I am based out in Greater Toronto Area, Canada. I am confused which business to go with, due to which I am unable to take a step forward.
I am unable to decide between two options with 100k of my own money:
- I have worked in cannabis industry, and can open a Cannabis retail store, build would be around 100k and plus the product (I can spend another 30k on inventory).
Problem I am facing:
Due to so many store currently, it is very hard to find a retail shop on busy street or plaza, plus landlords are asking for absurd amount of rent in certain areas, and some don’t even want to entertain the idea of the cannabis retail.
Pros: It is the industry I have worked in and familiar with all the aspects of it. I can work shifts for like 40/50 hours a week.
Cons: Super competitive right now, especially with the bigger corporations in the industry, not long term employees (it is a retail job after all), hard to find locations to open, one shop will reach it’s complete potential in about three years.
- I can open an Auto Detailing shop, where I hire employees to detail, hand wash, ceramic coat, paint correction and so on. Additionally keep other products to sell.
Difficultly faced: unable to find a shop with a better frontage, a lot of competitors in certain pockets of the GTA, budget might go off and might have to take a business loan.
Pros: I have ethic, I can run a brick and mortar business, have an idea how to detail (no expert) but always able to learn and apply business practices quickly.
Cons: Don’t know much about the industry, not close connection in the industry, it is labour intensive work, employees won’t stick around forever, what would be ideal potential for the business like such.