Running a small business is one of the most popular ways to make a living. Governments of many countries support small businesses to get off the ground and grow. In spite of this, over 80% of small businesses fail within the first 18 months. Many of those that survive, fail later. In general, the small business success rate is lower than 90%, while many of those that don’t fail and manage to survive, are known as struggling businesses that can only make a very small amount of profit. Some of them like convenience stores or restaurants are 7 days a week businesses that have to be started from early morning until late night.
To Start a Small Business
To start a small business, first you must know a business. This is the problem of many of those who start something that they are not expert in. For example, they start a restaurant or food business while they have never done it. Or, they run a convenience store because they think it doesn’t need any experience because it is nothing but selling some stuff, whereas this is 100% wrong. Whatever you want to do, you must be expert in it, otherwise you will fail. This is the first and most important reason for having a very low success rate among small businesses.
But, let’s say you know how to do it. First you must rent a place, decorate and equip and then run it. Let’s say you want to start a coffeeshop. You must rent a proper place in a good location of your city. Then you must decorate and set up. This will cost you lots of money and needs a lot of time. This is the money you must spend in advance while you haven’t made any money yet, and you don’t know whether you will ever make any money or not.
Besides, renting a place has its own rules that are strict. For example, landlords usually don’t sign a contract for less than five years. It means you must pay the rent for five years, whether you make money or not. If you want to shut down, you must find another tenant who wants to take the place, otherwise it will be your responsibility to pay the rent until the contract ends.
If you don’t have the money to get a place and set up the business there, you have to get a loan. It means, while you are paying for rent and other expenses, you must pay back the loan with interest.
A Small Business Example: The Cost of Starting a Coffee Shop in the United States
The cost of starting a coffee shop in the United States can vary widely depending on factors such as location, size, equipment, and the cost of labor. However, on average, starting a coffee shop in the US can cost anywhere from $80,000 to $250,000. Rent can be a significant expense for coffee shops, especially in prime locations. The cost of utilities such as water, electricity, and gas should also be factored in. Your costs can vary widely depending on your location, the size of your shop, and other factors.
Coffee shops also require specialized equipment such as espresso machines, grinders, brewers, and refrigeration units. Depending on the quality and quantity of equipment needed, this can cost anywhere from $10,000 to $50,000. Besides, you’ll need to purchase coffee beans, milk, syrups, and other ingredients to make drinks, as well as cups, lids, straws, napkins, and other supplies. The cost of inventory and supplies can vary depending on your menu and customer volume.
You’ll also need to hire baristas, a manager, and possibly other employees. The cost of labor will depend on the number of staff you need and the local minimum wage. Additionally, to attract customers, you’ll need to invest in marketing and branding efforts such as a website, social media, signage, and advertising. This can cost anywhere from a few hundred to several thousand dollars.
In spite of all of these expenses, there is still one important question: Will you make enough profit to survive?
The answer is, the same low success rate that applies to all small businesses, also applies to your coffeeshop that costs you $80,000 to $250,000.
It means, you should not run a small business, unless (1) you know how to do it, and (2) you have to do it.
Honestly, I have never seen a happy small business owner. I don’t like to make this article too long, otherwise I would share some real stories. In spite of all costs and a very low success rate, all small businesses are always at the risk of losing their income because of different sudden and unexpected events. For example, a new street, square, the unexpected damages to the building that forces small businesses to close and move, pandemics, etc. are some of these reasons.
The last thing in this list is that even if your small business becomes so successful, it will never make you rich and financially free. You have to work nonstop, otherwise your income will stop, and even with the most successful small businesses, the amount of the profit they leave for the owner at the end of the year is not satisfactory at all.
What Is the Solution?
Everyone has their own solutions for different problems. I have my own solutions too, while I know it cannot be used by everyone in the world. However, those who know me and this website can follow my solution and hopefully get good results. I have already published two important articles about the best ways to achieving financial freedom that I strongly recommend you to read them first:
As the above articles say, if you don’t have a strong and perfect product/service, you are not a professional and consistently profitable trader, and you are not a strong and professional marketer and team-builder, then LuckScout is the only solution I have for you. In LuckScout, we have created a system to enable our members to become independent and self-sufficient wealth-builders. First, we create at least one source of active income for them and work to increase the money they make through it. At the same time, we create sources of passive income for them to enable them to make a lot more money while they don’t have to do anything more than what they had been doing. All of these will be done for them for free and risk-free, forever.
Above all, we work on different projects to increase their chance of making more money within a shorter time. For example, we are working to launch a special trading program to grow a very small amount of money into a big wealth for them (here and here), while those who are interested, can learn how to trade if they want. Don’t fall behind!
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More about this revolutionary system:
- LuckScout in Simple Words
- What LuckScout Is NOT
- LuckScout Is Created Based on Love❤️
- How Does LuckScout Work?
- Why Is LuckScout Innovative, Revolutionary and Unique?
- LuckScout Is a Strong Community to Make Everyone Strong
- The Safest and Best Way to Achieve Financial Freedom
- A Great Way to Achieve Financial Freedom
- LuckScout Looks Simple, But It Is the Most Advanced System Ever
- The Modern Form of Affiliate System
- How to Make Money Online No Experience No Investment No Scam
- How Long Does It Take to Succeed?!!
- Make Money While You Sleep😴
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