Yesterday I signed a lease for a space for my music store. As the saying goes; the fat's in the fire now. I am committed and there will be a period of preparation and then a grand opening, which could some as soon as early September. In my years as a tuner I discovered that I liked the interaction with customers and when I began managing other tuners I found I liked that too.
The store will be work but it will be so nice to stay in one location all day and not have all that travel time each day. There are many things I am looking forward to with this new thing. If the store is successful I should be able to hire others to do some of the bookkeeping and accounting that I so do not like. In my years as a tuner I have used accountants occasionally but much of the day to day accounting still fell on me.
In the past there has not been enough income to pay myself a consistent salary so it has always been hard to separate business transactions from personal. This made the accounting tasks of categorizing items of income and expenses both for tax purposes and just to get a clear picture of how the business was doing in a given quarter more challenging.
With sales there is always the opportunity of selling more and dramatically increasing income. With a service like tuning there are so many hours in a day so the income potential has some limitations. I think I will also enjoy the selecting of products to stock and marketing the available merchandise to the customer base here.
There will be the challenge to make sure there is a profit by controlling expenses. In some ways a small store is like a bigger company or even a government in that all have to control spending and maintain an income. These lessons seem to be lost on our president but he, of course has a job.
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