Hi Guys, a new startup opportunity has come my way.A premise in CBD ideally good for pub/restraunt business.I have negotiated good will and agreed on terms of lease.And i have the money in form of a loan from the bank.Problem is i have a busy day job and can not have the time to run the business personally. I tried a similar business in the past and burnt my fingures miserably.Its not that the business was not viable.It was indeed a very viable business BUT the jamas i put there to run the business really fleeced me i had to close and pay debts from my pocket.My fear is the same could happen now.Get the business started , hire guys and once they know you are a busy guy, they do their own things , fleece you real bad.I'm wondering if i should lose this opportunity , invest the money i have into a house(downpayment) and just wait till later on when i will have the opportunity to personally run a business.If i go this way, i will have lost a great opportunity to run the business from the CBD, which is more lucrative.you guys know how difficult it is to get premise in town.issues of goodwill,double rent, double deposit etcetra. Your thoughts are welcome.

Thanks @RVP. Yes the rent is 100k per month and yes the owner will not be hands on.Have a full time job that's demanding.But for now i wanna hold onto the job, the pay ain't bad.If only i could get a prudent manager to run it very professionally.My contract ends in december 2011 and i wanted something running on the ground, in the event the contract is not renewed. In the past i employed a dude to run such a venture and really got messed. On the other hand i fear losing the premise, which i might not get again, cuz its pretty difficult getting such in the CBD.

in this day of technology why do you need to spend your full time in the business you only need to set targets for the management and have all the sales and expenditure figures sent to you by email it's even possible to integrates point of sale terminals to your email and monitor on the go. If you have done your maths then you know how much you need to make in a day to repay the loan and break even.

on management it would be wise to do a talent search in the local universities there is some serious talent among the young graduates who really want to grow with a business, you don't even have to pay much

cool mkonomtupu. You must be living in a very ideal world..In hindsight, i tried this 'hands 0ff' in the past and it went awfully bad. But thanks for your contribution.May be its because in the past i used/hired a buddy of mine.Dude went on a fleecing spree and fleeced me real good/bad.Having leant from that, i'm trying to get a great team, then make every effort to be there every day at COB. The POS is a great idea, i'm gonna work on.

@Kavairu,

Most people confuse a businness and self employment. That is the real reason why may business ventures fail. A business is about setting up systems that can run the place even in your absense. If YOU are the system, then you are self employed. The idea that you have of a POS is a good one and targets too. Follow that up. Since your contract ends in 7 months, you better start setting up the systems now. They take time and are conitnually developed but they work very well for you.