Looking for Event Hall/Venue Manager/aspiring owner help entrepreneur how earn by blogging blog

I am an aspiring venue owner and have recently started working with a small venue near me to learn what to do, or rather what NOT to do. This guy is running his business into the ground because he doesn’t want to run it anymore, basically.

He’s hired me to take over managing the venue, and I’m having some trouble with disorganization, his entrepreneurial failures, and compensation. Honestly, I think he’s doing a terrible job with making money because he’s pricing himself too low (35% lower than businesses around him), and he’s looking to pay multiple people to do something he should be doing.

So he wants me to run it, but he can’t afford it.

He probably profits $1400 off of a typical $3000 event and says he has to take $800 out for building expenses. (He has yet to put a budget on paper, I have to try and pull numbers and make one for him.) He has only been getting 2-4 of these events monthly because he won’t put the effort in. He does not increase pricing based on his annual cost increases for caterer, utilities, etc. Also, his caterer buys most food prepared and heats it up, which costs owner more.

So he wants to pay myself and 2 event coordinators to organize everything and boost business.

Here’s the breakdown of what he’s planning on paying us:

Manager: $9/hr for 20 hrs a week, 2.5% commission on events up to $2000; $10/hr to work 7.5 hour events (this goes to whoever works the event, Manager or otherwise)

Event Coordinator: 2.5% commission for booking events and 5% commission for planning events over $2000; bonuses on events over $3000 ($50) and $5000 ($150).

Caterer: $800 on small jobs (heavy Hors D’oeuvres for example); up to $2000 for larger events (that he’s charging $5000 for).

I still have to get the rest of the numbers together.

I’m just wondering from you entrepreneurs, should I quit while I’m ahead? Or keep using this as basically a learning experience because I’m getting nothing financially out of it. He’s a nice person and has great connections, and could introduce me to some influential people; but he’s not willing to change some things to make his business better, and he’s way too into himself and his image to listen to good ideas. He’s also wanting me to run his business and not bother him too much, but also wants me to do everything his way that has not been working thus far and not do things that I think will help. facepalm

I do want to own my own venue, maybe even buy his, but I want to start out on the best foot possible.

submitted by /u/Yvonne_Mom
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