Starting a Business

Starting a Business
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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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