Opening a Shop- Opinions! ?

Question

I am considering opening up a small retail shop. There is a space available for rent in a very busy and desirable area. The rent is $900 per month and the lease is 1 year. I am currently a student, but I am considering leasing the space and opening up a head shop/ tobacco store. I am pretty confident that I would do good business with the location (liberal hippie area- 5 minutes walk from university). I have $25,000 dollars in the bank and I am really thinking about taking a year off of school and taking the plunge.

Should I go for it or not? All I have to lose is money, but I could gain some amazing experiences and a job I could enjoy throughout my life.

Answer 1

with that great attitude - go for it!  

Answer 2

Go for it

you have nothing to lose

Answer 3

Before you go any further, I STRONGLY recommend you contact the Small Business Development Center (at your local community college) and talk to them; the counseling is free.  

Business plans may be a pain in the butt to prepare, but without one, your business is doomed to failure.  To start with, you won't know what your startup costs are going to be, what kind of income to expect, what your ongoing expenses are, who your competition is, and even whether or not you can make a profit.  Without a GOOD business plan, you will not be able to get a business loan to get your business off the ground.