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View Poll Results: You have 50k available in home equity for a business start-up...what would you do?
Service industry (genereal contractor,painting,windows,insulation etc) 29 39.19%
Self-storage industry 12 16.22%
Food/restaurant/bar 6 8.11%
Retail 1 1.35%
Buy an existing business with some cash flow 20 27.03%
Buy into a franchise 6 8.11%
Voters: 74. You may not vote on this poll

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Old 11-02-2008, 11:03 PM   #61
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I think the storage business is a pretty secure thing. Especially with people losing their houses lately. I've never seen one go out of business and you really don't need to do anything more than be around or have someone around to take new customers and make sure no one breaks in. And if you get a deadbeat you can always sell their stuff.

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Old 11-03-2008, 10:45 AM   #62
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Originally Posted by Frugality_of_Apathy View Post
... or have someone around to take new customers and make sure no one breaks in. And if you get a deadbeat you can always sell their stuff.
Five years ago I would've heartily agreed, but now we'll have to check back on this in 12-18 months.

With the reductions in consumer spending and waves of foreclosures, I'd expect families all over America to start having huge storage sales-- or to just walk away from their stored crap at the same time they walk away from their foreclosed houses. I wonder if some smart REIT analyst is already researching deadbeat rates among storage businesses.


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Old 11-03-2008, 10:57 AM   #63
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Public Storage (PSA) is up 11% YTD. Based on that I would have to say storage unit businesses must be recession proof.
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Old 11-03-2008, 03:32 PM   #64
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I like the storage business also, as people see there McMansion forclosed,

However, 50K is just about the price tag for a laser to remove tattoos. Obviously despite the protestations of us old folks that tats look ugly (especially on us older folks!) it is obvious that tattoos are here to stay. However, the big Heart Harry that the girl got when she was 20 is going to need to be replaced by Heart Bill when gets married at 25.

Playing poker with with a bunch of 20 somethings it seems that kids are ok with forking over 500-1000 to get a tattoo and are also ok with spending that type of money to get one removed. A big growth area, I almost bought a laser and leased it back to Kaiser.

Not sure what type of training is required.
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Not enough money
Old 11-03-2008, 05:01 PM   #65
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Not enough money

Suggest you call SCORE for a free business consult. SCORE is a part of the SBA and has 13000 volunteer counselors available. Just go to SCORE | Counselors to America's Small Business | SCORE where you can sign up.

In good times, a few banks would only loan to start-ups with a 5-year business plan that showed how the money could be repaid. And, then they required a borrower to have one-third of the cost of the start-up in hand. Now, I think it would be a real problem.

On the score website, they offer downloadable business planning forms.

Having personally counseled over 300 start-ups, 50K is just not enough especially when it comes from HELOC or credit-cards...the first thing a bank does is pull your credit score......

I think for 50k you could buy a van (used) get a rug cleaning setup and do that. However, you are going to suffer lack of customers till you get started.

Just a prediction, no one will loan you money!
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Old 11-03-2008, 05:23 PM   #66
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Speaking as a 58 y o with advancing arthritis, I am willing to pay for someone to lift, move, repair...
"Knowin' no one nowhere's gonna miss us when we're gone..."
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Old 11-03-2008, 05:42 PM   #67
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Originally Posted by Nords View Post
You might benefit from mentored training in public speaking and negotiations. Sort of a Dale Carnegie/Toastmasters version of "Getting to Yes" or Marshall Goldsmith's "What Got You Here Won't Get You There".
I recently started attending my local Toastmasters. I have always hated public speaking.

So far, it's been a very valuable experience, especially the Table Topics part. This is where you are asked a question and have to make an impromptu speech/response for 1-2 minutes. It's teaching me how to think on my feet.

You can find your local meeting easily - just go to Toastmasters International - Home and use the "find a location" search feature.

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(48, married; DH 52. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH will fully retire 2018 when he turns 55 to access 401K penalty-free)
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