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I have had office jobs for 30 years. The money is good, but I'm bored. I have some $ and can open a small business. What are some of the better choices in terms of profit potential and ease of management?
I have thought of a neighborhood coffee shop, donut shop (love to be able to eat all I can eat), fishing tackle shop (love fishing), even thought of buying a boat and become a fisherman (wife says OK as long as I can give her $6K a month).
I hope the business can earn at least 20K a month.
I dont think it would be easy managing a donut shop because of the odd hours.How would you compete with Starbucks?New restaurants have a notoriously high failure rate.I dont think a fishing guide with just one boat could make 20 k a month in profit.Also, being a professional fisherman or fishing guide is not easy to manage.Its very hard work.
I dont think it would be easy managing a donut shop because of the odd hours.How would you compete with Starbucks?New restaurants have a notoriously high failure rate.I dont think a fishing guide with just one boat could make 20 k a month in profit.Also, being a professional fisherman or fishing guide is not easy to manage.Its very hard work.
You go where they aren't.
Lots of smaller towns.. A coffee shop can be a quite good business. ($20k a month? Well.. Perhaps not)
But.. You're on point about it being hard work and having a high failure rate. Fishing boats.. Don't know where OP is, but in most places, there's a set fishing period. Plus high expenses maintaining the boat.. What happens if you're sick a day? Insurance, insurance, insurance.
You better make a killing during the 8 months of fishing season to keep you going during the 4 months that it's NOT fishing season.
Lots of smaller towns.. A coffee shop can be a quite good business. ($20k a month? Well.. Perhaps not)
But.. You're on point about it being hard work and having a high failure rate. Fishing boats.. Don't know where OP is, but in most places, there's a set fishing period. Plus high expenses maintaining the boat.. What happens if you're sick a day? Insurance, insurance, insurance.
You better make a killing during the 8 months of fishing season to keep you going during the 4 months that it's NOT fishing season.
Okay,I see your point about competing with Starbucks.Thanks.I fish with a fishing guide in Texas and he does not make anywhere near 240 grand a year.A lot of times fishing guides have to get really pricey boats every two to three years.
What is a simple but profitable small business to run?
Simple and profitable = oxymoron
You really can't have both so choose one or the other.
The other consideration is the number of operating hours per week you're willing to commit to.
Most "businesses" are little more than buying yourself a job.
I have had office jobs for 30 years. The money is good, but I'm bored. I have some $ and can open a small business. What are some of the better choices in terms of profit potential and ease of management?
I have thought of a neighborhood coffee shop, donut shop (love to be able to eat all I can eat), fishing tackle shop (love fishing), even thought of buying a boat and become a fisherman (wife says OK as long as I can give her $6K a month).
I hope the business can earn at least 20K a month.
Any suggestions?
You're not going to find it in a restaurant unless you really understand restaurants. Fisherman? There aren't many wealthy fishermen. Coffee shop? Depends on where you are. Fishing tackle shop sounds interesting, as long as you're willing to live in a fishing hotspot and buy lots of inventory ahead of time.
Car wash's and laundromats are a great way to make a passive business income and all you have to do is count your quarters everyday and pay your water bill each month.
Car wash's and laundromats are a great way to make a passive business income and all you have to do is count your quarters everyday and pay your water bill each month.
and fix the mechanical things when they break down
As soon as I figure out how to open a small business that is easy to run, doesn't take much money to start, doesn't take up much of your time, takes no specialty knowledge, and returns $20,000 a month, I am going to go into the franchise business and sell those things all over the country.
My dad owned coin laundries and they are a heck of a lot of work. The general public live like pigs and the laundromat has to be cleaned constantly. No one wants to go wash their clothing in a place where your shoes sick to the floor from spilled sodas, there is caked on soap powder in the machines and on the floor, and greasy burger wrappers and chicken bones on the folding tables.
People deliberate break the machines and try to pry open the coin boxes. Repairs are constant. With the right location, they make money, but probably not the $6,000 a month you wife expects to be handed. They are not low input.
Car wash's and laundromats are a great way to make a passive business income and all you have to do is count your quarters everyday and pay your water bill each month.
Those are not passive activities.
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