San Francisco might give us some evidence for what a $15 minimum wage does. According to the East Bay Times, about 60 restaurants around the Bay Area closed between September and January. A recent study by Michael Luca of Harvard Business School and Dara Lee Luca of Mathematica Policy Research calculated that for every $1 hike in the minimum hourly wage, there is a 14 percent increase in the likelihood that a restaurant rated 3 1/2 stars on Yelp will go out of business. Fresno Bee reporter Jeremy Bagott says that even some of San Francisco's best restaurants fall prey to higher minimum wages. One saw its profit margins fall from 8.5 percent in 2012 to 1.5 percent by 2015 (http://tinyurl.com/y6wy3gne). Most restaurants are thought to require profit margins between 3 and 5 percent to survive.
Minimum wage hikes trigger 'payroll tsunami,' as small businesses cut back
Small business owners across the country are beginning to feel the pinch as more states move toward a $15 minimum wage.
While proposals to raise pay are intended to help workers, several mom-and-pop coffee shops as well as restaurants are responding by cutting hours, eliminating jobs or closing down entirely because they can't keep up with rising wages under the law.
“According to a frequently cited study by Ohio State University on failed restaurants, 60% do not make it past the first year, and 80% go under in five years.”
Ive seen it, Ive advised against it but in the end....
Unless you are relocating or have an unlimited amount of $$ you can't lease a building, put $250,000 into building improvements(which is now property of the building owner), $100,000 into the kitchen, furnish, stock and pay utilities --all while you don't have the correct permits, your partner's 2 ex wives are trying to collect back child support & you're learning the culture of food service.
There are plenty of reasons why restaurants never open or close quickly. Any smart owner has a game plan to sell or rebrand within 5 years.
Top of Page Bottom of Page PermalinkFull Name: Ken D.
Trump Taj Mahal Casino Resort
Trump Taj Mahal Casino Resort
Trump Castle Hotel & Casino
Trump Plaza Casino
Top of Page Bottom of Page PermalinkFull Name: Lance minimum goad Newberry
Bad businesses.
Bad businesses.
Top of Page Bottom of Page PermalinkFull Name: An organ grinder’s tune
the rents too goddamed high.
the rents too goddamed high.
we have lost a great itallian deli and a breakfast place.
old businesses that did well...
Top of Page Bottom of Page PermalinkFull Name: Ausonius
Businesses that can't afford
Businesses that can't afford a minimum wage of $15/hr
https://www.creators.com/read/walter-williams/07/17/minimum-wage-cruelty
He even has a local SF take....
San Francisco might give us some evidence for what a $15 minimum wage does. According to the East Bay Times, about 60 restaurants around the Bay Area closed between September and January. A recent study by Michael Luca of Harvard Business School and Dara Lee Luca of Mathematica Policy Research calculated that for every $1 hike in the minimum hourly wage, there is a 14 percent increase in the likelihood that a restaurant rated 3 1/2 stars on Yelp will go out of business. Fresno Bee reporter Jeremy Bagott says that even some of San Francisco's best restaurants fall prey to higher minimum wages. One saw its profit margins fall from 8.5 percent in 2012 to 1.5 percent by 2015 (http://tinyurl.com/y6wy3gne). Most restaurants are thought to require profit margins between 3 and 5 percent to survive.
Top of Page Bottom of Page PermalinkFull Name: An organ grinder’s tune
no, actually the culprit was
no, actually the culprit was landlords bilking local businesses in my case.
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call"
Thom, the Bay Area is known
Thom, the Bay Area is known as an expensive place to rent or buy property.
Top of Page Bottom of Page PermalinkFull Name: Ausonius
Right on cue.....
Right on cue.....
Minimum wage hikes trigger 'payroll tsunami,' as small businesses cut back
Small business owners across the country are beginning to feel the pinch as more states move toward a $15 minimum wage.
While proposals to raise pay are intended to help workers, several mom-and-pop coffee shops as well as restaurants are responding by cutting hours, eliminating jobs or closing down entirely because they can't keep up with rising wages under the law.
https://www.foxnews.com/politics/15-minimum-wage-hikes-payroll-tsunami-h...
Top of Page Bottom of Page PermalinkFull Name: Lucky Day
“According to a frequently
“According to a frequently cited study by Ohio State University on failed restaurants, 60% do not make it past the first year, and 80% go under in five years.”
https://www.businessinsider.com/why-restaurants-fail-so-often-2014-2
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call"
How many employees work at
How many employees work at Thom's mom and pop coffee shop?
Top of Page Bottom of Page PermalinkFull Name: An organ grinder’s tune
my sandwich shop was family
my sandwich shop was family run and owned. there were no minimum wage workers.
Top of Page Bottom of Page PermalinkFull Name: Tim
A very good lil restaurant
A very good lil restaurant/diner opened after 6-7 months of a complete remodel from a pack-n-ship store to an eatery.
Family owned and operated and had very good salad, chicken and a few burgers.
They opened and the business they had was solid.
After 5 weeks it is now closed with a lease sign outside.
How the fuck can a restaurant only try for 5 weeks???
Piss poor planning
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call"
Thom's first link says mom
Thom's first link says mom and pop Panera and McDonald's had to automate to survive.
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call"
>>>>How the fuck can a
>>>>How the fuck can a restaurant only try for 5 weeks???
We get plenty of signs on buildings saying opening soon and then they don't open.
How does a business fail to open after saying they're opening soon?
Top of Page Bottom of Page PermalinkFull Name: An organ grinder’s tune
>How does a business fail to
>How does a business fail to open after saying they're opening soon? <
city hall
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call"
https://pos.toasttab.com/blog
https://pos.toasttab.com/blog/number-of-restaurants-in-san-francisco-shr...
Top of Page Bottom of Page PermalinkFull Name: An organ grinder’s tune
how many low wage workers are
how many low wage workers are supposed to share an apt?
how many does it take?
Top of Page Bottom of Page PermalinkFull Name: jonaspond
Ive seen it, Ive advised
Ive seen it, Ive advised against it but in the end....
Unless you are relocating or have an unlimited amount of $$ you can't lease a building, put $250,000 into building improvements(which is now property of the building owner), $100,000 into the kitchen, furnish, stock and pay utilities --all while you don't have the correct permits, your partner's 2 ex wives are trying to collect back child support & you're learning the culture of food service.
There are plenty of reasons why restaurants never open or close quickly. Any smart owner has a game plan to sell or rebrand within 5 years.
Top of Page Bottom of Page PermalinkFull Name: Tim
NEVER go into business with a
NEVER go into business with a partner. Great way to get fucked I tell ya.