I want to open a clothes boutique, but I suck with money and finances... would I still be able to do it if I hired a manager/accountant or is it too risky?
2007-09-02 08:45:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Small Business
If you have general leadership skills you should be able to do it with the right people on your management team. You obviously need a very good business plan and I would advocate that talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will most likely help you write a business plan which will force you to dig out all of the start up details and the costs of starting a clothes boutique and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them.
You'll need to register the business with your state controller's office and make sure that you have any city and county licenses if any are needed where you live. All of this will come out in a business plan.
Try this link :
http://www.ychange.com/small-business-consulting-articles.html and read some of the articles especially the ones about a business plan and starting a business.
Good Luck
2007-09-02 10:04:47 · answer #1 · answered by Anonymous · 4⤊ 0⤋
You would be risking your life savings and perhaps borrowed money trusting it all to the abilities of someone else. If you have enough money saved to start a business you may not be as bad as you think. Running a business is all about finance and business and very little to do with what product you sell. You can find someone who might be able to buy the clothing or sell the clothing for about minimum wage so other than overseeing that you wouldn't spend much time with that, As owner you might want to do the financing, hiring, firing and promoting employees as well as doing things like writing pay checks and preparing payroll tax returns.
I would think managing a store before owning would be essential even if you have degrees in business and accounting.
Risking your future and your live savings shouldn't be done lightly.
2007-09-02 16:01:14 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
Over 80% of all small businesses fail withing the first year. If you are not good with money or finances, how do you plan to pay a manager/accountant?
2007-09-02 15:50:16 · answer #3 · answered by Suzy 5 · 0⤊ 0⤋
Even small businesses usually have an accountant. But they cost money, and if you have to have them help you with the smallest detail, it's going to cost you a lot of money.
But, if you have no business or financial knowledge, you're doomed from the start.
Have any idea what these terms mean?
Cash flow, terms, promissory note?? Letter of credit? If you can't answer, don't even think about gpoing into business for yourself.
2007-09-02 15:55:36 · answer #4 · answered by Barry auh2o 7 · 0⤊ 0⤋
you can, but the odds would be against you. I ran a business for three years, but I took over an existing business and I spent 2 months doing my DUE DILIGENCE--that is, checking out EVERYTHING about the sales, customers, management, vendors, and finances of the business for several YEARS back before I would take it over.
2007-09-02 15:53:50 · answer #5 · answered by Mike 7 · 0⤊ 0⤋