working for yourself
- Thread starter stang
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depends on the business, but $50,000 might not be all that much money after you secure Office space,renovations , inventory, computers, Staff, advertising, and so on, and you still dont have a customer base
Think hard before you leave your job & venture into business
Think hard before you leave your job & venture into business
Like Ben says, $50K isn't much. But if it were me, I'd start with what I'm good at. From there I'd move towards what I'm personally interested in and stay away from what makes 9-5 "crap". I'd also clearly identify what I'm not good at but still need done in order to be successful. This would help me identify my future business partner (based on the assumption that I'm not capable of doing 100% purely on my own).
Me .. I would buy a coin laundry.. ( i did ), best investment return on the dollar, and very profitable.
A friend of mine had a coin laundry and he said that its only profitable if you are there yourself everyday. Any employees will eat up profit.ham2004 said:Me .. I would buy a coin laundry.. ( i did ), best investment return on the dollar, and very profitable.
you work ten minutes a day emptying the coin boxes, and hire someone to clean up and fold the clothes for customers.. pay them minimum wage and tips.
The ideal is to have a good contract with a reputable cleaners and also work that angle..
Also lease the equipment, much cheaper and you always get new replacements and no repair worries..
The ideal is to have a good contract with a reputable cleaners and also work that angle..
Also lease the equipment, much cheaper and you always get new replacements and no repair worries..
If you work in a small or midsize firm that is reasonably successful there is one excellent way to start a successful business, and that's to make good connections with all your firms customers and then take them with you when you jump ship and become the competition. You alreayd know how the business works, and you'll start out with at least some customers.
Of course, this only works if your current company is profitable, and you'll need to allocate some of your $50k to pay for lawyers so that your old company won't be able to harass you out of business. You might have to do something slimey like claim that you were treated unfairly by your current company, claim constructive dismissal, etc., to get out of your contract that probably says you can't do this. But that's what business is--slimey.
Of course, this only works if your current company is profitable, and you'll need to allocate some of your $50k to pay for lawyers so that your old company won't be able to harass you out of business. You might have to do something slimey like claim that you were treated unfairly by your current company, claim constructive dismissal, etc., to get out of your contract that probably says you can't do this. But that's what business is--slimey.
Start your business as a hobby/sideline while keeping your day job - that way, your bills will still get paid. Then if you're successful enough, you can make it your full time occupation. If by chance your venture doesn't get off the ground, at least you will not have lost anything. Play it safe.
You could allways take on a partner or get an S.B.I.L. With 50k you could raise another 75K in capital. Ive had 3 coin laundrys and yes they can be quite profitable and require very little hands on supervision, but they can be very expensive to buy and its very difficult to verify sales. My best advise is to make sure your well financed and dont buy a franchise.
Buy the company & then fire everybody...
If my Mom gave me 50grand... I would start my own hobby board and then whenever somebody said somthing I didn't like... I could kick 'em out.
ROTFLMFAO. LMAO, LMFAO.
If my Mom gave me 50grand... I would start my own hobby board and then whenever somebody said somthing I didn't like... I could kick 'em out.
ROTFLMFAO. LMAO, LMFAO.
Running your own show can be very rewarding...just be sure you are running toward an opportunity, and not just away from a couple bad days at the office.
Working for yourself is like having the all time asshole for a boss, your wife is your banker, she takes and takes... Social life is not there unless you count family outings...
