10-09-2008, 06:51 PM
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 Question for the Mastermind group As stated in a recent post, I have been tapped to open a pizza parlor concept with the potential to expand to several - think 10+ - stores. I know pizza inside and out. A good recipe and day-to-day operations are of no concern to me. I know I can run a tight ship, etc. The only thing I question is this: with the economy the way it is and what the "experts" say is going to happen in the next year or so, is now a good time to go forward? We will deliver so the gas issue for customers (and us, sort of, as we will use a Prius as a delivery vehicle) is taken out of the equation. The location for the first store is in an upper middle class neighborhood. Everybody has to eat and everybody loves pizza. My gut is telling me the economy will not play as big a role as the naysayers think. Opinions welcome.      |
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10-10-2008, 09:35 AM
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| As you mentioned, these are all OPINIONS. I agree totally with you. Most of the stock market crisis is based on fear.  Dont worry about it, good product always comes out on top. Bad management and poor service are usually the ones to go in times like this. If you are confident your better than your competition, do it! In a market like todays, I would bet on myself anyday  ! Hope that makes sense. |
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10-10-2008, 03:42 PM
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After reading Napoleon Hill's Think and Grow Rich, I am really taking a closer look at who I confide in. Every naysayer lives a life of making money for someone else, never took a risk in their life, always want to keep it "realistic", etc. I look at keeping it "realistic" as justifying pessimism. I now only confide in those who are intelligent enough to see and understand my vision. I have gone one step further today. I applied my vision to known restaurant formulas. One formula is the well know ratio of annual income divided by start up capital. 3 is considered the magic number to be at. For example, Wendy's (the hamburger chain) ratio is usually 1.6 because the start up capital includes buying land. My ratio (leasing the space) is a whopping 5.75!!!! As much as I believe in myself, even I was surprised at such a high ratio outcome. Another side note: the perception that 90% of all restaurants fail is simply not true. A recent study has shown that the number is really closer to only 23% of restaurants fail. The two reasons for failure? 1 - not enough start up capital and 2 - it's not run like a business. I am moving forward full steam ahead. |
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10-10-2008, 06:18 PM
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| GREAT to hear! Go for it! Us positive thinkers are always here to lend you any support we can! Let us know if there is anything we can do to encourage you! Sidenote: I secretly always want to open up a sushi place! I would love be able to have sushi whenever I want it  . Are there any good sites on these formulas you mentioned? |
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10-14-2008, 12:09 AM
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| Stevenmd my quick opinion: from everything I've read, and including my personal taste, PEOPLE BUY ON QUALITY NOT PRICE. make the best pizza in the area - 2x as good as your nearest competitor and you'll have little trouble. get people in the door with some 'discount' coupons and soon they'll be telling their friends and lining up down the block. Theres a place here in portland where people wait in line FOR PIZZA and consider it a priveledge to get in before they run out of dough.... they take RESERVATIONS. price is no object and they have a FANCY wine list. |
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10-14-2008, 02:21 PM
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Dang! Was just by Portland and would have enjoyed trying such a place! Oh well, good reason to visit again! |
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10-14-2008, 04:05 PM
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Ron - to answer your question, I get a lot of my information from the WSJ, Entrepreneur Mag & website, and industry pizza magazines & websites. |
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10-14-2008, 06:16 PM
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| The name. The name. Yup, said it twice. We have come up with some really weird ones. We thought up "The Pie Hole" and had a good laugh. I told my wife and she thought it was brilliant. I think it is too "dirty" sounding. It's funny but I don't think it's appropriate. The problem here is that my wife is usually right more than I am. What does everyone think? "Hey mom, I'm going down to The Pie Hole to hang out with Jimmy."  The closest pizza parlor to our location is about 5 miles away and it is called "The Gay 90's". Seriously. We spent about 1/2 an hour making fun of the name and then suddenly we stopped and looked at each other. Now that name is brilliant. Two guys spent 30 minutes talking about a name. Whoever thought of that name was a marketing genius. Btw... The Gay 90's charges over $28 for a large pie... and it isn't that good. |
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10-15-2008, 08:27 AM
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| I could see "talking" about the title and laughing about it, but Im not sure Id be caught actually going in! |
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