“Did you start the business with other people ‘cause you knew the risks of taking it on by yourself?” asked Kunhua.
Shane explained while the risks were a concern, he had no knowledge or experience on how to start an F&B business. He also had to dedicate his time to acting. For him, being a silent partner was the best way to go.
“I’ve always wanted to own a restaurant and investing seemed like a fun idea. I could also invite my friends over to have gatherings,” he said.
“And you end up spending your own money at your establishment,” added Jeff.
Shane immediately agreed, saying: “It’s true. If you’re interested in owning an F&B business, and you have many friends or clients to entertain, never invite them to your place.”
He then gave an example, saying if he was the sole owner of a chicken rice stall and he wanted to treat every friend who came by, it wouldn’t be difficult to calculate the costs.
However, Shane has partners, and the business wouldn’t simply be able to “absorb” the costs. As such, he had to pay out of his own pocket.
“The money that I spent on my own business… We also sell beer, and people tend to order more food when they’re drinking… so I keep spending and spending. When I looked at my credit card bill at the end of every month, I was like ‘Wah’. Turned out, I was the biggest spender at my own business,” he said bitterly.
On top of that, Shane and his partners decided they wouldn’t get any discounts to make things easier for accounting records, so they paid the full price when treating their friends to a meal.
“So for those who want to run a F&B business, try your best not to bring (anyone) over. Secondly, make sure you’re not there when they visit,” he laughed.
He realised he wasn’t earning as much as he thought he was because he was also ‘losing’ the money while entertaining guests.
He concluded: “You can spend on PR, because it will bring more business in. But if it’s for personal gatherings, like when I host my friends from showbiz, the money spent is not a small sum.”
“People from Mediacorp are all going down for free meals. Quick, tell us who these people are,” joked Jeff.
This story was originally published in 8Days.
