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Owning a bar and grill?

Owning a bar and grill? Topic: Entertainment company business plan
May 20, 2019 / By Chasity
Question: Hi, i'm 17 years old and a junior in highschool. My bestfriend(who I choose to start the business with) and I are going to try to start a bar and grill together. His dad owns an entertainment company, so we already have all of the games that go in the bar covered which is just a small fraction of what we need. We plan to attend a 4 year university and get our business degrees w/ entrepeneurship. I guess i'm already worried about going broke, and or losing the business. Is owning a bar a good idea ? Any tips ?
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Best Answers: Owning a bar and grill?

Arleen Arleen | 10 days ago
:/ I think this is a bad idea. First of all...wait till you get a little older. Most bar owners either don't do it as a primary business....or are super hard workers and never went to university....and it pays better than minimum wage. Bar and grill...you'd be focusing on the food side of things and the overall atmosphere....experience...as the revenue stream....sooooo I'd think hotel, restaurant, and institutional management is a better idea for a college major...." Hrim". Business is okay for management...but you can't be taught to be an entrepreneur....you either have it or you don't...most of it flat out comes down to if you have the balls to do it. Anything entrepreneurial I needed to learn...1 hr guest speaker as an engineer. I get business oppertunities due to being sn engineer...get brought on start ups with a percent ownership. I able to leverage my skills. Thats thebkeynto business....thats why i suggest hrim...
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Arleen Originally Answered: Not owning things in your name?
Yes, that what he means...but he's a moron. Okay, maybe that's too strong, but I wouldn't listen to him. He means that assets should be owned by entities with limited liability and, probably, some unspecified tax advantages. Mostly over blown hooey. There are a handful of cases where such structures always make good sense and many more that make sense once you have a particular level of assets combined with particular kinds of liabilities. But as general advice to regular folks, it is stupid.
Arleen Originally Answered: Not owning things in your name?
Sort of. The idea is you own the company, and the company owns the assets. So if you got into legal trouble, you legally have little assets to lose, except your "shares" in the companies you control. The problem with that idea is the corps or LLCs must be in a state famous for asset protection, such as Nevada, or maybe Wyoming. Other states have been known to "pierce the corporate veil" and negating the corps and LLCs protection. I wrote this a while back, it may be of some help. http://richdadobservations.blogspot.com/... However, this only works if you have SIGNIFICANT assets, like 100K to 500K or into millions. It's virtually useless for common folks. --- Kasey C, PC guru since Apple II days I don't suffer from insanity. I enjoy every minute of it.


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