Hello I have time, money and propery but I need a good small business idea

[jakicmario]

First of all I wanted to thank everyone for positing so much good info on this forum.
A little about myself: I am looking to start a new business, potentially something I can invest my capital and time in. I have part time experience in real-estate investments and I have been a Bank Manager for the past 10 years.
The Housing Market has gone up here in GA and I sold all of my properties. I can't stay in this business because big investors are willing to pay a lot more than I, and eventually they will try to liquidate their funds all at the same time which would cause another housing crash.
I have a commercial unit in historic district of Stone Mountain GA, I would like to keep it and start something new that I would love to do and make a profit at the same time. I was very interested in a pizza place and there isn't one close to me but restaurants scare me, since in my line of work I have experience that they are not very profitable and most of them do not make it. My area is strange millions of tourists visit stone mountain park per year for recreation, high and moderate incomes, and rarely anyone comes to historic district which is beautiful but a ghost town. Residents in 2 mile radius are mostly low to middle income. Not sure what to do: liquor store vs nice restaurant vs whatever....

This area has lots of potential and I could be the one that puts it on the map, but with what? I'm open for any ideas... :confused:
Thanks in advance!

[Wozcreative]

People who have money but no idea what to do with it should just hire a financial investor and put it towards something to make the money grow. You'll just end up wasting time and money if you have no clue what to do with it. No one on here can really tell you which industry will give you the best bang for your buck. Building a small business doesn't work like that. Unless you can say more about WHY you'd want to do a liquore store or a restaurant (and why pizza), then maybe we can help nail it down a bit. Not when you really are just picking things out of a hat.

Love it when people do that. It's amusing, like a hamster on a wheel.

[tallen]

start something new that I would love to do....

OK, so what is that? What would you love to do? To be successful in small business requires not just capital, not just business sense, but also passion.

[Gabe]

Hey Jaki. If your heart is set on a restaurant, go for it if you're good at running a business. Restaurants are actually one of the easiest businesses to run (as far as 'real' businesses go). Most fail because people start them for the wrong reasons. For example, loving food is the wrong reason to start a restaurant. Cooking for friends when everyone tells you they love your food is different than cooking for stranger who pays for it. Restaurants are easy though because most things are obvious. For example, if people never order something, take it off the menu. If they order a lot of something, add more things like that. Fire the people that get poor tips, they're bad servers, etc. Most other businesses, like software development for example, are much more nebulous and difficult to run.

[Patrysha]

Restaurants one of the easiest businesses to run??? I heavily disagree with that!

[DeniseTaylor]

Here's an idea -

Is it possible for you to diversify the space? In small, rural communities conveniences are in demand. What if you created a small general store with a restaurant attached? If you could put in a gas station, too, that would be even further diversification. That way, you're not putting all your eggs in one basket and something there could keep you afloat.

Obviously, I don't know the space and can't tell if this idea would be doable. Whatever you do, put yourself in the shoes of the tourists who visit. What need would they have that you could fill?

[Jeff_B]

Money is not a good reason to open a business, it's more like a luxury to enjoy while you begin your struggle between complete failure and blissful success. What you really need is a unique idea and some raw passion.
To the person who said that restaurants are the easiest business to run, they have obviously never been involved in one. My design firm spends a lot of time consulting people on how to orient their menus and lay out their space to maximize seating while creating a specific atmosphere. If you don't have a great idea and a phenomenal chef don't waste your money on a high end restaurant. You can always open a Pizza-Hut which has the whole thing laid out for you.

[oliamwright]

Set the Conditions for a Win/Win
Perhaps there is an opportunity for you to boost the local economy by providing some form of affiliation group, whereby you source the greatest locations in the area and subsidize your own marketing efforts by receiving support from local businesses. If you generate new traffic in the local area, plus survey the local business of what demands there are, then perhaps your investment will find a better environment to flourish.

Possible Steps:
1) Put together a local mini-magazine with the best locations in the area; 2) subsidize it with ad revenue from locals; 3) Generate more traffic in the region; 4) survey local businesses and traffic to determine what the big demands are; 5) build up business units to serve the area; 6) Use the same local businesses as lead generators by providing discounts on advertising through referrals; 7) use your own magazine to promote your own business for free.

[billbenson]

Hey Jaki. If your heart is set on a restaurant, go for it if you're good at running a business. Restaurants are actually one of the easiest businesses to run (as far as 'real' businesses go). Most fail because people start them for the wrong reasons. For example, loving food is the wrong reason to start a restaurant. Cooking for friends when everyone tells you they love your food is different than cooking for stranger who pays for it. Restaurants are easy though because most things are obvious. For example, if people never order something, take it off the menu. If they order a lot of something, add more things like that. Fire the people that get poor tips, they're bad servers, etc. Most other businesses, like software development for example, are much more nebulous and difficult to run.


Restaurants one of the easiest businesses to run??? I heavily disagree with that!

I agree with both of you, which means Gabe I also think a restaurant is one of the most difficult business to run. Gotta be at the market at 5 am, put a lunch menu and service together, Get the lunch cooked, then it's time for dinner. I knew a 4 star plus restaurant owner in tampa. He was at the market at 5am and snorting coke at 2am. Brutal work schedule. Husband and wife business. Last I heard they were divorced.

On the positive side, Gabe, I think your other observations were very good. Take items off of the menu stuff that doesn't sell etc. It's why the web people here look at stats. For finding things that aren't working...

[G.E:A.R.S]

Hi jakicmario! I get where you are coming from! I really do! I did basically the same thing, well except the space. The first question you need to ask yourself before you start a business... If it fails and you lose your investment, can you handle that and can you financially survive that?
If that is something you can deal with
Then question #2- What do you love? I mean you will work 80 hours a week doing this thing and its ok because you love it, Mind you everyone else will critique everything about it, but you dont care because you love it!
Question 3- Does this NEED to be an investment for you? or can it survive as just a hobby, one that sustains itself or does it have to make $$$$?

Based on your answers to those questions, I think this collective will better be able to find ideas for you!

[Harold Mansfield]

Restaurants are one of the hardest businesses to run and succeed at. It's more than a full time job. You really need to be committed and have a solid plan.
I would vote against that as a business for someone who knows nothing about the business and doesn't have the commitment to see it through.

You can't just throw money at a restaurant, and then sit back and wait for it to work. It will fail.

Maybe a structured franchise is the way to go.

[Green Payment Solutions]

Why not consider a REIT as a place to park your money long term and make a fixed income?