Twelve Certainties of Owning a Retail Tech Store
*Utter abandonment of the life you have lead. Your new business owns you 24/7.
*If you think your taxes are high now, multiply by a factor of 6 with a new business.
*EVERYONE is determined to steal from you, either through ignorance, greed or design.
*Every dime you earn for the foreseeable future is reinvested in your business. Your ?profits? for the first three years (minimum) must be reinvested back into the business.
*You cannot survive on 30%. Bare survivability requires 50% gross profit.
*If you do not advertise properly, i.e., a balanced mix of broadcast, print, signage, etc., your business will die before you are out of the gate.
*You must have a bookkeeping system in place with someone you trust with your life.
*You must employee a least one competent A+ Certified Tech who knows more than you do. ALWAYS HIRE INDIVIDUALS WHO KNOW MORE THAN YOU DO. Pay them whatever is necessary to keep them from stealing from you or worse, learning everything you do and starting a competitive business across the street.
*The cheapest deal is often the most costly.
*You must provide the customer with a reason to buy from you. If you live by the price point, you will die by the price point.
*One out of ten of everything you buy is bad out of the box. This truth is valid no matter how much money you spend or from whom you purchase.
*The customer is RARELY right. If they knew what they were doing, they wouldn?t be in your store. It is your job to perpetuate the false myth otherwise while relieving him/her of whatever disposable income they have in their pockets and making them feel as if they have received value.
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