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Old 01-21-2005, 03:19 AM
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Take time to do a 5 and 10 year business plan looking at all the operating and expense (insurance, etc) budgets and break/even prognosis. Remember that you will still spend a lot of time there for the first couple years to get the staff, and ideas rolling in place.

How much competition is around the area, do a comprehensive study of the market and competition. Look to see what the others have that you don't or do. Don't make a Baileys high glizty place. I walked into one of them and felt like I was in a John Travolta movie.

If your abilites and money match, go into it alone. My brother had a partner in his buisness and what ever the partner does will effect the total buisness. Unwise spending habits of one partner will take the other to bankruptcy quickly. If you go in with a partner, ensure the books, agreement with operating and expenditures are all laid out the best for both of you to agree on. Get everthing in writing and signed. He might be your friend, but you have to protect yourself and your family.

Is the business going to be Incorporated? Check all the requirments on the different status of ownership.

Sounds like a great opportunity with room to grow. Do your research and good luck.

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