We knew pretty early on that we want to own our stock, but we didn’t realise the magnitude of how much cash was actually going to be required, to get us to the point where we owned everything we needed.
Every dollar you earn will be getting pulled at least four different ways – furniture, marketing, upgrading warehouse, hiring people. That is why you need to set your priorities right from the start.
After all the bills and wages, buying stock was our biggest priority. The second most important thing for us was to increase our capacity – hire more people, move into a bigger warehouse, invest in marketing, etc.
You may have completely different priorities for your business, which would be the case in most instances, as you have different goals, incentives, financial situation… What’s paramount is that you identify what your personal priorities are and allocate the money accordingly.