Okay we have a great location picked: only drive thru one a major commuter road w/ space for a small retail shop inside. I have a great supplier who works with other small coffee shops in the state. I have the plans laid out and everyone thinks its great idea.

But for renovations/supplies/ect its coming out 300k. Is that a horrible idea?

I have reached out to local agencies and haven’t found grants and I don’t feel comfortable asking family.

I’m torn between you only live once/this is my dream and omg I want to throw up.

  • Maleficent-Invite870@alien.topBEnglish
    1·
    10 months ago

    Do a cash forecast for 2 years and then extend to 5 years.
    Be realistic, be pessimistic, do include cost increases for materials, staffing, your salary, your income tax, your super etc, insurances etc.

    Then compare the nett income to working for somebody else.

    I highly recommend doing some accounting studies before putting 300k on the line.

    … my 60 y/old aunt and uncle put their savings and house on the line to increase the size of their business and now at 70 y/old have no income because they were overly optimistic, got into financial trouble, did a deal with some backers and now their home is security for a business they don’t work at and can’t get out of, and they can’t get the pension because their name is on a business document. It’s a big, big, mess.