How many of you own or have bought your own business?
- Thread starter CAMELPRO
- Start date
shahsmerdis
New member
Not a business owner, but don't expense a 2016 4runner as a company car.
Edit: Might be asking for trouble haha.
Edit: Might be asking for trouble haha.
techno
New member
Have you been watching Shark Tank? lol
I've been watching that show recently and it's been motivating me towards some sort of business, but like you, I have no idea what that would even be! I'm patiently waiting for the million dollar gadget idea to pop up
However, I do find it 'informative' seeing how some of the businesses are being managed, good and badly, and the key points that the sharks consistently work around.
I've been watching that show recently and it's been motivating me towards some sort of business, but like you, I have no idea what that would even be! I'm patiently waiting for the million dollar gadget idea to pop up
However, I do find it 'informative' seeing how some of the businesses are being managed, good and badly, and the key points that the sharks consistently work around.
CAMELPRO
New member
Have you been watching Shark Tank? lol
I've been watching that show recently and it's been motivating me towards some sort of business, but like you, I have no idea what that would even be! I'm patiently waiting for the million dollar gadget idea to pop up
However, I do find it 'informative' seeing how some of the businesses are being managed, good and badly, and the key points that the sharks consistently work around.
I've actually watched several episodes of that show! Some of the people on there make me want to shake them until the brain reconnects. But there are some really great ideas too.
It seems every time I have an epiphany about a product that would do really well, I google it and find that it already exists. :dammit:
theMayor
New member
Based on what I've read, I would recommend opening a franchise. Less stress, less pay, but more freedom as long as you play by their rules. This may not be what you are specifically looking for as far as the "freedom" aspect because you'd still have corporate players, but doing this will allow you to see the true insides of a business. You'd be following their established and proven policies/ procedures which gives you an boost for success.
After that, consider selling the business to a new owner and start your own "niche" business.
This still isn't something you can just jump into. So think long and hard if your willing to sacrifice the time and energy needed to get this on track. If you're expecting a quick bailout, consider the lottery.
After that, consider selling the business to a new owner and start your own "niche" business.
This still isn't something you can just jump into. So think long and hard if your willing to sacrifice the time and energy needed to get this on track. If you're expecting a quick bailout, consider the lottery.
CAMELPRO
New member
I remember a few years ago I looked into opening another Zaxby's here. The original was here and its replacement was/is always packed out to the street. They've since opened another one, but I digress.
One of the requirements to apply for an opportunity to join their team was to personally have a net worth of $750,000. :jaw:
I really have no interest in joining the restaurant business anyway, but that seemed a little extreme to me.
theMayor
New member
Wendy's is $5 Million. Obviously, not everyone that opens a Wendy's has $5M sitting around.
I'm curious... have you've even done any of your own research on the subject? Have you taken any classes? Maybe start there and you can decide if it is worth it to you.
CAMELPRO
New member
I've done a little. I have a few buddies who've gone out and done their own thing. All but one has been successful. I've had several people wanting me to join them opening a business doing what I do now. I even ran it by my employer to see if I could come back if it didn't take off. He said no.
But I gotta tell ya, if it happened today, I'd probably do it.
Most franchises will require you to have a hefty net worth and $$$. Buying a successful business might be your best bet but you will have to get creative with buying this business. You will first need to find out if the owner is willing to do an owner financing for a few years as well as making sure the business as enough assets for you to get a business loan against. This should be able to get you in the door.
Stay away from anything food or drink related. (Restaurants or bars)
Here is an interesting business listing.
http://www.bizbuysell.com/Business-Opportunity/Very-Profitable-Gutter-Company/1255566/
Seller is retiring, this is a plus if true. Could be a way of talking them into making a little more if they do seller financing. The biggest issues I see on the surface is that there is no real assets to the company that you would be able to get a loan against as well as they are working out of their own home. I personally think the asking is out of line and if the Gross and Cash Flow is correct, the profit margins arnt that great. I bet the numbers are not as accurate as they should be.
http://www.bizbuysell.com/Business-Opportunity/Busy-Auto-Repair-Equip-Included/1259026/
If this is what you want to get into, it wouldnt be a bad opportunity. You would really have to dig through the years before to see how many clients/customers they have dealt with (You would basicly be buying clients/customers) 13 years is a long time to only have a GI of under $250k, prices might be too low. I dont see a cost of the rent, that could be a huge selling point or it could be a huge burden on the business. Owner financing for $30k, asset value of $20k (You would get a loan against it) and you come up with $30k would more than likely get this business for you.
Stay away from anything food or drink related. (Restaurants or bars)
Here is an interesting business listing.
http://www.bizbuysell.com/Business-Opportunity/Very-Profitable-Gutter-Company/1255566/
Seller is retiring, this is a plus if true. Could be a way of talking them into making a little more if they do seller financing. The biggest issues I see on the surface is that there is no real assets to the company that you would be able to get a loan against as well as they are working out of their own home. I personally think the asking is out of line and if the Gross and Cash Flow is correct, the profit margins arnt that great. I bet the numbers are not as accurate as they should be.
http://www.bizbuysell.com/Business-Opportunity/Busy-Auto-Repair-Equip-Included/1259026/
If this is what you want to get into, it wouldnt be a bad opportunity. You would really have to dig through the years before to see how many clients/customers they have dealt with (You would basicly be buying clients/customers) 13 years is a long time to only have a GI of under $250k, prices might be too low. I dont see a cost of the rent, that could be a huge selling point or it could be a huge burden on the business. Owner financing for $30k, asset value of $20k (You would get a loan against it) and you come up with $30k would more than likely get this business for you.
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OregonTrailRunner
New member
I started my own business 6 years ago. Still living the dream. Put 14 years of experience to use and now have a very successful business...
Just a few tips..
Know the business/industry inside and out.
Be passionate about the business/industry.
Have a bulletproof business plan.
Live the plan.
Be ready to be 24/7/365.
Have a bulletproof business plan....and financial forecast.
Be properly funded.
Make sure your person financial needs can be met from the very beginning. That needs to be part of the plan. No one likes working for free. Especially when you're working as hard as you will be when you work for yourself.
Don't start a business just because you don't like what you're doing now.
Don't have a plan B. That just gives you an option to fail. Failure is not an option...
Just a few tips..
Know the business/industry inside and out.
Be passionate about the business/industry.
Have a bulletproof business plan.
Live the plan.
Be ready to be 24/7/365.
Have a bulletproof business plan....and financial forecast.
Be properly funded.
Make sure your person financial needs can be met from the very beginning. That needs to be part of the plan. No one likes working for free. Especially when you're working as hard as you will be when you work for yourself.
Don't start a business just because you don't like what you're doing now.
Don't have a plan B. That just gives you an option to fail. Failure is not an option...
CAMELPRO
New member
Yeah, that second listing definitely looks like something I'd be interested in. I definitely don't have any interest in the restaurant business.
Thank you. I'm going to look into this.
This is awesome. I would like to do something other than what I'm doing now, but I'm not hell bent on it. My interest is geared more toward buying, fixing and selling vehicles. Selling polished turds is something I've had good fortune with in the past (back when I had the time).
Thanks guys. :thumb:
I completely disagree with some of the things you said. But everyone is different. Failure is always an option, and if your business is failing you need to know when to abandon ship.
"Success Is Going from Failure to Failure Without Losing Your Enthusiasm" - Winston Churchill
CAMELPRO
New member
I'm guessing he is saying not to use Plan B as a crutch. Some people work better with tunnel vision if it's focused on the success of Plan A.
Yea, that is what I mean when I said everyone is different. Do you ever watch shark tank? Some people will take their idea way too far and never see that its a failure. Tunnel vision isnt always a good thing.
CAMELPRO
New member
Yes sir, we were talking about that show earlier. This is very true.
KateKateKate
New member
Hello! I usually communicate with my clients and partners in Skype, this is the most convenient way for my business. I accidentally blocked one of my clients and I don't understand how to unblock him now.
FloppyD
Junior Member
Actually I also occasionally had problems with the interface in Skype, because sometimes I can't find the right button to do something. I think you will find this info on how to unblock contact in skype useful. In general, nothing complicated, but sometimes it is difficult to find what you need. So, be sure to use it.
ricphoto
New member
I've owned my Photography biz for almost 50 years...
My best advice is to do something you love...something that you'd be doing anyways...owning a biz is tough enough when you're passionate...otherwise its just a job with longer hours and less pay (at least at the beginning ;-)
Staying on top of the paperwork is key to keeping the govt off your back...audits can hurt even when you're clean...
With your circumstances I'd see about doing something part time until you can get it to support itself (and you)...learn the ropes...network possible clients...get involved with local biz orgs...I did a lot of charity/pro bono work when I started (still do) this led to real jobs and real money...
Whatever you decide make sure you have fun
My best advice is to do something you love...something that you'd be doing anyways...owning a biz is tough enough when you're passionate...otherwise its just a job with longer hours and less pay (at least at the beginning ;-)
Staying on top of the paperwork is key to keeping the govt off your back...audits can hurt even when you're clean...
With your circumstances I'd see about doing something part time until you can get it to support itself (and you)...learn the ropes...network possible clients...get involved with local biz orgs...I did a lot of charity/pro bono work when I started (still do) this led to real jobs and real money...
Whatever you decide make sure you have fun
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