One of our recent contributions to an article about Entrepreneurship was featured in UpCity.
We at Stay Wild Digital support small business, and write most of our blog articles with the small business owner in mind.
One of our Co-Owners was a business consultant for over a decade, performing turnarounds on small businesses around the country.
Both of our owners have been serial-entrepreneurs and will always be entrepreneurs at hear.
We hope you enjoy the article.
One of the things that didn’t quite make it into the article is that prior to recently, businesses didn’t have two spaces. You lived in the back, or on the second or third floor.
Rent kills more small businesses than anything else.
I remember a great little appliance store. They had been successful forever in the little run down building they owned.
They moved out to a big new space by the interstate – and one year later filed for bankruptcy and disappeared forever.
Even in big business, if you ever see a successful business building a new building with their name on it – sell their stock.
I was living in Charlotte NC when this happened to Wachovia. They were putting up their own skyscraper. Then they disappeared forever as they were absorbed into Wells Fargo.
#1 – Don’t spend all of your start-up capital on the buildout either. It isn’t going to matter if your space is beautiful, if you go broke in year one.
#2 – Figure out a way to keep your business in your home or garage until there isn’t any other way, then buy a really cheap building of your own, and sublet little spaces out of it to offset your rent.
About the Author – Tim VanDerKamp is Co-Owner of Stay Wild Digital LLC based in Salt Lake City Utah with operations in Park City Utah and New Orleans Louisiana. You can contact him at: firstname.lastname@example.org