Start your own business

[puffca]

In an economy like this, if you have a small amount of money that you want to use to start a business, what would you do?
Discuss away...

 

[Wren]

I'd need a lot of extra funds to start the business I'm interested in: a bookstore. Though even if I had the money, I'm not sure I'd do it. Sure some independent bookstores are doing well by engaging the community (like I would do with events, book clubs, etc), but so many seem to be shutting down due to Amazon, B&N, and e-books.

 

[barefeetonholyground]

A coffeeshop. Don't know if I would start one in Seattle though. Probably somewhere in the south near a university campus where students could study, hang out, and enjoy one another. It's been my dream for years before I decided that God wanted me in counseling

 

[MarkSB]

In an economy like this, if you have a small amount of money that you want to use to start a business, what would you do?
Discuss away...

It depends upon the amount of startup money which is needed, the viability of the business given local economic conditions, ect. Also, how much would you have to spend on advertising, as advertising is basically a sunk cost if the business doesn't pan out.

 

[broken_one]

Bookstore. Definitely.

(yes, I know....I am the master of awesome thread clutter. )

 

[Amber.ly]

Heck no I wouldn't own my own business. Even if you are majorly successful you are crazy busy all the freakin' time.

I've worked for my fair share of small business owners. I don't want to be like them. Lots of money and no time.

And I highly doubt in this economy you could make it unless it was an internet business with minimum running costs. Or you had a sister company supporting you. That seems to work best.

 

[puffca]

I'd need a lot of extra funds to start the business I'm interested in: a bookstore. Though even if I had the money, I'm not sure I'd do it. Sure some independent bookstores are doing well by engaging the community (like I would do with events, book clubs, etc), but so many seem to be shutting down due to Amazon, B&N, and e-books.

Bookstore. Definitely.

...

When we talk about business, we talk about business, not personal enjoyment.
Tell me what can make you do better than Borders. (which is in chapter 7 right now)

 

[puffca]

A coffeeshop. Don't know if I would start one in Seattle though. Probably somewhere in the south near a university campus where students could study, hang out, and enjoy one another. It's been my dream for years before I decided that God wanted me in counseling

Sounds like a good one.

It depends upon the amount of startup money which is needed, the viability of the business given local economic conditions, ect. Also, how much would you have to spend on advertising, as advertising is basically a sunk cost if the business doesn't pan out.

This is a hypothetical questions. You can come up with any amount and consider it "small" amount, and spend as much as you think appropriate on advertising. The key is to do what you like while still make profits.

Heck no I wouldn't own my own business. Even if you are majorly successful you are crazy busy all the freakin' time.

I've worked for my fair share of small business owners. I don't want to be like them. Lots of money and no time.

And I highly doubt in this economy you could make it unless it was an internet business with minimum running costs. Or you had a sister company supporting you. That seems to work best.

Well, if you make profit and enjoy what you do, being busy isn't too bad, right?

 

[Blackguard_]

Tell me what can make you do better than Borders. (which is in chapter 7 right now)

Borders apparently had horrible, horrible, business practices.

In particular they seem to have over centralized and micromanaged badly, such as not letting a particular store order a lot of copies of a book that was selling like hotcakes at that location because their centralized model said they should only need a few copies, or sending them stuff that would never sell in that area.

I'd let local stores have more autonomy.

Really, don;t use Borders as a "you think you could do any better?" sort of example.

 

[Wren]

When we talk about business, we talk about business, not personal enjoyment.
Tell me what can make you do better than Borders. (which is in chapter 7 right now)

Well, I'm not going to run a business that wouldn't be enjoyable for me. And I did mention some of what I would do that successful independent books stores (there are still successful ones out there) do and make it a community gathering spot with events, special speakers/lecturers, book clubs and other discussion groups, and stuff like that.

ETA: I've seen the type of events they have at the library and museum that bring people together. I don't see why I couldn't do many of those same events at my bookstore. It wouldn't be just a place to sell new and used books.

 

[Blackguard_]

Anyway, the firearms industry is still going strong.

I think I'd get into making ammo, especially with the upcoming election year there might be another run on ammo like in 08' (there's a lot of truth to the jokes about Bill Clinton, Obama, et al being "Gun Salesman of the Year"). Would have to be careful to not over-invest and not have too much capacity/stock post election-rush though.

Would probably need a line of more obscure or outdated cartridges too, so as not to compete head to head with giant established companies and sell to an underserved market.

 

[Dzhessika]

definately a pug day care where other pugs could do all the pug things with one another and i'd have a big yard and lots of toys and it'd be a great time because you can never have too many pugs in one place at a time!

 

[traingosorry]

definately a pug day care where other pugs could do all the pug things with one another and i'd have a big yard and lots of toys and it'd be a great time because you can never have too many pugs in one place at a time!

You've found your niche! If it's not a service already provided in your area, and there's a strong number of pug pooches, you might be on to something! And from what I've seen, the sorts of people who might own a pug, tend to spoil their dog as opposed to an owner of a different breed. Pugs tend to be pampered dogs!

 

[Thunder Peel]

I would love to run my own record label, maybe for independent Christian artists or just indie bands in general. It's been a dream of mine for a long time.

 

[broken_one]

When we talk about business, we talk about business, not personal enjoyment.
Tell me what can make you do better than Borders. (which is in chapter 7 right now)

Fine.

The business would have lower fixed than Borders, lower variable costs, a lot more internet-savvy business, author groups and all that (surprisingly not as hard as you think).....just get all the hipsters in, and the wannabe hipster parents and you're so golden.

 

[Irrkunst]

asdf

 

[Stravinsk]

I run my futures trading like a business.

Not like a *buy, hold and forget about* investment. You can't do that in the highly leveraged instruments where you can lose MORE than 100% of your money. Every day I must analyze charts, volume, high/low,resistance and support points and be aware of important news events affecting that market - then write up various scenarios for each market and how I will act so I don't lose my shirt.

And it's with a relatively small amount of money - so does that count?

The service it provides:

Market liquidity - the market could not operate effectively without speculators. It would be like trying to run an engine without oil.


There was a point in my life where I would have loved to teach music composition - since that is my primary love. However - composition doesn't always pay - and especially not in the age of the internet where lots of people can just download your hard work for free.

 

[Tink]

dream: genealogical research

 

[MarkSB]

This is a hypothetical questions. You can come up with any amount and consider it "small" amount, and spend as much as you think appropriate on advertising. The key is to do what you like while still make profits.

Doh! I completely misread your post, my apologies.


I'd go with a landscaping business for sure. Startup costs are very small, you can get most of your basic tools for well under $5K. Advertising can be done through the newspaper or through the mail for relatively cheap. And what's nice about landscaping is its always on display, so once you start doing jobs the jobs will sell themselves. Keep your customers happy and do quality work, and word of mouth will go a long way.

Profit margins are excellent provided that you bid jobs appropriately and get them done in a timely manner. For a start-up to attract business you may have to underbid the larger landscaping companies, but its entirely possible to do so and still maintain a nice profit margin.

The biggest problem I could see would be in the winter. Snow removal would be the thing to do, but you'd be competing with alot of other contractors. And even then, as a start-up you probably wouldn't want to go through the winter with plowing as your sole source of income - so its either find other work or pray for lots of snow.

Probably the main reason I haven't tried it - too much uncertainty.

 

[Wren]

Doh! I completely misread your post, my apologies.

The biggest problem I could see would be in the winter. Snow removal would be the thing to do, but you'd be competing with alot of other contractors. And even then, as a start-up you probably wouldn't want to go through the winter with plowing as your sole source of income - so its either find other work or pray for lots of snow.

Probably the main reason I haven't tried it - too much uncertainty.

I have an extended family member with a small landscaping business and they love snow because it brings in business more than spring/summer landscaping.