Hit subscribe if you liked this one!! And one more thing — my new book Own Or Be Owned, out September 18, is my playbook for building a business so good it runs without you. Get your ticket to the launch event here: https://contrarianthinking.biz/oobo_bigdeal - cs

I started a medical clinic. I have been doing this for five months now. I am growing and I’m so proud of myself.

Restaurants? Yep, I (and my ex wife to be) bought a pizza restaurant in 2015. Owned it for 366 days and slowly went down the tube. Boy did I learn a lot afterwards. #1 mistake, didn’t advertise or do letterbox drop. (My daughter won’t allow me to say JUNK MAIL) but that’s the most important part of a take away business. #2, the shop was invisible from the road. We were in the elbow of an L shaped small shopping centre not visible from road traffic. #3. Landlord rules, we were not allowed to compete with other businesses in the centre. One was Indian, no problem there, the other did burgers, fish and chips, deep fried stuff and they creamed the local area and they were more visible from the road. #4. VERY HIGH RENT. #5. VERY HIGH ELECTRICITY AND GAS BILLS. #6. The place didn’t ventilate, we couldn’t get rid of the heat in the ceiling and the air con was going non stop even in the winter. Would I do it again, yes, but….. no restaurant side, letterbox drop as a non stop essential, watch who I employ.. that’s another story.

Avoid owning a bar at all cost. Totally stressful and not as profitable as people think.

People fall in love with their own ideas.   Distinguish between reality and your hopes & dreams.

The bank won’t give you a loan?? You don’t want one! Start small and be prepared to work your tail off.

Generally speaking, it's best to start small. Every successful business started small. You want to be in the position where you're forced to grow, not the other way around. You don't want to start big and then go out of business. If you're not forced to grow, you don't really have a business.

Finally, somebody who has broken down and cross examined details of these money-making pipe dreams that are paradoxes designed to keep people who are dull to perception, busy!

I agree with her that a boutique is used to bolster your brand(s), in terms of a clothing store. I built my clothing brand online first. Clothing stores are primarily about selling real estate though, not clothing. The way I operate is by first selling space in the store to other brands, which more than covers the overhead. So my brand exists “for free” within that store.

Also, in terms of inventory, I have enough on shelves for people to get the point. The rest is made to order. This is how you avoid being OVER-LEVERAGED.

Also, my hook was having the ability to make custom versions of my brand - in store. For example… my brand says RICH on the front. You can choose the color variation of each letter, as well as the texture (glitter/flock, etc). Either way, my cost of those garments is only around $10, and I sell them for $50.

Also, in my last store, I realized that people were willing to rent the space for events. This made me change up the shelving to ensure the space could be transformed as needed. We did run into a licensing issue with this though, in that they made us obtain an entertainment license instead of just a retail license (the City of Chicago).

I could go on about this, but this is long enough.

Totally agree on the Amazon drop shipping. Just as a consumer I've noticed lots of 3rd party sellers suddenly competing with Amazon because Amazon noticed the sales and decided to sell it themselves.

Beware of glamour business such as restaurants, cafes, bakeries, bars, etc.

please make one on which businesses you like and why

That’s one of the best quotes ever from someone about the restaurant industry about people who own a restaurant couldn’t exist without it cause the reality is it’s not a job or a place of income. It’s a lifestyle.

Title of this video caught my attention for topics I want to learn, but your unmatched energy, straight clarity & humor immediately grabbed my focus for the entire 19 mins hahaha.  Thanks for making the videos, I subscribed & looking forward to watch more 🙏😇❤️

I know a guy who belongs to a big network group. He said three of the people who own franchise businesses have gone out of business this year. Buying a franchise means nothing. The training and management can be bad.

So true about owning a restaurant! Been there done that!

I watch a lot of videos about business. This here is pretty much the best I've seen so far.

Some days ago I was thinking of buying a restaurant, but got reminded of this and now I feel like a saved my self

I was "given" a cafe/takeaway shop. I built it up. We traded through bushfire and Covid. It was fun, but even though we were able to grow it, and we employed people.  We lost money. I would NEVER buy a restaurant.

Some of the editing on your show is hilarious , seriously important and informative as well.   Thank You Sanchez Team