FAQ 3 : I am buying a cafe but do not have much experience – any advice?
Answer: First of all I must ask you WHY? Do you have a death wish or something? Going into any business without a substantial amount of experience is the best way to commit financial suicide.
Some people get the notion that they are sick of corporate life or they just feel they are sick of what they are doing, so they think they will go into a cafe or worse still restaurant because it looks easy – WRONG! WRONG! WRONG! – “Go back you’re going the wrong way”
Nothing could be further from the truth, in fact it’s a pretty tough life but it can be very financially rewarding and satisfying if you get it right.
The people that do go into business without enough experience can create there own nightmare and find the stress is unbearable, but by this time it’s too late, they are in too deep to reverse the situation and stop the carnage.
I do hope I have not put you off with my view but this is one of my pet subjects as I see so much of it and it stirs the emotions.
Anyway now for some positive advice- if you are still adamant about taking on this business you should surround yourself with people who have experience. This could be professional people such as a coach, consultant, or friends that owned there own business and have been successful.
You will obviously have a solicitor and accountant but these people are often guarded about the advice they give, unless it is legal or facts and figures based. You can still pick their brains as much as possible.
If you are taking over an established business it will more than likely come with an established staff. You are not obligated to employ these people, in fact in cases as the new owner being very experienced, it can be smarter to employ new staff altogether. However in your case you will need to employ experience, so choose carefully as with some unfair dismissal laws it is difficult to change your decisions (good time for advise)
Research and learn as much as you can, try and make some good common sense decisions.
Remember this important piece of advice, never be too proud to ask for help it could make all the difference to your success in life.
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James Moger Lund
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