Start & Run an Adult Boutique. Karen Bedinger
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Название: Start & Run an Adult Boutique
Автор: Karen Bedinger
Издательство: Ingram
Жанр: Экономика
Серия: Start & Run Business Series
isbn: 9781770407206
isbn:
Researching the best time to open your business will help give you a projected date for opening it, which will allow you to set a time line for when you will need to get all of your preparation work done. Without having a time line to accomplish your goals, it is easy to procrastinate and either open the doors a lot later than projected or never at all.
4. Are You Prepared Financially?
Being prepared financially usually makes work easier and allows a business owner to do the job better. This is especially true when preparing to start your business, as the process can be extremely stressful both mentally and financially. The following are some tips on how to alleviate these stresses.
First of all, if you are not cash-rich, keep your current job until you absolutely cannot work both jobs anymore. By doing this, you can start envisioning your business and getting a taste of what you are getting yourself into before you bite off more than you can chew. Keeping your current job will also help pay your bills, and you will hopefully save some money to help you through the months when your store is open but you are not yet making a profit. Budgeting for your personal bills when you open the store is just as important as budgeting for the bills that you will need to pay for the business.
It is difficult to know how much extra money you will need to have saved to start your business and keep it running, as you will not know exactly how much you’ll be earning in profit. A general rule of thumb is to have enough cash to pay your business and personal bills for at least three to six months. It took several months for my business to start making a marginal profit, but it is common for a non-chain retail business to take up to six months to a year to break into the profit zone, depending on the type of store it is and how the start-up is executed. Even if you are buying an existing business with an established clientele, you cannot be 100 percent sure of how much you will be making, so it is always wise to have a little more savings than you think you will need to pull through any difficult times.
The old mantra that it takes money to make money still remains true in the retail industry. Therefore, it is better to have more money than you need to start your business, rather than not enough money. When money starts flowing out of your checkbook like water, it becomes natural for some people to want to halt this flow. For example, some business owners may decide to stop advertising or to not order as much inventory, which may lead to lower sales and ultimately harm profits. Therefore, if you have already dedicated yourself and are taking the risk of owning a business, you will need to have the stamina to make sure that you are constantly making the correct choices for your business, even when you begin to feel nervous about spending.
A business is like any other living entity; it needs constant care and attention in order to make sure that it is continuously doing well.
PART I
STARTING YOUR BUSINESS AND SETTLING IN
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