Anybody here own their own business?

[Jack Handy jr]

I was lucky, I already had a good data base of students from teaching drums at home, so I just brought my students over and hired other teachers (guitar, bass, piano, voice, etc). I nailed down a awesome lease in a good location, all employees are contract, no tax number needed (no taxation on music lessons here), so admin is a breeze. I started in profit mode from the get go. I'm lucky to have that type of business where I could latter from home based to commercial location.

Start up costs were very low; some musical gear, some waiting area stuff (customer chairs, reception desk, printer, etc), maybe $5000 at the most (I paid out of pocket). I did do a major overhaul on the facility going into the second year, I put half the funds in, financed the other half, paid it off within 30 months. Sound proofing, painting, etc was done. Turned out very nice, had a huge difference in customer satisfaction.

I've had friends (and clients) approach me over the years asking about starting a business, my advice has been:

- Bounce your idea off of pro's; successful business owners, business instructors, business advisors, etc etc. Not just one or two people, at least ten imo.

- Look for non profit/government type organizations that aid in start ups. I had a great agency in my town that provided me with an amazing counselor, he taught me how to do a business plan, how to apply for financing, etc etc. This help was invaluable.

- Do a business plan. Don't know how to do one, learn. When complete, bounce it off people mentioned in my first point. Take feedback, edit as needed. Your first draft will NOT be your final draft.

- Study your competition. What are their weaknesses, strengths, etc etc. This will be part of your business plan as well. It's obvious, but a lot of people half ass this part.

- Take your time. If you're having to rush to start a business, abort. A successful business starts LONG before you open.

- Have an open mind. What you think is the right way to do things, might not be. Do you want to be successful or right?

There's much more, but I'm hung as fuck.

Thanks bro...what's your opinion of selling coffee? I know the market is arguably saturated and people are as loyal to Tim hortons and Starbucks as their brand of beer.

I just see the lines at Tim hortons literally non stop 24 hours per day my idea is to sell coffee and treats. What do you think? Bro the Tim hortons near my house must do at least 20,000 per day and that's probably a conservative eyeball estimate

 

[Jack Handy jr]

We sell purified drinking water hehe.yes its for drinking

So you guys sell drinking water? Is that very lucrative? Is that your family's primary source of income?

 

[Tavares1988]

So you guys sell drinking water? Is that very lucrative? Is that your family's primary source of income?

Excuse me but what does lucrative mean? Haha my english is not that very good.yes my mother is managing it . average income per day is 150 in US dollars x 4 = 600 dollars a day.we have a farm too hehe

 

[RockstarChris]

i know most of my offerings in the berry are of a let's say light hearted slant but for once I'm being serious with a thread.

Im sick and tired of being an illuminati labor unit, scraping from check to check. Over the past three years I've fantasized about opening a coffee and donuts shop basically some type of Panera bread/Starbucks ripoff.

I've noticed that a lot of people that aren't medical doctors or something that have a lot of disposable income seem to have their own businesses.

I just want to know if anybody here started a successful business by submitting a business plan to a bank and securing a start up loan.

You don't need a loan. Just start a business. I buy vintage furniture at thrift stores and garage sales and refinish it and resale on craigslist for 20x what I paid. Been doing it for 4 years. The problem with a loan is that you have to pay it back. If you can't afford to start a business without a loan then you can't afford to start a business. Ask yourself, if the business fails are you prepared to pay back that loan out of your labor job for the next 20 years?

 

[Jack Handy jr]

Would this be a side thing or are you leaving the force? No chance in hell I'm walking away from my pension, no matter how many years left till retirement.

Bro I'd ideally like to do both....I just gots a loooonngg time til 60.thats what's so frustrating about this decision...the whole "what do I do"...::can I even do both simultaneously? Most guys have gun smithing or federal firearms dealer licenses on the side but it's not "real money" until you open a gun store.

The one agent that did quit to open his own gun store is doing very well....most tried to scare him out of it

 

[bufetadanacara]

If you don't mind sharing do you have the toys, and the vacations twice a year? I notice a lot of small business owners have the car they want and take vacations without the stress of putting half the cost of the trip on credit

I don't have a lot of toys, that's how I live, that's how I could have these businesses and never borrow money. I've worked since I was a kid and had no student debt, always employed.

I do have houses in two different hemispheres and enjoy year round summer.

I'm far from a rich man but I don't worry about paying bills at the end of the month. I took my first loan this year ( I'm almost 40) to buy another small house to rent out. I owe the bank about $35,000. Other properties and hoses are paid for. I drive old vehicles, as long as they start, I'm happy.

 

[Jack Handy jr]

Excuse me but what does lucrative mean? Haha my english is not that very good.yes my mother is managing it . average income per day is 150 in US dollars x 4 = 600 dollars a day.we have a farm too hehe

That's pretty lucrative and lucrative means something that one does that generates a lot of money

 

[HelloJapan]

Thanks bro...what's your opinion of selling coffee? I know the market is arguably saturated and people are as loyal to Tim hortons and Starbucks as their brand of beer.

I just see the lines at Tim hortons literally non stop 24 hours per day my idea is to sell coffee and treats. What do you think? Bro the Tim hortons near my house must do at least 20,000 per day and that's probably a conservative eyeball estimate

It's very competitive indeed. I'm no coffee expert, but god knows people fucking love it to death. It seems the coffee places that succeed outside of the big chains offer things they don't; more laid back environment, quality snacks/food dishes/etc, maybe some entertainment on certain nights, relaxed meeting places for groups (book clubs, etc). It's quality vs quantity. My guess is you'd have to appeal to people that will pay for the finer things, gain their ongoing support, spread positive word, etc.

If that vibe isn't your thing, what about looking into becoming a Timmy Hoes franchise owner? Granted, its got a big price tag, but if you could secure the capital, and are willing to put in the work, its looks like sure fire success. I loosely know the guy that owns the three in my town, he started with one, more came with growth. He does very well.

 

[RockstarChris]

We sell purified drinking water hehe.yes its for drinking

My mom talked to a store owner that sold nothing but bottled water before she opened her own clothing business just to learn about owning a retail store and she couldn't believe that they had an entire store just full of bottled water and made 10's of thousands of dollars per month.

 

[Tavares1988]

That's pretty lucrative and lucrative means something that one does that generates a lot of money

Thanx dude .another english word learned hehe

 

[Tavares1988]

My mom talked to a store owner that sold nothing but bottled water before she opened her own clothing business just to learn about owning a retail store and she couldn't believe that they had an entire store just full of bottled water and made 10's of thousands of dollars per month.

Where are u from?

 

[irish_thug]

Bro I'd ideally like to do both....I just gots a loooonngg time til 60.thats what's so frustrating about this decision...the whole "what do I do"...::can I even do both simultaneously? Most guys have gun smithing or federal firearms dealer licenses on the side but it's not "real money" until you open a gun store.

The one agent that did quit to open his own gun store is doing very well....most tried to scare him out of it

I'f you're lucky enough to have the spare time to do it on off days with some other guys, that's the route I'd go. I get 15 days off a month because of the compressed work week I do, so I've always held side gigs for extra money, that way my wife gets to be a stay at home mom. I don't know that I've got the balls to venture out and do my own business.

A buddy of mine did, and at the rate he's going he'll be retired at 35. Or dead, surrounded by hookers, coke, viagra and cigars.

 

[Jack Handy jr]

I have a full time job, but also, together with 3 other friends, started up a company, which has made enough money to allow us to look for investment opportunities. None of us need the income from the company we started, as we have full time jobs, we do take payouts quarterly though. The idea is to find other investment opportunities with our profit. Have a few things going at the moment, including software, a bar and a storage facility for upcoming LNG projects that will be starting 2018 here in the Gulf.

Damn homie you guys are ballin

 

[dc007]

I took out a HELOC on my co-op to open my business. Spent close to 200k but started making money immediately and paid it off pretty quick.

 

[Jack Handy jr]

It's very competitive indeed. I'm no coffee expert, but god knows people fucking love it to death. It seems the coffee places that succeed outside of the big chains offer things they don't; more laid back environment, quality snacks/food dishes/etc, maybe some entertainment on certain nights, relaxed meeting places for groups (book clubs, etc). It's quality vs quantity. My guess is you'd have to appeal to people that will pay for the finer things, gain their ongoing support, spread positive word, etc.

If that vibe isn't your thing, what about looking into becoming a Timmy Hoes franchise owner? Granted, its got a big price tag, but if you could secure the capital, and are willing to put in the work, its looks like sure fire success. I loosely know the guy that owns the three in my town, he started with one, more came with growth. He does very well.

Probably have to go with the independent coffee house. I looked in to the collateral need to open up a seven eleven in Orange County years back and they ant you to have a 1000 credit score and be solvent 1 million...it's like the old adage it takes money to make money.

The timmys by my house kills. I know one in the other side of town would do well too...I just want 2017 to be different for me and my family from an economic standpoint. I've already cut damn near everything I do for myself out to include my first love BJJ.


I cut cable and went with fie stick,

cut way back on impromptu chucky cheese and toys r us runs,

put off buying a car for the third year


and I'm now to the point where I need to take that leap if I ever want financial freedom. Going camping is fine...but it'd be nice to be able to afford fiv first class tickets for a haaiian Christmas vacation

 

[irish_thug]

Probably have to go with the independent coffee house. I looked in to the collateral need to open up a seven eleven in Orange County years back and they ant you to have a 1000 credit score and be solvent 1 million...it's like the old adage it takes money to make money.

The timmys by my house kills. I know one in the other side of town would do well too...I just want 2017 to be different for me and my family from an economic standpoint. I've already cut damn near everything I do for myself out to include my first love BJJ.


I cut cable and went with fie stick,

cut way back on impromptu chucky cheese and toys r us runs,

put off buying a car for the third year


and I'm now to the point where I need to take that leap if I ever want financial freedom. Going camping is fine...but it'd be nice to be able to afford fiv first class tickets for a haaiian Christmas vacation

Timmies franchises aren't cheap, but once you have one you get priority on new franchise locations in your area. A buddy of mine knows a couple that are both Dr.s, gave up their practises to run a string of Tim Hortons. They don't even do anything anymore, they gave a regional manager that takes care of their stores for them.

 

[HelloJapan]

Probably have to go with the independent coffee house. I looked in to the collateral need to open up a seven eleven in Orange County years back and they ant you to have a 1000 credit score and be solvent 1 million...it's like the old adage it takes money to make money.

The timmys by my house kills. I know one in the other side of town would do well too...I just want 2017 to be different for me and my family from an economic standpoint. I've already cut damn near everything I do for myself out to include my first love BJJ.


I cut cable and went with fie stick,

cut way back on impromptu chucky cheese and toys r us runs,

put off buying a car for the third year


and I'm now to the point where I need to take that leap if I ever want financial freedom. Going camping is fine...but it'd be nice to be able to afford fiv first class tickets for a haaiian Christmas vacation

Yeah franchising is crazy expensive, and a hard core process as well. If you're doing the coffee house thing, that's cool. Just do your homework. One thing I forgot to mention is-passion. Passion will drive you through all the bullshit. It's cliche, I know, but 100% true.

 

[MadSquabbles500]

i know most of my offerings in the berry are of a let's say light hearted slant but for once I'm being serious with a thread.

Im sick and tired of being an illuminati labor unit, scraping from check to check. Over the past three years I've fantasized about opening a coffee and donuts shop basically some type of Panera bread/Starbucks ripoff.

I've noticed that a lot of people that aren't medical doctors or something that have a lot of disposable income seem to have their own businesses.

I just want to know if anybody here started a successful business by submitting a business plan to a bank and securing a start up loan.

You a Po Po right, coffee and donuts is something you know.

If you in SoCal, I suggest you go near the border because the Border Patrol is active 24hrs, and they need dem cawfee and da nuts. San Diego border is probably to expensive. May I suggest Mexicali/Calexico.

 

[MadSquabbles500]

How much does a cop make? Get together with your friends, buy commercial space and just rent it out. Or buy residential and rent that out.

 

[indo80]

everyone I know that has a business seem stressed to the max . you still have to work for someone(customers) and deal with people .

Long hours and hard work is a lot more digestible when you know your bearing all of the fruits of your labor, putting in the same hard work as an employee will not give one the same satisfaction.