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Real estate. I'd use the 30K to buy a building or house, fix it up and then flip it. Credit is becoming more loose and I know some unemployed/under employed electricians, handymen and construction workers. using a loan plus the 30K I'd scope out homes that could be flipped for a profit. You won't always win but If I have to start a business with the 30K that seems safer than a restaurant.
Real estate. I'd use the 30K to buy a building or house, fix it up and then flip it. Credit is becoming more loose and I know some unemployed/under employed electricians, handymen and construction workers. using a loan plus the 30K I'd scope out homes that could be flipped for a profit. You won't always win but If I have to start a business with the 30K that seems safer than a restaurant.
Yeah definitely would be safer than a restaurant in general. Even people that really know what they are doing in restaurant business go out of business often. Usually those that really know real estate don't lose if they know what they are doing.
Let's look at a few hard facts, one has to consider when the start a business.
1: The majority of businesses that are started (about 80%) go broke in the first 2 years in business.
2: If you are not experienced in the particular business you are starting, you are solid in line to be in that 80%.
3 : You have to have enough money set aside to support yourself/family without drawing anything out of the business for a year. This must be addition to the money you use to start the business, and to keep it in business till it becomes profitable. It is a rare business, that makes enough profit, the owner can draw a salary within the first year. Some take longer than that.
One of the big things on the Internet today is Twitter. The last 3 years the company was required to disclose financial details. Twitter has lost money for all three years. They are hoping to get this turned around. They lost $69,000,000 in the first 6 months of 2013.
Here are 5 major companies that are losing huge amounts of money each year.
Even the big corporations with lots of money behind them, are often losing money every year.
It is harder for the small business person to run a profitable business. Though most people do not realize this.
I was a commercial/investment broker starting in 1972, till I finally retired, owning my own brokerage office.
I have seen financial statements for thousands of businesses, and it is amazing how many lost money from very small to mid size.
The information I gave above, I learned in Business Classes at a major university. And have seen it over and over again.
The majority of small businesses that go on the market, due to the owners health problems. Truth is as we joked in the industry, "They are for sale, because the owner is sick of losing money".
If you want to start a business, first go to work for one like you would like to own, and only after you truly understand the business after at least a year or two, then and only then invest in or start a business.
Let's look at a few hard facts, one has to consider when the start a business.
1: The majority of businesses that are started (about 80%) go broke in the first 2 years in business.
2: If you are not experienced in the particular business you are starting, you are solid in line to be in that 80%.
3 : You have to have enough money set aside to support yourself/family without drawing anything out of the business for a year. This must be addition to the money you use to start the business, and to keep it in business till it becomes profitable. It is a rare business, that makes enough profit, the owner can draw a salary within the first year. Some take longer than that.
One of the big things on the Internet today is Twitter. The last 3 years the company was required to disclose financial details. Twitter has lost money for all three years. They are hoping to get this turned around. They lost $69,000,000 in the first 6 months of 2013.
Here are 5 major companies that are losing huge amounts of money each year.
Even the big corporations with lots of money behind them, are often losing money every year.
It is harder for the small business person to run a profitable business. Though most people do not realize this.
I was a commercial/investment broker starting in 1972, till I finally retired, owning my own brokerage office.
I have seen financial statements for thousands of businesses, and it is amazing how many lost money from very small to mid size.
The information I gave above, I learned in Business Classes at a major university. And have seen it over and over again.
The majority of small businesses that go on the market, due to the owners health problems. Truth is as we joked in the industry, "They are for sale, because the owner is sick of losing money".
If you want to start a business, first go to work for one like you would like to own, and only after you truly understand the business after at least a year or two, then and only then invest in or start a business.
Good post. Here is my question. My brother-in-law has owned his franchise for some time. Not sure exactly what he makes, but it is a good amount. However, he has worked his whole life to get where he is. I know he has spoken in the past how difficult it is to find someone to buy the business. There are genuinely a lot of people that want to sell, but simply can't because they can't find anyone to buy it.
How do you find these people? And how do you distinguish these people from the people looking to unload simply because they are losing money.
I would gain knowledge first, the more you learn about starting up a business, the more likely you will be to succeed. The key is to always keep learning, first start out with general business startup books, then once you decide which type of business you want to start (Real Estate, E-commerce, Home Services, etc) you can buy specific books on those topics. I would start with $50 - $100 or so and buy some books about starting your own business and creating wealth. There are some great ones out there and it will be money well spent, here's some I recommend:
I would create a small investment fund(Private Placement). That will cost you about $6,000. I would than solicit private investors for capital with the goal of raising $2 million in 6 months. I'd use the $2million for a down payment of a $10-$12 million dollar business in a industry that I could expand in. I would expand by way of buying my competitors as well as synergistic companies. After 5 years of expansion, I would sell the company to a Private Equity firm.
I have 30k. I don't want to buy a car or anything like that. What kinds of business come to mind? This 30k will have to cover everything, my current income is only 1k/month, so I won't have any extra income while starting this business apart from my father who could help me here and there. Here are a few details about me,
I'm unemployed with no children so I can dedicate all my time
I have a g/f who could be available full time to help me
Comfortable with computers as well as getting my hands dirty
Comfortable with talking to people but not very out-going
Some of my experience is travel agent, automotive, and developmental disabled
No degree
I want something that can expand in these times with the right managing and isn't very vulnerable to recessions or unpredictable modern changing times. Thanks in advance.
Just because you have money doesn't mean you know how to run a business. Most small businesses fail because of people have money and a dream but no business knowledge or experience. Go take some business classes at a local community college at least.
Just because you have money doesn't mean you know how to run a business. Most small businesses fail because of people have money and a dream but no business knowledge or experience. Go take some business classes at a local community college at least.
Better yet, the best training that will ever prepare someone to run a business is managing a business. You cannot beat that experience. Course work cannot compete.
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I agree with your premise though-just not him.
