Having read this, I now have a better understanding of why banks lending small businesses money is so critical to them being able to survive. But I still don't understand how they ever make it out of debt and actually survive as owners of their own business.
An interesting omission in the article is the initial build out cost~
And if you do food it's even worse. Linen bills, plate glass and dram shop insurance, leases that mean you pay part of the common area maint. and all kinds of other stuff, percentage leases that make the building owner your partner, and all the stuff with employees, accounting, taxes What most people are doing when they open is buying themselves a job that may never pay them what they think it should. You spend so much time with it that your dog doesn't even know you... Much better to go to restaurants than to own one, unless you have a couple tuxedos and want to play at Rick's.
A better business model is selling those Tiger Woods Mistresses Collector Plates. Looks to be a growth industry...
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