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Koreadays
Joined: 20 May 2008
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 Posted: Tue Sep 06, 2011 7:36 pm Post subject: |
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| minos wrote: |
Only guy I can recall who struck it rich is Johnny who owns club naked and Naked lounge. Whoever owns luv lounge did pretty well too.
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Both naked and LUV are owned by Koreans who have money!
johnny doesn't own naked by himself, it's owned by the lady who owns UNCLUB, she is the money woman and her son runs naked with johnny.
johnny is the face and has a stake, maybe 50% maybe much less.
you think johnny made 300 million won selling tacos in his truck.
it takes finance, the UN lady believed in him though, took a risk and its paid off..
LUV , similar thing, that guy DAVID who was the face owned nothing,.
all the money came from the guys who own macaroni market.
and there money came from their daddys!
BLISS, again, daddy owns the buildings, so he kicked out the Pakistanis and put his son the DJ/rich boy son in their..
B1, 3 partners, the gay Korean putting in most of the share.
it's hard to do it alone here, because the risks are huge!
and if the business doesn't take off with 5 partners, then you are all working for less than a hakwon wage and working 3x times the hours.
if you wanted to get into the hospo scene, keep the partnerships down to 2
and offer something new.
Itaewon is going through a huge transition right now, a lot of Koreans are bringing money into the scene, opening things, landlords will now double the rents because they predict an influx of Korean customers, but I think it's more hype than reality. but Itaewon is going to become a lot of expensive, drinks, food, rents, etc..
you seen how many lounge clubs have just opened in the past 6 months?
and how many are under construction.
Koreans will do what they do best, over saturate the market, bleed the other owners and everyone will be suffering, and the landlords will be happy of course..
so find something new, out smart the korean people, and innovate,
be the first to bring it. |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Sep 06, 2011 7:51 pm Post subject: |
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| PatrickGHBusan wrote: |
Bascially it breaksdown like this (as was stated by others in this thread I think):
If you open your own business, any business, you will be working nearly 6-7 days a week for the first few years and will not count your hours. This is unless you are part of that 0.0001% of people who hit a homerun.
You will need to invest a substantial amount of money as well.
You may not be able to afford hiring employees initially so guess what? You will need to do much of everything yourselves (you and your wife).
Ideally you can find investors to soften the initial personal investment but that brings a few more cooks into the kitchen as typical investors require a say in how their investment is handled.
When (or if) you get to hire people to work for you, strap in because managing people is no piece of cake. In fact, finding, hiring and managing people can be one of the biggest issues you will face as a business owner. Its not all that easy to find qualified dedicated people.
I started a consulting agency in Korea a few years ago (early 2000s) and hit a niche market with high demand. Still, I did not count my hours for the first couple of years and worked this while I was teaching.
Now, years later, I delegated a lot of things to employees but finding and hiring quality people is still damned hard. Managing them is one of the things that gets to me. I compared notes with other people in my situation and it seems they have similar gripes.
So in short, running your own show can be great and provide you with a great feeling of accomplishment but it will be a LOT harder and stressful that working for someone else....
Good luck. |
What he said! |
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