Fellows wanna be restaurateurs listen to this one, it’s a good one.
I opened the Bicycle Shop Cafe in West Los Angeles in the fall of 1975. In my possession I had only $25,000 cash to build a restaurant, even at the time it was not even enough to take care of the plumbing without including the rest.
When the restaurant opened at a cost of $180,000 I realized the mess I was in. Where did all the missing $ came from?
I borrowed from three different Banks, 2 Lenders, one Leasing Company and the guy who installed the air-conditioning.
With all those loans, my monthly payments was a mere $12,000. This was before I could pay the rent, the payroll and food, wine& beer purchases. My accountant gave me 2 months of life.
I could not go bankrupt, I had no alternative but succeed. I did it, through Marketing the restaurant by unusual ways, with the help of GORILLA MARKETING. Which I will explain in details in up coming posts.
First thing first, lemme tell you of the biggest mistake I did. Continue reading