Cash in on small business: when to quit and become the boss
It depends on what the goals are and what level of revenue you are generating. Small business can also become large businesses. First I would have you calculate your worth per hour in your current field. Let’s use the classic example of a laundry mat. A laundry mat may generate a 50% profit. On average it is 30% to 40%. They have low overhead and maintenance costs but expensive utility bills. Thought to be resistant to poor economic conditions. You would need to watch out for competitors moving in to the area. The population of the area may reduce or move. More to consider….. The purchase of a laundry mat can occur with owner financing, business loan, or other funding. Business loans can have large interest rates eating away the profit you may obtain. Some would argue to get business partner funding or owner funding. Owner funding usually requires some…