Your Questions About Investing In Restaurants Can Work

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John asks…

How can I get into photography as a business?

Here’s the deal…art in all forms is who I am. I wanted to do it as a career…but after many reality checks I’ve learned a lot about financial hardship. I decided to go to school for a degree I can always use so I’m going for medical admin…something that is generally useful. I have had every intention on taking time to learn about photography while I get my 2 year and have a more stable job, I work in a restaurant right now only job I’ve ever had. Have to have money to really invest in photography. I would have gone to school for it but the only school around with the program cost 88,000 for the degree. Should I see about free internships or shadowing? Or even pay a photographer for their time? I’m generally pretty good with a lot of it…I have used adobe in high school and I understand many of the editing concepts. I know how to use slr cameras I’ve just yet to have the money for one. My goal would be to have a small studio in my home and work like that. I have no intentions of this happening over night, I plan on offering free photography until I’m good enough to charge a small amount and raise my prices like so…I’m not looking to make tons of money any time soon my any means, let that be clear. Any advice out there from photographers that learned the way I want tO learn??? I’d love to talk to a photographer one on one, thanks!

Justin answers:

Do what the vast majority of freelance photographers do.
Work at whatever else whilst learning about photography and getting to the stage where you are capable of turning out good images EVERY time and have enough experience to go pro.

If you offer free photography until you are good enough to charge then you will NEVER charge as you will be known as that free photographer.

Working for free does NOT help you to get established.

Donald asks…

Where can I find a pallet of merchandise for a kick butt garage sale?

There is a lady in my neighborhood…she’s got the best garage sale in town. I’m not exactly sure how she does it but she was selling brand new kitchen goods…I bought a nice huge skillet for $3 and a Kruger/Mr. coffee single cup coffee put valued at about $100 for $10…it was brand new in box and works great. She had pitchers, blenders, utensils, sandwhich makers, knives, etc.

I asked her if she works in a restaurant and she said no and admitted she gets this stuff by the pallet. She wasn’t well off financially…just an average family, so I doubt she’s investing $2000 in 10 pallets of liquidated merchandise–or maybe she is.

I just want to spend $200-$300 on an assortment of interesting merchandise that I can double or triple in value using my time sitting outside in a yard sale. My wife and I thought it could fund a monthly trip to a place nearby like Vegas or the Ocean at a time we can‘t really afford to get away much.

My question: Where can I find a pallet or large assortment of high quality, discount merchandise that we can sell at a yard sale that we don’t have to spend $1000’s to get but rather 100’s

Justin answers:

Could be storage lockers that are auctioned.
Could be just regular auctions.
Could be some kind of seconds or overstock.

You can also offer to sell stuff for people in your neighborhood. You sell it every weekend and they bring it to you and you mark it with different colored price tags and make some split between with the people that bring you stuff. This makes it easier for them…and if you have a truck that makes your deal all the more desirable. Control the stuff so that you get rid of stuff that doesn’t sell for 3 weeks so that you keep your inventory moving.

Thomas asks…

Do you enjoy cooking? If so, what styles?

I do, whenever I’m not tired. Last year I started trying my hand at baking from scratch, like bread, pasta (pasta didn’t work out), cake (didn’t work out), pizza (almost as good as a restaurant!), flour tortillas, and tortilla chips. I’m going to try my hand at more things from scratch and invest in pasta maker.
I’m working on making some of my own frugal gourmet recipes. One of my fave things to cook is dumplings.
Cooking and baking from scratch, or making recipes can be a lot of work sometimes, but it gives me a sense of accomplishment. Now only if my ex knows one of the things he’s missing by dumping me! He had my pizza from scratch once. But I’ll save my best cooking for when I meet my prince.

Justin answers:

I love to cook! Most styles but not true baking like cakes. You started with about the most difficult and tedious area of cooking. I n fact Most Chefs will tell you that they are not a true baker.True. Baking is an entirely seperate field where measurements need to be more precise than other types of cooking. You deserve alot of credit by trying to make the things you mentioned. There are so many new flavours awaiting our taste-buds when we try new dishes and it’s great that you appreciate that.

David asks…

I need help deciding what kind of business to start.?

Here are some details about me: I am a 21 year old female living in Pittsburgh, PA. I just graduated and received my B.S. in Secondary Education, but can‘t find a job teaching. I am now working on my 2nd bachelor’s in Accounting. I work full time for Merrill Lynch doing collections on past due mortgages.

Here are my interests and experience:

Although I am only 21, I have a lot of work experience in a wide variety of fields. I have worked as a manager in fast food for about 4 years, several administrative jobs, fitness instructor, 2 years call center experience, I am very good with kids of all ages.

I want to invest my money into a business and I just need an idea – not sure what I want to open. My family are all very experienced in a wide variety of fields and are willing to help.

My ideas are:

A daycare or some type of child services business
Food/Restaurant

Any other ideas? Or any tips?

Justin answers:

The very first thing to approach this situation is to spend a few moments to figure out what excites you or what moves you. The next step is to fingure out how you can make some money doing it.

It is important to do something that you enjoy because in starting a business you will be doing it most of your available time.

Since you are studying accounting (my field) the reference site may be an option.

James asks…

What amount should Jim invest today at 8% compounded quarterly to be able to pay for the roof?

Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 5 years. He estimates the roof will cost him $9,100 at that time.

Justin answers:

P = amount to invest
f = final amount
n = number of times it compounds per year
r = rate as a decimal
t = years
general formula: f = p ( 1 + r/n) ^ (nt)
9100 = p(1 + 0.08/4) ^ (4•5)
9100 = p(1.02)^20

p = 9100 ÷ 1.02^20 which is about $6124.04

Michael asks…

How do I find investors in order to open my own restaurant business?

I’ve had a burning desire since childhood to open a family oriented restaurant and would like to know what do I need to do to get it opened.

Justin answers:

Prepare a good business plan, including analyses of the market, demographic factors, competition, evaluation of risk, excellent cost and revenue estimates, your resume stating your experience which will convince investors they should invest in you and your restaurant. It should show the amount of your own investment and the amount needed from investors, as well as what they can expect from their investment in your restaurant. This can cost anywhere from $1-2,000 to $20-25,000 depending on your ability to do most of the work yourself

Then advertise on Craigslist.com and local newspapers. You should try to draw investors form the local community because it is unlikely you will get any from a distance.

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