Oct 2, 2017
... only a few actually sits down to write about the financial goals on their business...
This is not a true statement if you are considering a franchise. The franchisers show itemized cost break-down and the revenue model for medium and high performers. I have not decided to go with a franchisers yet; but, my financial expectations got really grounded after talking to a few franchise owners.
Do you actually have a figure in mind by which you can categorically say you have achieved success
Being in a top 10 or 20 performer of a franchise is a good measuring stick. Even if I open my own store in that industry I still have a measuring stick. I expect be at-least a median performer; so, if I don't meet the numbers then I haven't really tried everything.
... in your business or at least a figure where you determine when to cut loss and quit on the business?
I'm currently employed and make good money; however, I'm gambling that I will do better on my own. I know that over 90% of businesses fail; so, the laws of probability is against me.
Failure is not an option that I can entertain; if I do, then I will not execute. However, this does not mean that I will jump blindly; I will certainly explore everything, even before the business starts (like joining this forum).
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