Hello, I would appreciate some input on my situation. I recently came into what seems to be a very exciting business opportunity. I found a man who was selling his smoke shop (the kind with glass pipes etc) in the area, he has around $8-10k in wholesale value in inventory, plus displays etc, basics for running the shop. He wanted 6k for the business, I talked him down to 5k. You are probably suspicious, what is wrong with the business that he is letting it go like this? He opened it in April of this year (3 months ago) while running a club he owns, and then soon after decided to open up a second club a little further away. According to him, and he seems open and up-front, he just has never had time for the smoke shop or to even get it off the ground. From what I gather he had a girlfriend at the time who was very involved with the shop but they have since broken up and she is no longer in the picture. He didn't really want to start out with hourly employees due to expenses so it's been just he and his son working the shop and it sounds like they were rarely in there and definitely did not hold regular hours. He claims he just does not have time for it as a project and was just looking to get out of it, he was considering taking his inventory and trying to sell it individually but would rather not have to worry about it and would rather sell it at a loss. I have made a $1,000 deposit towards it and will be able to pay the rest next month, as I will be receiving a $15k inheritance then. I have myself, my boyfriend, and a couple of close friends who are going to be working the shop together, we will not start out with paid employees. We have ideas and an angle that will not cost too much to implement, and will hopefully give us an advantage over other shops in the area and the local folk seem excited about the shop and our ideas and we are excited to get started. I network with local artists and local glassblowers and also have found a very good, high-quality, good-value wholesale supplier. Rent is $900/month and the only utility expenses are electricity for $200/month and phone service for $40/month. The location is excellent, a corner unit in a small plaza off a major road with signage facing the road and shares a plaza with a tattoo shop and club, other "vice" industries that we hope will help draw business. We also plan on opening an online store which will cost us $15/month to keep up. While the shop does carry other items, I know that glass pipes of various types are typically marked up 200-250%, and that smoke shops can be a lucrative business. My goal is to be able to sustain myself and my boyfriend and the business expenses, as soon as possible. I have done some math and between the brick-and-mortar and the online shop we would need to make about $100/day profit in order to do this, about half that much to keep the business self-sustaining without covering my own rent etc. Aside from the small accessories, our main sales would come from items that range from about $15 up to around $400 or so. I plan on initially spending up to about $3,000 on new inventory, furniture etc, which means I will have at least $8k of my inheritance remaining to hopefully last until the business is able to support itself and my personal rent and living expenses. There are other options and we realize that we will probably both take part-time jobs, and if we both do this and worst-case scenario get part time jobs at minimum wage, we will only need to make about $50/day profit at the shop and online store in order to support ourselves and the shop. Basically, I am wondering if you guys, as experienced small business owners, think this is possible. It seems doable to me, especially if my boyfriend and I are both working part-time jobs as well. I am wondering how long it will take this business to be self-sustaining, and how long until it sustains itself and us. I have heard the standard rule of thumb for a business to become profitable is 5 years, but to me it doesn't seem like it would take nearly as long for us to meet our minimum daily sales. Also, does obtaining this business sound like a good opportunity, or is it a bad idea? Thank you in advance for your input.