Owning a business...anybody have experience?

[mechanicdb]

I've kicked the idea around several times about starting up my own business.

I just want to know if anybody has some insight from experience on this forum.

I have so many questions, just general questions.

thanks,
D

 

[Tutelage]

Well, I have had my own mom and pop type business, and I still sell things on ebay but other than that not really. I am also going back to school this fall for business administration (First Semester for business administration) so I can get my CPA and maybe get into accounting or Finance. I love working with numbers and keeping track of data and I just find the equation
Assets = Liabilities + Owner Equity interesting (I don't know why I just do so don't ask lol). Anyways good topic and are there any business owners here or accountants??

 

[writeonbro]

Owning a business is a lot of hard work, I'm sure you know that. So, take bay steps into a business by starting part-time. A good starting point is to make money doing something you love.
If you have a hobby look at ways to monetize it. If you're a musician you could give lessons. Or an avid gardener could sell plants or whatever you like to grow.

Got the idea? Find something you are already doing and and love and when you get paid to do it you'll love it even more.

 

[mechanicdb]

That's a good suggestion, and thanks; but what i'm thinking of doing is buying a property that is already built, or buying a franchise and starting from the ground up (not exactly owning your own, but managing would suffice for a franchise I think).

 

[stovebolts]

Hi Derek,

My wife ran a sucessful sewing business out of our home until we moved out into the sticks and I ran a small roofing crew for a few years as side work to the tune of $80,000 gross my first 6 months part time. BTW, it was side work, and I did not work in the winter and I stopped in November becasuse of the chance that the shingles wouldn't seal, and I've have a leaky roof to repair once the ice set in.

As far as running a franchise, I have a friend that owned a few Curves stores and one that ownes a Sub store. The Curves is slowing down and he is trying to get out of that line since that craze is over, and he's looking for the next hot trend to sink his money into. So, if your looking at a franchise, one question you might want to ask is, 'Is this a temporary wave" or will it be sustainable for years and years to come? Also, will your local community support your franchise?

Good luck!

 

[mechanicdb]

Well, i'd be sticking with something to do with the automotive industry...something I know about, not just the newest crave or trend. You have to know that trends fade, but everybody who has a vehicle will need service work.

I've pondered the idea of a quicklube that this area doesn't have or a tire shop this area doesn't have, something along those lines.

but i'm more interested in the financial side of getting started and marketing...things like that.

thanks for the replies so far.