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I always use the restaurant because that's a business that people can relate to.A lot of people are passionate about cooking.They're good cooks, at least in their minds.And that's something that people want to start, right?
It's a very difficult business to be successful.It's very difficult to be a restaurateur, to be successful for a variety of different reasons.But one of the main reasons why it's difficult to be a restaurant owner is that.
Restaurant business really is like a good microcosm of why businesses fail. because it's high capital that you have to put out.Right.Like when you open a restaurant, you have to you had to get a retail space.Right.
You got to pay first and first and last month rent.You got to pay rent every single month.You got to bring industrial machines in to actually, you know, cook.You got to make sure that you have a sanitized, clean, properly.
You got to have chefs that come in and cook it.Or if you're going to be the chef, then you got to cook and run the business.You got to have. somebody that is knowledgeable as far as how to buy the food, get the food, source it, a waiter, waitress.
You got to have electricity.You got to put TVs in the restaurant.You got to paint.There's a lot of money that you spend as a restaurant owner.The problem is that the amount of money that comes in usually is up and down.It fluctuates, right?Because
Nobody goes to a restaurant, that same restaurant every single day, right?I might go, I might love that restaurant and I might go there six times a year.My favorite restaurant I might go to six times a year.
That's not a sustainable business model if you don't live in a place that has high foot traffic, right?So what ends up happening is like, and this is a good microcosm for all businesses because this is why a lot of businesses fail.
Your expenses stay the same or they go up. but your income fluctuates.So now if your expenses are ten thousand dollars a month, but one month you're making 15, then for two months you're making seven and then you make two thousand.
Then that's not sustainable.Right.Before you know it, you've run out of your savings and you got to close the doors because you don't have enough money to actually run run the business.Right.
So if I was getting into the restaurant business, I would start with the MVP. And I would start with something that's workable today without a high cost.Even though this is, this is a business that is a brick and mortar business.
I would start with a ghost kitchen, right?So if people aren't familiar with ghost kitchens or they became very popular during COVID where you have cities like New York, Boston, you know, high traffic cities, right?
And people started to really order Uber eats a lot.Now, the thing about Uber eats is that Unless you really know the restaurant that you're ordering from, there's two ways that you order Uber Eats.
You order from a restaurant that you know and you patronize, or you're just hungry and you want Indian food and you just look to see what Indian food is available on Uber Eats, right?You don't necessarily know where
You don't know where that Indian food is coming from.You just look.It looks good.You know, it has a nice menu, whatever.Now, with the ghost kitchen, you can get an industrial kit.You can rent industrial kitchen space, right?
And you have a restaurant.They come.They expect it.They make sure it is clean.But it's not an actual restaurant.It's just a kitchen that you're cooking out of.
But that's not important because now the cost of you renting that is a lot cheaper than you actually renting a restaurant, right?And you're making the food yourself.But what you're doing is that now you're developing.I know you talk about promotion.
You promoted on social media.You're developing a following at a low cost.We had a great episode years ago with Nacho Bang and shout out to him.But this is a way to kind of get up and running.
building notoriety, building a name and most importantly, making money in real time before you actually go and open a restaurant.Right now, the next the next part about this is this is vitally important.
So they always say you need seven streams of income to become a millionaire.Right now, this is this is frustrating for most people because they look at it like you need seven jobs.Or if you're a business owner, you need seven different businesses.
This is another reason why businesses fail because they don't have multiple streams of income from their own one business.So most of the time, let's say you made it past the ghost kitchen phase and you opened up a restaurant.
Now, most people and this, like I said, this can be applied to any business.It's just a restaurant is an easy business to give an explanation to.
So most people think that when you think of a restaurant, you're thinking that you're going to make money from people coming into your restaurant and buying food.That's that's easy.Right.
But like I said, there's problems with that because if if if there's covid, if there's anything like that's that's not a sustainable business model because you only have one stream of income.Right.
Now, you don't have to have seven different crazy ideas.You have to have seven streams of income off of that one business.So as a restaurant owner, you can sell food.That's the obvious way.But you can also do what I just said.Uber Eats delivery.
Everybody does that.That's another stream of income for people that I order Uber Eats more than I actually go to restaurants.So now that's now you're actually working on two streams of income.Right.But that's still pretty understandable.
But we live in a society where a lot of people can't cook. Right.Well, that's an opportunity.So maybe on a Saturday morning or an off day, whatever.Now you have cooking classes, right?Now you offer an in-person experience.
You can make it every week or you can make it a group thing.But you actually are teaching people.Now you're actually a teacher.Right.
So that's another stream of income, because now people are actually coming in and they're paying to learn how to cook Thai food or they're paying how to learn how to cook Jamaican.You can make a date night, you can variety of different things.Right.
But now you're already teaching people how to cook.So now you've become a teacher.So now you can reach an even larger audience on what we're currently on right now, which is called YouTube. Right.
So now you have a cooking podcast because there's millions of people that will be interested in learning how to cook, but they might not live where you live.Right.So now you actually are a content creator.
You never looked at yourself as a content creator, but now you're a content creator because you're offering a product.And if you get enough stream, then you can actually make money from YouTube.Right.And then if you can do it
from an audio perspective, then you can actually put that same content on audio and repurpose it.And now people can listen to it as an, as a podcast.And now you're actually a podcaster, right?
But when you're actually cooking in front of a camera, you have to wear something.So now you can actually wear aprons that you actually make or chef's hat or whatever.And, you know, you put some like we had asked over liability.
That's a slogan that that we that we've done.We're in front of a camera.So we wear our merch and people buy it.You have your merch on and people buy it.Right.
So you come up with some some cool idea and now you become you're selling merch off of it as well.Right. And the restaurant business is so difficult to be successful in.
That's a good thing, because now if you are successful, then you become an authority in the space.So there's really there's no school.
A lot of times to actually learn a lot of this is culinary school, but it's not a school to learn how to become a restaurateur.You got to learn as you go.Most of the time.
That's why that's why second and third generation, a lot of restaurant owners that are successful, a second and third generation, because they've been taught from their parents.So.
If you pay me, I'm going to save you the headaches because you're going to fast track your learnings.But everything that I went through in order for me to survive it, I have to learn these things.Right.So now you pay me.
That's going to be a higher ticket item than somebody coming in and just learning cooking classes.Right.And then you can also sell items like you can sell spice that you can actually put online.Right.Let's say you really make a jerk chicken.
Now, there's a thing called jerk chicken sauce that you put on. Right.And then once you build a following, now you can actually label that jerk chicken sauce and put it on YouTube and sell it.
And then if you really get up and running, then you can potentially have it in supermarkets.But I wanted to say that because that's seven streams of income that I just named.None of those none of those streams take you away from your business.Right.
That's still within your will.I didn't tell you to buy a truck. I didn't tell you to, you know what I'm saying, do anything crazy, right?These are all things that, but most of the time as an entrepreneur, you're not thinking about that.
My dad works in B2B marketing.He came by my school for career day and said he was a big ROAS man.Then he told everyone how much he loved calculating his return on ad spend.My friends still laugh at me to this day.
Not everyone gets B2B, but with LinkedIn, you'll be able to reach people who do.Get $100 credit on your next ad campaign.Go to linkedin.com slash results to claim your credit.That's linkedin.com slash results.Terms and conditions apply.
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