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I've used labor as my "capital", beginning many businesses with just my own.
Before learning ethics, the hard way, I took it to extremes. When I was ten, I shoveled a neighbor's sidewalk, walked up to the door, and demanded ten cents.
You should never demand pay as a result of working from an undefinitized contract.
Just because someone has snow on their sidewalk, doesn't mean . . .
But you must be honest, some businesses do require capital. You cant build a shopping mall, or a nice new restaurant, with a lack of capital.
I once seen someone go out and spend $250,000 building a new restaurant that closed within 30 days of opening. The reason, he spent every dime he had building the place, and didnt allow enough capital to keep the place open until it becomes profitable.
So gomexico was correct when he said some businesses do go out of business due to a lack of capital, so what this means is that you lack it, you must plan a different type of business..
I'm just tired of hearing how impossible it is to open up a business like Wal Mart, its almost like some people believe they propped up overnight.
Not necessarily. We started a business with less than a few hundred dollars in supplies. We started otu selling custom made decor pieces. As one would sell, we would invest in more inventory. In less than a year, we opened a storefront in a mall- where we sold almost nothing we made. We made enough during that time we made our own products to started buying large quanities of inventory from wholesale markets.
And it doesn't take a lot of business knowledge. Neither my husband nor I have a business degree. I knew nothing about HTML before we started. He knew nothing about business taxes.
We have learned a ton over the last 11 years. In fact, we are always learning something new.
One year in Nov., the person who did our monogramming flaked out on us. And the monogrmmaed items were one of our biggest profit margins at Christmas time. I bought a monogramming machine and learned to monogram. I hated it, but I got us through that Christmas season, and then sold the machine for more than I paid for it and found a new monogrammer.
Learning and adapting is the key to staying in business. If you start and stay in business without debt, you have a better chance of succeeding.
We invested a few hundred dollars and within a few years were selling $1,000+ per day. We never went into any debt.
The main thing we did was work hard- we sometime worked all night, and my husband has a full time day job, plus we had two babies. And instead of enjoying the profits, we invested every cent back into the business. Most people aren't willing to make those kind of sacrifices.
I've used labor as my "capital", beginning many businesses with just my own.
Before learning ethics, the hard way, I took it to extremes. When I was ten, I shoveled a neighbor's sidewalk, walked up to the door, and demanded ten cents.
You should never demand pay as a result of working from an undefinitized contract.
Just because someone has snow on their sidewalk, doesn't mean . . .
Exactly. We are encouraging our kids to start some sort of little enterprise themselves. Nothing huge, they have sports and school. But learning the basics of starting a little business, learning work ethic, and learning how to manage money are huge.
I made $20+ an hour in college as a certified fitness instructor. I ran the fitness program for an entire county. I've always worked, As soon as I turned 12 I got my certification from the Red Cross for baby sitting and started handing out fliers in the neighborhood.
My husband used to pick up pecans off of their farm and sell them. I think he started that when he was 10.
We sold a bar several years ago and held financing on it with a small down payment. It was a family headache, took up 2 much time to manage. Dont forget to ask for the seller to finance the transaction. I set it up so by time the buyer stopped making payments, my parents would be receiving social security. It allowed them to retire 10 years earlier than they planned.
There is a bar/resort up north that is my favorite bar to go to when I go up north. It's perfect, the bar is on the lake so people can pull up & dock or in the winter come in on their snowmobiles, they have some cottages to rent, there's a fire pit, volleyball net, parking lot, they're able to make food since there's a grill & fryer AND they have a gas pump so you can gas your boat or snowmobile. The owner just told me he wants to sell it but he's not in a hurry, if it takes a couple years that is fine by him. If I could, I would either partner with him or snap that place up in a heartbeat. I've always wanted to move up there & operate that place. Honestly, I see no way how I could do it. Sigh. Oh well.
I started my first company on very little money by offering a consignment services selling online. It took a camera, knowledge work and alot of determination. I used to laugh how I didn't mind working 5 times as hard for my own business. I still worked my job too. I'd come home from a 12 hr night shift and work on my company. As I became more successful I weaned off my job.
My second business, an offshoot of the first I borrowed money. Debt can be a driver, it was scary but now paid in full by the company. No the computer keyboard is not a comfortable place to sleep. As my company grew I was able to hire employees.
There are dozens of business you can start with no money. The lady who owns the cleaning franchise that I use started as a [legal] immigrant with no money and now owns a franchise of a major cleaning company.
I started my publishing technical business with about $2,500. We are now entering our third year. We have 8 employees and will hit seven figures in revenue. I've been taking home six figures since year one.
Starting your own business is an excellent path to wealth-- and I would argue-- happiness. There is nothing quite like self-determination.
There is a bar/resort up north that is my favorite bar to go to when I go up north. It's perfect, the bar is on the lake so people can pull up & dock or in the winter come in on their snowmobiles, they have some cottages to rent, there's a fire pit, volleyball net, parking lot, they're able to make food since there's a grill & fryer AND they have a gas pump so you can gas your boat or snowmobile. The owner just told me he wants to sell it but he's not in a hurry, if it takes a couple years that is fine by him. If I could, I would either partner with him or snap that place up in a heartbeat. I've always wanted to move up there & operate that place. Honestly, I see no way how I could do it. Sigh. Oh well.
Well did you look? In a couple of years you could save up enough for your portion of the capital and get an equity partner for the funding. Or you could check out the SBA. There's all sorts of ways you can plan to buy a business if you just start somewhere. The main thing would be that you would need to learn how to operate that kind of enterprise while you were getting the means together. What looks like a fun business from the outside is quite likely hell on earth if you aren't knowledgeable or passionate.
this is one of the tired old slogans of the right - 'start your own business' - used as a kind of master play to support the suppression of wages.
OK, well let's get rid of the regulations first and I"ll be happy (happier than working MacD's anyway), to sell Cd's, t-shirts etc.. on the street corner.
Doubt that would go down too well though.
So how can we have it both ways?
How, you ask? Simple, you stnad on your own two, damn feet, and stop acting like a little girl.
There are dozens of business you can start with no money. The lady who owns the cleaning franchise that I use started as a [legal] immigrant with no money and now owns a franchise of a major cleaning company.
I started my publishing technical business with about $2,500. We are now entering our third year. We have 8 employees and will hit seven figures in revenue. I've been taking home six figures since year one.
Starting your own business is an excellent path to wealth-- and I would argue-- happiness. There is nothing quite like self-determination.
ANd we are the businesses Obama and Liz Warren came after.
Businesses feed off other businesses too. I have employees but there are services that my company needs but not full time. I met a girl who started her own bookkeeping service and hired her to keep my company books. Her company is very successful where she had to hire. Of course since I hate housekeeping, I know a girl who started her cleaning company, I hired her company to come clean every two weeks.
Starting your own business is an excellent path to wealth-- and I would argue-- happiness. There is nothing quite like self-determination.
I wonder if any of the people who complain noticed that most successful people either own a company or do real-estate or both. One thing I mention time and time again is ignore the nay sayers. If I had listened to them I would never have started.
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