I’m starting to buy the tiny commercial operation for 12k. I need advice.?
I know how to run the commercial operation since I have been operative there for 4 years. I only do not know anything about finance management or what I need to do to get started. I will have the partner as well as you have been bursting the costs 50/50. It’s the kiosk during the mall though it brings in the lot of money. Any tips or advice. We have been starting to compensate the owners off in the duration of 3 months 4k the month. The lease is 2,050 as well as you compensate upon commission. I wish to do all right as well as by the book. There is no authorization price you buy indiscriminate from the distributer out of Richardson, Texas. The product is $3 the package as well as it sells for $20-$30. I have been you do this for 4 years as well as handling the the single which I am about to squeeze for just the year. Mall overage is 2% as well as insurance, phone, as well as credit label is about $400. On an normal with me operative by myself I have about $2,000 the week as well as from which I get 30%. So I have $600 the week with my commissions.
PLEASE GIVE ME SOME ADVICE…I’M ABOUT TO BUY A SMALL BUSINESS.?
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you seem to know exactly what your doing- dont second guess yourself, you really sound like you have the right mind frame. just do it
One VERY important piece of advice…
If you haven’t already, put in place a solid partnership agreement with definitive exit strategies. This may be the best investment you make in this venture. See a good lawyer.
Btw… I am not a lawyer but an independent small business owner myself.
Good luck with the venture!
http://www.legal911.info
You will need to use our law service it is very low cost.
You are on the right track. Define the partnership (duties,responsibilities so forth) also the exit program if or when needed.
Ask for flexibility if you find you cannot handle 4K/month
http://www.SCORE.org Retired Executives with free advice.
http://www.SBA.gov Small Business administration also free.
It seems that you have the nuts and bolts down. I also think you should nail down a partnership agreement. What seems so clear before you start suddenly may seem very unclear later on.
Also, you need to figure out what you’re going to do when you need to step away from the business for a while. Make sure that you have reliable help to fill in when you’re not there. Otherwise, you’ve just bought yourself a job, not a business. I would strongly suggest you read the E-myth, Revisited. It’s an excellent book about what it means to be an entrepreneur, as opposed to just a business owner.
Good luck on your venture!