A business owner running a large factory was closed down because of cheap imports. He then decided to become an importer himself. Things turned out all right in the beginning but he made one wrong move with a container load of goods because of a sudden currency decline and lost millions. He sat down, did some hard thinking and to rescue his dire situation started a takeaway and restaurant business. This business owner knew full well that the restaurant business is risky and made plans to take as much risk out of his new enterprise as possible.
His secret was to start small and keep things small. After opening up in a down economy, a year later he has done exceedingly well. Even halfway through his first year trading he had so many customers that the temptation was they to double up the size of these restaurant space. But he didn’t do this. Having been bitten twice before, he decided to increase his retail space only marginally more. This is meant that he has so many customers that he has an overflow on the pavement outside. Continue reading “How much risk are you willing to take in this economy?”
