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Start-Up Business

 
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Ricky V
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PostPosted: Mar 19, 2008 4:10 pm    Post subject: Start-Up Business Reply with quote

This is mainly targeted to the older, more business-experienced entrepreneur-type folks. But anyways, here is my question.

Knowing what you know now in regards to a successful company and running/owning one (supply & demand, expenses, repeat customers, ease of running it, what people like,etc etc), what business would you start today?

This question assumes you would like to own and run your own business.



Just wondering because I am young and want to run my own business someday. I just want some ideas. Economy is bad, money is tight, etc. Im having a hard time with ideas.



Enlighten me!

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Ethan31
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PostPosted: Mar 19, 2008 6:16 pm    Post subject: Reply with quote

Depends on your area.

Here I would open a locksmith business or a business fixing power scooters/chairs.
I'm thinking about doing one of them actually as a part time thing.
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ontrider
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PostPosted: Mar 19, 2008 7:02 pm    Post subject: Reply with quote

I'm thinking about doing an infomercial selling Business Start-Up Kits
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Ethan31
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PostPosted: Mar 19, 2008 7:31 pm    Post subject: Reply with quote

ontrider wrote:
I'm thinking about doing an infomercial selling Business Start-Up Kits


I'll take 4000 shares please.
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leviwynnyk
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PostPosted: Mar 19, 2008 7:59 pm    Post subject: Reply with quote

Locksmith sounds like a good business. What are your skills? Unless you have a lot of capital you'll probably end up doing some of the work to start out so pick something you have skill at (Mechanical skills, electrical, design, etc...

Restaurant is the toughest and requires a lot of time, don't even go that way.

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Chattwake
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PostPosted: Mar 20, 2008 4:28 am    Post subject: Reply with quote

Carwash - limited overhead and no employees.

Storage units - limited overhead and no employees.

Lawncare service - limited overhead and undocumented mexican employees.
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ctgretzky99
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PostPosted: Mar 20, 2008 8:17 am    Post subject: Reply with quote

Starting any business demands that you should also ENJOY what you will be doing. You will be far more inclined to work hard at something that also interests you. It could be as simple as opening up a wakeboard and ski shop or something. I is all about determination.

Secondly, learn all you can about the business you want to start up. Read all about it, the pros and cons, educate yourself on the business itself. I would strongly suggest you take some business courses at a local college. Take any expert advice, but dont ever live by it to the t. Experts change out as quick as diapers.

As well, you have to be financially (usually) pretty set for a while during start up. Turning a profit can take a while depending on what you decide. Know that you still have to eat and live.

When my parents started their company in 1983, it was a recession, and a bad time to start up. Everyone said not to go into it at this time. But my parents decided to go for it. Struggled for a while, then became pretty successful.

I started my own landscape company out of college, built it up, sold it a few years later at a great profit which allowed me to buy my first home. I was repeatedly asked to come takeover the family business, and finally did in '99. Built it up to a great extent over the last 9 years to the point now where it is very self sufficient, and very profitable.

All in all, anything can be done if you want it to. Learn all you can, but make the decisions you feel work for YOU. If everyone in the world listened to everyone else, half of the entrepreneurs would never have created fortune for themselves.

You are welcome to PM me if you want to discuss anything in specific.

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J_DOGG
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PostPosted: Mar 20, 2008 8:30 am    Post subject: Reply with quote

In NH the "pot of Gold" lies at the neighborhood convenience store.

Gas, Beer and smokes!

You could be poor as dirt and still need Gas, Beer and smokes.
Almost 100% recession/depression proof.

We all know kids go hungry every day so trailer trash, low income middle America mom and dad can buy beer and smokes!


I have been looking for one close to my home in NH off and on now for a few years.
I'm still very happy with what I do now so I'm not looking too hard but this is the way I will probably go when the time for change really hits me.

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ctgretzky99
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PostPosted: Mar 20, 2008 9:33 am    Post subject: Reply with quote

J_DOGG wrote:
In NH the "pot of Gold" lies at the neighborhood convenience store.

Gas, Beer and smokes!

Seems like that is going on everywhere. I live in a relatively rural part of Connecticut. 2 older gas stations were converted into kwik-e-marts, and man if they arent ALWAYS busy. One on each side of town, and now I only have to drive 10 minutes to get gas or milk.
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Ricky V
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PostPosted: Mar 21, 2008 3:06 pm    Post subject: Reply with quote

J_DOGG, I definitly know what you are talking about.

ctgretzky99, Great advice, Im glad to know there is a entreprenuer on this message board I can get some first hand advice from.

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derrick
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PostPosted: Mar 23, 2008 11:51 am    Post subject: Reply with quote

Like somebody else had mentioned, make sure you have enough to live on. Best advice I have ever heard is start your business part time until you can replace a full time income. Business involves risk and there are no guarantees in business or life, and if you've never been an entrepreneur before, there might be a learning curve, might take a while to turn a profit. While your building up to that point, the worst thing you want to be doing is operating your business from a poverty consciousness (ie: I don't have enough money!) because you will project that in every area of your business.
Second, don't worry about the economy, worry about the ideas. Entrepreneurs create the economy. A bad economy isn't an economic problem, it's an idea problem. Think about it: there are still the same number of people out there that are capable of working, the same amount of resources, same amount of money, nobody knows what to do with everything so it grows stagnant. The most profitable entrepreneurs are those who are able to create solutions to problems that others can't. Which actually means a bad economy is the best time to open a business. , so long as you can do something that is different or unique enough. For example, more millionaires are created in Real Estate during a down market. Why? They solve problems most can't. Lacking ideas? Start reading books, listening to audio cd programs, I can recommend some to you if you want to PM me.
And don't take this personally, because it's not your fault. Being an Entrepreneur definitely requires a different mindset than society conditions us for. Set yourself a definite goal for when you want to own your own business. Start setting out plans right now for what kind of timeline you would like to actually realize that goal. Don't wait till you've figured everything out, then make a decision. Make a Decision and THEN figure everything out, that is what successful entrepreneurs do.
When you say "someday" you'd like to own/run a business, it's very vague therefore your results and ideas will be vague. "Someday" just gives yourself something that you can daydream and fantasize about, but not actually have to take any action upon, which tends to lead to procrastination. Again, don't take that personally, I have seen a lot of people come and go when it comes to being an entrepreneur.

Hope this helps.
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ctgretzky99
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PostPosted: Mar 23, 2008 5:25 pm    Post subject: Reply with quote

Ricky V wrote:
Great advice, Im glad to know there is a entreprenuer on this message board I can get some first hand advice from.


Especially of it is a landscaping business, that I know from top to bottom and how to grow it to the point that you will either be very profitable, or you want to sell it to finance something else.

Ad/marketing I can help you specifically with as well, but you will find this path will need to include either some kind of degree or a very unique opportunity.

Being an entrepreneur takes a lot of self motivation, specific determination, and an allowance for severe frustration. The rewards, however, imo are worth it.
Cool

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br
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PostPosted: Aug 06, 2008 2:37 pm    Post subject: Reply with quote

are there any books that any of yall would recomoned to read before going out there and investing in a buisness
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Rhawn
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PostPosted: Aug 06, 2008 6:50 pm    Post subject: Reply with quote

Rich Dad, Poor Dad
48 Days to the Work You Love

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rearviewsg
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PostPosted: May 27, 2010 9:47 pm    Post subject: Reply with quote

I second that Rich dad poor dad is one of the best books I have ever read.

I am reading the last lecture right now and its a good way to look at business.

Also another one that was fantastic was Emotional Intelligence the more you can understand the way people think and process the more you can develop plans for every situation

I have started 4 businesses I just turned 26 last week. First one at the age of 16 took out a loan and started a sign and banner business it paid my way through college.. Now we run a truck washing business on the weekends pays 700 a weekend and are starting a business called gritchem.com we are going to distribute car wash and premium detail products for cars and boats. Figure out what you want to do and go for it..

Some of the best businesses start in reverse order start the business and then after it starts to go then you write the business plan and do predictive financial modeling.

Good luck

D

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Alli_Gator
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PostPosted: Feb 24, 2011 9:30 pm    Post subject: Reply with quote

Having started several business without success, I went back to the drawing board to decide what I was good at and what my passion was. My passion is trucks, fixing them, making them look good and go fast, so I started a diesel performance/custom truck business. After 5 1/2 years and many, many struggles, I am finally enjoying the fruits of my labors. I realized that I could like doing something, but if I didn't LOVE it, I'd never put my all into it, so that's why I chose my passion. I am not saying it will always work out, but chances are, it will if you pour your heart and soul into it...

A couple pieces of advice. Don't get in over your head. If you can't afford it, don't buy it until you can. I've done many dumb things over the course of the years, and getting overextended puts a whole other level of stress on you that you don't need the start up years.

Another is, keep good books and hire a good accountant. If you don't stay on top of accounts receivable and accounts payable, you can get in over your head in a hurry.

I hope that what ever you do, you are very successful in your endeavors. That entrepreneurial spirit is what America was built on.

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chawk610
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PostPosted: Mar 15, 2011 5:35 am    Post subject: Reply with quote

I have a buddy with a pest control business... he does quite well... there will always be bugs.
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CJFinkle
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PostPosted: Mar 27, 2011 4:46 pm    Post subject: Reply with quote

Check my sig, launched a couple weeks ago. Still in BETA and we will be adding quite a few more functions in the coming weeks. This is just the bare bones, but still gives athletes/anyone the option to register and get started.

Like someone else mentioned, you should do something you love, something you're passionate about and you'll have not only more fun, but a much greater chance of success.

-CJ

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V8 Killer
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PostPosted: May 07, 2011 1:47 am    Post subject: Reply with quote

What business you want to start "some day" is very vague like another poster said. What skills do you have? For example, you can't suck at technology and expect to start and run a successful internet-marketed company based around email, online ordering, and automated systems.

The business I would start today is different than a business I would start some day, i.e. 1 year, 5 years, 20 years...? Not trying to bash on you but I see no way to tell you what kind of business I would start some day when markets (and thus opportunities) are constantly evolving and being invented.

The one thing I can agree with what many in here have already said is start something based on what you LOVE doing. If you don't love it, your business will fail. Love is the only thing that kept me going on 90-120 hour work weeks (not exaggerating) back in the day. Now I reap the rewards of my sacrifices, but if I hadn't loved what I was doing I would have crumbled under the stress and workload.

Regards,

Dusty

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