Mar 18 2008
Karaoke Business Part2
I found some of the properties I was interested in leasing; the prices are far greater than I imagined. The one above is around 4200sq feet and rents for 50 dollars /sq feet annually; that’s around 20k a month IF you pay by a yearly rate. Get this, the lease doesn’t include maintenance, tax, or insurance; were talking about another 3k a month -at least- for those fees. But the great thing about this location is that thousands of people pass by daily: There are around 25,000+ people that live within an one mile radius. So if you can’t sell here, most likely you won’t sell anywhere.
I’m most likely not going to do start this business this year: I probably won’t get enough loans approved to pay for everything. My initial budget was around 400k, but with this change I’m budgeting closer to 700k. Another setback is that I’m not 21 years old, which means I can’t get a liquor permit. That’s very detrimental to my plan, because drinks bring in a lot of revenue; that’s why some clubs have no cover, they make their money off 4 dollar drinks–that they purchase for far less.
Oh well, I’m still going to do research on it; when I’m ready to actually get a loan and start I’ll be really prepared.
Yeah.
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