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Old July 22, 2010, 10:13 AM   #7
Sefner
Senior Member
 
Join Date: June 24, 2009
Location: Michigan
Posts: 769
Glenn is right on the money. I think that statistic is 2/3rds or more of all business fail within the first 5 years (it's hard to track when a business fails and what constitutes failure). The biggest reason for beginning business failure is not enough starting capital. Most people do no understand the vast amount of money that goes into a business before it starts generating profit. Visualize a gun shop. You have to buy all of those guns before the shop opens (ie: when you have no revenue). You also have to buy the licenses, display cases, ammo, clothing, cleaning supplies, aftermarket gear, phone system, computer system, etc etc before you get any kind of revenue. For most people this means a very large loan from a very friendly bank.

As far as actually running the business, your father will need to ask Chronos to create some time because it's a ton of work. If it's just you at the counter, what happens when two high-dollar customers walk in looking to buy? You can't help them both at once. You'll need help. And I don't want to go into the accounting and tax preparations. Also, how familiar are you with personal sales skills?

This isn't to discourage you, just to let you know of what lies ahead. There are a lot of great resources on this forum for exactly what you're trying to do. Do not under-prepare.
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