drinkTHEkoolaid Posted November 8, 2010 Share Posted November 8, 2010 Just hoping for some advice, ideas etc.. from those that have "been there done that" or who just have good ideas. Basically I have decided I want to work for myself and open some type of business or franchise. The immediate problems I need to overcome are no available down payment and lack of start up funds. (yes thats a big problem) If you were to start up a business (or franchise) for minimal starting expenses what would you pick and why? How did you go about it? any advice would be appreciated, thanks Link to comment Share on other sites More sharing options...
DaGimp Posted November 9, 2010 Share Posted November 9, 2010 I'm in the same boat and I would love to get some good advice/info about everyone's experience. Link to comment Share on other sites More sharing options...
Cugalabanza Posted November 9, 2010 Share Posted November 9, 2010 I recommend starting up a professional football team in Western New York. Link to comment Share on other sites More sharing options...
thebug Posted November 9, 2010 Share Posted November 9, 2010 A sure fire way to ensure your business fails, is to start a business under-funded. No matter what business you choose, you need enough operating capital to last during the start-up stages (and that can be a while). Link to comment Share on other sites More sharing options...
tennesseeboy Posted November 9, 2010 Share Posted November 9, 2010 how to get there from here? First what business are you interested in? Do you have experience, skills, knowledge, education or a particular skill that lends itself to success in this business? If not...how do you go about getting it? Working in the field might be a start. Network and make real contacts (not necessarily or exclusively the folks "marketing" the product. Research the field and talk with existing franchisors about their experiences. Due diligence is critical. Financing? Family and friends might be the best way to go. Link to comment Share on other sites More sharing options...
KD in CA Posted November 9, 2010 Share Posted November 9, 2010 Make sure you've fully researched all the obligations and requirements of running a business. Depending on where you live, the burdens can be financially onerous and time consuming. Also be prepared for 7 day/80 hour work weeks and the impact that has on the rest of your life. If you don't have much capital, you won't be hiring many other people to help run the business. Owning your own business always sounds great, and if you do it right it is, but it requires a lot of risk taking and a lot of work. Don't go into it because you think in ten years you'll be sitting back with a cold one while other people do all the work and the money just tumbles in. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted November 10, 2010 Share Posted November 10, 2010 (edited) I can't tell you what to do, but I can relate my own experience. I'm a pretty good audio producer and these days all you need is a laptop and decent mic to do most things. So I started a side business while I was still gainfully employed. Almost no upfront costs. Over a year I grew to the point where I said bye bye to the job. 7 years later I'm doing okay. Not rich but making as much as I did when I was working stiff, but I have the benefit of doing it all my way. My client list grew by word-of-mouth. The biggest mistake I think is investing a crapload of money then praying it pays off. Another friend started making kettle corn in a wagon at fairs. Now he has two retail locations and a thriving wholesale business too. Again, small investment of money, then gave it time to grow. PTR Edited November 10, 2010 by PromoTheRobot Link to comment Share on other sites More sharing options...
Dan Posted November 10, 2010 Share Posted November 10, 2010 Just hoping for some advice, ideas etc.. from those that have "been there done that" or who just have good ideas. Basically I have decided I want to work for myself and open some type of business or franchise. The immediate problems I need to overcome are no available down payment and lack of start up funds. (yes thats a big problem) If you were to start up a business (or franchise) for minimal starting expenses what would you pick and why? How did you go about it? any advice would be appreciated, thanks Can't really help with that that. But, I'd suggest that if you just want to start a new business, but really have no idea (or care) what type of business; then you're going about it the wrong way. Score.org is a spot that has quite a bit of good info though to get you started, if/when you decide on something you want to do. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted November 10, 2010 Author Share Posted November 10, 2010 Thanks for the feedback so far guys! Basically i'm just in the "exploratory stages" trying to come up with some ideas and direction. Thanks i'll also check out scope.org keep the ideas and advice coming! Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted November 10, 2010 Share Posted November 10, 2010 (edited) Hot Foot Casualty Underwriters Insurance Company of Schenetady is the only way to go! http://www.youtube.com/watch?annotation_id=annotation_725061&v=Vaw2B-q6b8w&feature=iv Edited November 10, 2010 by ExiledInIllinois Link to comment Share on other sites More sharing options...
b stein 22 Posted November 10, 2010 Share Posted November 10, 2010 (edited) Create a burger shop and put nicotine in the burgers. You sure would have a lot of returning costumers. Edited November 10, 2010 by b stein 22 Link to comment Share on other sites More sharing options...
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