Restaurant Failure To Financially Secure
Why my failed restaurant was the best thing that ever happened to me…
Editorial from Edward Lomax,
My goal is to be financially secure. That means I’m on a journey to become financially secure… and am not there yet.
On the Internet, you can be anyone you want. You can reinvent yourself. And you can hide your failures.
So why don’t I?
My life has seen some struggles. And everything I tried was not an instant success story. Quite the opposite.
But instead of hiding this from everyone, or flat out lying about it, I’m open about it. The truth is, I consider myself a success today BECAUSE of my failures.
And strangely enough, one of my BIGGEST failures is what brings me the most joy today.
My Restaurant Went Belly-Up
In Viña del Mar, Chile
Long story short, my wife and I moved to Chile from the U.S. in 2001. Shortly after 9/11, we returned to Chile to visit her parents. And shortly after that… her father had a stroke.
We decided to stay in Chile full time to help her Mom take care of her Dad.
So, we had to make money. And I decided to do what I knew… start a restaurant.
Two years later, we sold the restaurant. It failed. And all our savings were gone.
We were definitely not on the road to become financially secure. Quite the opposite.
How I Became The Joke Of The Family
Now, you might be inclined to say the restaurant failed because the food sucked. But that was not really the case. The food was great (if I do say so myself). It was just not the right food for the people of Chile.
I should have known better. My wife’s uncles are very particular about their food. They like traditional food, done like their grandmother used to do.
Definitely not what I was offering at the restaurant. So, my food was not well received by enough of the public to make it a success.
It took me years to get her uncles to accept other types of food. Now they have their favorites and look forward to my cooking… especially around the grill. And that is where the jokes come in.
I have quite a reputation around a charcoal grill. And I’ve found in a smaller setting, people are much more likely to give new things a try. Inevitably, a newcomer to one of our barbecues would say something like, “You should open a restaurant”, and the family bursts into laughter.
Our last BBQ (before the Pandemic kicked in), consisted of Moroccan Marinated Fish Kebabs, Turkish Chicken Kebabs and Beef Satay served with Rice, Lentil & Crispy Fried Onion Pilaf and Tomato, Onion & Mint Salad. I made a yogurt dipping sauce and a hot sauce and served everything with grilled Pita bread.
The guests were a combination of my wife’s cousins’ family and another family I didn’t know. Knocked their socks off, even the 13-16 year olds.
“You should start a restaurant”.
Ha, ha, ha.
Why This Huge Failure
Makes Me Happy Today
Struggling for 2 years and losing all my money after moving to a different country to help with a family illness and becoming a family joke sounds terrible.
And believe me, at the time, it was terrible.
But if the restaurant didn’t fail, I wouldn’t have pursued making money online. And if I didn’t pursue making money online, I would have never started trading Forex.
In short, without the experience of failure, I might not have prioritized becoming financially secure.
I’m where I am today, and extremely happy on the path I’m on, BECAUSE the restaurant failed. And that makes me thankful.
Imagine if the restaurant didn’t fail…
- Long days putting in long hours
- Small profit margins making it hard to get ahead
- Paying everyone else first, and living on what is left over
- Never being able to take time off
- Unhealthy eating and drinking patterns
- Little to no time to exercise
- No vacations
- Not being able to grow the business exponentially
- For years and years and years
Basically, if the restaurant had worked, I would have been able to make a living. But I wouldn’t have a life.
At the end of the day, I’m glad the restaurant failed. It forced me to start working online. And that has changed my life and improved the outlook of my financial future immeasurably.
So, I don’t mind being the butt of a few jokes if what those failures taught me leads to financial security.
Here Are Some Takeaways
One of the biggest things I learned through the long, frustrating and costly restaurant failure was to do your research BEFORE you jump into any business, either a physical or online business.
This is why I pay so much attention to brainstorming.
And on a side note… one of the best things to come out of this was I continue to enjoy cooking. If I was slaving away in a restaurant to make ends meet, cooking would be my job. And as my job, I am afraid I would grow to hate it.
However, because I don’t cook for a living, I can still enjoy cooking. And it even led to one of my other online businesses.
Why I’m Bringing This Up Now
Due to the Pandemic, there are a lot of people seeing their world be turned upside down. At very least, it has a lot of people asking, “What if?”
- I get sick?
- Someone in my family gets sick?
- I lose my job or my spouse loses their job?
- My paycheck gets cut or my income diminishes?
- Things don’t get better for a long while?
Imagine if I was still running the restaurant. I would be devastated. My income source would be shut off, the bills would keep piling up and there is no end in sight.
If my restaurant didn’t fail before… it definitely would have now.
So I’m glad the restaurant failed when it did. And I’m glad I pursued making money online and Forex trading.
The changes I made because of my past failures actually set me up perfectly to deal with the challenges of the Pandemic. I feel thankful because of what I have accomplished so far. And I feel empowered for my future prospects.
Deciding to take control of my financial future and put into action my plan has turned out to be a real lifesaver.
Who would have known something so simple and obvious could be so powerful? Not even a Pandemic can deviate me from my course.
So, if my story of failure can help someone else see the power of this plan (without having to go through the hardships I did), I’m glad to share them.
And if the Pandemic has exposed some areas of your life that make you feel anxious and unstable… it might be time to pursue something else, and do something different.
I know right now you might just “want things to go back to normal”. But if “normal” did not have you on a path to lifelong financial security… is that really what you want?
Think about it.