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Sounds like fun until you have employees who don’t share your DNA. Hiring Pacific Northwest barista-type people?
Purposefully dealing with that ilk you would have to be out of your freaking mind. Most are one tattoo away from being homeless... and choose to live that way.
You’re welcome.
I am sitting in a Starbucks right now, everyone here has at least 1 tattoo, one guy has a mohawk and another dreadlocks, Bob Marley is playing on the intercom. If you can deal with that go for it!
Let your youngest son figure out what to do with the space (w/ you having final say/approval).
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Excellent!
How about an “urban workshop”? These are cropping up in So Kal and very intriguing. The concept is brilliant: Set up a fab shop where people pay a monthly/yearly fee to join. In theory it would also attract veteran craftsman who want/need something to do and have a desire to teach younger people. I’m actually toying with doing one in the Phoenix area.
The most obvious concern is physical risk management. Liability using metal shaping and welding equipment is immense.
Food service operations, particularly simple menu/lowest common denominator models, are thankless pursuits. I renovated a nice diner space in our building, but with no intelligent potential tenants, nearly dove in because it might be fun.
Then I remembered:
Absurdly long hours, minimal rewards... rule of thumb is have two years of operations funding without any expectation of profit.
OTOH, if it's a hipster neighborhood, go minimal customer service, provide a small performance space and you'll do fine. When profits thin, shut it down, start over.
Or wisely, ask your youngest son. He's gotta be more clued in to what'll work than any of us.
Collecting rent vs. running a small business are two entirely different animals! There is no such thing as a "hobby" food retail establishment. Long hours for starters.
Any small business has to deal with regulations: employees must be paid a certain amount/various insurance policies must be maintained for them/working conditions are proscribed/time off, meal breaks, and coffee breaks as well. The business itself will require liability insurance and who knows what else. Just keeping employees from leaving is almost impossible so there may be periods where you have no staffing or have to jump through hoops to keep it staffed. If you serve anything besides baked goods, then waste (i.e. food that was purchased but never sold) can become very expensive. There may be some branding and marketing required.
Maybe certain licenses must be obtained -- not a slam-dunk when dealing with bureaucracies . . .
The health department may have to inspect and that can be a nightmare in itself. They usu. have the authority to close you down if they don't like what they see. You may want to keep it as clean as your home kitchen, but will that tatted-out manager you hire be able or willing to do that?
Even if your pro-forma analysis says that it will be easy to turn a decent profit at the location, it can still be a lot of work to get it there and keep it there. I don't recommend it unless you have to. Really.
All I have to say is be careful what you wish for. Do not ask me how I know. Find a tenant and collect rent. $45 triple net is awesome if you can get it.