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Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old Woh!

JohnTan

Alfrescian (InfP)
Generous Asset
yang2004.jpg


When it comes to making big life decisions, Mr Jonathan Yang is a strong believer in trusting his instinct.

Case in point? When the global financial crisis hit in 2010, the same year he graduated from The State University of New York at Buffalo, it derailed his lifelong dream to go to law school.

Given the hiring uncertainties in the legal sector at the time, he packed his bags and headed home - no matter that he had already received acceptance offers from Ivy-league law schools.

That same instinct kicked in in 2013, when after 31/2 years as a public relations consultant, the bachelor decided to plunge into the food and beverage business.

The 180-degree career change stemmed primarily from the lack of good burritos in Singapore at the time, something he desperately missed after having spent his childhood shuttling between Singapore and California. His parents run a costume business in Singapore and he has a younger brother, 19.

Convinced that he could shake up the Mexican food scene, he pooled together $120,000 from savings and loans from banks and his parents to start a restaurant.

Within three months, he had roped in an old childhood friend and trained chef, Mr Elson Lee, 29, to help with the menu and operations, signed a lease for a 1,400 sq ft shophouse in Keong Saik Road and, faster than you can say "quesadilla", opened the doors to Muchachos.

It was not an instant hit.

"I remember on our first day, our total takings were a pathetic $129," he says with a laugh. "There's nothing as humbling as the feeling that you are skirting dangerously close to bankruptcy."

But news about the cheap and cheerful burrito joint spread and, within a week, Muchachos had lines out the door.

The business started turning a profit in eight months and hit $1 million in annual revenue seven months later.

Not one to rest on his laurels, he started his second venture, The Daily Cut - a protein-focused salad bar for gym buffs such as himself, which he saw as filling a gap in the market.

There was another reason.

"Truth be told, I wanted to open a new concept just to convince myself that I wasn't just a one-hit-wonder," he says with a grin.

He looked long and hard for the perfect location in the Central Business District before investing a much heftier $300,000 into The Daily Cut, which opened its doors in the basement of One Raffles Place last July.

The menu, which includes complex carbs and options such as sirloin steak and sous vide eggs at an under $15 price point, has received rave reviews.

It also helps that there are 13 gyms in the vicinity of his 624 sq ft, 42-seater restaurant.

The eatery has done so well that he recouped his initial costs in four months and generated more than $1 million in revenue just two months later.

He is currently working on a second outlet, set to open at Buona Vista business park One-North next month.

Asked about his success, Mr Yang seems genuinely surprised himself, sheepishly letting on that he had only imagined lasting in the competitive F&B industry for a year, tops.

"I think it's helped that I've pursued my businesses like a passion. Sure, making money is great, but I've tried to focus on the bigger picture," he says.

This includes paying his staff above market rate and grooming them for bigger roles in the company.

"There were tough months where we had to roll up our sleeves and pull 20-hour days to make things work," he adds.

"But looking back now, I can confidently say I love my job. At the end of the day, that's all I can ask for."
- See more at: http://www.straitstimes.com/lifesty...ion-dollars-their-30th-b#sthash.YPwhM8aK.dpuf
 

xebay11

Alfrescian
Loyal
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

For every one success, 100s have failed.
 

JohnTan

Alfrescian (InfP)
Generous Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

For every one success, 100s have failed.

They must be losers! From this article, this young chap was a success within his first week. His second restaurant, independent of the first, was also a success within four months. There are hawkers stalls that have been run for generations, have long queues but never come close to this sort of success. Time for them to be phased out or improve drastically.
 

eatshitndie

Alfrescian (Inf)
Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

thanks for the tip! when in sg, i will pop in to check out their burritos. it's not easy to find mexican food in sg, and i sometimes crave for it.
 

GOD IS MY DOG

Alfrescian (Inf)
Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

120K can start restaurant meh............:confused:

i'm sure a lot of the business depends on Angmohs..........and non-Angmohs that are curious about Mexican food..........when ANGMOHS go home in the next financial crisis and others lost their curiosity............then how.....:confused:
 

johnny333

Alfrescian (Inf)
Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

I see many long time food businesses scaling back on the number of outlets e.g. Jade Palace, Macdonalds, .... People might be attracted to a new place because of the novelty factor, but long term success might be a problem when the rent keeps on increasing.
 

zookeeper

Alfrescian
Loyal
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

Congratulations.
After this news, he shall be expecting huge rental increase and 10 new competitors selling the same things same place.
 

johnny333

Alfrescian (Inf)
Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

Congratulations.
After this news, he shall be expecting huge rental increase and 10 new competitors selling the same things same place.

Rental increases is SOP in Spore. I heard that landlords will offer attractive initial rentals for the newbie businesses & once these new business have spent the $$$ fitting out their store, they will jack up the rents.

So short term success is not a guarantee for long term success.
 

greedy and cunning

Alfrescian
Loyal
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

They must be losers! From this article, this young chap was a success within his first week. His second restaurant, independent of the first, was also a success within four months. There are hawkers stalls that have been run for generations, have long queues but never come close to this sort of success. Time for them to be phased out or improve drastically.

eerrrrrrrr , why u also talked cock without engaging brain before speaking ?

restaurants and hawker centers are serving different segments of the society.
if hawker centers are phased out , u want all low income workers to eat at restaurant izzit ?
some hawker stalls have long q , and they are making $ without u knowing.
 

halsey02

Alfrescian (Inf)
Asset
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

eerrrrrrrr , why u also talked cock without engaging brain before speaking ?

restaurants and hawker centers are serving different segments of the society.
if hawker centers are phased out , u want all low income workers to eat at restaurant izzit ?
some hawker stalls have long q , and they are making $ without u knowing.

Many of the hawker's stalls are not that popular, if you really look hard & long; the queue is long for the food takes time to prepare & it is lunch time, weekend or even holidays, the stall owner is short handed, only two person serving you.

Most of the hawker's food standard have gone down the drain, rental high, food cost, staff cost or staffing etc.. But those surviving ones, of you look carefully, are "members" too...you go visit the RC near there..you will see the same faces..get the point!:rolleyes:
 

enterprise2

Alfrescian
Loyal
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

Hello hello did u not know that Sinkapore is now the most expensive place on a Earth!!
 

greedy and cunning

Alfrescian
Loyal
Re: Evidence That Rentals In Singapre Is Low! F& B Millionaires Before 30 Years Old W

Many of the hawker's stalls are not that popular, if you really look hard & long; the queue is long for the food takes time to prepare & it is lunch time, weekend or even holidays, the stall owner is short handed, only two person serving you.

Most of the hawker's food standard have gone down the drain, rental high, food cost, staff cost or staffing etc.. But those surviving ones, of you look carefully, are "members" too...you go visit the RC near there..you will see the same faces..get the point!:rolleyes:

u can even see some during the meet-the-silly-people-session.

but are u implying that these members got some rebate to help them survive [or make more $] ?
:(:(:(
 
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