Quote:
Originally Posted by MRM
Start with a real financial evaluation of the potential business. You have to get a real evaluation of how much demand you're going to have or you're just banking on good luck to have the business succeed. And then you have to compare your expenses to that expected revenue. My guess is that when you put pencil to paper you'll be doing well to break even.
Calculate the maximum number of rentals and maximum revenue that could be realized if everything went perfectly. Then evaluate the realistic actual revenue. Count up all the fixed costs that the business/venue will incur. Calculate the variable costs to you for holding each event. Put them in a spreadsheet. Show them to people who are already in the business. Talk to your banker. Just don't go into a business blind because you have a sense it is a good idea and there might be a market for it. Know before you take the leap.
|
How much is a Gillion in agreement?
Local zoning, county zoning; local, county and state regulations governing this type of business to start.
My wife and I like the farm we live on, have tried to come up with a reasonable plan to keep it.
We have looked at horse AbnB (fairly big business for hauling horses on the East Coast), wedding venue, vineyard, etc. We have done the math, including licensing, insurance, codes, employee issues, and, most importantly, dealing with the public.
We own the place free and clear, basically looking at what could make ME want to stay.
The wedding, event gig is, according to a friend of mine who does it in PA, a catheter a week, no lube.
Enjoy.