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Old 06-02-2011, 12:51 AM   #1
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Business Idea

Hello all,

I am thinking about leaving my job and starting my own business. I never liked working for anyone and have always wanted to be self employed. However, I dont have any fresh ideas to bring to the economy. I have a little bit of money saved so that will not be an issue, but it would have to make serious sense. What do you guys think? It can be service, retail etc..

How about something like a lordco, but with JDM parts only :-)
I wish... lol

Anyways let me know.

Thanks,
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Old 06-02-2011, 01:36 AM   #2
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If someone had an excellent idea, why would they give it to you?
Secondly, if it's not your own idea, you won't be passionate about it and will have a higher failure rate. Find something you're very good at and explore ways to turn that into a business.

[edit] And if you're thinking about a JDM parts store, you are about 10 years too late and will fail miserably.
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Old 06-02-2011, 06:48 AM   #3
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Quote:
Originally Posted by RHMadness View Post
Hello all,

I am thinking about leaving my job and starting my own business. I never liked working for anyone and have always wanted to be self employed. However, I dont have any fresh ideas to bring to the economy. I have a little bit of money saved so that will not be an issue, but it would have to make serious sense. What do you guys think? It can be service, retail etc..

How about something like a lordco, but with JDM parts only :-)
I wish... lol

Anyways let me know.

Thanks,
I hope you see the problem...


Since you have a little bit of money, I suggest you look at buying a business so you can operate it yourself. Something like a small coffee shop, or deli or pizza joint. Alternatively, you can be an angel to someone who has an idea but does not have the money.
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Old 06-02-2011, 06:53 AM   #4
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start ur own plumbing/construction company costs relatively low. and these guys make 2-300k per year once you get a good clientelle base
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Old 06-02-2011, 08:56 AM   #5
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As someone who does book keeping for small business I will tell you seriously and honestly that most people have NO idea what sort of expenses come into running and owning a business.

Further, parts (or any retail) is an expensive way to go as you always have to have a LOT of expensive inventory lying around in the case that a customer wants it. This ties up a huge amount of cash, cash you'll have to pay up front because you won't have an established credit history with your supplier(s).

For the sort of business you're talking about, I would hope that a "little bit of cash laying around" is in the ballpark of at least 200,000 (though I would feel safe with more, much more).

TH's suggestion that you purchase an already existing company is a good one. Just make sure you do your due diligence. A better, but longer term plan is to go in as a manager at a business, with the option to eventually buy it out. The BIG plus here is you will know after a year if this business is viable. Something that's easy to mask on paper and accounting reports.
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Old 06-02-2011, 01:33 PM   #6
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lol, there is no way he can be an angel investor with a little bit of money saved, plus I doubt he even has any skills to assess whether a start-up company is viable or not. VC is extremely risky and is not for some average joe, plus the contribution is not a small amount, and the return is very uncertain and may take many years.
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Old 06-12-2011, 11:03 PM   #7
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Do you like working long hours 7 days a week than a small business is for you. If not keep your day job.
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