Want to open a restaurant with my settlement money

[Gracious Warrior]

Looks like I'll finally be getting a settlement from the city after the incident that happened when I was riding the light rail here in Seattle.

It's not an ungodly sum but the most money I've ever gotten in one shot. I believe once all fees and deductions are paid I'll be getting $45k.

It's so tempting to go down the hedonistic rabbit hole when you run into a chunk of change. I already have friends making plans with my money. One of my friends who goes to Mexico often tells me I should take a month vacation to Tijuana, where with my money I can bang a different hot Mexican Chick every night and spend the day on the beach where I can have coke hand delivered to me on the cheap

Sounds fun if I was 20 years old again but that time is gone.

At the moment I'm thinking of opening a small restaurant specializing in soup. I love soup and think it's one of the most underrated food staples here in America, and particularly Seattle. I want to make 30 kinds of soup to serve daily. And to be paired with a variety of breads.

I would have to do some more planning but I feel a little tug in my heart to do this. First time in my life taking a big risk. I know I can fail but that's the point. Can't always play it safe.

 

[Robocok]

Looks like I'll finally be getting a settlement from the city after the incident that happened when I was riding the light rail here in Seattle.

It's not an ungodly sum but the most money I've ever gotten in one shot. I believe once all fees and deductions are paid I'll be getting $45k.

It's so tempting to go down the hedonistic rabbit hole when you run into a chunk of change. I already have friends making plans with my money. One of my friends who goes to Mexico often tells me I should take a month vacation to Tijuana, where with my money I can bang a different hot Mexican Chick every night and spend the day on the beach where I can have coke hand delivered to me on the cheap

Sounds fun if I was 20 years old again but that time is gone.

At the moment I'm thinking of opening a small restaurant specializing in soup. I love soup and think it's one of the most underrated food staples here in America, and particularly Seattle. I want to make 30 kinds of soup to serve daily. And to be paired with a variety of breads.

I would have to do some more planning but I feel a little tug in my heart to do this. First time in my life taking a big risk. I know I can fail but that's the point. Can't always play it safe.

I love soup but restaurant is a very hard business. You should get a little food truck or trailer imo.

 

[Blacksonville]

Your soup idea is not bad. Instead of 30 soups a day, have 30 soups on your roster but do 5 a day (or a week).

If you've never ran a restaurant before, get on the Linkedin and FB groups of operators. You'll learn a lot. Remember that jobs you do, rather than pay others to do, is money you keep.

Buy absolutely no equipment brand new. Used can be 70%-95% off new.
You're thinking right about using this money to set you up in a business. I knew a guy in Chicago who was a coke dealer in the 90s and used the money from one decent sized hit to buy a restaurant and that was how he lived well, in the taxpaying world, for the rest of his days.

 

[Robocok]

Your soup idea is not bad. Instead of 30 soups, do 5.
If you've never ran a restaurant before, get on the Linkedin and FB groups of operators. You'll learn a lot.
Remember that jobs you do, rather than pay others to do, is money you keep.

I agree, less soup is more. Quality > quantity

 

[Robocok]

I make an insane bone broth that my old girlfriend in California taught me.

 

[Damo321]

Soup kitchen?, beware of the fleas and aids off the homeless!

 

[Sweater of AV]

 

[SalvadorAllende]

Go for it TS.

 

[PulsingJones]

Ditto to keeping it simple. 30 Soups is too much choice from a customer perspective, and it's more of a pain to prepare everyday I imagine.

10 Soups Max.
Good hygiene.
Affordable Prices.
Inviting Sign, Decor, and lighting.

Just my two cents as a Customer, good luck

 

[Adamant]

Looks like I'll finally be getting a settlement from the city after the incident that happened when I was riding the light rail here in Seattle.

It's not an ungodly sum but the most money I've ever gotten in one shot. I believe once all fees and deductions are paid I'll be getting $45k.

It's so tempting to go down the hedonistic rabbit hole when you run into a chunk of change. I already have friends making plans with my money. One of my friends who goes to Mexico often tells me I should take a month vacation to Tijuana, where with my money I can bang a different hot Mexican Chick every night and spend the day on the beach where I can have coke hand delivered to me on the cheap

Sounds fun if I was 20 years old again but that time is gone.

At the moment I'm thinking of opening a small restaurant specializing in soup. I love soup and think it's one of the most underrated food staples here in America, and particularly Seattle. I want to make 30 kinds of soup to serve daily. And to be paired with a variety of breads.

I would have to do some more planning but I feel a little tug in my heart to do this. First time in my life taking a big risk. I know I can fail but that's the point. Can't always play it safe.

Don't do it. Have you ever see any Gordon Ramsey episode where he goes to help failing restaurants? Literally all of them start out thinking it's going to be easy and they're going to make lots of money and it's going to be great, and they all end up failing and it's never what they thought it would be. Don't do it.

 

[Big Dawg]

Restaurant is a hard business, like 60% or more new ones fail in the first year. I am a soup connoisseur myself and wish you best if you decide to go through with it.

 

[IIIIIIII]

to be honest, 45k is really not much money, and not enough to start a business with. i'd put that money into investments that will grow over time. plus, the stress of starting a business must be crazy.

but then again, i'm no expert. just giving my honest opinion.

 

[Nathan LaMontagne]

Don't want to rain on a parade or come across negative. I think it's an awesome idea just a bit dangerous of a business

It's some crazy statistic that 40% or some crazy number of restaurants fail within the first year.
But I think thats counting chains too which are generally more backed.

Just be careful, if you were balancing this idea with another perhaps think of the other one.
EDIT: typo

 

[SherdogsMVP]

Looks like I'll finally be getting a settlement from the city after the incident that happened when I was riding the light rail here in Seattle.

It's not an ungodly sum but the most money I've ever gotten in one shot. I believe once all fees and deductions are paid I'll be getting $45k.

It's so tempting to go down the hedonistic rabbit hole when you run into a chunk of change. I already have friends making plans with my money. One of my friends who goes to Mexico often tells me I should take a month vacation to Tijuana, where with my money I can bang a different hot Mexican Chick every night and spend the day on the beach where I can have coke hand delivered to me on the cheap

Sounds fun if I was 20 years old again but that time is gone.

At the moment I'm thinking of opening a small restaurant specializing in soup. I love soup and think it's one of the most underrated food staples here in America, and particularly Seattle. I want to make 30 kinds of soup to serve daily. And to be paired with a variety of breads.

I would have to do some more planning but I feel a little tug in my heart to do this. First time in my life taking a big risk. I know I can fail but that's the point. Can't always play it safe.

If pandemics have taught us anything it's that restaurants are easily affected by them.

Not to mention the hurdles of competition, suppliers , staff management and government regulations.

You know what's always in demand ?
Housing.

With 45k depending where you are you could maybe get 2 down-payments on houses or condos n rent them out to make abit of side cash while these ppl pay off your mortgage.

Once the mortgage is paid, it's all profit for life.

 

[Rob Battisti]

30 is way too much. 5 soups + 5 sandwiches = 25 options but only 10 things you have to learn how to cook really well.

 

[Rob Battisti]

Also not to be a negative Nancy, but it doesn’t sound like you’ve thought this out very much. Have a real plan before you commit. Budgets, food costs, needed customers, seasonality etc.

 

[Belaya Smert]

Why on earth would you choose at this point in time to start a restaurant. The failure rate in a non-recession would be enough to cause trepidation.

 

[Rand M Arthur]

Do home delivery, and if there is a market then expand to a restaurant. Just my 04 cents*

*inflation

 

[Rob Battisti]

Also @Robocok being the only person to like your OP is not a great sign

 

[Robocok]

Also @Robocok being the only person to like your OP is not a great sign

I ran a pretty successful business for 6 years until lockdowns shut me down. Made over 100k one year. Not a lot to some but I enjoyed the work and had free time.