What type of business would you start?

[big mac]

If I wanted to be rich, I'd get into the faith healing/ mega evangelism business. But I have principles so I wouldn't. :lol:

[BillVol]

Re: What type of business would you start?

If you were going to go into business for yourself, what type of business would you start?

I'm thinking about doing a sandwich shop or a community magazine. Doing food service scares me -- hours, all the regulations, etc. The hard part about the magazine will be selling the ads.

Any advice would be appreciated.

I've had my own biz since I was 22 and all I can say is...make sure you love (I mean really LOVE) what you are going to be doing because the hours are going to be long and you are guaranteed to be thinking every time you walk into a McDonald's that the poor schlep putting the cheese on the Big Macs is making more per hour than you are.

Also, hire a good bookkeeper and accountant. They're pros...you're an amateur. )

cman

cman, I hear that all the time (guy at McDonald's makes more), but I don't buy it. I think 3/4 of all American millionaires are self-employed. There are plenty of small business owners making some money.

I actually think I would like either of the businesses I have mentioned, but if I didn't, I would be no different than the high percentage of people in the corporate world who don't like their jobs.

[bad hammy]

Re: more

In general, though, this is not a good time to be in the print industry.

And it is never a good time to start up a restaurant. These have the reputation of being the hardest businesses to make a success of, and the hours are killers. Obviously there are plenty of successful ones out there, but many many more failures.

[eldrick]

If I had the relevant investment expertise and skill, and thought I could hire someone who could be a good salesperson and raise the needed capital, I'd start a hedge fund. I'd do the same if I had the sales skill in the investment field and thought I could hire someone with the investment expertise needed to manage serious money reasonably well.

if your willing to take significant risks, you can be your own "hedge/investment fund" - most of these guyz are are a sort of insurance salesman, hoping to take in premium, without paying anything out

quite simply, an example is the dji : it's currently ~ 10,700

if you try derivatives, & believe in 1/12, the dji won't be either 400 points above this or 400 points below this, you can sell the call options ( those at 11,100 level ) or the put options ( those at 10,300 ) for say a conservative 5% of your deposit

if your deposit is $50,000 & sell both types of options ( as obviously the dji can't be at both 10,300 & 11,100 simultaneously in 1/12 at expiry ), you keep the full premium of 5% + 5% ( total of 10% ) if the dji remains between 10,300 - 11,100 at expiry

that's $5,000/month income, as long as the dji stays in the range 10,300 - 11,100 at end of expiry of contracts ( do only 1/12 contracts ) - you can off course close out at any time during that ( say if dji just stays at 10,700 for 1/52 - the time value works for you & you may walk away with 2.5% or $1250 )

you repeat the following the month after & the month after that... ( depends how long your nerve lasts ! )

the only problem is, if dji plummets below 10,300 or charges thru 11,100 & stays there, you are liable to virtually limitless losses !

but hey ! you gotta take a chance in life !

[Daisy]

Re: more

In general, though, this is not a good time to be in the print industry.

Or the selling music from a store industry.

Article in Sunday Times.

http://www.nytimes.com/2006/07/16/fashi ... store.html

The Graying of the Record Store
By ALEX WILLIAMS
Published: July 16, 2006

“I used to make more in a day than I probably make in a week now,” said the shaven-headed Mr. Isaacs, 59, whose largely empty aisles brimming with punk, jazz, Latin music, and lots and lots of classic rock have left him, many afternoons, looking like a rock ’n’ roll version of the Maytag repairman. Just as troubling to Mr. Isaacs is the age of his clientele.

“It’s much grayer,” he said mournfully.

[cullman]

Re: What type of business would you start?

cman, I hear that all the time (guy at McDonald's makes more), but I don't buy it. I think 3/4 of all American millionaires are self-employed. There are plenty of small business owners making some money.

There are times when you are not generating revenue (insert McDonald's quote here )) which are hopefully counterbalanced with times when you are raking in the dough. I would never discourage anybody from starting their own business (unless it was part of a pyramid scam or a franchise...right, marhnhj?)...but be prepared to work hard for the first little while and do your homework. Oh yeah, be passionate about what you are doing. Go Vols!

[lonewolf]

BillVol asked what TYPE of business we suggested. That recommendation can only be made if we know if the object is to 1.)make money 2.) have fun or 3.) both. Number three is the tough one.

Specifically, with some experience in that area, I concur with GH's comment that it is a tough time to be in the print industry.
From personal observation, I agree with bad hammy food service is a high mortality business.
Daisy is right, the Internet is killing brick and mortar music business and affecting print business
Despited eldricks eloquent, if baffling explanation, Daytrading, derivitaives and commodities (belatedly) scare the bejabbers out of me. ( I hired experts to lose money I could have lost by myself)

The following platitudes may sound like platitudes and some are offered elsewhere in this thread but, as a serial entrepreneur ( some successful, some not) here are some platitudes I paid a lot of tuition to learn:

1. Do something you ENJOY and know inside/out .
2. Do not rely on promises or expertise of others for a successful venture.
3. Avoid personal liability. Hire an attorney to set up a corporation or LLC and review all business contracts, leases, etc.
4. Employ a bookkeeper/accountant. Tax compliance is a bitch.
5..Be prepared to work longer and harder than you ever did for anyone else.
6. Accept that despite your carefully constructed business plan, it will take twice as long and three times more money than you expected to be succesful.
7. Be paranoid. Trust but verify the actions of employees/ partners/ associates/customers/ vendors.
8. Self employment is not a part time job. Never take your eye off the ball, the inventory, the cash register and the check book.
9. Use OPM (Other Peoples Money) when possible.
10. Anything that has to be done RIGHT NOW probably should not be done right now and possibly never.
11. If a deal sounds too good to be true, it is too good to be true.
12. If it involves a patent, copyright or registered TM, be sure yours is valid and watch for infringement.
13. Murphy's Law is in effect and trump's all others.

[eldrick]

edit

[stiffdogg]

Angry letter writing. Customer service is so pitiful that there are always people walking around ranting about how they were treated. I'd offer to write letters to the companies that irritated people for 10% of any compensation received for their trouble.

[tandfman]

lonewolf might add another point to his list:

14. Understand before you start that most start-up businesses fail.

[tandfman]

Angry letter writing. Customer service is so pitiful that there are always people walking around ranting about how they were treated. I'd offer to write letters to the companies that irritated people for 10% of any compensation received for their trouble.

I don't think you'd make much money. I have the impression that only a very small percentage of consumer complaint letters ever result in actual compensation. Most complainers just get a form letter apologizing for any dissatisfaction.