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only do it if you really want to hate books eventually
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Mar 2, 2017 17:57
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| # ¿ Apr 28, 2024 22:26 |
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I'd just go ahead and read back over what you wrote with a critical eye. Pretend it's someone else's half-baked scheme. What do you see as the issues with your plan? What questions do you need to answer in a concrete manner before you can move ahead?
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Mar 2, 2017 18:40
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The first thing I see wrong with your plan is that in order to pay yourself: 1) you need to clear $3,500 in gross margin every month to cover your rent 2) Your initial inventory is going to be financed, and this note will need to be serviced from your gross margin. 3)You will have a very sizable note to install equipment in the location before the lights go on which will have to be serviced, again from your profits. 3) Not sure if the rent includes utilities, etc, but that needs to be paid from your gross margin 4) unless you plan on doing 100% of the existing work yourself, you can also add along some staff who will need to be paid before you get paid 5) you need to buy more inventory to replace what you've sold (more of a cashflow impact but you need to do this before you pay yourself too) How much gross revenue are you going to need to make every single month to pay yourself? Then work backwards from that number - can you hit it? What do you need to do to hit it? If you can't get a viable plan to get to that number, you're done.
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Mar 2, 2017 18:47
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queserasera posted:I know I'm not going to be dropping 50K on inventory. For my piddly little 99% online book selling business, I never pay more than $1 for a book. I go to yard sales to make closing time deals, estate sales to bid on boxes, and library book sales to glean the good stuff. How are you going to have time to do this and run front of house 8+ hours a day?
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Mar 2, 2017 20:18
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Cost of furnishings won't make or break your business plan. Of course saving money helps quite a bit, but until you figure out the revenue side of the joint, the variances in cost are so small as to be negligible.
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Mar 2, 2017 23:11
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| # ¿ Apr 28, 2024 22:26 |
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I don't think the survey is a waste of time, OP just has to be very careful with how they interpret and analyze the results.
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Mar 13, 2017 10:58
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