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Hey Phil. I want to start a furniture manufacturing company, but I don't know how to start one.
Well, first you have to secure financing. Do you have a bank loan?
Yes my bank loaned me 5 million dollars. Do you think that is enough money?
A manufacturing facility is 1.5 million dollars. The cloth, wood, leather, metal and more are your natural resources you must purchase to make you furniture. This should cost about$500,000.
But I will also need physical capital.
Yes, you're right. You will need to purchase equipment, tools, machines, trucks, and supplies. This estimated cost is $1 million.
Human capital is EXPENSIVE!!!! You need to hire and train at least 20 employees.
What about hiring skilled labor?
Entrepreneurs take big risks! I hope my advise helped. Best of luck!
Thank you for the advise! I can't wait to get my business started.
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