2 most asked questions are "How much was the place?" and "How did you come up with money?"
The answer to the first question is $30k. The reaction is usually, "That's it???!!!"
The answer to the second question is from our savings. Yes, savings. But not entirely.
At one point, we were seeking to acquire loans. But we decided not to drown ourselves in debt even before we open the doors. Also we ruled out of partners and investors after reading anonymous proverb/quote "He who has a partner has a boss."
We were lucky that the current location owner is a very nice gentleman who offered a owner financing with no interest. $10k down and the rest in 15 monthly payments. Very doable.
Secondly, we decided to lease all of our equipment, which much likely works as financing with APR and everything, but on the books it won't be seen as our assets because technically we don't "own" them.
But above all, our savings that we accumulated from our hard earned! money is the very foundation of us being able to take this step. "I never make enough to save!" you say? I would like to share how we did it in another post soon.
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