Korean Job Discussion Forums

[Kennyftw]

My soon to be wife and I, frankly, are tired of working for other people, and wish to open our own business. She doesn't want to work at the company anymore, and I don't want to teach kids anymore.

I guess I want to hear from those in the know about which businesses are best to open? Most likely it will be a restaurant, but I've seen so many fail, and it worries me a bit.

What your advice?

[Jack_Sarang]

Zero. You and your wife can open up a nice "foreigner bar" just like every other [Mod Edit] with an F2.

Then it will fail within a year because you'll realize that outside of Itaewon unless you cater to the domestic market you will go broke.

[r122925]

Zero seems a bit pessimistic, but there's some truth to what Jack_Sarang says. Most small businesses fail within the first few years. If you choose to do something like this make sure you do all the research you can before getting started.

[jvalmer]

Starting a business and running one is pretty hard work. Also, you'll need a lot of luck on your side to make a living on it. And you will have to market to Korean tastes.

Also, make sure you have enough cash to get by if the business does go belly-up.

[happiness]

I remember one guy in Busan. He and his wife bought a small place near Lotte in Seomyun, had a party to paint it with his friends and cooked them burgers, then they sold western breakfast foods in the place for a bit, and then sold it to the developers who wanted the building for a big profit. I always thought that was clever. I could never get into the place, and it was open for such a short time. Lucky guy,

location location location. dont forget this. ive seen so many good ideas come and go so quickly here because of the location was bad.

and yes, the locals should be your biggest focus. i agree there.

[methdxman]

The only real factor in how successful a business is going to be is the caliber of its owners. That's it.

[Kennyftw]

Is it really that hard?

I know if I wanted to open any kind of business at all it would be an established franchise like Caffe Benne or Holly's coffee. But we're probably talking big bucks to be able to afford one of those franchises, am I correct?

I wouldn't even waste my time opening one of those clothing stores or my own mom and pop's restaurant--I see them go under rather quickly around here. That's why I want to open something that people are already familiar with and feel comfortable with.

[jvalmer]

[eamo]

[Kennyftw]

I thought it costs about that much. But I didn't really want to get into the bar/alcohol business.
Maybe shifting to something more in the English field would be better. Maybe a 공부방 (study room) or just do massive amounts of privates and keep my day time job. In the long run, I think that's what would pay the best with the least amount of risk.

Anyone have any experience with study rooms?

Eh, I feel like I'm all over the place with this idea, but whenever I think about teaching kids for the next decade or so I get the shakes, lol.

[markhan]

[Koreadays]

why do you want to open a restaurant? do you have experience in that field from before you came to Korea?

why don't you open a hakwon? I mean you have experience and seems to be a business which is in demand, but I guess that means dealing with kids for the next 10 years LOL


you need to chose your business idea, then go for it.
it's all a risk at the end of the day, I have opened a couple of businesses in Korea and a couple back home. some worked some didn't.
you live and learn.

[northway]

People without service industry experience really, really shouldn't open restaurants. Come to think of it, most people with service industry experience probably shouldn't open restaurants either. Long, long hours and an extremely high rate of failure. Anthony Bourdain's book Kitchen Confidential does a good job of explaining why it's a bad idea.

[Yaya]

To the OP, I'm sure people on this board have good advice but many are simply in ESL, nothing more, and probably have no experience in running their own business.

One other thing to remember: if you run a restaurant or bar, it'll be your LIFE, not just your job. And if you pour your savings into it, that could be a risk that could take years to recover from if it fails.

At the same time, many have opened businesses when others told them not to, and some have succeeded. If you're too careful in life, you won't succeed.

[Juregen]