Quote:
Originally Posted by Hoanandonly Let's say I want to open a Hookar Bar. |
Do tons of research, look online , read any books, go to established Hookah Bar Business, and if you have no experience with this business or any other one that you want to be an owner of, get a job there and really learn the business
Unless your already a Multimillionaire and looking to open a brick and Mortar Business, it's best to work there and learn every position from the bottom up.
Your going to need a business plan , which look like a big dictionary , maybe not that big but they are filled with every aspect of your business and about yourself
When looking for a loan, your business plan will be one of the most important tools in getting a loan
And if your already not wealthy , than if your idea is just to be an owner that over sees everything than it won't work unless you know how to do every position
The first 3 years will be a struggle and you will find yourself working every position when needed along with all the marketing involved
And you probably will be very stretched wi funds so , you will need to learn how to do many things on your own because hiring someone for everything will be impossible
You will be working 15 hour days , every day of the week, and probably not drawing a paycheck for yourself in the first couple years, but just trying to make ends meet and keeping the ship afloat while building it up
It's a huge commitment, it usually takes 3 years and after that time if your still not paying the bills and getting a paycheck and it could be small , but if you are paying the bills and have a little left over for yourself at the end of 3 years than your doing great
At that point you want to just keep marketing your business and slowly business will increase it will become easier to pay bills and you will start getting a bigger paycheck yourself
Brick and Mortar Is tough because of the huge overhead, and most business do fail, because people go into it not realizing all the work it takes
But it's not impossible it takes tons of preparation long hours and sacrifice
I think a good business would be something that would work well in Brick and Mortar along with online
Say a PAWN shop, you will be able to get some nice rare items, at low cost, and can use the Internet to sell as well as walk-in business