Need advise part 2

I had just put on my first post and mabey I need to be more clear.First is, I was asking about investing in a buisness. My wife has inherited a house from her late grandmother. We have family & friends in Cartagena. I was hoping what would be a good buisness to start there. There are internet cafes all over the place so I don't see that happening. Secondly, my views on U.S politics and taxes I think are everyone's biggest gripe.To make a long story short is my father had recently retired at 65 he is in terrible health can't do anything and has nothing to show for it. I am not far behind from following him. I love Cartagena mostly for a simpler way of life. I don't want to drive to a job I hate, drive in weather that I hate. I know that not everyday in Cartagena is a vacation. I've stayed with my wife for 2 months with my ball-busting bruja mother-n-law.Noone in my wifes family likes her.When I was there my father inlaw loved American style BBQ.I made a bunch of ribs smothered with sauce and everyone thought it was wonderful.Does anyone think a BBQ rib joint sound like a sound investment? I do want to thank everyone who posted. It's nice to hear people with simular interest.

By gringomorgan on Jan 24, 2008, 13:53 in Friendly Talkzone.

slguy says on Jan 24, 2008, 14:10:

It's never occurred to me to start a restaraunt, anywhere- much less in a foreign land. The failure rate in the States is astronomic, the highest failure rate there is.

Having said that, there are folks here that will tell you that if you start small, for example in the garage of the home you have there, you certainly limit your losses, and improve your chances of success, because you don't have a big overhead to cover. Grow into your potential. Bears thinking about. My impression of the food service business is- it's gotta be something you love to do. Is cooking ribs all day, staying cool by downing beers, a thing you could enjoy? If so, and you limit your exposure by limiting your overhead, let 'er rip!

Whatever you choose- the best of luck to you! And please keep posting- I, for one, look forward to reading about your decisions and their outcome.

Before you throw me out, make sure I pay my bar tab

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jh816 says on Jan 24, 2008, 15:01:

Good advice to start small. Don't buy the location. Rent. If you can't rent, negotiate a rent-to-buy plan. For businesses with expensive startup costs, rent every you can (equipment). It would be far better to pay a little more for your equipment in rent on a short term basis than to spend your nestegg on equipment and then find out you can't or don't want to make the business work.

joe.

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El Polo says on Jan 24, 2008, 15:37:

The restaurant business sounds intresting, I personally would'nt mind "cooking ribs and staying cool by downing beers" after I retire that is, however it can be risky, I guess your best bet would be to look around, survey what types of restaurants are profitable in Cartagena, what the start up cost would be. etc etc.. IMHO your most important assets are in Cartagena right now, ask them for help as well, even if they dont have experience in the restaurant business, they might have contacts who can help.

oh P.S Western food in Cartagena can be a double edge sword, there is a great deal of american tourism in Cartagena, and being that most of then are being fed american food in their hotels, many will be curious about local food, again take a look at your demographics...

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Robert Jorge says on Jan 24, 2008, 17:33:

Slguy gives good, sound advice. And I too am interested in what happens with your ventures. Keep posting your progress!

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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Catfish35 says on Jan 24, 2008, 18:40:

Very sound advice from SL. I am in the restaurant/bar business. I just went halfs on a small little Cafe/Helado joint in Medellin last month. Some of the thi gs you have going for you are the low labor costs, rent, and the use of cash. I have watched my business shrink from a 70% cash 30% Credit card business to vice a versa. Credit cards suck! especailly in the restauarant biz! it seriously limits your play!
But exactly, if you think you want to cook ribs and be happy go for it. At for Medellin from years ago til now I can't say I remember seeing an outstanding rib joint!
Also...good luck!

"So many guns, and so few brains". sam spade

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john_stark says on Jan 24, 2008, 20:08:

I would say Cartagena is certainly a place where this kind of thing could succeed. And if you like to cook and enjoy it, what the hell. You make money, you don't make money, you could still have fun.

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slguy says on Jan 24, 2008, 20:21:

To elaborate on JS's comment- isn't that what life should be? Have fun, with whatever your work is. Sadly, very few of us truly enjoy what we do every day, is my impression. More's the pity.

One day, I'm gonna have a little chickee hut bar on a beach somewhere, patronized by sailors, fishermen, and other piratical types. I'll spend my days having drinks and telling sea stories and tall tales - and be perfectly content to make enough money to live simply and keep rice/beans on the table. That day gets closer every month. I smile every time I think of it.

Before you throw me out, make sure I pay my bar tab

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Robert Jorge says on Jan 24, 2008, 20:28:

I'm with you on that slguy. Except I don't have that many stories ... well, maybe I do.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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slguy says on Jan 24, 2008, 20:31:

Did I say any of the stories would be true? jajajajaja

If there's better bullshit than chickee hut bar bullshit, I haven't found it yet. ;)

Before you throw me out, make sure I pay my bar tab

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