Author Topic: Small business idea for FIRE'd entreprenuer  (Read 1090 times)

infromsea

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Small business idea for FIRE'd entreprenuer
« on: April 23, 2020, 02:59:49 PM »
Hey folks,

Please pick my small business idea apart...

I'm in a medium sized metro area, around 500,000 folks.

We have LOTs of restaurants and sit-down type places.

I suspect many of these places are going to want to remove up to 50% of their tables and chairs (especially the higher end places like the bonefish grill nearby) due to covid.

Many of these places don't have storage "outback" or, if they do, it's not large.

So, I'm thinking of going it, removing extra tables and chairs, cleaning them up, repairing them, and storing in a nearby storage unit (plenty of them close by too... sadly...).

I'm thinking me, maybe two other folks for labor, a ryder truck, and we are in business. Maybe 30 bucks a table and 15 bucks a chair, this includes the above services (removal/cleaning/repair if needed) and storage for say 90 days, and return when the business wants. Longer term options to be negotiated on a place by place basis.

So, what am I missing, I'm sure there are some details in my blind spots here... please help me find them.

Action items:
- Call a couple of local places and see if they have any interest and test price points
- Call storage places and check costs for units
- Price rental trucks

Negatives:
- Many restaurants are in a cash crunch, will they be willing to use this service or just make piles of tables/chairs "over in the corner"?
- Only higher end places interested? Reduces number of possible clients?

All thoughts appreciated!

Cheers!

Tim

blue_green_sparks

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Re: Small business idea for FIRE'd entreprenuer
« Reply #1 on: April 23, 2020, 05:46:37 PM »
Interesting idea. Not knowing much about the restaurant business... can they even stay afloat with half the previous income?

LWYRUP

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Re: Small business idea for FIRE'd entreprenuer
« Reply #2 on: April 23, 2020, 06:48:18 PM »
Interesting concept, and low risk too, which is good. 

I'd call the luxury restaurants too.  Cheaper ones will definitely do the "throw in the corner" plan but luxury ones may want a different image. 


Fishindude

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Re: Small business idea for FIRE'd entreprenuer
« Reply #3 on: April 24, 2020, 05:37:16 AM »
Are you sure that restaurants are going to be removing a bunch of their furniture to open up space?
I've not heard anything about this and would think that most need to maximize occupancy during prime meal times in order to make money.
Better confirm your thoughts first.  I'm not sure there is a market?

infromsea

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Re: Small business idea for FIRE'd entreprenuer
« Reply #4 on: April 24, 2020, 06:39:16 PM »
Thanks for the feedback folks!

I'm not sure if places will actually be removing "extra" tables and chairs, going to do some check-ins to see.

I do suspect plenty of places to tell me to pack sand, they'll do it themselves/pile them up in the corner/just leave them there empty but I know there are enough higher end places around here that should survive the shock AND will want them removed (at least if I was managing some of the higher end places, there is no way I leave lots of empty seats).

Much Fishing to Do

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Re: Small business idea for FIRE'd entreprenuer
« Reply #5 on: April 25, 2020, 09:21:43 AM »
Interesting idea, and my favorite kind whereas you can scale as you go (i.e don't buy a truck, get stuck with a full time employee or get stuck with a long term storage rental, and then what is there to lose?)

I guess do the math when you get the numbers to make sure your pricing it high enough to make it worth your while, even if there is a lot of interest there will be a ceiling on what you can make based off of things like how many tables can a unit of x price hold, the cost of labor for moving the stuff, etc.  And as always at least think thru the rare higher risk things that could happen and how you would handle/could prepare (e.g. your storage unit full of high end restaurant tables all get water damaged in a unit, your help gets hurt moving a table)

I like it.


LWYRUP

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Re: Small business idea for FIRE'd entreprenuer
« Reply #6 on: April 25, 2020, 09:23:50 AM »
Interesting idea, and my favorite kind whereas you can scale as you go (i.e don't buy a truck, get stuck with a full time employee or get stuck with a long term storage rental, and then what is there to lose?)

I guess do the math when you get the numbers to make sure your pricing it high enough to make it worth your while, even if there is a lot of interest there will be a ceiling on what you can make based off of things like how many tables can a unit of x price hold, the cost of labor for moving the stuff, etc.  And as always at least think thru the rare higher risk things that could happen and how you would handle/could prepare (e.g. your storage unit full of high end restaurant tables all get water damaged in a unit, your help gets hurt moving a table)

I like it.

Yep, that's the key.  The model is simple.  Call fancy restaurants, ask if they want to engage you.  If they say yes, rent the truck and hire labor.  No money spent unless the contract is in hand.  So there is literally no downside other than time. 

HipGnosis

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Re: Small business idea for FIRE'd entreprenuer
« Reply #7 on: April 25, 2020, 06:34:58 PM »
I think your biggest problem will be contacting the management of the restaurants - they're probably not answering the phone until they open back up.

Missy B

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Re: Small business idea for FIRE'd entreprenuer
« Reply #8 on: April 26, 2020, 11:43:34 AM »
Because cash flow will be low for most restaurants, you may want to consider accepting contra is part of the exchange.
Contra is taking a restaurant gift certificate for all or part of the cash value of what you're providing.

Working for gift certificates probably isn't what you had in mind, but it has benefits:
-building business relps with people who couldn't have afforded (at that time) to do so otherwise
-lets you enjoy some meals and in the process check out their business and see if any other possible services suggest themselves. Steam cleaning lino floors for example.

I had a bf who worked for a marginally profitable paper. They did contra trades for adds for restaurants all the time. Nice ones too. It didn't cost the paper to run the ad, and the restaurant got advertising for a minimal cost.