My Korean Restaurant Brings In $1.8 Million A Year - Here's What It Costs To Run
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Ай бұрынAt 27, Ji Hye Kim quit her long-time job at a medical administration company to become a cheese monger at Zingerman's Deli in Ann Arbor, MI. Eight years later, she opened her own Korean restaurant: Miss Kim. Ji Hye is now a James Beard Award semifinalist. In 2023, her restaurant brought in $1.8 million in sales. Ji Hye passes much of that revenue on to her staff, paying them $12-$15/hour and sharing the restaurant's profits with them.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
Produced by: Zach Green
Senior Managing Producer: Eric M. Clark
Camera: Dain Evans
Editor: Marisa Forziati
Animator: Elham Ataeiazar
Reporter: Gili Malinsky
Additional Footage: Ji Hye Kim
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My Korean Restaurant Brings In $1.8 Million A Year - Here's What It Costs To Run
@CNBCMakeIt 29 күн бұрын
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@82hnlam 25 күн бұрын
Insurance, 401k, profit sharing, living wages and tips splitting. Best owner and employer ever in a business that is so expensive and hard to sustain. Bravo.
@Tib1010 2 күн бұрын
70-80 hours a week man... Just wow
@hayoungpark29 28 күн бұрын
my first date with my boyfriend of now 7 years was at Miss Kims in Ann Arbor when we were both students at Univ of Michigan :') It holds a special place in our hearts
@anonymousnoticer 23 күн бұрын
It's been 7 years and he hasn't married you. He's wasting your time.
@gaea17 8 күн бұрын
@@anonymousnoticer i laughed way too hard at this
@mariaivy9972 29 күн бұрын
Lovely story. I am especially impressed with how Ji Hye strives to take care of her staff financially. She will continue to go far with this mindset and heart for others.
@sholaking5027 29 күн бұрын
Exactly 💯
@SarcasticPoet 29 күн бұрын
Very true. As her employees grow in their own lives they will speak highly of her!
@Gerrardstrike 28 күн бұрын
Yes, but will the staff return the same kindness? They can quit anytime and she's left to rehire, retrain new staff.
@chiru184 28 күн бұрын
@@Gerrardstrikethey won’t quit. Outside opportunities aren’t that optimistic.
@AlexWindover 26 күн бұрын
WHY?
@selfridgesforever4399 29 күн бұрын
Respect to her paying her staff well, sharing tips and profits! Other companies should take note.
@ipsilonia 27 күн бұрын
agreed! i wish more restaurants would encourage their customers to stop tipping though. i’ve seen a note on a menu like “tipping not necessary, our staff is well-paid” and it takes SUCH a big weight off my shoulders
@sp-cn8pm 27 күн бұрын
Agreed. When minimum wage for tipped workers increased in NYC, it helped me out a lot and making that money over there is probably more value. The bonus profit sharing is great. I'm glad she made it equitable for everyone.
@sp-cn8pm 26 күн бұрын
@@AlexWindover ?
@AlexWindover 26 күн бұрын
@@sp-cn8pm she is takin all the risk with very little to show for it. employees are taking no risk with a little less to show for it
@AlexWindover 26 күн бұрын
@@sp-cn8pm that makes it not fair for her
@EcomCarl 28 күн бұрын
Ji Hye Kim’s commitment to ethical labor practices and local sourcing at MissKim is truly inspiring! Adopting such sustainable practices not only enhances team morale but also resonates well with eco-conscious consumers, fostering a loyal customer base. 🌟
@z0tw 29 күн бұрын
Spreading the tips out amongst the kitchen staff and serving staff is genius. Everyone gets paid the same. I worked in kitchens for a while and was quite annoyed at times when I heard some server made $300 while I only walked out with $90 a slaved away, gross and tired. Giving even just a quarter of that tip money to the kitchen staff would make them feel a lot more appreciated and incentivize them to stay at that job. It's not common to have a high rotating amount of cooks in kitchens because of the unfairness of it.
@cherylrleigh1912 29 күн бұрын
In my college years, I worked as a waitress, and I truly value restaurants that prioritize ensuring their waitstaff earn a living wage. This practice is recognized worldwide among affluent nations, with the United States being the sole country, to my knowledge, where customers are expected to supplement the income of waitstaff. I'm so intrigued by this concept that I might even consider flying to Michigan just to experience such a restaurant. Kudos to Miss Kim!!
@AlexWindover 26 күн бұрын
the customer is not supplementing the income for the business owner, they are paying for a service. It's higher menu prices or discretionary tipping, either way, you will pay something. When restaurants eliminate tipping and raise menu prices customers choose to eat elsewhere, it has been shown. Every country affluent or not has unique cultural customs that are hard to explain and undue.
@dinhtran-ld4hz 9 күн бұрын
@@AlexWindoverwell fyi US restaurant overall make one of the lowest profit among all countries. That’s with the tips. Example price of a meal McDonald is 8 dollars in America same as in a 3rd world country. That make 15 percent of less then US American.
@jjpark1989 27 күн бұрын
She is an amazing business owner who isn't in it for just money. She's in it to help spread Korean culture and to help people be secured financially by giving them a very above average wage and bonuses! I myself am a deli owner and I also share the tips with my staff and give them bonuses as well. I only have hardworking people on my staff so I know it's well deserved because the restaurant industry is one of the toughest in the world. Much credit to Miss Kim and wish her a lot of success!
@judiesuh6858 25 күн бұрын
So proud thst Miss Kim is spreading our amazing Korean food culture. She is a sound businesswoman who respects her employees. Ultimately their hard work along with hers bring success. God bless~
@yoshiharuhabu 5 күн бұрын
Can you verify if she is the same Ji Hye Kim of refugee saga from Toronto, Canada back in 2010?
@tracyalan7201 18 күн бұрын
Good story. I liked that she had this plan to get the skills/mentorship/support and evolving it over a period of time. She wasn't trying to be a overnight success, but a methodical growth. Good vision and work ethic of getting there. Her ideas of trying to make sure the staff sees a benefit and works hard really help both the staff & the business. My best wishes for her continued future success.
@lenahoppe2417 29 күн бұрын
miss kim is one of my favorite restaurants! the fried tofu is incredible!! exciting to see it get the spotlight it deserves
@traceytheisen8067 29 күн бұрын
Her food looks AMAZING!
@maoxian 29 күн бұрын
Gives one hope for America... another hard-working immigrant doing her best.
@HazelZane123 27 күн бұрын
Correction: LEGAL immigrant
@natashaa7944 29 күн бұрын
Came for the food, stayed for this BOSS Queen! This is leadership people - taking care of the people who work for you! Amazing.
@hdlk 29 күн бұрын
I hope she pays herself more. She's running a business, not a non-profit org. She took all the risks and took on the loans so she should get majority of the payback.
@emem2863 29 күн бұрын
It sounds like she's getting the majority of the paycheck based on her pay versus the line cooks and servers. She's probably re-investing the rest of the profits into the business.
@EJF63 28 күн бұрын
It said that she gets paid a $70k salary and-after losing approximately $1M from 2017-2021-the company made a $100k profit in 2023. Although she owns 51%, I can only imagine any profits are staying in the business and/or paying off debt. So I think it’s safe to say she makes $70k. A full time server, according to her, makes between $22-25/hour with tips, so that’s $45k-$52k/year plus the $12k in profit sharing bonus split among the employees. So it looks like her servers make about the same as her, though she has equity. I have to say, she is getting fleeced by Zingerman. 1:57 $140k for HR, payroll services, and licensing fees (for her own company!)? And Zingerman keeps 49%? That’s crazy.
@Gerrardstrike 28 күн бұрын
💯
@chiru184 28 күн бұрын
@@EJF63without then she wouldn’t be able to get financing. She could have explored other options initially.
@myl3monlim348 27 күн бұрын
@@EJF63 Z wouldn’t be making much on the sales though since they let her share profits with staff.
@nnamdiobiako5773 28 күн бұрын
Love how her employer saw her vision and potential and invested in her and with her. That's going to trickle down to how she treats her staff and maybe even invest in them as well in the future.
@Liz-wz8dh 29 күн бұрын
This is awesome. This is the kind of restaurant I would eat at. I am boycotting most restaurants though because they refuse to evolve like this lady has. It CAN be done.
@Ange-ns5be 28 күн бұрын
Now this is a real Make it story.
@ThriftyCHNR 28 күн бұрын
Very good episode. All the figures looked legit and in line with the restaurant industry. The owner is very ethical in regards to treating her employees!
@AlexWindover 26 күн бұрын
The higher you pay the better your ethics?
@joannabusinessaccount7293 3 күн бұрын
@@AlexWindoverwhat is your beef? You criticize Miss Kim, and you belittle her by saying that after hard work, “she has very little to show for it.”
@AlexWindover 2 күн бұрын
@@joannabusinessaccount7293 I want her to pay herself more.
@lucidx88 29 күн бұрын
that is a good freakin boss
@MatthewNelson12 28 күн бұрын
Very cool story :) Really inspiring. I love Miss Kim's and Zingerman's. I've been eating at Zingerman's for a long time, but the last time we were in Michigan we also ate at Miss Kim's! It was awesome. I'm from Michigan, but now I actually live in Korea! Korean food is awesome!
@DeliaSlucutt 29 күн бұрын
Love the whole business model.
@AlexWindover 26 күн бұрын
I guarantee you she doesn't.
@MyMovie5858 20 күн бұрын
Considering the exhausting hours she has to put in, $1.8M revenue with only $100k net profit is not a sustainable business model.
@dopemusic6414 29 күн бұрын
Thank you to everyone inovled in making these really inspirational. And Congrats to the lady amazing entrepreneur.
@w2sixpackchef 27 күн бұрын
love seeing and hearing her story and journey!!!
@sadgorlwoohoo 24 күн бұрын
holy thank you cnbc for sharing such a cool restaurant. these are the types of businesses/restaurants i want to support and see more of. ji hye's approach to business is so refreshing. i love that she put into action a way to have a happy and teamwork-conducive environment. she sounds like a great boss.
@ThisIsTechToday 29 күн бұрын
LIttle Kim. I love her, lmaooo. Love how she's sharing in the success with her employees!
@AlexWindover 26 күн бұрын
I would love to get paid just $25k/yr less than the owner with NONE of the responsibilities and debt.
@ayrad7819 28 күн бұрын
Such a great video. Shoutout to zingerman’s for giving her a great start and the proper training. Which she then now shares with her current staff. Also love how the staff is mostly a person of color. I hope they also find their way just like how Ji Hye did ❤️🔥
@phoebebaker1575 29 күн бұрын
Inspiring!
@geekwithabs 29 күн бұрын
What an amazing person. I just love her. We need more people like her featured on this channel.
@SoCalFreelance 25 күн бұрын
So refreshing to see someone looking after their workers. I wish her continued success. ✨
@lakeshavallejo7889 29 күн бұрын
You look so happy in the Pic. So I clicked on your video. I'm glad you're happy living in the States. I'm from Kalamazoo. It'll be nice to eat at your restaurant. Stay blessed and stay prosperous!
@evettegarcia4804 28 күн бұрын
GREAT VIDEO! Thank u for making it to inspire us women business ! Whoop whoop u go girl !
@cherzee8964 3 күн бұрын
Loved this story
@helenhass4652 28 күн бұрын
Loved this restaurant when I lived in Ann Arbor. Awesome to see this feature!
@khjeong2581 28 күн бұрын
음식 퀄리티가 한눈에 봐도 정성이 들어가고 특색있어 보입니다. 저랑 나이가 동갑인데 멋지게 사업하시네요. 존경합니다. 롱런하실꺼예요.
@elizabethkoo106 25 күн бұрын
WOW, i really respect the way she does business. It's about profits... and most importantly, people... she thinks about the long term and emphasises the importance of teamwork. She is already doing well, but is going to do even better. so rare to see business people like this.
@pamelahansen5928 21 сағат бұрын
Her food looks AMAZING- she has learned all employees must have a team work atmosphere where everyone wins
@fdoctor79 29 күн бұрын
The food looks delicious and elegant! Continued success with your endeavors.
@pabulumm 10 күн бұрын
I want to patronize this restaurant just because they pay their staff a living wage and even give profit bonuses. I live near AA but hadn't heard of this place before, will be dropping in for sure!
@namastenadine6690 28 күн бұрын
Her respect for her staff is impressive. Congratulations and create that Lil Kim
@ipsilonia 27 күн бұрын
this is one of my favorite eps. first of all the food looks AMAZING. she made a career switch to something she’s passionate about, and she looked into mentorship opportunities along the way. she worked in sandwich shops, food trucks, and the kitchen. most imoportantly - she’s intentional about NOT exploiting her workers.
@AlexWindover 26 күн бұрын
How can voluntary employment be exploitational?
@SarcasticPoet 29 күн бұрын
Many more blessings to you.
@user-vm1su6yl5z 29 күн бұрын
Love Ji Hye!
@darkninja2018 9 күн бұрын
absolutely loved miss kims and always got food when I was in ann arbor!! loved the fried soft tofu
@dillonevans92107 25 күн бұрын
What an awesome story, and incredible boss it seems. She inspired me for sure - learning from other bosses is key.
@sholaking5027 29 күн бұрын
Impressive 🥳👏🏽👏🏽👏🏽
@resoluation345 24 күн бұрын
People like this is why entrepreneurship is beautiful
@alicelikesfood 28 күн бұрын
OMG right in my hometown!!!!
@OHANA-Beach-Suites-CDO 28 күн бұрын
Proud of u! 👍
@ozyao2849 6 күн бұрын
must try this restaurant!
@thomascho3318 22 күн бұрын
She's nothing but the hard work and dedication to her craft and dream. She's the kind of person who should be recognized.
@rereAL205 26 күн бұрын
I love how she's paying her staff!
@independencestnola 22 күн бұрын
love her!
@jim1013yyf 28 күн бұрын
love the food from Miss Kim and Zingerman. Even more so after I moved away from Ann arbor....Go Blue!
@smallgirlsailing 21 күн бұрын
Ji Hye is amazing boss and leader!
@sandogdy7175 25 күн бұрын
Not everyone will have a chance like what she had. Her dedication, skills and sacrifice had paid off . 👍
@ipsilonia 27 күн бұрын
i also love the budget breakdown of the restaurant. it’s not always profitable to pay your workers livable wages but i LOVE seeing restaurant owners try their best to do so. tip culture is a huge burden.
@AlexWindover 26 күн бұрын
Restaurant owners know that you "LOVE" to see this. And unfortunately are paying themselves WAY less than they could while taking all the risk and debt, for fear that you will shame them if they don't.
@RK-cj4oc 13 күн бұрын
People deserve a living wage. Stop making bs excuses. She will own this restaurant for multiple years to come and once her debt is paid off she will be cashing in big whilst also paying a living wage. Her mindset is correct and you are simply trying to excuse toxic behavior.A bussines is a long term investment. Any owner expecting to pay themselves big money in the first 5 years or before paying off all debts while not paying or not trying to pay a living wage is just being delusional.@@AlexWindover
@M2a3i 9 күн бұрын
Much blessings to you for paying your restaurant staff $22-26/hr
@fullpulse2000 20 күн бұрын
Sounds like a great restaurant and great standing.
@edr.2642 29 күн бұрын
Tipping is by tar the worst thing in North America. Restaurants should just charge more instead of relying on tips.
@alexiscarolyne 29 күн бұрын
soo sick of tipping, so i just don't go out anymore to restaurants unless its pickup, but i should be able to go to ar restaurant and not have to pay a tip. The last time I went to a restaurant by myself, the restaurant put the 20% tip without even telling me. they said they do automatic gratuity.
@MashiroRedo 28 күн бұрын
It helps with better customer service. Unless everyone is as polite as Japanese people I don’t see how you get better service without tips.
@edr.2642 28 күн бұрын
@@MashiroRedo -man thats their job. If they wont do their job without tips why work there? Do you work for tips at your job? All they do is bring your order anyway what do you expect from them with tips?kiss yourAss? Tipping is not expected in Asia and Europe and yet restaurant workers still do their job properly.
@RK-cj4oc 13 күн бұрын
@@MashiroRedoYou dont go back to any food place of service is not satisfactory. That is what drives customer service in the rest of the world.
@lakenbanks9426 28 күн бұрын
Michigan!!
@chonghunyi 24 күн бұрын
Wow, she is really really wonderful person.... i believe God will be blessing her business mightily.... it seems just beginning now...😅😅😅
@Omikoshi78 28 күн бұрын
I graduated U of M around when Ji graduated. Haven't been back since. Comforting to see zingermans being the same :)
@Omikoshi78 28 күн бұрын
Also just seeing the Miss Kim's entry, without having set food in Ann Arbor in over 20 years, it's weird that I knew it was or close to Kerry Town. I guess A2 is baked into my DNA more than I thought.
@connie473 25 күн бұрын
I've been there! The food is yummy
@siyethembafaithdlamuka4512 26 күн бұрын
She's a great boss actually leader!!
@odalissk 8 күн бұрын
Can this boss please teach ? Other entrepreneurs everywhere - and their teams - seriously need her guidance
@chrishan9138 24 күн бұрын
Zingerman the real MVP
@First1ToComment 23 күн бұрын
🔥🔥🔥🔥🔥
@cookiesnom 29 күн бұрын
Go Blue!
@majoolivia4271 6 күн бұрын
I wanna work there😭
@ideerge 26 күн бұрын
is rich JC still around?? I loved them
@1bwash 27 күн бұрын
Wow god bless. This seems like a very sustainable model compared to a lot of other things. What if this was turned into a public company and they were at the mercy of Wall St? The portions would be garbage and the staff would be paid half.
@thediner8929 28 күн бұрын
Wow
@Gerrardstrike 28 күн бұрын
She's a true saint but those profit margins are crazy low. The restaurant business is extremely tough.
@LIFE-Michigan 23 күн бұрын
How did your revenue increase during COVID 2020?!!
@bluerationality 26 күн бұрын
Profit sharing with employees in a restaurant? Wow.
@asnboy1084 29 күн бұрын
Great story, glad to see her paying herself 70K a year and annual profits at 100k, so 170k a year!
@justsaying7065 29 күн бұрын
She owns 51%, so $51k profit for her, not $100k.
@RK-cj4oc 13 күн бұрын
The 100K go to investors and debt repayment.
@masterkinglee 24 күн бұрын
Wish I had a Boss like her!
@tradingbull007 10 күн бұрын
Of course, moocher
@ShopSmallUS 28 күн бұрын
That's it?
@watahheater23 25 күн бұрын
I want to eat there.😎
@AntonSlizzardhands 28 күн бұрын
She made 100K out of college, quit to sell cheese for 17K, started a business that didn't make profit for 6 years and now pays herself 70K.
@ipsilonia 27 күн бұрын
what it costs to not exploit workers
@AlexWindover 26 күн бұрын
@@ipsilonia How can consensual employment be exploitation?
@mualan4683 24 күн бұрын
She owns the restaurant but her income $70k/year. It comes out $19/hr. Is it worth?
@aka-.-1981 26 күн бұрын
yea i hate the tipping culture i would try not to tip everytime
@wanh3703 25 күн бұрын
I don't know American way but in my country the higher you pay your staff wages the lower your income taxes. That's how i survived my business from cutthroat tax
@jacobsoto7228 23 күн бұрын
Not necessarily, it could actually work against you.
@RK-cj4oc 13 күн бұрын
What country?
@AlexWindover 26 күн бұрын
Am I trippin or did the restaurant lose over a $1 million+ the first 5 Years? In addition to the $1 million+ in loans to open? I'm reading this wrong......?
@elgringodetexas 27 күн бұрын
her financials show she is still negative 800k since opening
@RK-cj4oc 13 күн бұрын
Like many companies. But she is having a positive cashflow which is huge for companies
@dd19892 27 күн бұрын
IRS - 1.8mil ok noted
@jacobsoto7228 23 күн бұрын
Her menu must be pricey
@chonghunyi 24 күн бұрын
고생을 많이 하시네요... 하나님께서 지혜님의 사업을 번창하게 하시길 기도드림니다... 우리가 사는 이 미국과 국민들도 하나님의 은혜가 넘치길 기도드림니다..... 힘든일 속에서도 쉬는 시간이 더 있기를 바라고 건강도 챙기시고요😅😅😅
@emilywells7415 28 күн бұрын
good for these people but id love to see more average paid people
@rickenbacker472 28 күн бұрын
Am I reading the numbers at 1:38 right? It looks to me that she is nearly $900K in the hole, and her margins are wafer thin. In 9 or 10 years time she might make it into the black, if every year is as good as 2023. What am I missing?
@ipsilonia 27 күн бұрын
livable wages for the workers i think
@AlexWindover 26 күн бұрын
@@ipsilonia How about for the owner?
@RK-cj4oc 13 күн бұрын
Yes. It is supposed to be her bussines. So she will run it untill retirement. She is not some equity firm trying to make 50% profit in 4 years. In 10/15 years she will be in the black. At that point she will be able to cash in all profits untill she decides not to close. You have to keep in mind most she opend in 2016. Most restaurants close in their first year. Then she also went through the corona crisis which hamperd her sales yet she still exists. This is reality for bussines which are not corporations.
@AlexWindover 12 күн бұрын
@@RK-cj4oc fair enough. But it doesn't have to be this way. so difficult
@joaopedroalbernaz 29 күн бұрын
For a business that opened in 2016, it is pretty remarkable that it is still open after so many years, knowing based on the data that most businesses (specially a restaurant) will fail within the first year, a restaurant is the hardest and most devalued type of business, a lot of effort and cost to deliver something of low cost that doesn't scale very well, very dependent on quality, one bad taste or experience may make you lose a long time customer, can't forget people won't go every day otherwise they get tired of it, very tight margins too. Keeping up a restaurant is like having an abusive relationship. Now, that 1.8 million a year, I'm not sure about it, doesn't seem very accurate, kinda inflated 10x, especially for where it is.
@davidadebanjo1277 29 күн бұрын
Did you even watch the video?
@dopemusic6414 29 күн бұрын
You're definitely a hater 😂
@joaopedroalbernaz 29 күн бұрын
People nowadays don't know how to interpret things. That's why everything nowadays is considered offensive or hateful. It is easier that way.
@adamo1139 29 күн бұрын
I can totally believe 1.8 million. It's just revenue. Profit is just a few percent. at 1:52 you can see what they spend money on.
@joaopedroalbernaz 29 күн бұрын
@adamo1139 Oh yeah, totally, it goes to show "ungrateful" with the owners and operators the food industry is, they are left with next to nothing. I still hung on the 1.8 million. I know some high foot traffic restaurants, some even renowned fast food places in average to bellow areas (we know the location does matter, specially for a restaurant) that probably gets to the 1-2million a year. It's hard to believe a niche restaurant (Korean, vegetarian/vegan, gourmet, higher ticket cost) can break that barrier.
@Gigglegigs588 28 күн бұрын
Keep everyone else happy but not her bank😅
@ipsilonia 27 күн бұрын
and that’s the goal ☺️
@alona724 24 күн бұрын
All cuisine is ethnic cuisine
@esils 28 күн бұрын
Invested 150k of her personal savings is impressive…i wonder how she able to save that much based on the type of jobs she had 🤔 7:00
@socalstr 17 күн бұрын
Place lost $1M during its first 6 years before finally eeking out a profit in years 7/8. Who paid for those losses?
@RK-cj4oc 13 күн бұрын
She did.
@mikejoey5088 25 күн бұрын
yeah and you pay half of it back
@dinhtran-ld4hz 9 күн бұрын
36 and gen X?
@edamame5540 23 күн бұрын
Bahn mi is not a korean food
@MrGeeez 25 күн бұрын
Bahn mi ain’t Korean bruh
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