[synclastica_86]

My wife and I bought a vacation home in Charlottetown, PEI (Canada). We've been staying there for 6 months already. One day we wanted japanese food so I did a search in the GPS (yes, the 09' iDrive lol)... NOTHING. So I went to the iPhone.... once again NOTHING. There is no japanese restaurant in the area. Did some more research online and found out that there are no Japanese restaurant on the island. The nearest japanese place is more that 2 hrs away.

So this got me thinking. Why don't I open one? Since there are no competition, I'll be unique and able to make an ez buck. There are a few chinese restaurant around, but they focus on a lower price range. I am not talking about authentic japanese crusine (i think only large metropolitan areas could take that), I just wanna make it Habachi style (the westernized version with the chef doing the ting tong ping and shrimp throwing), which is what works in rural suburbia. The town has a population of around 60,000. And in the summer, it is a tourist destination (mostly domestic tourist). Could it work? I have no experience of this sort. What do I need to find out? Useful advice is very much appreciated! Thanx guys.

[MisterSkiMask]

The restaurant business is a very hard business to be in, it is all consuming. Especially the “Hana” type, I only say this because of the cost associated with setting up all those tables with the hoods etc. In my experience those types of places also have sushi on the menu, so you need access to fresh fish every day, and you can’t just leave stuff in the freezer.

That being said, if you have the capital and you can fill a niche go for it.

[synclastica_86]

Well what kind of money are we talking about? Should I talk about group investment with my fds? And I thought every business borrow money from banks to start-up. It's just tempting for me since being the only japanese place in the area sounds like ez profit. Also, I see quite a few chinese places getting by. It seems like if those chinese immigrants can make it, why can't I just do the same?

[yomama69]

Originally Posted by synclastica_86

Well what kind of money are we talking about? Should I talk about group investment with my fds? And I thought every business borrow money from banks to start-up. It's just tempting for me since being the only japanese place in the area sounds like ez profit. Also, I see quite a few chinese places getting by. It seems like if those chinese immigrants can make it, why can't I just do the same?

With the current economy and lending institutions the way they are, that might be a difficult task for you right now.

[JB135i]

I think you are looking at it from 180 degrees off from where you should be.

You have no general restaurant experience and specifically no Japanese restaurant experience.

I cannot think of a more specialized type of cuisine and operation than this type of restaurant. To start your foody career here could be a disaster.

I think you need to find someone, or an entity, IN that business already and offer to invest with THEM in opening the new location.

Find a Japanese restaurant that is busy, clean and appears to be well run. It doesn't need to be real close. Ask THEM about expanding, carfully keeping the exact locale of your location secret until further into the negotiations.

Have your numbers ready, such as rent (site costs), locations, population, competition, cost of labor, general food cost, suppliers, taxes, permits/regs. Of course being discreet about the final intentions...

Good luck!

[UncleWede]

None of the lenders will even speak to you until you have a polished business plan.

As said, the business is all-comsuming. My bro-in-law took off from lawyering because he couldn't handle the stress. His parents bought a 20+ year successful Italian place. We all worked it to help out (washing dishes again at age 38!!!) After three years he sold it and took us on the Ensenada 3-day cruise as payment for services rendered. He re-opened his law firm since it was less stress. . .

[ejheverest]

go get a night job working in a restaurant and if you still like the idea of owning one after a few years then have a business plan, no other debt, and go for it. I didn't think easy money and owning a restaurant could be used in the same sentence.(non franchises)

[canucklion]

I'm disappointed that PEI allowed someone like you to own a piece of Canadian property

[TurboFan]

Want to make $1 million in the rest. biz? Spend $10m.

[pmeloche]

Have you run a survey to see if this type of restaurant would be welcomed? PEI is small and with already a few chinese restaurant maybe the market is saturated for asian cuisine.