I currently own a retail store with my wife (open 2 months now), and we're doing pretty well so far. My goal was to get the store to a point where it drew a profit of $75 - $100k/year, which will be tough, but I still believe it's doable. Once we get there, we can open more stores (without franchising), growing organically. My goal is 10 stores in 10 years.
10 stores at $100k/each = $1M/yr in pre-tax profit. That's not even including the potential for on-line sales.
My question to you is, would it be easier to get to $1M/yr pre-tax profit with a Manufacturing business (instead of, or in conjuncture with, retail)? We have some product ideas (fashion accessories), but I don't know a whole lot about the manufacturing business. From what I've seen, margins aren't really any better than retail, but scaling appears much simpler.
Thoughts? Advice? Resources for researching starting a manufacturing business?
Thanks!
10 stores at $100k/each = $1M/yr in pre-tax profit. That's not even including the potential for on-line sales.
My question to you is, would it be easier to get to $1M/yr pre-tax profit with a Manufacturing business (instead of, or in conjuncture with, retail)? We have some product ideas (fashion accessories), but I don't know a whole lot about the manufacturing business. From what I've seen, margins aren't really any better than retail, but scaling appears much simpler.
Thoughts? Advice? Resources for researching starting a manufacturing business?
Thanks!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
