I want to open a small Business, A dollar store in fact and just cant get the

M

mabisking26

New member
financials right need help!? I want to open a small Business, A dollar store in fact and just cant get the financials right need help!?
I can figure out rent which is 8000 dollars for 8000 sq ft wages will be about 4000 a month for my employees utilities about 1500 and loan payment about 1200 and then there is inventory? I guess i would make 25000 dollars or more a month but how do i make money? I want about 7000 a month for me that nice income but it just doesn't fit how long until i make money even after the loan is paid of the numbers still don't fit? If mark up is 50% i need 12500 inventory a month to make 25000 but you never sell 100% its more like 80 at best that means i need 15000 dollars of inventory each month to make about 25 grand. Even if i cut back employees it wont matter i don't get how i would make money in any Business? they say small Business owners make on average 215,000 grand a year that's what i want but would gladly take 50 grand any experts to help a novice like me? ive done some research and it might be possible that 12500 dollars of inventory amounts to Much more than 12500 sku or units it might be much much more like 20,000 items this would make sense am i right?
 
you need to rent in an inexpensive area, you need to buy in bulk and from overseas, and you need to attract a certain kind of clientele (like people with lots of children, seniors, etc.). And if you have questions about budgeting go talk with a real estate agent and ask if there are any dollar stores being sold in their area. If the answer is yes then you ask to see the place and while you are there looking ask for a copy of their income and expense sheet for last year. That should help you to see what others spend for this kind of business (it's probably on the internet as well in some business plan). And, if they are selling the business take a look at the area and see if they're moving because of construction, no traffic or whatever. If it's a poor excuse for their leaving the biz then you know they didn't make enough money and when seeing their profit and loss, income and expense sheets you'll determine how you could improve their situation.
 
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