Re:Restaurant workers quit at record rate
by dannyw on Tuesday July 20, 2021 @11:43PM
(#27902108)
I think your anecdote isn't necessarily reflective of all restaurant owners:
(1) not everyone leases, some family businesses own the land and has significantly better margins at the trade-off of opportunity cost on the real estate,
(2) some businesses are explicitly there to fulfil visa or immigration obligations, so profitability isn't a priority,
(3) in less dense areas, the general laws of competition don't apply as much pressure as SF or NYC.
Don't forget lifestyle businesses. I actually know multiple high-income people (lawyers, doctors) who just let their partners run businesses for the sake of doing something during the day; they lose money every year which offsets the joint income, and is better than having their partner sit around at home and spending money on something else.
(1) not everyone leases, some family businesses own the land and has significantly better margins at the trade-off of opportunity cost on the real estate,
(2) some businesses are explicitly there to fulfil visa or immigration obligations, so profitability isn't a priority,
(3) in less dense areas, the general laws of competition don't apply as much pressure as SF or NYC.
Don't forget lifestyle businesses. I actually know multiple high-income people (lawyers, doctors) who just let their partners run businesses for the sake of doing something during the day; they lose money every year which offsets the joint income, and is better than having their partner sit around at home and spending money on something else.