I are selling our food business. Although we're exhausted emotionally and physically, we want to start another company – but not to the detriment of our three young children. How do successful owners manage their businesses without wrecking their home lives?
Rising above higher commodity costs is challenging, but savvy owners can stay strong by adjusting to changing conditions.
Ahmad bin Saripan
I manage a food-processing business, and our sales are declining as costs and the price of raw materials escalate. How can I improve and grow the business? Read more…
Brenda Zimmerman, Caldwell, West Va.
I am starting a very small home based business. I will be using downloaded images, photographs, etc., to make edible images for cakes. Do I need a business license?
Harold Baring, Los Angeles
What are the ideal ratios of restaurant operations?
If one partner wants out, the other has a fiduciary duty to negotiate an exit strategy that won't damage the business.
Kath, Darwen, Utah
I am a partner in a restaurant and food-services business. I want to leave the business partnership, but my partner won’t buy me out. She says she’ll close the business and restart it, leaving me with nothing. I am only asking for the money I put in. Can she do this legally?
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