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If you own these 3 types of business and after Covid and you're still doing it the same way. You learn nothing and you ought to be recolonize again for business strategy.
1. RESTAURANT
2. HOTEL
3. STOREFRONT OR Shop.
Let me explain small in Sequence.
1. RESTAURANT
First of all, a lot of people enter restaurant business without understanding anything about restaurants business strategy. 99% of restaurants owners run around everyday and make little money, high maintenance and high rents. When covid hit. Almost 99% went bankrupt because they know nothing the business. Some of them went on to take hospitality class without understanding the RAY-RAY of restaurant business. RAY-RAY simply means how to overcome business hit even when shutdown. You don't run restaurant business for instant profit. You run it to create wealth even when the food stops selling.
2. HOTEL
Hotel is one business that makes absolutely no money. It's a costly over maintained piece of real estate that depreciate in value in a short period of time. So many people go into hotel business without understanding how to leverage hotel to create wealth.That is why most hotel business owners fail. During covid, many of them failed woefully with majority of them never recovered till date. They failed because many didn't understand the business. When they see Hilton hotel or Le Meridian. They thought I wanna be like that but what differs in you and them is strategy.
3. Storefront or Shop.
The rental prices changes of this one makes it impossible to generate profit plus they need to invest heavily in upfront inventory cost. Bad idea and bad strategy for business. The difference between you and LV,LG and other brand running Storefront is strategy. Those brands paid substantial sum for information while you thought you know it all and sadly you do not. During covid I saw a lot of them struggling to sell online with little or no success. They're failing because they have no idea what they're doing and have no idea how to create wealth running a Storefront or Shop. Sadly most of them are not willing to spend money for advance information courses.
In overall. Most novice players on these kind of business are people that refuse to learn the business strategy. These are why banks hardly loan money to people in these business categories. Even when loaned them money. They return rate will be expensive and often collateralized to secure themselves.