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Korean Job Discussion Forums "The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Thu Feb 13, 2014 10:15 pm Post subject: |
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BigBuds wrote: |
Where'd you set up shop ttompatz? |
That one is in western Thailand. I needed somewhere warm to spend the winters.
Stan Rogers wrote: |
I can't believe nobody said open a bar. Almost every former English teacher I have heard of has done that. |
80% of bars/restaurants fail within 5 years and take your life savings with it.
As a foreigner in Korea (especially) the odds (unless you have a very supportive (usually Korean) spouse, are even worse (although there are a few exceptions).
If you don't have experience and/or training in restaurant mgmt and/or back of house mgmt the odds get even worse yet.
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Stan Rogers
Joined: 20 Aug 2010
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Posted: Fri Feb 14, 2014 12:31 am Post subject: |
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Take a walk around Itaewon and see how many are operated by foreigners. Nearly all of them were former English teachers, and almost all of them have a Korean wife owner. |
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happiness
Joined: 04 Sep 2010
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Posted: Sat Feb 15, 2014 7:07 pm Post subject: |
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Not a chance. 14 years here, and Id rather keep risk low moneytarliy, and do other things. Ive done overseas purchases that netted me a commission, but even for that, there has to be a relationship. English teaching is nice and clean, so are privates.
I met the head of a Korean business organization here who has a number of foreigners in its ranks and he also said what I think: alot of people do it to keep busy, but they a lot of times end up closing shop in a while (which to be fair, this happens everywhere). I know a couple of guys who run a clothes import thing, but they dont really make a profit, and by all accounts, seem to me to do it just to keep busy. Korea does have alot of downtime.
Its alot of people trying to be bigger fish in a small, and halfway to dry pond. That said, Im sure theres alot of money to be made here. |
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Zyzyfer

Joined: 29 Jan 2003 Location: who, what, where, when, why, how?
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Posted: Mon Feb 17, 2014 8:21 pm Post subject: |
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Would be nice but I don't have any particular ability at crafts or the like, and my professional skills are not exactly in a high-demand field where I could confidently strike out on my own.
My intention has long been to be an office mook while I'm younger, and settle down and write novels down the road. |
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Kuros
Joined: 27 Apr 2004
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Posted: Mon Feb 17, 2014 9:13 pm Post subject: |
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ttompatz wrote: |
Stan Rogers wrote: |
I can't believe nobody said open a bar. Almost every former English teacher I have heard of has done that. |
80% of bars/restaurants fail within 5 years and take your life savings with it. |
The first bar, school, restaurant, shoe shining station, whatever usually fails. Entrepreneurial success does not usually arrive until the second or third time, or in some cases, the fourth or fifth. |
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