The best way to start a business is what you do like to do. What are you good at? Is it plumbing? Pickup up Trash? Don’t laugh. I saw a program on TV how a woman who was a refugee from El Salvador, started a carting business and now is one of the biggest in the Houston area. Like the woods? What about Tree’s? Start a tree service. Believe it or not they can do pretty well. Ask Long Island’s own Peter Colgan of Colgan Tree Service and Landscaping. He is an aborist and loves what he does.
You can also setup signs for Real Estate agents, pet sit, the list is endless. You just need some creativity and desire and to be persistent and consistent. I tried to add as much characteristics as I thought were necessary, especially the ones I thought I was lack all of these years before my business actually took off.
Sometimes people are looking for the Holy Grail of a business, what is going to make them millions right away. Well usually that only happens with inventions, investing pre-ipo or robbing a bank. Well, you could make that being a sports star, but for all of us regular folk, there is a starting a business.
Now one thing I did not mention is staring a franchise. One of the good things about a franchise is that there is an established business model developed and they usually handle the marketing. Now you will have to pay a franchise fee with all of the associated startup costs, plus additional capital to sustain it till it is profitable. Like I said, if it is a good franchise, you have the model, the process, product or service and marketing in place.
The only thing with a franchise is you made need to drop several hundred thousand dollars. Who normally has that kind of cash lying around unless you already have a silver spoon in your mouth. There are lower cost franchises (Normally cleaning) that you can start with. You can use these to amass the money needed to purchase one of those beefy size franchises , like a Buffalo Wild Wings.
Another option is to purchase a business. Now, this requires a bit of skill or the need of a business broker. They can even help with the purchase of a franchise.
One of the most important things I think what is the ROI. You will really need to go through the books to see if it works. You also need to match it with your current lifestyle. If you have to work a full-time job, do you have a spouse that can help? Can you afford to pay a manager to run it? If not, maybe you should purchase a business that you can really leverage your time, such as a laundromat business.
What route you try, pick one that works for you and your lifestyle. Never do anything on bast case scenarios. Murphy will kick you in the ass if you do.
Like this Post? Then read Analyze Till Bankrupt.
Take me Home Scottie!