Ive come to the conclusion that i want to buy my own business in the metro baltimore area. im 25 years old and i do fairly well but there is always room for more money. I want you guys to play devils advocate as to why this is a bad idea. And anyone with there own expiriences are welcome to recommend anything. I have no idea what kind of business i want but i was thinking starting out small with a simple turnkey operation like a laundromat or a cyber cafe or something. I have no clue but i do know i want to be my own boss. I really have a bar/grill type deal in the back of my mind but those cost alot to get into. well thanks for any advice in advanced.

 

ebay and internet is a good place to start small and go from there once u have made a little name for urself. i ponder on ideas like this all the time.

 

well hopefully some of this can help, my father used to own a restaurant/bar in nyc back in the day (about 22yrs ago). it did rather well and he loved, the only problem was that since he was the owner he had long hours, and at times had to bring cash home since the bank was closed at this point. at these times he would have several $k taped to his leg under his pants to bring the money home incase he was mugged. when he started a family he sold the restaurant to be able to spend time with the family. so pros: good money if its a success, cons: long hours (although i really want to own a bar myself)

i dont know anything about laundromats or cyber cafes, but i do know that the most self made millionaires in the country are owners of dry cleaners, since everyone goes to one, and its mostly ALL CASH

well hope i was of some help

 

make sure you make that **** Limited Liability on yourself. ive seen someone i know loose everything they had because of a bancruptcy including a $900,000 house.

 

too much compitition with other full time businesses, example- there are authorized major resellers selling high end home theatre equipment and no room for a guy like me that cant buy 10000 whatevers and sell them.

 

thanks, that was something i took in account but i always been one that was defined by my work. i need to work alot or i get bad ideas. and i will definately be an llc if not incorporate myself (so when i cant borrow another dime i can light a match-goodfellas).

 

My 2cents of advice:

It is always better to do something you have a true interest or passion for than just something that is going to make the most money the fastest. Just a thought.

Whatever you decide, make sure you undertake a complete market analysis when you put together your BP and try not to leave any stone unturned. Try not to leave anything out.

Always think two steps ahead and have a "safety net" available.

 

^^^^^great point. Get a good lawyer especially on start-ups.

 

(800) 928-1471

It's supposed to be a number for a company that offers start-up, turn-key wi-fi kiosks for ???

Heard it on a radio commercial while I was in Ohio on business a couple weeks ago... Haven't called and/or verified, but, if you do, be sure and post back here what the details are...

 

I own one business, I'm incorporating another next week... and I'm always coming up with new ideas. Being a business man is not for everyone. Just like I'm incapable of working a 9-5, most people are incapable of running their own show. The key is innovation. Pre-packaged businesses are usually poor investments unless you know the business. Frankly if it was such a great business, someone would not be serving it up to you on a platter.

Restaurants are generally regarded as the worst investment in the world. In LA, only 1 out of 7 businesses make it after 3 years. This is only a good idea if you're a creative chef or you've got one in your pocket. Most franchises will actually give less net pay than a regular white-collar job with similar hours.

That being said, it's GREAT that you're thinking about this. However, a good business idea can't be rushed. Then once you have the idea, you've got to either know what you're doing or find someone who does. Then comes the financing. It's actually pretty hard to incorporate and put together a busines, but if it wasn't then every idiot with an idea would have a business competing with yours.

Keep your antennae up.