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Old 12-18-2019, 08:17 AM
Tom Fuhrman Tom Fuhrman is offline
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if the businesses aren't grossing a minimum 500K they are essentially recognized as "hobby" ventures unless the net profit exceeds 50% of that. Banks only lend to people that already have cash or a sufficient amount of collateral. Venture capitalists aren't interested because of the lack of possibilities to scale most glass businesses to something larger.
Pete was right, if you add an employee, that person better be able to add an additional 100K in sales minimum. probably more in today's economy. if you give that employee any benefits it is probably closer to 200K. $20/hr wage is 40,000/year and that is just the raw figure for wages.
I'm curious how many glass artists trying to run independent studios know how to write an actual business and marketing plan and have taken anything beyond Econ 101.
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