rtr Posted March 23, 2006 Share Posted March 23, 2006 I'm looking for advice, things I should consider, books I should read, people I should talk to, etc. I'm 27, and I've realized that there are probably only a handful of people out there that I would be happy to work for in the long run. Therefore I think the only way I can be both happy and successful financially in the long term is to start my own business. I have a college degree in economics, I'm obviously a shooter, I have some IT experience, some automotive experience and am generally capable in regards to things mechanical. I'm good with people, I'm willing to work hard, I'm not very interested in relocateing (I live in Colorado Springs, Colorado). I have access to a small amount of capital immediately (say up to $100K) and possibilities for more. So tell me what you would do or what advice you have for me. Link to comment Share on other sites More sharing options...
RIIID Posted March 24, 2006 Share Posted March 24, 2006 rtr, You need to narrow your search as in: Do you want employees? Do you want to sit behind a desk or stand behind a counter all day? Do you want an outdoor business? One that is seasonal or effected by weather conditions. A physically demanding job. A 9 to 5, 5 days a week, 6 days a week ,or 7? ( being self employed 99% of the time isn't a 9 to 5) Retail? Service? You need to ask what does Colorado Springs need? For example does it need another quick lube shop to go along with the 10 to 15 it already has. Do you want a business you can sell after it's a success or be able to retire from the sale of it. I know a guy who owned 4 roofing companies and sold them off to be a franchise resturant owner. Roofing to flipping burgers that was a big change and gamble with 5 or 6 children, he has 4 stores and going strong. Only you know what is going to make you happy. Rich Link to comment Share on other sites More sharing options...
blackdragon Posted March 24, 2006 Share Posted March 24, 2006 Plan on working 7 days a week. When you hire employees, Thats when your troubles will start. It comes down to: How much time are you willing to put in? Are you willing to give up your free time? When I was a Chef, most people would say " Why don't you open your own place" See the above! I will take a check, Thank You! Ivan Link to comment Share on other sites More sharing options...
George Posted March 24, 2006 Share Posted March 24, 2006 Learn what a cash machine "Really" is and start building them as fast as you can. Sooner or later several of them will develop into long term things and some will die out and need to be replaced regularly. The sooner you start this process the better. Things like owning busy laundromats and rental properties that generate lotsa' after-cost income each and every month are a step in the right direction. Sucessful automated webstores can qualify if they are a solid long term product. There is no such thing as having too many cash machines up and running ;-) I waited until my forties to learn this lesson and wasted the first twenty years of my productive lifetime working for someone else and paying lotsa' rent on others income properties. Read "Rich Dad, Poor Dad" and take it from there. Link to comment Share on other sites More sharing options...
EricW Posted March 24, 2006 Share Posted March 24, 2006 Things *not* to do: - Coffee - Gunstores - Gunsmithing - Restaurants - Bicycle Shops - Ski Shops Cash Cows: - Storage Rental - Storage Rental - Military Hardware - LE Hardware I know that the storage business isn't sexy, but if I had the dough, I'd buy one in a heartbeat, particularly on the outskirts of a heavily urbanized area. You really have to screw up to not turn a serious profit. Link to comment Share on other sites More sharing options...
Jake Di Vita Posted March 24, 2006 Share Posted March 24, 2006 Seriously echo George.... Rich Dad Poor Dad. Link to comment Share on other sites More sharing options...
Jon Merricks Posted March 24, 2006 Share Posted March 24, 2006 If this is going to be your sole source of income you need enough money put back so you don't have to pay yourself for at least a year. Not having enough capital will really hurt things when getting started. Plan on working twice as many hours as you would if you worked for someone else. Having employee’s sucks. Having family as employees can be even worse. If you look at buying an existing business have a CPA really do some digging in the books. The food industry really is booming. But that takes lots of money for a name brand and again lots of hours. Do some research and see is what needed in your area. BTW retail sucks. Link to comment Share on other sites More sharing options...
Flexmoney Posted March 24, 2006 Share Posted March 24, 2006 Get to the SBA and SCORE. (cheap and free advice from those in your area that have been there and done that) Link to comment Share on other sites More sharing options...
blackdragon Posted March 24, 2006 Share Posted March 24, 2006 +1 Flex! Ivan Link to comment Share on other sites More sharing options...
Putty Posted March 24, 2006 Share Posted March 24, 2006 100K? real estate. Risk. Find the hoppin areas not the bubbly boos. Gotta have the feel..U got feel?? No feel, dont do it. Interest rates up? Stock market. Again intuitiveness. Play to your strengths. Pay your price or walk. Link to comment Share on other sites More sharing options...
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