D. T——.
Reply to Young Man intending to go into Business.
Tarnham, May 4th, 187—
Dear Mr. Thomas,
I was glad to receive your letter, and glad to find you have confided in your father's old friend for advice, under the circumstance of your starting in business. You do not tell me the amount of your capital; but whether large or small, the same rule should be adopted;—you must be very careful in the matter of investing your money, for without great precaution and judgment you may be a considerable loser. Do not lay in too large a stock. Should trade prove slack, the rent and taxes of your premises must be paid; the stock lies idle and deteriorates in value; and when once you dip into your capital there will be little prospect of your recovering yourself again.
With regard to a locality, you must be guided very much by the number of the inhabitants, the nature of the neighbourhood, the requirements and the customs of the resident population; and if possible you should ascertain whether there is any one in the same business who may already have obtained the best connexion. Many small capitalists, in going into a new neighbourhood, have been bitterly disappointed in their expectations of making a good connexion. It is really a fact, that the first shops established in a new place generally fail. Should your neighbourhood be a poor one, guard against laying in a supply of luxuries. Necessaries will be certain to sell. Being agent to one of the large wine firms that supply grocers is a great advantage, as many a customer coming for wine is induced to purchase another article. There is one thing necessary to success in business, and that is civility, an amount of which in stock will cost nothing. And by treating all your customers, rich and poor, with due deference but not servility, you will find your custom very much increase. Let your customers see that it is a pleasure for you to oblige, and that it is not done with a view only of selfish greed or gain. Should you require advice at any future time, I shall be very glad indeed to give you any information you may require.
I will close my letter with one more word of counsel, which is this—do not get into debt. Wishing you every success,
Believe me,