If you had $50k to start a business, what would it be?

You have 50k available in home equity for a business start-up...what would you do?

  • Service industry (genereal contractor,painting,windows,insulation etc)

    Votes: 29 39.2%
  • Self-storage industry

    Votes: 12 16.2%
  • Food/restaurant/bar

    Votes: 6 8.1%
  • Retail

    Votes: 1 1.4%
  • Buy an existing business with some cash flow

    Votes: 20 27.0%
  • Buy into a franchise

    Votes: 6 8.1%

  • Total voters
    74
Boy, that was confusing. I didn't note the date, started reading at the top and thought "TheFed is starting ANOTHER business?"

Thanks for the update. Wouldn't your profit be more illuminating than your gross? I had a good gross one year, but my profit was -20K.
 
Ooops.

I missed the part where you actually started the business and succeeded.

Congratulations!
 
If you had $50k to start a business, what would it be?

A "One Hour Walk-in Breast Examination Center"
 
Boy, that was confusing. I didn't note the date, started reading at the top and thought "TheFed is starting ANOTHER business?"

Thanks for the update. Wouldn't your profit be more illuminating than your gross? I had a good gross one year, but my profit was -20K.


NET

2006: 20,500 (startup expenses included!)


2007: 35k



2008 to date: 50k, projecting about 56k
 
NET

2006: 20,500 (startup expenses included!)


2007: 35k



2008 to date: 50k, projecting about 56k

WOW!! You are doing wonderfully, especially considering that small businesses usually take a few years to get on their feet. I am very impressed.
 
What ideas do you guys have? I'm sure there's more than I put int he poll.
guess you've never had a real entreprenuerial spirit burnign inside of you. if you did, you'd understand where im coming from. ive crunched number and toyed with ideas for maybe 30 businesses of the last few years. im in no hurry, but i know running my own business is my calling. i've built up, run, and sold 2 companies so far...but neither was as successful as i wished (one was painting bus,one was a website)
I'm just lookign for ideas, plain and simple.
Well, your perspective has changed over the last few years, and so has mine.

At this point you might benefit from some sort of business school. I don't mean the sit-in-a-classroom-and-do-homework kind, nor even an MBA program. But at this point you could benefit from honing your knowledge in accounting, finance, estimation, and project management. You already have the experience, but you might benefit from learning more vocabulary & techniques. You'd learn other people's experience at what worked or what didn't, and why. You'd gain more skill at using cashflow & financing to grow the business.

I've sat through a few dozen business-plan presentations. The ones who immediately shut down their audience project an attitude of "I'm a successful entrepreneur and I know how to do this." (Well, one presenter actually said that, which brought a whole roomful of entrepreneurs to laughter, so I guess they didn't shut down their audience. But that was an exception.) The ones who get money are the ones who lay out their concept and then spend the next 20 minutes with pessimistic spreadsheets and risk analysis picking it apart to show how they're going to avoid disaster. They get the audience to skip over the "Why invest" and go straight to "when" and "how much". The entrepreneurs are practically begging you not to give them money, but if you happened to shove it into their pockets then this is what they'd do this next.

Here's another idea, not intended as criticism (you already have the credibility) and not intended to offend. Your posts have a tendency to highlight conflict & controversy between you and... others. 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". And if this paragraph is raising your hackles... well... that reaction is exactly why this type of assisted education/training would benefit you. I speak from my own credible experience.

Or you could just ride your current system until you reach your ER number, at which point you won't really need those skills anymore. Unless you're raising a family.
 
Nords - Thanks for the input. I'll have to look into those types of things to see what's available around here.
 
Was surprised real estate is not on the list. 50k leverage (20% down) could launch you into a muti-family or commercial-residential mix.

No business plan needed. Handy-man skills a plus.

Really? Tryan, you and I must talk more often. I thought I saw a good 3 family here in MA for $290k, but it turned that the in-law apartment was not legal, and the division of the house was done very poorly.
 
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. :D
 
... 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. :D
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.
 
Public Storage (PSA) is up 11% YTD. Based on that I would have to say storage unit businesses must be recession proof.
 
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.
 
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!
 
Speaking as a 58 y o with advancing arthritis, I am willing to pay for someone to lift, move, repair...
 
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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