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Before I begin... PLEASE DON'T BE RUDE. Tell me if you think it will work or if it won't. If you think it won't, be specific. Alright, so I'm a 15 year old female and my dream/plan is to... when I turn 18 and graduate from high school I want to move to Los Angeles, California and buy a restaurant for aproximetely 200k that is already successful(I am going to use a site like this to search for which restaurant I want to buy). So when I buy this restaurant I will be making approximately 60k a year(I know this because I will be buying an average restaurant(probably a little better) and the average restaurant owner makes 60k. Anyway, with this 60k I will take out 50k a year and save it and live off 10k a year. I know your probably thinking that it's impossible to live off 10k a year in California but I plan on living in my restaurant(probably make something out of the basement) since I own the property. So all I will have to pay for is like food, taxes, clothes, gas, and car insurance. K after I typed that sentence I am kind of thinking I should raise that 10k that I'm living off of to 15k. Tell me what you think about that? I will already have a car so that won't be an issue. Ok, so I will do this for 3 years and then buy another restaurant with the money that I saved. I will manage both of the restaurants. So I will be making about 100-120k a year. I will then do the same thing with that money(save about 90k each year). After another 3 years is up I will buy a more high end restaurant because I will have more money. Now since this restaurant will be making more money I can hire a manager to do most of the work. So I pretty much will be doing nothing for that restaurant, but I will own it. Now, again im going to save up my money. At this point I will be probably be making 200k a year(Im only 24 years old... lol... that's what I love about this plan). I will save up 180k a year. Now again after 3-4 years I will buy another restaurant. Again hire a manager. And now I will be making 300k by the age of 27. Holy crap... I know right. Now this plan seems sooo crazy and that's you might think it's not going to work. But if you break it down... i don't see anything wrong with it. That's why I'm asking for your guys opinions. BY THE WAY I WON'T NEED TO BORROW ANY MONEY BECAUSE I HAVE 300K Orange City THE BANK RIGHT NOW(my mom died when i was 10, so i inherited it).
A college degree in business would go a seriously long way in this. It will teach you how to make a business plan - for that restaurant loan How to do the accounting, about what insurance to get, how to hire and fire workers, how to make sure you are making a profit, possible lawsuits, licenses, how to do taxes for a small business. Would you consider college?
It is not a good idea for an 18 year old to go into business right away. You should study/ work, get older, gain experience and then think of starting a business of your own. You ahve the money, you are young, you have the whole life ahead of you. What is the hurry?
Yeahh yet I assure you're plan will exchange through fact as you become older you start up 2nd guessing your self and could exchange your plans with being a vet. I remember while i replaced into 13 i had to bypass into company so i ought to open my very own dance studio I additionally had to be a pediatrician. nicely i visit college next twelve months and permit me inform you i'm not doing the two of those haha i'm majoring in exercising technology so i will exchange into an occupational therapist.
Sounds good to me