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      10-20-2014, 07:38 PM   #1
squishy
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Starting a Business

You have sufficient money to start a business. What business would you start, and why?

Please, don't troll. I have searched plenty and haven't really seen a question like this. Thanks in advance.
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      10-20-2014, 08:30 PM   #2
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A consulting group for helping people decide what businesses they want to start
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      10-20-2014, 08:46 PM   #3
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You're asking the wrong question. No one can answer that for you.

I might start a software company (not an orange stand, since we aren't allowed to troll) but would that be right for you?

You've got to have some idea of what you want to be involved with or are passionate about or at least interested in.

I don't know what you do but perhaps you can foray some of your current skills into a business venture.

You can also look into buying an established business. There are sites online with businesses for sale.

Do you want a retail location, a restaurant, coffee shop, print shop, online auto parts store, pawn shop, etc.?

The possibilities are endless. You only can rule out professional services businesses that require a licensed practitioner to be the owner. This may differ state to state, but generally speaking, if you're not a lawyer you won't be opening a law practice, etc.

Have some idea of what you want to do before plopping money down to start a business. Starting a business isn't particularly hard. It's building it and keeping it going past year 1 and year 3 and year 5 that is the hard part.

Having a business is an all day and all night affair, especially a startup business. You will live and breathe your business. If you hate it, it will not be successful.

So the question is, what are you interested in?

What need do you think you can fill for either people or other businesses, and do it in a way that provides value to your prospective clients?

What knowledge or skill can you leverage in what industry or category that can give you an advantage over Joe Schmoe in your desired business area?

Answer those questions, and then research the competition and the market, and you will have some idea how to answer your own question.
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      10-20-2014, 11:20 PM   #4
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A consulting group for helping people decide what businesses they want to start
I chuckled.
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      10-21-2014, 01:07 AM   #5
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I'd go into timepieces or firearms, maybe even augment both so nobody robs the watch store.
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      10-21-2014, 06:46 AM   #6
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Any machine fab shop. Custom one off parts, weld fab, CAD work, things like that.


It's pretty gratifying to make something unique or one of a kind from a blank piece of aluminum. I did enjoy being hands on at my last job with the CNC's. Startup cost is way too high though, I'd have to have customers lined up before we'd even start.
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      10-21-2014, 07:06 AM   #7
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      10-21-2014, 08:03 AM   #8
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      10-21-2014, 08:24 AM   #9
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I've been pondering a startup as well. Don't have a clue where to start...
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      10-21-2014, 08:26 AM   #10
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Quote:
Originally Posted by squishy View Post
You have sufficient money to start a business. What business would you start, and why?

Please, don't troll. I have searched plenty and haven't really seen a question like this. Thanks in advance.
The question is, if you had sufficient money, why would you want to start a business? If you have too much money, I can send you my bank account number. I'll even pretend be your best friend. At least I can help you with a short and painless failure. If you have too much time then go find some hobbies.

If you have to ask these types of questions, you're more likely to fail in that business anyway. Even if someone here handed you an excellent idea with perfect timing, you would still need to execute it with perfection and have the persistence of an angel to succeed.

Maybe start a business selling pants for people over 6'5? Goat prostitution is where I shine.
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      10-21-2014, 08:30 AM   #11
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Quote:
Originally Posted by Rotorocious View Post
A consulting group for helping people decide what businesses they want to start
Looks like this may be the most lucrative idea offered so far..
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      10-21-2014, 11:21 AM   #12
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      10-21-2014, 12:52 PM   #13
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      10-21-2014, 05:35 PM   #14
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a thai restaurant or a hibachi japanese fast food. ?
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      10-21-2014, 08:33 PM   #15
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I would start a company that specializes in developing better and smaller gyroscopes and NFC terminals, receivers, and transmitters.
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      10-21-2014, 08:55 PM   #16
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      10-23-2014, 10:34 PM   #17
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Quote:
Originally Posted by squishy View Post
You have sufficient money to start a business. What business would you start, and why?

Please, don't troll. I have searched plenty and haven't really seen a question like this. Thanks in advance.
For me, the goal at the end of the day is a reasonable rate of return for the amount of money invested, regardless of the industry or enterprise.

You say you have sufficient money to start a business.

For a Franchise, that means need 250k - 500k on average per location. Some of the better known brands require even more liquidity and a net worth of between $2 mil and $5 mil. A Franchise is ok, but you really need to be able to analyze your costs and read the Franchise Agreement carefully. You may own the business, but the Franchisor owns you (typically). The good news is that a Franchise provides a proven business model, system, and structure. Usually, if you stick to the plan, you can earn a decent living. The bad news is that you have to pay a regular Franchise Fee of 8-12% of your net sales, however it is defined in the Franchise Agreement. If you open one Franchise, I suggest you open at least three or get an area deal with the Franchisor. The first one will take a lot of time, but it's not much more time to do the second or third. If you end up with good locations, you can probably earn at least $250k a year given your prime costs are on target (if it's a restaurant).

If you are opening your own business, you probably need between $100k to $250k. You should be an expert in the field with experience under your belt and obviously have a fully formed business plan and adher to it. Consulting gigs typically require very little start-up money, especially if centered around pushing paper.

Anyway, whatever business you decide, always remember to pay yourself what you think your time is worth. Then whatever money is left over you can consider a return of your investment. You want your money to work for you; you don't want to end up solely working for your money.

Lastly, you should also consider putting your money into a mutual fund or real estate.

So...lots of avenues for your money. Opening and sustaining a business can be stressful and an undue burden on your life especially if you have a family and dependents. Lastly, choose what fits your lifestyle. Do you want to give up a day job with steady pay? A job you can forget about after 5pm? Once you become a business owner it's not as simple.

I've done all of the above. If you ask me now which one I prefer, it is NNN net-leased properties all day long. You make less than operating your own business by far but it's really an arm-chair investment free of headaches/drama/etc.

EDIT:
If you are dead set on opening a business, I suggest using OPM in some form or another. That is what I evolved to. Still need to pay for your time and effort though. But it becomes much easier, since you know, it's OPM. But with OPM, you have to think bigger/etc/etc and a whole host of other responsibilities.
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      10-23-2014, 11:02 PM   #18
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For me, the goal at the end of the day is a reasonable rate of return for the amount of money invested, regardless of the industry or enterprise.

Honestly, asking a question like this on a forum makes you look pretty naive as if the money were simply handed to you.

Anyway, whatever business you decide, always remember to pay yourself what you think your time is worth. Then whatever money is left over you can consider a return of your investment. You want your money to work for you; you don't want to end up solely working for your money.

So...lots of avenues for your money. Opening and sustaining a business can be stressful and an undue burden on your life especially if you have a family and dependents. Lastly, choose what fits your lifestyle. Do you want to give up a day job with steady pay? A job you can forget about after 5pm? Once you become a business owner it's not as simple.
Solid stuff here.

I would further emphasize the importance of having money working for you and not the other way around. I'm at the point of finding such avenues that would secure a stronger retirement plan that would go in parallel with my current business.

If I could simple invest more money in my company and receive the same return then it would be the most ideal but sadly this isn't the case. Finding something that yields a higher ROI than my own business is almost impossible for me.
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      10-24-2014, 07:47 AM   #19
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4 days and OP is MIA from this thread completely.
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      10-24-2014, 08:28 AM   #20
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      10-24-2014, 11:45 AM   #21
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4 days and OP is MIA from this thread completely.
Haha My apologies, got a little distracted.

A quick and dirty bio on me, I'm currently a college student to parents who became very successful in the small-business line. They began with a tiny retail store and living at an apartment with a child, to building a mansion and owning several large retail stores (not franchise), and three children. So, I've been lucky enough to observe them, and how they ran small-businesses, and took the business from nothing to successful in a matter of years. I've seen what it takes to do so, putting in 12, 13, 14 hours a day, how mentally-taxing it can be, how economically-taxing it can be, etc. This is the only lifestyle I've been exposed to, so it's the only lifestyle I know.

Long story short, I'm currently set to graduate college in Spring 2015, and I feel I'm wasting my time in college. It's been my dream to attend law school, and create and operate a law firm, while investing into real estate, thus what lead me to taking bullshit majors and "wasting my time". My mother is helping me out a bit (I've also saved a considerable amount of money since I was 18) economically, of starting either a business or a law firm, and she's willing to pay for the entirety of my law school education (yes, I am very lucky, and very grateful) so I'm really torn if I want to spend another 3 years in law school and then open up a law firm, or drop out of college right now and start a business. I know whatever business I start, I can make it very successful. I've learned A LOT about operating a business, and feel confident in my ability to do so at a young age, relatively speaking.

So, finally, that leads me to my question, which is what businesses are worth looking into starting, If I were to start one at all.

Solid advice in here, thanks all. My parents stayed away from franchises simply because of the high franchise fees, so I have the same mentality.

Raised by business owners, I've had the mentality that I don't care what business I start, as long as I have interest in it, but it must generate revenue. That revenue will be put towards my next business, and so forth.
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      10-24-2014, 11:54 AM   #22
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^^^ All that and you still can't get bitches?
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