Quote:
Originally Posted by Hack&Lube
Business plans mean nothing when reality doesn't reflect the foot traffic that you expect, despite your best projections.
The Spanish restaurant beside 80th and Ivy - Las Canarias are possibly going to have to close as well. They are just running out of money and can't afford the staff costs from what I heard.
They have only been open 3 months in that location.
The issue is rent is astronomical in this city. Rates get set by the boom years and landlords and property taxes and op costs don't go down enough in lean years.
To be successful, you need very deep pockets - millions of dollars to ride out the first few years until your brand and marketability gets established in the conservative food culture here in Calgary.
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You bring up some good points, but rent is a known cost. One you can factor into a business plan. So are staff costs. I though people would have to show they have enough to float for a year at least on slow business.
I respect anyone who starts a business. It is tough work. I think the previous comment of not knowing what your doing and realizing it factors in heavily. Things probably snowball quickly.