Yesterday on Fox & Friends TV personalities Brian Kilmeade, Elisabeth Hasselbeck and Steve Doocy interviewed Jon Taffer on his small business secrets and serving up success.
Jon’s no nonsense in your face advice that he provides on his hit TV show Bar Rescue keeps struggling business owners from closing their doors. Here are the suggestions he offers up to small business owners during the segment.
1. Universal aspect: The bar business is universal to the American way of life; bars are in the fiber of our country. They are very social places; just think about the marriages, business transactions and politics that have taken place in bars. The second building in the US was a bar and George Washington was the first US distiller.
2. Health care regulations: With all of the new regulations hitting the hospitality industry from Obamacare the industry is reacting. Small businesses do not want to lose their employees therefore small business employers, in an unofficial way, are teaming up with other businesses. This way employees work 20 hours at one location and 20 hours at another in order to keep them working full time without the business taking on the regulations that are killing the hospitality business. “It’s the businesses reacting to the regulations that are put down upon us,” states Jon Taffer.
3. Biggest small business mistake: Even in the height of the recession there were people still making money. Therefore the biggest mistake that the average small business owner makes is blaming other people for their failures. Once you blame someone else you are going to continue on that path of failure. But if you get up and blame yourself, you’re not going to like it and you’ll change. Blaming someone else is easy, blaming yourself is bothersome.
4. Getting started: First, go into a business that you love. Then if you don’t have the experience you better make sure that you have some extra money or a partner with extra money. Odds are very slim for first time owners in the bar business. Therefore, Taffer advises that you better have the money to fix your mistakes. If you don’t have the money to pay for those mistakes you better have the experience so you don’t make those mistakes. There have been a lot of great bars that have failed because they have run out of money before they turn the corner of success. And that’s the worst of all.
To see the full interview visit, Fox News.