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re: Starting Your Own Business: Early questions
Posted on 1/14/14 at 4:22 pm to BugAC
Posted on 1/14/14 at 4:22 pm to BugAC
I saved enough to have a year's amount of income at my previous "employed by someone else" compensation rate.
I decided going in I would give my business 6 months to be self-sustaining. If by the end of 6 months more money was going out than coming in, I would start the process of shutting down and I would still have 6 more months of savings to live on while I looked for a job.
I decided going in I would give my business 6 months to be self-sustaining. If by the end of 6 months more money was going out than coming in, I would start the process of shutting down and I would still have 6 more months of savings to live on while I looked for a job.
Posted on 1/14/14 at 8:18 pm to LSURussian
quote:
I decided going in I would give my business 6 months to be self-sustaining.
I assume this is referring to a lifestyle business and not a venture business right?
To OP: Depending on what your goals are for the business should narrow down what you need to have from a cash flow perspective. Brewery/Distilleries are popping up everywhere so be sure to look at your market and see if it's saturated or not. I vet business plans daily and have seen at least 4-5 distillery shops just in the past month or so.
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