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“I want to open a restaurant!”

My friend was discussing their new business idea with me. They dreamed of quitting their 9-5 job and opening a new restaurant.

So, I asked, “Do you have any experience in the restaurant industry?”

“Umm, no.”

“You’ve never worked in a restaurant or even a fast food place?”

"No, but I’m planning on going to culinary school to learn how to be a chef."

“I see…”

Now, I don’t want to rain on anyone’s parade, but launching a new business and succeeding isn't easy, even under the best circumstances (e.g., having all the necessary experience and resources).

According to 2024 data from the U.S. Bureau of Labor Statistics, 20.4% of businesses fail within their first year of operation, 49.4% fail within their first five years, and 65.3% fail within their first 10 years.

The data is more grim for restaurants. One in three restaurants won’t survive their first year. We’ve certainly noticed that in our small town, as restaurant after restaurant has closed their doors over the past 10 years or so.

Therefore, I advise people to focus on creating a business that leverages their existing talents, knowledge, skills, and experience. A lifestyle business is more likely to succeed when it only requires what you already know how to do well.

My first solopreneur business, launched in 1998, was a tiny design agency of one. I was a senior software designer at a tech startup. We were acquired, and within a few months, the parent company laid off all of us.

My coworkers and friends were already consultants and contractors with the company. We had been working together for the past year, so I had seen what it was like to run their small, solo businesses. They convinced me to take a swing at independence. So, instead of taking a new job with the next startup the founders formed, I spun up my design consulting practice fairly quickly. I had my first client in a day, and I was supporting my family in about a month.

I describe this strategy as copying and pasting your job description to create a business plan. You are essentially doing the same job, but for your own business instead of for an employer. Previously, I had been a senior software designer employed by the company. Then, I became an independent software design consultant, billing the company for my time.

I have several friends and old colleagues who have used this strategy to launch solopreneur businesses and never return to 9-5 jobs. Some have been running their businesses for over 30 years! A few of their business include:

Design consultant
Engineering consultant
Interim head of comms
Interim CPO
Copywriter
Marketing consultant
Wedding photographer
Art instructor
Gym owner
Voiceover artist
Romance author

If you want to escape the corporate world quickly and do your own thing, it’s much easier to create a business that leverages what you already know and can do in your sleep! You can always build a dream business later, but make sure to take the time to do it right and set yourself up for long-term success.

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Larry Cornett is a Freedom Coach who works with ambitious professionals to help them reclaim their power, become more invincible, and create better opportunities for their work and lives. Do more of what you love and less of what you hate! Check out his new Invincible Solopreneurs Daily Journal!

Restaurant and bar — Photo by Patrick Tomasso on Unsplash

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