Monday, April 4, 2011
They weren’t businessmen — they had no idea how to even develop a business plan. But now, two University students are entrepreneurs making a name for themselves in the local business world, in the form of a hot dog stand.
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Hot dog stand heats up downtown
Two KU entrepreneurs are turning a comfortable profit after less than one year in business.
Justin Sharkan and Jason Mandel officially started The Last Stop Snack Shop in September. Now, five months later, Sharkan and Mandel’s business is beginning to thrive — and the stand is becoming a staple in downtown Lawrence nightlife. The stand is located on the corner of 10th and Massachusetts Streets, in front of the Masonic Temple. There, Mandel and Sharkan sell everything from hot dogs to walking tacos, feeding late-night bar-goers and Mass Street regulars.
“We’ve got it down to a science,” Mandel said. “We’ve learned to work well together when it gets crazy. Somehow, it works.”
But running a hot dog stand isn’t quite as simple as one would think. Mandel and Sharkan, both juniors from Chicago, had to develop a business plan, present their plan to the Lawrence business community and wait from approval by local officials. Initially there was some opposition to the idea of a hot dog stand downtown — there was the worry that foot traffic would lead to local business congestion — but eventually the business was approved, and the plans were underway.
Justin Sharkan and Jason Mandel opened the Last Stop Snack Shop downtown last September.
Will Katz, director of the Small Business Development Center, worked with Mandel and Sharkan, assisting them in creating a business plan. Katz said that he thinks the two have done an incredible job in running and maintaining a business, especially with minimal prior knowledge.
“People don’t understand that this is a challenging business to set up in this particular way,” Katz said. “It’s not just setting up a lemonade stand in your dad’s front yard.”
Katz said the two were relentless — they worked hard, showed a lot of business savvy and set strong goals for themselves.
“It’s been interesting learning how to run a business from the ground up,” Sharkan said. “I think I’ll be able to apply it in the future.”
Mandel said that while the two were developing a business plan, some forecasting was done to analyze the financial aspects of starting the stand. While the initial start-up costs of the stand have not yet been met, Mandel said the monetary benefits are similar to what they predicted.
“It’s not been incredibly lucrative, but it’s been worth our time,” he said.
The two have faced challenges, especially in light of weather changes and winter break. The stand closed down before finals during the winter semester, and was re-opened about a month ago. The two spend every weekend at the stand, and have seen an effect on their social lives.
But now, with warmer weather on the way, the two hope the business will continue to grow and be successful. They hope to hire employees in the future, in the hopes that they’ll be able to free up some more personal time for themselves.
After they graduate from the University, the two hope to pass the business on to Mandel’s younger brother, or sell the business to another entrepreneur. The two said they can see this project as a learning process, and would be interested in starting other businesses in the future.
— Edited by Danielle Packer
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