Originally Posted by scp1127
You need to do an in-depth, no shortcuts business plan. This is a serious undertaking with huge financial risks, even if you start out debt free. Hopefully you have business ownership experience. You need to start with your health dept, contractors, utilities... first. From there you need to know down to the cupcake, what you will need to produce. Cost out all ingredients and packaging.
When you put the words, "lost" and, "commercial retail space", in the same post, I'm sorry, but this doesn't sound good at all. People who are ready to open this size business don't have questions. They already have the answers.
Remember, when money gets tight, businesses will "borrow" from the IRS to keep the electricity on. Coupled with the lease you will be responsible for and the IRS, you could jeopardize your home, your credit rating, and years of your furure income. There is a reason why 85% of small businesses fail in the first year. Be very careful. Sorry to be negative, but realistic.
Really? EVERY single successful business owner already have it all figured out down to the last detail? There's no learning curve to opening a new business?
Our business plan is in the works. I've already talked to the health department, i've been emailing with the owner and the mall manager about utilities and other costs with the unit along with the lease details, i'm researching the equipment and supplies, calculating costs for ingredients, deciding how to furnish and decorate the seating area, figuring out how taxes work with this type of business, if i can afford to hire a part time employee and all that entails, and today i plan on calling around to price insurance.
My husband and i have ran more than one successful business. With his business and marketing sense and my background in business law, i think we'll do alright even though we haven't ran this particular type of business yet. (Aside from the custom cakes i used to do when we lived in ID that i did very well with)
And no, we will NOT be borrowing money from the IRS, or any other entity for that matter. We are doing this completely on a cash basis with some of our personal money to get started. We're going to form an LLC so if the business tanks, we can pull out, claim bankruptcy if we have to and have no personal repercussions. I couldn't care less if it effects our credit anyways, as we dont NEED our credit because everything to do with our finances is on a CASH basis. We've, unfortunately, learned the hard way that borrowing money is the dumbest thing we can do and are still paying on those decisions. We will protect our personal finances and if this business fails, we'll regroup and start over. Ask Donald Trump how that works
I should just give up though, because apparently someone ready to open a store already has all this information by osmosis or something, right?
So my actual question is, what were some things that you figured out AFTER you got your business up and running? Because i DONT know it all, and i realize that it's going to take a bit of trial-and-error to get it perfected.