I have had a little over $100,000 in revenue my first year for my brick and mortar. The company usually pays for itself, but that is obviously not the point to having this adventure. When I had no other source of income, I had to pay myself to pay personal bills when I should have saved the money for inventory. Personal complications and needing to get a full time job for the past 2 months (from home and only in the afternoon) slowed things down. Thankfully, I live just a few miles away from my business. It can take me 5-10 minutes to get there, and I have an extremely reliable retired family member who does very well tending to the sales aspect of the business when I am not available. I believe my learning curve has finally straightened out. I better understand now what customers want in my area and the type of inventory to get. I already have repeat customers and referrals. My location is small which means I need to churn out product as quickly as possible. A hiccup causing a delay in getting products ready for 1-2 months causes disaster. I know some businesses can take longer than others to become profitable. A friend in the same industry took 2 years to become profitable, but boy oh boy was the cash rolling in afterwards.
I was just approved for a $50,000 loan, but I have not looked over all the details. It is more of a line of credit with my vendor than a cash loan which will allow me to get more inventory and jump start things back up.
What are everyone's thoughts on going this route? I am being pulled in all possible directions. People telling me I should close the business, concentrate on a stable job, pay off my personal debts, then open the business again. While others are gun ho about it: Do it, time is wasting, the money will eventually come rolling in to obliterate my personal debt and keep the business growing.
I was just approved for a $50,000 loan, but I have not looked over all the details. It is more of a line of credit with my vendor than a cash loan which will allow me to get more inventory and jump start things back up.
What are everyone's thoughts on going this route? I am being pulled in all possible directions. People telling me I should close the business, concentrate on a stable job, pay off my personal debts, then open the business again. While others are gun ho about it: Do it, time is wasting, the money will eventually come rolling in to obliterate my personal debt and keep the business growing.
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