seeking help from the business guys

[bow slayer]

Just like to get a little feed back on some businesses. If you had 50-70.000 dollars to open or buy an existing business which would you look at? I have been thinking something in service to cater to the aging population. At this point I am flexible and would consider just about anything.Just like to get some feedback from others who own businesses or know about the marketplace. I would like to operate it from the London area,but I would also be willing to relocate. Thanks for any words of wisdom. If you don't want to post on here feel free to email me at [email protected] thanks

[hotrod]

What are your past experiences? what do you like to do? you need to take these things into consideration first. You don't want to start a business doing something you don't like because you are going to have to pour your heart and soul into for the first few years. Also don't expect to make money the first year or two either. It can happen but chances are it won't at the beginning. You'll need to build your business up and that takes time and hard work. There's my 2 cents.

[hirk]

Hotrod nailed it,know your strengths and weakness'es.Without passion and a good business plan you have little hope of making it.

[DT10Sam]

All thus far have good reply's, I would recommend getting a business that is already established ..........building your business will give you ulcers if it does kill you first. I am working 7 days a week so my heart and soul is in the business and this year I am getting the attitude to shut down one day a week and make that my day to do whatever I want. A good business to get into and especially in troubled times as we have now and that is the fast food business. If you take a look at McDonalds for example their business grew dramatically in the last couple of quarters due to bad economy and people just cutting back to where they are dining etc.

 

Either way be prepared to work longer hours with little or no pay and keep smiling as you will need to do alot of that as well as thinking as to why you got into this business etc. The people you will rely on will let you down and the ones that you never thought would come around will and become your best supporters that is business and always expect the unexpected. I always feel that we are doing the right thing to keep our customers happy and when I see them returning I know that we are serving them properly. We go out of our way and that speaks volumes with customers that are tired of the Big Box mentality. Stay clear of any business where the same products that you stock in store can be purchased over the internet........it is extremely difficult to compete or even come close to the prices that are advertised on the net. I recall ordering some products from a wholesaler and then a couple of months down the road they are advertising on the internet for the same price I had to pay. The only problem is being a business I required a broker as well and they get a cut and you can order my mail and not have to pay brokerage fees. Welcome to the world of fishing products...........a good business to stay clear of is fishing products there is no such thing as loyality it is a cut throat market and the distributors make sure of that. Just my 2 cents.

 

Best regards,

Sam

[JohnF]

Huge question, even bigger answer.

 

70 grand will disappear pretty fast in a lot of businesses tat involve inventory or special equipment, and won't make a dent in many profitable franchises.

 

I'll be interested to read the suggestions you get.

 

JF

[wolfville]

I would work as an employee in the business you're interested in becoming an owner. This way, you really get a chance to learn everything about the business, and most importantly, figure out if you like it or not.

 

A lot of times people rushing into owning a business just to find out their previous impression about the business was way off. Without getting your hands dirty, you only see the part of the business that is attractive (to you) but not the whole picture.

 

Good luck and wish you find something you will enjoy.

[BUSTER]

Real Estate

[DRIFTER_016]

You want to make $$$$$ then start a Porn or Gambling website.

Or possibly a web based liquor delivery service.

Plenty of bucks to be made off vices.

[Cast-Away]

My advice would be to first take a course on small business ownership and entrepreneurship. I took this course at York University a few years back and it was quite an eye opener to find out how little that I knew about starting and running a small business.

 

At the end of the course we had to right a complete business plan for a new startup company including all of the research that relates to government regulations, taxes, lines of credit with the banks etc.

 

We were told that a bank will not even consider a small business line of credit or loan without a well thought out business plan. You need to short and long-term goals that go out as far as 5 years into the future.

 

So do yourself a favour and first come up with a viable idea and then educate yourself to help you decide if you are throwing away your money, or stand a good chance to start up a new dream!

 

Like others said, expect long ours and little financial reward in the first few years.

 

Good luck!

[motion]

I agree with a couple of the previous posts in that you should know what you are getting into before dropping any cash. I also agree that 70K won't get you to far in most businesses. Established business that are profitable will cost you plenty more. Be carefull of the many scams out there as well. You may end up with nothing to show for your 70K.

 

Star slow. Try something you may have an interest or talent in before you drop your hard earned money. Just my $0.02.

[Big Cliff]

There are so many things to consider and a lot of really good points have been put forth already but my first questions would be about you. What is your background? How old are you? Do you have a family to support? There are many more but lets start with those.

 

If I was going to start a business right now, it would be in the service industry and in particular in small engine sales and service for a number of reasons. First, I know the industry and I have all the tools. Second, when money gets tight people fix things rather than replace them, believe me, I have so much work that I have had to hire a helper and I still can't keep up and I don't advertise.

[lunkerbasshunter]

well the service that is lacking for elderly is a taxi service to drive them to the dr office or grocery store and help them out while you do it. Help walk them up stairs and open doors etc.... you woudl need a handicapped van or something of that nature as well. there is a huge market for this kind of service just trying to figure out how to make money while you do it is the key.

 

cheers!

[Dutch]

Drycleaning or laundrymat.

 

Seriously, those busineses are recession proof.

 

Do a Goog search - if you own a Drycleaning place or laundrymat in a good location you are probably on the way to making a great living.

[tknohpy]

A couple of things I have learned in over 10 years of owning my own business are

 

1) Things always cost more than you thought they would and take longer to happen then you planned

 

2) Develop a business that makes money without your direct day to day involvment.

 

Obviuosly you need to run your business but it is nice to go fishing in the middle of the week when the lakes are a lot quieter!

[JohnF]

A couple of things I have learned in over 10 years of owning my own business are

 

1) Things always cost more than you thought they would and take longer to happen then you planned

 

2) Develop a business that makes money without your direct day to day involvment.

 

Obviuosly you need to run your business but it is nice to go fishing in the middle of the week when the lakes are a lot quieter!

 

Good point. There's nothing like a small business startup to screw up the leisure time.

 

But don't let all the negative talk dissuade you before you even explore the options. If no one took a chance there'd be no more entrepreneurs.

 

JF

[mikeh]

Lots of good advice already. I think there is a franchise show every year in the spring, it might be worth checking out to see the new businesses.

[Radnine]

Drycleaning or laundrymat.

 

Seriously, those busineses are recession proof.

 

Do a Goog search - if you own a Drycleaning place or laundrymat in a good location you are probably on the way to making a great living.

 

What Dutch fails to mention is that the best thing about a Laundromat is that it is a cash business.

Think about the book "The Wealthy Barber", the book that started us all believing that we could be millionaires. The real message in the book should have been that as a barber, you cut 10 guys hair at $10 per. As far as the government knows you were home sick that day.

[moemoe]

Heres an idea, I work in health care, in Er specifically and a big dilemma is patient transfer out of the hospital, specifically wheel chair bound patients or limited mobility patients. Right now the only option for people who can't walk to a taxi is Ontario Patient transfer which essentially is 2 man ambulance type crew who puts the pt on a stretcher. There are no wheel chair accessible taxis availble without a 4-5 day advance notice. If you could supply the wheelchair and deliver the pt with assistance into their home where they would have their supports available ie walker..it would save the hospital immense amounts of money and put some into your own pocket

[rob v]

This one's guaranteed to succeed. : )

 

 

http://www.cnn.com/video/#/video/us/2009/0...pless.cafe.WGME

[bow slayer]

thanks for the replies. The question is not for myself but for my wife. I work in health care and she is looking at trying to be a sucessful business person. She is getting a severance package and would like to explore the option . Keep the replies coming. thanks

[JohnF]

Go back to the skill set and training thang. What's she trained for? What kind of people skills does she have, organizational abilities, time management, self motivating, etc. If she has most of those maybe she should park the cash and look at something like real estate sales. I've been in it for 33 years and it ain't a bad gig. You've gotta be able to work independently, and be able to live with sporadic pay cheques, but it can generate nice living and afford you the luxury of plenty of time off when you want it.

 

Later on, when she gets established, then she uses the golden parachute to leverage some income property buys.

 

JF

[pigeonfisher]

Heres an idea, I work in health care, in Er specifically and a big dilemma is patient transfer out of the hospital, specifically wheel chair bound patients or limited mobility patients. Right now the only option for people who can't walk to a taxi is Ontario Patient transfer which essentially is 2 man ambulance type crew who puts the pt on a stretcher. There are no wheel chair accessible taxis availble without a 4-5 day advance notice. If you could supply the wheelchair and deliver the pt with assistance into their home where they would have their supports available ie walker..it would save the hospital immense amounts of money and put some into your own pocket

 

 

I can't imagine the insurance premiums.

[jjcanoe]

London needs a new Hooters restuarant, you could host the London OFC swills!

 

jjcanoe