1. Cost is king. Cost will cripple you. Know all your costs. Don’t count taxes, taxes are not your money you’ll have to hand it over.
2. Simple system. A 3 column spreadsheet p&l is as good as any. (item | in | out). Have a system of recording receipts for your spending and sales. Exclude your taxes at source. Tax is not working capital.
3. Sticky business. You don’t have a customer until they come back with you asking them. You need them to come back. You can’t keep paying them to come back.
4. Your share. Decide how much of the business you’re willing to own at a minimum. Know your liabilities. Understand the possible exits.
5. You can grow revenue by. Selling more products. Putting the price up. selling in more locations.
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