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Old 05-15-2012, 01:15 PM   #1
fireturk41 [OP] fireturk41 is offline
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need business ideas

I have been thinking about starting my own business but im looking for ideas. I thought about opening a fire house subs but they dont wont to open one in my immediate area, so im going to talk with the franchise manager a little more on it. then i started thinking i could possibly open up another type of business but im short on ideas

any suggestions or advise?
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Old 05-15-2012, 02:08 PM   #2
UBIQUE
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Quote:
Originally Posted by fireturk41 View Post
I have been thinking about starting my own business but im looking for ideas. I thought about opening a fire house subs but they dont wont to open one in my immediate area, so im going to talk with the franchise manager a little more on it. then i started thinking i could possibly open up another type of business but im short on ideas

any suggestions or advise?
If you plan to own your own business, it needs to be something that you are both passionate about and excel in. Trying to gather ideas from strangers on the internet on what your business should be seems shortsighted and ill advised.

What are you good at? What do you like to do as a hobby? What are your interests?

Honest, I wish you the best of luck, but rethink your "idea" gathering strategy.

Frank
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Old 05-15-2012, 02:10 PM   #3
Don't ask questions you don't want the answer to..
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Somewhere in your area there is a business' for sale publication, whether physical or digital, you may want to consider purchasing an already thriving business, again that you have an extreme passion and very high level of competency with.
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Old 05-15-2012, 02:13 PM   #4
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do you have enough capital and collateral for a firehouse subs? i know they are pricey! only reason i ask is because im in the fast food ownership business myself, and i dont want you to get in over your head, and at first, i will admit i was.
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Old 05-15-2012, 02:21 PM   #5
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Make a list of your hobbies or extreme interests. Then decide what has a demand or would be needed in your area. That will halp you narrow it down. No matter how much you love something, if there's no demand or need for the product or service, you won't make money. And a company's number one goal is to make money. If you ain't making money, no sense in being in business.

It's no cake walk owning and operating your own business. A lot of people only look at the positives and not the negatives. For instance, at a normal day job for a company that employs you, you get paid regardless of what the company does in sales. Good or bad, you're still guaranteed monies. As a business owner, if your company loses money or doesn't make money, guess what, you personally don't either.

With that being said, it takes a lot of time and patience to get a business started. Usually years. And sometimes while you want to give it your full attention and full time of day, you cannot afford to because you need to make money else where. Case and point, I own and operate my own company. I've been in the process for the past two years of developing another and we are finally operable. Both myself, and the other man involved, we are the two only ones involved in this company. We've gone two years, which includes flying to varies countries and places, making phone calls, running test runs, essentially spending much time and money to get us to the point of operation. Neither of us have made money off it UP until now. We have closed up and finished most things and now are starting to get business. Hardest bit is promoting ourselves though so people know who we are and what we do.

In addition I'm employed by two other companies, one which is a small business, and another that is a medium sized company.

Just some things to consider.
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Old 05-15-2012, 03:14 PM   #6
fireturk41 [OP] fireturk41 is offline
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my biggest passion is firefighting, im a volunteer on 2 fds and am currently looking for employment with a career dept. I like to cook and work on my own vehicles but honestly my biggest passion is for firefighting, i thought about distributing fire fighting equipment but that isnt really a high demand field in my area I also thought about opening an offroad shop but I think that is choked out with competition, Im also gonna talk with my mother and coconspirater at this point about maybe trying to start up our own restraunt

I talked with the manager of firehouse today he said hes looking for a franchisee not too far away but he said he doesnt want a firefighter as a franchisee because of the time constraints.
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Old 05-15-2012, 03:27 PM   #7
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Working restaurants can be tough. I play a role with one currently. Hours are random, and you can potentially end up working upwards of 70-80 hours a week depending. Also with a restaurant, it'll require money (loans), permits, licenses, etc. Like it's been said, it's not an easy task and it's very draining mentally. But at the same time can be very rewarding.
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Old 05-15-2012, 03:35 PM   #8
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Property management. Buy a house and live in one room while renting the rest out, continue this for ~2 years and build capital, at this point you buy a second house and rent all the rooms. Continue this for 1 more year etc etc etc. Fast forward 35-40 years, sell 15+ houses which are all 75-80% maybe some even 100% capital, one house a year to save the tax hit.

The idea is to amortize the mortgage over the longest period possible, you will end up paying more in interest but it will give you the advantage of rent covering the mortgage and bills with some left over, this is your income for you and all the while you are building capital in a house.

I know this is extremely over simplified but if you're going to do it you need to crunch the numbers in your area and find out what is affordable and rent-able and me doing that doesn't make sense as all the numbers I have run for myself are irrelevant. That being said the time frame of a 2 years and whatnot is subject to tons of factors but it gives you the idea.
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Old 05-15-2012, 03:42 PM   #9
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Quote:
Originally Posted by spares View Post
Property management. Buy a house and live in one room while renting the rest out, continue this for ~2 years and build capital, at this point you buy a second house and rent all the rooms. Continue this for 1 more year etc etc etc. Fast forward 35-40 years, sell 15+ houses which are all 75-80% maybe some even 100% capital, one house a year to save the tax hit.

The idea is to amortize the mortgage over the longest period possible, you will end up paying more in interest but it will give you the advantage of rent covering the mortgage and bills with some left over, this is your income for you and all the while you are building capital in a house.

I know this is extremely over simplified but if you're going to do it you need to crunch the numbers in your area and find out what is affordable and rent-able and me doing that doesn't make sense as all the numbers I have run for myself are irrelevant. That being said the time frame of a 2 years and whatnot is subject to tons of factors but it gives you the idea.
Good advice on the housing bit. Especially since now is the time to buy. At least in AZ, any house you buy, even if you turn around and sell it in another year or two, you will get back at least what you paid for it, if not moar.
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Old 05-15-2012, 03:57 PM   #10
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Start international entertainment company. The biggest and the
best. And call it Prestige Worldwide.

The first word in entertainment.
- First word.
- Management.
- Financial portfolios.
- Insurance.
- Computers.
- Black leather gloves.
- Research and development.

Putting in the man-hours to study
the science of what you need.


I'm sorry I couldn't resist. Good luck with startup. If you are looking for capital and not having any luck look into local microenterprise loan funds in your area. I sit on a credit committee and see a lot of really good small business and start ups come applying for money that they cannot get from a traditional bank loan due to qualifications.

This is the microenterprise loan fund I help with.
http://www.umlf.com/umlf/partners.html
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Old 05-15-2012, 03:59 PM   #11
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http://www.youtube.com/watch?v=o8T095mFdW8
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Old 05-17-2012, 04:27 PM   #13
fireturk41 [OP] fireturk41 is offline
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I think i found something, small but i think its perfect. im looking into being an Amsoil dealer since fire house subs doesnt want firefighters as franchisees

thanks for all yalls help
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Old 06-07-2012, 12:41 PM   #14
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My brother owns 2 businesses. Landscaping and metal fab shop. He does pretty well I think, but his biggest issues are finding employees and dealing with maintenance. Equipment breaks all the time, he usually spends nights and weekends fixing it cuz his employees are too stupid. That's his biggest issue. But he loves the work.

My Dad got laid off from his employeer, then did the same thing on his own. He made more than anyone that stayed at his old job. They all were jealous of those that left and started their own gig. Construction BTW.

My wife will be opening a dance stuido, she loves it, its her passion, and shes a chiropractor. So eventually she will have her own 2 and I can quit my job and just run those so she just has to show up.

I thought about buying a frozen yogurt franchise as well. Awesome business model, self serve, weigh it and pay it. 1 high school kid can run it. But i really dont know how much you can make off them, I had a buddy on my hockey team that owned 2 Ritas italian ice stores and did ok, he still worked another job though. Ive heard stories where ppl buy a franchise and basically work long hrs for 8/hr.
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