Too Many Tourists In Colorado
Quote:
Originally Posted by
Benny Profane
Open a restaurant. You're now officially retarted, asshole.
While I don't agree with Benny, this one is true. Like working in the ski industry, the best way to get a small fortune in restaurants is to start with a large one.
By the way Benny, I'll be able to move to the mountains full time somewhere around 40 (when I have kids). Telecommute for the win. Would've done it sooner but the non-telecommute work is just too fun to pass up and worth the commute to ski (~none to bike) when paired with city interests that one takes advantage of without kids. I'm solidly in the 6 figures and will drop to the low 6 figures when I move. Sounds like you have a business degree though. Bad degree/career choices = hamstrung to city life.
Too Many Tourists In Colorado
Quote:
Originally Posted by
Meadow Skipper
There are restaurants here making pretty fair bank, at least judging by their longevity (20 years or more), especially the ones catering to tourists.
The successful ones do. How many did it take before the location was successful? Most restaurants out here are owned by restaurant groups. People with loads of cash (no property loans and can remodel to exactly what they want and bring in top talenf) and tons experience in building successful restaurants. To do that, you need a decent amount of money and look at it as a capital investment that you'll make back out when you sell. Its not for the random person dropping into the industry.
Its a terrible choice unless your its solely a capital investment, and if thats what you're doing, rental properties are way more lucrative for the layperson.
Too Many Tourists In Colorado
Quote:
Originally Posted by
doebedoe
Thread drift....
But -- you're acting like it is impossible unless you're loaded. It's not. Just like there are indy ski makers that go to shit in a few years, there are others that are making a good living (Moment, Praxis, On3p etc). There are just tons more visible restaurant failures because there are more people interested in doing it. People overestimate their skills, make bad decisions, suck at reading the market or don't know how to run a restaurant. My neighborhood place is a fine example, and I know owners of at least 2 other similar places in Denver (i.e. they read the market well). Two first time owners: one runs front of house, one the back. $10-20 entrees. Spent a lot of time in the industry before owning. Took a loan out to buy and ready the place. Four years later they are opening another place, have paid off the loan to buy, and both saved enough to buy nice homes in Denver. They aren't getting wealthy like the big restaurant groups, but they make well above what it takes to live a upper-middle class life, and have assets. And most important to me--they have decent food and a lovely staff that doesn't turn over like most the industry.
But they work way more hours than any ski bum with dreams of pow days would be willing to.
Its different in a ski town than in the city - just to name one, staffing challenges are incredibly difficult and stressful. And no, its not impossible, its really damn hard and you need some luck on your side. Theres way easier ways to live in a mountain community. I've been there before (exgirlfriend tried it for 3 years and had to get out - just wasn't as viable as other options - especially with the hours - despite having a pretty damn good understanding of the market, restaurants and deep roots in the town).
Like I said, its like trying to make money in the ski industry. I know people that have, but a lot more that haven't.