Small business start up, Which would you do?
Ok, So I want to own my own business. In my area there are a lot of vacant rental properties, because of this many are offering free rent. My question is: would you A.take advantage of the free rent use the time for renovations and to obtain equipment and start preparing to open slowly, or B.save money up for a year and then start looking for a lease that will likely not have the same looseness as now?
Not looking to get bank loans for funding will come directly from my income and I don’t currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go?
Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost
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4 Responses to “Small business start up, Which would you do?”
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Starting is the hardest part.
but your information is to vague. what kind of business do you plan on having?
Most people would start by doing a little marketing( finding out if the neighborhood will provide you with coustermers? Next would be advertising and building a clientele at least 6 months before you open your doors.
Do you have a suppliers list?
Who will provide you with your merchandise or is your business a service?
I strongly recommend you speak or get online with the Small Business Administration. S.B.A.
The first thing I would do is to write up a business plan.
i don’t understand your focus; what do you want to accomplish?
do you have a biz plan?
Free rent will be available for a while. Retail space is going to get more empty before it gets better. Don’t chase this on other people’s time frames.
Have enough reserves. More new businesses fail thru lack of start up capital than any other reason. Write your business plan out, and then have plenty of budget in the "contingencies" category.
"time to get the items you need". I do not understand this. Build your savings, then do it all at once.
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business.
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