View Single Post
Old 02-02-2010, 10:08 AM
  #9  
Jingle
Power Poster
 
Jingle's Avatar
 
Join Date: Dec 2009
Location: Outside St. Louis
Posts: 38,190
Default

Just remember there are lots of hidden cost that come up. Actual profit has to be turned back into buying more inventory to sell. You will be lucky enough to make a somewhat decent salary. If you can't afford to hire someone, then you will be the worker. If you rent a building, where it is located will play a large part in how sucessful it will be. I can understand how most people go broke. They rent or buy a building, come in a fix it up to look like they are really big time spenders and maybe buy a business vehicle to drive around - payment comes out of profit they haven't even made yet. When lease is up or can't make payments they go broke and lose everything, if unincorporated they can even lose their home and other belongings and at times end up being sued. Most people also have to have their two days a week off. You will have to plan to be open when people want to buy or kiss your business goodbye. If you have young kids at home or a controling Husband that wants you to spend evenings with him and not willing to help you out when needed, kiss it goodbye, it won't work and you will have even less money and more debt than you started out with. Trust me on this one. School yourself very well before starting this and you will learn a lot. Learn all you can.
Jingle is offline