Types of Business Bankruptcy

Types of businesses which seem to always be in financial trouble or bankruptcy

Lesson Details:
April 27, 2020

Video Transcription: Tell me why not you start the restaurant yeah let me some keywords on this why not just start a restaurant number one the margins are incredibly slim this video is brought to you by Appy Pie’s Academy I mean even when your restaurant is winning it's not winning big I mean it's one of the slimmest margins in all Advanta streets the overhead the ongoing overhead the monthly overhead is incredible because you have to have a good location so you're paying a lot in rent and you have to have staff staff is gonna be your business that your biggest expense out the gate anyway then you've got a bunch of stuff my dad used to say don't buy anything that can die well don't don't get into a business where you're your the thing that makes you money rots and you have to put it in the trash I mean it's just it's a brutal brutal brutal brutal business I've filed bankruptcies for business owners that have been restaurant owners for thirty years I mean and they've just scraped by that whole time and it just takes so little to upset the applecart because you're just just sliding on a rage of merchants anyway yeah I'm much better if somebody wants to do a restaurant I always advise them do catering or a food truck do do something with much less overhead that you know I I know it's not you know as sexy and glamorous as a restaurant but you're much less likely to lose your shirt there's some money in those businesses and there's any other it's it's just brutal yeah is what if you sell a lot of alcohol does that because I know like they make the marginal log home yeah yeah if you have a restaurant which is like basically include open a bar if you want to sell alcohol that's true good point all right thank you bet that answers that ok still ahead but not you know least won't brought yeah.

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