“Entrepreneurial Experiences of Taiwanese-American Business Owners in New York: The Importance of Location in the Food and Beverage Industry”

The importance of location in the restaurant industry cannot be emphasized enough – “Location, Location, Location.” With 22 years of entrepreneurship under his belt and a total of 41 restaurant openings, current president of the New York Taiwanese Chamber of Commerce, Lin Qingfu, shared his entrepreneurial insights on March 29.

The New York Taiwanese Chamber of Commerce, in collaboration with the World Chinese Women Entrepreneurs Association’s New York Chapter, organized a financial symposium inviting Lin Qingfu, accountant Bai Yuqing, and lawyer Cai Bi Hui to discuss the process of starting a business and the financial and legal issues to be aware of.

A graduate of New York University’s Business School, Lin Qingfu owns multiple restaurants in New York, including brands like Quickly, CoCo, D.D. Dumpling, and Iris. He mentioned that back when he was a student, the need to travel from Astoria to Flushing just to enjoy a cup of Taiwanese milk tea sparked his interest in entrepreneurship. He emphasized that while the threshold for entering the restaurant industry may be low, the risks are high, and the location often determines success. It is preferable to choose a high-traffic area with higher rent rather than a cheaper but less populated location, especially for the first restaurant.

Lin believes that the key to success lies in maintaining quality, offering unique products, and controlling costs. A brand must have signature dishes and a clearly defined pricing strategy. Without stable food quality, even aggressive marketing cannot sustain a business for more than three months.

Entrepreneurial models include physical stores, delivery services, shared kitchens, and food trucks. Even without much capital, one can start with a “shared kitchen + Uber Eats” combination. It is crucial to maintain a Google rating of at least 4.3 stars to avoid customers skipping over your business. Lin also stressed the importance of having quality employees, which can be challenging to find.

While Lin Qingfu has opened a total of 41 chain stores, he concluded that “maintaining one good store is enough.” He expressed that investing in a store requires at least $200,000, and it can be a hectic and demanding process. However, if profits are saved to purchase property, life can become considerably better after two or three decades.

During the symposium, accountant Bai Yuqing discussed “gifts and tax planning.” He explained that foreigners transferring money into the United States theoretically have no limit on the total amount. Still, amounts exceeding $100,000 must be reported to the IRS (Form 3520). Bai cautioned against multiple small transfers (e.g., $50,000 each) that banks may view as potential money laundering. Americans can receive gifts from foreigners with theoretically no upper limit, but amounts over $100,000 must be declared.

Partner at Law Offices of Falplaw, lawyer Cai Bi Hui, introduced “six major legal issues to be aware of when starting a business in the United States.” She advised against going into business with friends and emphasized the importance of turning partners into friends. Leasing contracts for real estate require attention to three key points: financial terms (rent, security deposit), time terms (lease term, renewal terms), and location conditions (repair responsibilities, damage compensation).

Cai Bi Hui highlighted the high operational risks in running a business in New York City, with common fine-inducing situations such as lack of price labeling, unclear return policies, sanitation violations, inadequate fire equipment, littering, and lack of business licenses. Therefore, conducting regular checks to prevent fines is not only a way to avoid penalties but also a method to reduce operating costs.