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Subject Have a business question for any business-savvy GLPers out there...

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[quote:milehighmike:MV8xOTE5OTg5XzMyMTMzODI5XzYxMDczQTJE]
[b]Plan on having access to enough capital to get you through the first 9-12 months (determined by your business plan).

By saying that you're planning on paying yourself "reasonable" wages, understand that you will be in a "start-up" environment for quite a while and that most, if not ALL, businesses have good months & bad months, even well-established ones. As part of the process, you MUST define "reasonable" and understand investors typically will be more likely to invest in assets (capital equipment & inventory) than they will be to fund your lifestyle 9wages).

If you're going to try & raise money to fund this venture ("family & friends" or outside money), a business plan is a must have.

Be extremely conservative in your business plan cash flow forecasts and be willing & able to make the necessary adjustments on the fly.

Understand also that in addition to wages for you & your employees you'll have additional costs (unemployment insurance, payroll taxes, etc., as well as possible state & local related fees/licenses, etc.), hire a good accountant & lawyer right off the bat![/b]
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Original Message My best friend and I have a goal of opening a used bookstore in our small town. We know that we need a business plan and all of that. We are just trying to figure out about how much capital we will need to start this. Anybody got any good ideas on this? Thanks!

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