Part 5 of the “Things we wish we knew” Blog series
By: Tina Oddleifson, Business Advisor
You’ve got a business idea that you’ve been thinking about for a while and suddenly you see the perfect location. You’re convinced your business will not work anywhere other than in that adorable shop on the corner of Main St. You’re envisioning streams of happy customers leaving your store, delighted by what they found inside. You call the realtor, do some quick calculations, and before you know it you’ve signed a multi-year lease.
Sometimes in our excitement or fear of missing out, we forge ahead before thinking through one of our biggest financial decisions. This is why it’s in our top five in our “Things We Wish We Knew” blog series, where we highlight common mistakes we see! Only a thorough and realistic set of financial projections and an understanding of your cash flow and break-even point can help you determine if it’s the right financial move. Beyond the financial impact of a lease, be aware of these ten costly mistakes before you sign.Read More