Many people would love to own their own business. Being your own boss is one of the most common dreams of mankind. Most people would rather work twelve hours a day being their own boss for the same salary as working six hours a day for somebody else. Even though you're working, not having somebody looking over your shoulder is a huge incentive.
That's why there's always so many small businesses being opened up everywhere. Sadly, a lot of businesses go under. That's not because it's super hard to plan a business, or that it requires super human intelligence, it's just that opening a business requires a lot of planning that you might not learn in your nine to five.
Another reason is that the feedback is a lot quicker, and a lot less forgiving in a small business compared to an office job. If you aren't very good at your office job, you can survive for years just on personality alone. But if you aren't good in your business, the customers won't hesitate to go somewhere else, regardless of your charming personality.
One of the things you've got to balance is the amount of supplies and your budget. Sure, if you open a shop with the latest equipment, and have the latest high tech gadgets to help you sell your stuff, you'll make a lot of sales. But the total number of sales really isn't the issue. The important issue is how much you earn, compared to how much you spend. Unless you've got a huge bankroll, then you can't last long if you aren't making a profit.
That's why it's always a good idea to either lease your equipment, or buy it used. Start small, and build on your profits. Prove it to yourself that your business is something that can consistently make money over time. The more you build on your profits, the longer your business will last.
For example, if you're going to open up a pastry shop that makes deliveries, you are going to need a special car that can keep things cool. These are expensive. If you buy a brand new one, that can set you back thirty grand. Even if you use it for ten years, that's three thousand dollars a year, or two fifty a month. That means you have to at least add that much in revenue each month because of this piece of equipment.
Buying a used one, however, can be significantly cheaper, which means you'll only have to add fifty bucks a month or so in profits to justify getting something like this. Something to consider, don't you think?
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