Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm in the mid 20s and, frankly, am tired of working for other people. I've taken a few business classes in college and I consider myself a generally business savvy person (i.e. I understand the basic concept of business and have written business plans but I am no expert). I have a long-term business in mind but before I plunge into that, I was thinking of opening something small to get my feet wet first. I was looking at franchises but I really have no idea where to begin. Are there any really awesome resources to help me get started? I'm not sure if a franchise is the way to go since I will still be working for someone else and I won't be able to keep all of the profit. But I don't really have any ideas of something to open on my own. Is now a good time to even consider opening a business given the economy?
Good questions. I'll answer that it's still a great time to start a business despite the economy, the key to being successful is realizing that you have to be patient as it will take a few years for it to fully develop. Plus you will work harder than ever as you will have to be involved with marketing, customer service, hiring and firing, etc.
A good business to get into is distribution of snacks or beverages. I bought my business 2 years ago which was strictly snacks and beef jerky. We have added some lines including wallets, watches, angel pins, sunglasses, energy drinks. Our revenue increased 8% in 2009 over 2008 and we expect the same for 2010 all while having no increase in clients.
Benefits of distribution are you can run it out of your house, use a van for deliveries, make very decent profit margins on your products, get products from Costco or Sams Club plus you can work the business in the morning and have the afternoons/evenings free for family or activities. My business has me working 4 days a week with an occasional delivery on a Friday so I don't work weekends. I'm not getting rich, but I'm making a decent living while many people are struggling with a job.
Franchises can be very profitable, a friend of mine runs a sandwich shop and the place is packed every day, he is looking to open 3 more locations within a year. However, you must do a ton of homework to find the right franchise.
I'm on the same boat. I think if you're gonna start a business you should look @ Capital, and I'm guessing you're looking into what will cost you the least to open. Distrubution is def a good one like Golfinnova stated. Also you may look into opening a small bakery store (preferable close to a school). The one close to my old HS still get tons of traffic during and after school hrs. Also you should know most franchises require huge Cash in hand. On of the least expensive to start is a Subway restaurant..But there are so much guidelines under these things that you really need to do some research first.
I'm in the mid 20s and, frankly, am tired of working for other people. I've taken a few business classes in college and I consider myself a generally business savvy person (i.e. I understand the basic concept of business and have written business plans but I am no expert). I have a long-term business in mind but before I plunge into that, I was thinking of opening something small to get my feet wet first. I was looking at franchises but I really have no idea where to begin. Are there any really awesome resources to help me get started? I'm not sure if a franchise is the way to go since I will still be working for someone else and I won't be able to keep all of the profit. But I don't really have any ideas of something to open on my own. Is now a good time to even consider opening a business given the economy?
Any advice will be greatly appreciated. Thanks!
Buying a business that has a franchise will not feel like you are working for someone else. It's your business. You train the employees your way. You can advertise your way. You are basically paying a fee to use their trusted name that already has a reputation. There are a few franchises that are more controlling than others, but most are still pretty open. Opening a franchise is a lot less risky than starting from scratch. My family used to own a mid-level hotel franchise and had an annual net income over $1 million. That's after expenses and franchise fees. The only franchise I would stay away from is Quiznos. There is a reason why there aren't many of them even though their product is better than Subway. That's the only franchise I can think of where you might feel like you are still working for someone else.
I'm in the mid 20s and, frankly, am tired of working for other people. I've taken a few business classes in college and I consider myself a generally business savvy person (i.e. I understand the basic concept of business and have written business plans but I am no expert). I have a long-term business in mind but before I plunge into that, I was thinking of opening something small to get my feet wet first. I was looking at franchises but I really have no idea where to begin. Are there any really awesome resources to help me get started? I'm not sure if a franchise is the way to go since I will still be working for someone else and I won't be able to keep all of the profit. But I don't really have any ideas of something to open on my own. Is now a good time to even consider opening a business given the economy?
Any advice will be greatly appreciated. Thanks!
Good to hear about your positive plans on doing business .. if I have the knowledge and the money then I'll be on my way there as well. Soon, I hope. Working on it .. lol .. well, all I could say is you could try finding a business partner and get into a partnership deal, that way you won't have to go through all the hard stuff in starting a business alone. Some good read here on that: International Business Development Strategy - Keys to Success: No such thing as a One-Man-Team
Having been in business for myself twice, the first starting right at the end of college the #1 piece of advice I would give is pursue your passions and interests.
I wouldn't get into the sandwich business for instance unless you love making sandwiches and everything about sandwiches.
I'd simply take what you want to spend your days doing and then make a business out of it. I did it, you can too.
Having been in business for myself twice, the first starting right at the end of college the #1 piece of advice I would give is pursue your passions and interests.
I wouldn't get into the sandwich business for instance unless you love making sandwiches and everything about sandwiches.
I'd simply take what you want to spend your days doing and then make a business out of it. I did it, you can too.
x100 that's what i did. while 90% of the working people are counting the days to retirement, i'd prefer not to retire until i physically can't work, even if it's just part time. figure out what you are best at, not necessarily a field or subject, but personality traits. like for me, i naturally always think about how to make something better or how to improve on something. i know how to make things and how tools work. so i manufacture. while everyone says that manufacturing is dead in the US, i am doing it and even exporting a little. im busy in a recession. the only reason why is because i am using my strengths. i picked a niche w little competition. also, you're better working for someone for a couple yrs before working on your own, so you will make less mistakes. you will have to deal w your weaknesses too, so be open to advice from people who know more in those areas.
Hey,
I'm in the mid 20s and, frankly, am tired of working for other people. I have a long-term business in mind but before I plunge into that, I was thinking of opening something small to get my feet wet first. I was looking at franchises but I really have no idea where to begin. Are there any really awesome resources to help me get started? I'm not sure if a franchise is the way to go since I will still be working for someone else and I won't be able to keep all of the profit.
Any advice will be greatly appreciated. Thanks!
I'm at the other end of the career cycle - slowly winding down towards semi-retirement. "Imitate-Never Innovate" might sound counter-intuitive, but, starting out, as you are, you need to realize that, however smart you think you are, there's always SOMEONE out there who knows more than you do. AND, they are (almost) always willing to share and help.
I didn't go out on my own until I was in my 30's, so you're getting an early start. At your age, it doesn't much matter what you do. Just get a job (at any level) in whatever business you think might interest you. You'll find out very quickly if, indeed, it's your 'cuppa tea'. If not move on!
Putting a lot of time, (borrowed) money and effort into a new business that you know nothing about is an invitaion to disaster. What's worse, is that early failure too often discouranges young people from trying again.
You might be spending too much time 'thinking' instead of 'acting'. You gotta take a shot to make a hoop. The more shots you take the more you make - Quit worrying and get going . . . .
Hope this helps . . . .
If you go to SCORE.org, you'll find information on how to create a business plan, finding the right business for you, how to market, tax and accounting information, and what you don't know you can ask a counselor, all at no cost to you. They have how to webinars. They are great for a new business and for an existing business. We've gotten some great marketing advice from their counselors.
Last edited by carolac; 04-18-2010 at 05:54 AM..
Reason: Typo
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"Imitate - Never Innovate!"
