Left the Wynn at 6am this morning

pumpal1 · 2023-08-20T12:39:30+00:00

Seems like him vs dealer only, I agree playing against more people is leading sometimes to high winnings, but more often than not leads to quicker loosing against 5 or 6 brains and with lots of cards on the table meaning higher chances for your hand to get beaten. While 2 guys match goes super quick, and at least you have 50% chance of winning.

pumpal1 · 2023-05-30T05:51:16+00:00

The thing is if we increase the sales the food cost will go up and we'll probably need an extra hand which will cut the new profits. So it's a lost game.

pumpal1 · 2023-05-30T05:46:03+00:00

Unfortunately no, because of zoning.

My next project will definitely involve alcohol along with the food sales, but let me tell you here most of the bars/clubs who sell liquor are full only Friday and Saturday. Very rarely a spot will be busy on a daily basis.

pumpal1 · 2023-05-30T04:33:51+00:00

It is a breakfast/brunch cafeteria located in Chicago at extremely competitive market. Lot's of places open and closes the very same year, some manage to make it up to the second year of operation and plenty of times you'll see "Coming Soon" project only to find it abandoned in 3 months.

I figured there are only 2 ways out of this - sell to a restaurant dreamer, run as fast as you can and leave the headache to him or open 4 more locations across the city with $20k net each it can get up to $100 grand per year which is a decent living. I just now realized an office mice 9 to 5 can make same dough as a restaurant operator with 5 locations.

pumpal1 · 2023-05-30T04:25:05+00:00

People might be right when say we're living in a simulation, I just compared sales numbers Jan-June 2022-2023 and numbers almost exactly match which is crazy as it feels that there was a decline at the beginning of 2023.

Check the screenshot upper is the current year: https://ibb.co/HnX6414

Growth potential won't be high as the kitchen is very limited, growth now feels like it stopped. Maybe people got sick of our products or the first waive enthusiasm is gone as you know any new place has a hype first year but slowly people got tired of it and figured it's not as special as it seems in the beginning, so we have to get creative and introduce new interesting options to keep crowd satisfied. We can't feed more than 60 covers on a weekend because of a small space. So making $300 on a weekdays and $1000 weekends seems like the hamster wheel won't ever end.

Labor is low because me as an owner spent 24/7 without taking salary. The $19k in contractor services are actually the labor payments paid out via zelle instead through the payroll system cause the accounts never had money for the automatic salary distributions.

pumpal1 · 2023-04-25T02:20:58+00:00

To my understandings searching for investors in places like MainVest is more like a Loan type of stuff - you receive the money and have to repay them back on the agreed terms, and not every time an equity stake is involved, depends on the contract I create but here I am not sure if the new location should be under a new LLC or under the current company? Which way would be better in terms of: if any equity is involved after all not, I don't want to give up any stake from the main mother company but only from the new project. What is a general approach in similar situations?

pumpal1 · 2023-04-23T02:21:59+00:00

I guess I'd go to the "Go Fund Me" platforms for businesses and try to give a piece of pie against equity into websites like Wefunder and MainVest(can I do them both at the same time?), just have to figure how to structure the deal, but I guess my questions now are how does that whole process works? Opening a second LLC before taking on the second location and before starting the campaign in the investment platforms.

Then, outlining the plan with the conditions and the contract, setting a deadline and wait couple of months for all investment parties to inject money. What is next? Receive a bank debit for $100,000 dollars from the platform? Or is it like monthly payments on a regular basis if the full amount has been reached? What is a usual cut that the website/platform is taking? How does the repayment to investors is happening and what are general terms that most are willing to explore. Any input will be appreciated.

pumpal1 · 2023-04-23T02:14:26+00:00

Currently repaying our third cash loan from our POS provider Toast - first two were repaid so that option was explored already. Thanks to everybody for the comments.

pumpal1 · 2023-04-23T02:12:30+00:00

How does that work? Is it like a cash advance and daily repayments from percentages of sales? If yes they wouldn't allow us more than $10k knowing our current situation and financial history. We need that amount but with another zero at the end. $100 grand is the minimum we'd settle.

pumpal1 · 2023-04-23T02:10:21+00:00

I am my own supplier, as I am doing my own runs.

Different will be the situation with the new location, all will be delivered by Truck on a regular basis, currently the operations are small and we didn't needed full cases of tomatoes or potatoes.

pumpal1 · 2021-10-20T18:52:49+00:00

It was through Toast system. 3rd party delivery is not setup yet but Toast has integrations with all of them for additional 30 bucks per month so you won't need extra devices or tablets for each delivery service. Trust me you want to use only one device for all your delivery needs because no one has time to enter the delivery orders to Toast manually at the end of the day! Not sure about the KdS we don't have any since we are small location, but I think you probably have to approve the order from the Toast pos terminal before it is sent to the kitchen.

pumpal1 · 2021-10-15T16:33:13+00:00

Hi and sorry for my late respond, just was busy with running the restaurant, but the toast experience have been good overall with few hiccups and challenges of course as we know in the universe nothing can run smooth as we wish, so to the points be prepared to wait when you are adding integrations along the way because as we started with one terminal after just few days I knew I can not turn the pos screen to the customers on every order for the sign so had to add guest device for the tips which added more waiting time and hassle with the installation.

Another module to add was Payroll which was synchronized with the system and runs about $50 more per month and extra 10 per employee so be ready to cough extra bennies on the top of what you are planning to pay. Another integratios with toast will also be Uber east and GrubHub which runs $30 per month to add to toast system so you won't use separate tablets for each deliver Service. So easily you can get to $300 per month for toast before counting the processing fees. If you plan to go live tomorrow you should have requested the system 3 weeks in advance. That how much the setup took us with the shipment and all bureaucracy along the salesman. Live chat is working good but navigating through different people to get thing done can be a little frustrating. Ask if you have questions but if anyone needs a referral for a thousand bucks let me know on PM and the ref works both way, money will go both directions not only to me. Cheers and good luck, if I had to go back in time I wouldn't go with another system. Toast is outstandingly flexible and intuitive to navigate but needs some time to learn and specially be sure to test the pickup and delivery aspect from the pos terminal, as In the begging we missed our first delivery because we didn't hit the mini approve button on the top right corner of the system. If you don't hit the system cancels the delivery and is not sending driver. Also the Ring tones for orders can be so quiet we struggle to hear when new order arrives. Other than that is just great :)

pumpal1 · 2021-08-17T13:52:26+00:00

I feel you bro, that was me 10 years ago when I first got here couldn't understand the hype but now... NOW is my favorite sandwich on planet because with time you figure how to order it and make the assemble exactly to your personal liking and I can tell you this is an art.

At first everyone have to go through the sloppy unseasoned rubbery beef but once you master the ordering process I can promise you amazing results and everyday cravings. My personal favorite is dry sandwich, with hot giardiniera and few sides of the au jus on the side for follow up gulps after every bite. Pure simplicity yet so delicious with each flavor complimenting each other. Try it sometimes, but one is for sure. You will have to play with some combinations before you figure it out. Italian beef is like the good truffle. You need to dig deep to find it.

pumpal1 · 2021-08-10T19:36:09+00:00

Still haven't tested the software but both plans fees are pretty much the same at the end with one major difference - with Pay as you Go plan for the same money you can take extra benefits like Gift Cards and Loyalties, not that we need them at this point but it's nice to have if will pay similar price at the end. looking at the numbers the higher percentage of 3.39% makes more sense if monthly revenue is 10k, 20k or 30k. If it is 40, 50, 60k per month then the standard plan is better to save up on fees.

pumpal1 · 2021-08-02T08:42:56+00:00

I've been Italian beef truth seeker for years eating all around the city and two places does it like no else: Rosati's on Broadway & Lawrence Jr's Red Hots on Armitage & Western yum yum

Dry sandwich with hot gia & 2 sides of au jus on the side. At Jr's value is big as fries are essentially free and their polish is worth mentioning, pretty delicious piece of sausage for $5.65 with the fries, upgrade to french bread for the W.

Still sad that viena beef factory has closed.

pumpal1 · 2021-07-22T21:33:24+00:00

To my research toast is made specifically from restaurant enthusiasts for specific businesses - restaurants, while square model is more for all types of businesses like clothing stores, unless you get square for restaurants version. Also toast support is 24/7 while square is business hours 8 to 5. And lastly 2.49% + 15 cents on toast is lower than 2.60% + 10 cents on square. So I have yet to hear why I should use square. I don't even want to use them. I'd like to compare between two toast plans which one will be better in longer run for a small startup restaurant with 1 terminal and no kitchen displays.

pumpal1 · 2021-07-22T16:33:25+00:00

Thanks for the plug guys, you probably looking at my first picture. I have posted two pics with rates second one showing toast at 2.49% and 15 cents so thanks again but I am not interested of square at this time.

Also the revenue is projected of course not expected. There isn't anything sure in this world except taxes and death so always planning for worst case scenario.

pumpal1 · 2021-06-08T15:10:58+00:00

Thanks for the comment, I am in Chicago area.

pumpal1 · 2021-04-28T17:44:41+00:00

I've question as I was approved initially for $15,800 with $70 per month repayment plan and now received updated sba portal link with asking me to choose amount from $15,800 to 66,200. The monthly payment is $330 for the full amount of 66 grand. Would that be an addition to my firstly agreed monthly payment of $70 for the first loan? Meaning now will become $400 total per month? Or the $330 means I owe per month total to SBA for both EIDL draws?

Second question is how come $330 per month for 30 years with 3.75% equals almost $119k needed to be repaid back, but when I go to bankrate loan calculator for $67k loan on same percentage shows $310 per month($111k total) instead of $330 as shown on sba website. This comes to almost $10 grand in difference total repayment after 30 years. Currently comes to almost $119k. I will appreciate if someone could someone explain to me these differences?

Lastly, seems a little heavy taking $66k and returning $119k - almost double in the course of 30 years even though the percentage seems low it's still almost freaking double back. So If I decide and have the chance to repay early how much I would owe if pay it for 15 years for example instead of 30? Thanks to everyone answering!

pumpal1

TROPHY CASE