FH is quitting his job tomorrow

SteelHibiscus

...to open a restaurant!

Super exciting, since this has been his dream for years. Also super terrifying, because that's what happens when jobs get quit.

Neither of us is really worried about money and whatnot, because he has good credit and should be able to get a decent loan, but send us good thoughts anyway!

And if you're on Long Island and want me to let you know when we open, PM me!

lyndausvi

Congrats.  Where is the location of the restaurant?  What is the concept?

AddieCake

Best of luck to him!  I have a friend and her husband who went into the restaurant business, but they were not able to make a go of it b/c they chose the wrong concept for the area they tried to open in. Hopefully your husband makes the right choices and is succssful in following this dream!

LizM61409

FSIL's husband is the chef and part owner of a restaurant he helped open a couple years ago. It's done really well and it's been fun to watch it grow and of course to eat the yummy food. Good luck!

zitiqueen

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_fh-is-quitting-his-job-tomorrow?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:fa86258c-7f27-4815-9c58-a7320910c832Post:776ee20f-f50c-424f-8057-1e65cf70421b">Re:FH is quitting his job tomorrow</a>:
[QUOTE]He isn't quitting his job BEFORE he gets the loan is he? Small business loans are different from personal or collateral based loans, an it takes a lot more than just good credit to get one. I'm not trying to rain on your parade or anything, but there is no way I'd quit a job without having the money in hand first.
Posted by StageManager14[/QUOTE]

I was about to ask the same thing. It sounds like he's quitting and then going to the bank to try to get a loan.

Does he have a space for the restaurant secured? Staff hired? A projected opening date?

cwaggoner07

SIL and BIL are permanently in the restaurant business and they have had serious ups and downs. Good luck to you both!

We are looking into a small business loan to get this summer, so let us know how it goes.

HobokensFury

Good luck. My SIL lives on LI so maybe one day we'll get to go.

MrsGandthebeag

The restaurant business is tough.  Good luck!

shaygray88

Wishing you guys the best!!!!

sonya+adam

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_fh-is-quitting-his-job-tomorrow?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:fa86258c-7f27-4815-9c58-a7320910c832Post:776ee20f-f50c-424f-8057-1e65cf70421b">Re:FH is quitting his job tomorrow</a>:
[QUOTE]He isn't quitting his job BEFORE he gets the loan is he? Small business loans are different from personal or collateral based loans, an it takes a lot more than just good credit to get one. I'm not trying to rain on your parade or anything, but there is no way I'd quit a job without having the money in hand first.
Posted by StageManager14[/QUOTE]<div>
</div><div>All of this. 

</div>

SteelHibiscus

Sorry to p&r yesterday! To answer your questions: no, there's no loan in hand yet, but he has several other job opportunities (and a savings account) to keep him going before the restaurant stuff gets sorted. Now just seemed like a good time to get the ball rolling, since he needed to get out of that office before it ate his soul. We're still looking at locations, but we're planning to keep it in southern Nassau so the commute doesn't end up terrible.

erinlin25

I will send you best wishes, but as other PPs pointed out there is a long way to go!  We are small business owners, and FI at least waited to quit his job until he had keys and a signed contract to his own shop.  However, he did start up without a small business loan, BUT that was because he had the majority of tools he needed to start on his own (we own an auto repair shop) a built up bank account and lucky for him he had a generous/supportive family who let him live there and eventually me live there when I moved up to help him with the shop too; not to mention family partnering money wise when he needed a big tool purchase to save him interest in loans and credit cards.  The place he rented from had a lot of equiptment included.  We slowly had to build it up and every month we planned for the next big purchase.  My FI has perfect credit but yet because he is a small business owner with unknown income (just because we were successful in our first 18 months cannot guarantee success forever) no one will give him a mortgage or loan for a house.  So we have to bank my credit report to get the loan.  And we have to do that BEFORE we get married or it will be harder for us once our income official combines.  Can we support ourselves, yes, but to a bank, its still a risk and in this economy they are not just giving away there loans. A year into business we finally have an line of cresit from our bank!

So I do wish you luck, but I will say its HARD, and FI will need your support like crazy.  It means long nights/early mornings; it means stress galore; so I hope you guys are prepared, and can at least live off your salary for awhile.  His savings will drain faster then he realizes.  And I would imagine NY would have much more competition for a new business too-- we are lucky to have taken his "big city" experience and applied it to a small town where he knew they needed the services he offered.  It meant a lot a research and neworking before he started even looking for a shop to a rent.  So, wish you all the best, and I am no expert but if you ever have questions I'm living it!

lyndausvi

My DH is from the south shore of LI.  Restaurants are a tough business down there.  There is a ton of competion.   My SIL's BF just opened a restaurant/night club in summer of 2011  He has some partners in the business.  The place is always busy and on the surface a sucess.  However,  when you pay back loans and partners his take home pay is around $500 per month.  In LI that does not go very far.  He at least lives at home and works someone else.  He is looking to get out because the dream and reality are worlds away. 

We have another friend who owns a breakfast/lunch place. They bought an exisiting place before he retired from the NYPD, but they were not completely sure they knew what they are doing.  He worked another 5 years with the NYPD making sure they have income and benefits. Now it's a very sucessful business that supports 2 familes.

I'm not saying he can't make it.  What I am saying you really need a good plan.   Most resturants do not fail because of bad food.  They fail because they do not have a good concept or business plan or their capital runs out before they can start making a profit (normally 3-5 years).  They always underestimated costs.   They think that just because they can cook or wait tables then know everything about the business.  They don't know anything about food and beverage costs so they don't set menu prices correctly.   

Good luck, you are in for a long ride.  

zantster

Umm...I'm a bit lost because since this is a website that focuses on wedding planning...I'm trying to understand how FH quitting his job while you are planning to get married is cause for celebration?  Since, of course you two will want to sock away as much as possible now that he has quit, are your parents or his parents paying for everything or are you scaling down to a small wedding or JOP?  I'm just scratching my head about the logic in addition to what all the other PPs have said about the business idea in and of itself.

OwningAHome1981

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_fh-is-quitting-his-job-tomorrow?plckFindPostKey=Cat:Wedding BoardsForum:14Discussion:fa86258c-7f27-4815-9c58-a7320910c832Post:3fbbfac9-b64b-44b9-bf7a-079b8b29322a">FH is quitting his job tomorrow</a>:
[QUOTE]...to open a restaurant! Super exciting, since this has been his dream for years. Also super terrifying, because that's what happens when jobs get quit. Neither of us is really worried about money and whatnot, because he has good credit and should be able to get a decent loan, but send us good thoughts anyway! And if you're on Long Island and want me to let you know when we open, PM me!
Posted by SteelHibiscus[/QUOTE]

I would love to check it out- how do I PM you though?

Good luck, that is so exciting- I love to eat, lol.