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!
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