3 BILLION VND – 7 MONTHS…

Yesterday afternoon, I went to see a restaurant that a previous owner was selling. The moment I stepped inside, I was taken aback. The place was beautiful, the tables and chairs were neat, the bar, the beverage counter, and the equipment were all brand new. I glanced around and mentally estimated the investment must have been at least 3 billion VND. But this restaurant had only been operating for 7 months. 7 months, from the excitement of its grand opening to its quiet demise. Everything was still there, only lacking customers, the warmth of the atmosphere, and the time to fix the mistakes.

I saw myself from years ago in that restaurant. And I know it's not that the owner didn't try. It's just that they hit a roadblock that landlords only learn about after paying a very high price. Below are 10 lessons I've learned from closing my own businesses and from developing stores for companies.

1. Choose a location in a dead-end alley, where no one will find it.

Ten years ago, the first shop I opened was located in a dead-end alley. It was quiet, very chill, different from the noisy tea shops out there. I thought: it will definitely attract young people who like a slow pace of life. But the problem was: NO ONE KNOWS THE WAY IN. That time, I knew that the location might be beautiful in my eyes, but if customers couldn't see it, couldn't get in, it was meaningless. The location is for business, not for decorating for myself to admire. I closed that shop after 6 months. I lost money, trust, and almost lost three close friends because of what we did together.

2. Renting cheap premises carries significant risks.

I managed to rent a space at a super cheap price, only 6 million VND/month. The area was just enough to open a coffee kiosk near the office area. I thought, "This is a great deal!" – but when I started selling, I realized that the bank next door always had cars blocking the entrance, and the smell of sewage wafted into the shop. Customers weren't interested in coming in.

Cheap premises aren't necessarily because people are stupid, but because they know something we don't. Low costs don't always guarantee profit, and expensive properties in the wrong place can lead to even greater losses.

3. Lack of a clear contract, resulting in sudden rent increases.

Trusting the verbal promise: "Don't worry, I won't raise the price." After 6 months, the shop became busier, and the landlord demanded a rent increase. When I opened the contract, I found the terms were lax. The landlord forced me to leave when the shop had only just started to attract regular customers. I understood: Words speak of friendship, but on paper, it's a matter of survival.

4. Choosing a good location but with no potential customers.

There's a cafe I really love. It has a beautiful view, a youthful style, and is located by the canal. The interior is charming, and every corner is perfect for taking photos. However, customers only visit once because parking is inconvenient. The area doesn't have many office workers or a steady stream of people. I've realized: Don't build a cafe just for "what I like," but make customers want to come back.

5. Failure to design a suitable operating area for employees.

I went to a restaurant where all the space was used for customers, and the staff? They had to fend for themselves. There was no storage, the washing area was small and always dusty. The staff had to carry supplies outside, and every time they ran out, they had to run around. The people behind the counter were always stressed. They quit, and I was surprised, but looking back, wasn't it their fault? For the restaurant to run well, it first had to provide enough for the people inside.

6. The sign is placed in the wrong location; nobody sees it.

You might spend days, even months, designing, choosing colors, fonts, and materials, only for the sign to be too tall, too small, or obscured by trees. The sign is the first impression. No matter how well you do it, it's useless if no one knows about it.

7. Insufficient surveying before making a deposit.

I once saw a property that seemed like a good deal. The owner said, "Many people have already looked at it, you need to decide quickly or someone else will sign it." I hastily put down a deposit. I didn't drive during peak hours, didn't check traffic flow, and didn't verify the legal status. Only after a closer look did I realize that parking was prohibited on this road, the residential area behind it was sparse, and so I ended up abandoning the deposit.

8. Expanding the chain too quickly without sufficient operational capacity.

I opened four locations in three months. Everyone praised me: I improved quickly and professionally.

But internally, things were getting worse; the staff weren't used to the work, supplies were in disarray, and several shops had consecutive problems. I sat there, looking at the list of shops and wondering, "Which one am I actually doing well at?" Opening a shop is easy. Building a long-lasting business is the hard part.

9. Choosing the wrong operator leads to site failure.

I once entrusted a prime location to someone I trusted. Everything seemed to be going according to plan: a clear contract, reasonable costs, and an attractive storefront. But after three months, revenue plummeted. I went to check: staff were constantly changing, there were no established procedures, and customers were being turned away because they were "out of something.".

I realized: The owner chooses the location, but the person who keeps it alive is the one who runs it daily. Not everyone loves the shop as much as I do. So, if there's no training, no support, and no passion instilled – the shop will die silently.

10. Refusing to observe, only following impulse.

After 10 years, what allowed me to survive wasn't luck, nor was it necessarily skill. It was knowing how to sit down, observe, record, and learn from each mistake. I made wrong choices, made wrong decisions, trusted the wrong people, and rushed into things. But each time I stumbled, I tried to figure out why. Developing a business doesn't require exceptional talent. It just requires patience and a slightly more observant eye than others.

If you're starting from scratch, don't force yourself to know everything immediately. But there's one thing you absolutely must cultivate every day: THE ABILITY TO OBSERVE AND LEARN FROM REALITY. As long as you don't give up, are willing to travel more, ask more questions, and make mistakes – each subsequent level will be better than the previous one. And finally, I just want to say: This level isn't for dreamers. It's for those who are level-headed, sincere, and constantly learning.

I wish you strength, determination, and perseverance on your business journey.