With all your invested time and experience, would you own one?
For years I've been wanting to own a restaurant / bar. I've managed my own rental properties for 10 years now. I've also been in the DJ and entertainment business for 15 years. All while holding on to a 9-5. I would like to retire at 45, next year, and rely on my rental income and bar/restaurant/gaming profits to do that.
Since turning 21 and going to bars and clubs, I always thought that I would love to own a place of my own. I love joy and happiness, people having a good time, dancing and creating memories with their friends, with their family, and co-workers. I would love to be a vibe and location source of future memories for many people.
I understand that's just a part of it, and not the reality of the business though. You have to manage inventory, manage people, and manage operation costs. My understanding is there's not necessarily a lot of money left over for the owner to keep, and plenty of stress, generally speaking.
With all that being said, I feel I could own and operate a great business. I also believe that I can train people to become owners themselves, and possibly expand or franchise my business model. (If it proves successful and sustainable.)
I'm in the process of selling a couple of smaller rental properties to purchase a couple new ones, and so for the first time in my life I can afford to purchase a restaurant location, but should I?
Please share your stories, positive or negative, but preferably both.
I appreciate your time and thank you in advance for sharing.