Author Topic: Have you been thinking about starting a business?  (Read 2900 times)

SC93

  • Bristles
  • ***
  • Posts: 303
Have you been thinking about starting a business?
« on: September 10, 2017, 12:49:48 PM »
How long have you been thinking about it? What type of business? What is the reason(s) you have not started it yet?

Don't be afraid to tell us about your 'secret' business that no one has ever thought of before because you do not have a 'secret' business no one has ever thought of before. Just because they didn't make it succeed or you haven't heard of it doesn't mean no one has tried it. It would be very rare that you are the first to think of something. And, just because they didn't make it succeed doesn't mean you can't! Tell us what it is, there is always room for 20 or 50 people doing the same thing around the US. Maybe together we can help you succeed!

Orin

  • 5 O'Clock Shadow
  • *
  • Posts: 3
  • Location: Cleveland, OH
Re: Have you been thinking about starting a business?
« Reply #1 on: September 11, 2017, 01:12:00 PM »
Thanks for asking SC93. I guess I'll go first.

How long have you been thinking about it?

3 or so years.

What type of business?

Financial coaching.

What is the reason(s) you have not started it yet?

Lack of confidence of my ability to provide value.

The more I look into the financial coaching industry, the more people I see doing it and they seem to be doing it better and for cheaper than I feel I am able to do it.

Inability to devote time to starting the business. This could be do to the above two reasons effecting me psychologically. I don't have much drive to even want to work on this as a business idea due to lack of confidence. Just thinking out loud.
« Last Edit: September 11, 2017, 01:30:42 PM by Orin »

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #2 on: September 11, 2017, 01:30:33 PM »
What would it take to actually start the business... get your 1st client?

Orin

  • 5 O'Clock Shadow
  • *
  • Posts: 3
  • Location: Cleveland, OH
Re: Have you been thinking about starting a business?
« Reply #3 on: September 11, 2017, 01:49:43 PM »
I would like to conduct business primarily virtually. Although I'm not opposed to initially meeting with clients in person so they can meet me face to face.

I don't think THAT much work would be necessary to get to the point of looking for a first client. I would love to have at least a basic one page website complete. I have a domain name and a website up, but it's just a generic template page. I need to file a DBA for the business (I already have an LLC, but want to conduct business with a different name than the LLC). I would want to setup a checking account for the DBA, likely with Capital One Spark Business. So that's all relatively easy. Of the things in this paragraph, setting up the website page is the most time consuming.

Otherwise, I would like to have some sort of legal contract written up to provide with my first client so expectations are set. I also need to figure out what I'm actually offering and how much to charge for it. This is a tough one for me because it's kind of a strange chicken and egg situation. Most people in this space are searching out high income clients that just don't know how to manage money. I have a slightly different goal. I want to help young people or young couples who likely have a 30 to 50K household income. Other financial coaches seem to be targeting individuals or couples with household incomes of 100K plus. I'd like those types of clients as well, but I'm more passionate about helping lower income folks. So I want to help people who don't have money now learn how to earn and keep their money. But they likely don't have the money to seek out help that they have to pay for.

I also need to find out if I need to charge sales tax on this type of service in my state. But that's just an hour or two of research.

Finally, I need to discuss with my wife what times during the week we're willing to tell the world I'm available to meet with clients.

I feel once the above is handled, then I could start putting myself out there.

bwall

  • Bristles
  • ***
  • Posts: 314
Re: Have you been thinking about starting a business?
« Reply #4 on: September 11, 2017, 02:18:00 PM »

Most people in this space are searching out high income clients that just don't know how to manage money. I have a slightly different goal. I want to help young people or young couples who likely have a 30 to 50K household income. Other financial coaches seem to be targeting individuals or couples with household incomes of 100K plus. I'd like those types of clients as well, but I'm more passionate about helping lower income folks. So I want to help people who don't have money now learn how to earn and keep their money. But they likely don't have the money to seek out help that they have to pay for.
You might be surprised how big your target market is--the hardest part might be convincing them that you can actually help them. And, I can guarantee you that it's a lot more rewarding to help a lower income person climb the wealth ladder than to help a 'rich person get richer'.

I also need to find out if I need to charge sales tax on this type of service in my state. But that's just an hour or two of research.

Finally, I need to discuss with my wife what times during the week we're willing to tell the world I'm available to meet with clients.
I believe that services aren't taxed--just the sale of items. Each state is different, but I'd be curious to know which state charges tax on services.

Also: I'd make it 'by appointment only'--sounds more exclusive and tailored to the clients' availability, not yours. The best part is that you can have a 'no frills' approach and use that as an example of smart money management.

Orin

  • 5 O'Clock Shadow
  • *
  • Posts: 3
  • Location: Cleveland, OH
Re: Have you been thinking about starting a business?
« Reply #5 on: September 11, 2017, 02:23:05 PM »
That's exactly what I'm thinking when it comes to helping lower income people.

As for services being taxed, Ohio unfortunately does charge sales tax on some services. My wife cleans houses. It's one of the services Ohio considers taxable as long as your making over $5K per year. It's such a headache.

I like the by appointment only idea. As for the the no frills approach, I'm not sure exactly what you mean by using that as an example.

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #6 on: September 11, 2017, 03:19:36 PM »
Great idea bwall. By appointment only sounds 'important' for the younger people.

As for a website, please explain why a website is important at all?

Yes, I've dealt with that stupid sales tax on services in a few states before. I owned a large residential cleaning business and it was a real hassle.

You seem so unsure of yourself. Why is that?

Also... anyone else thinking about a business?

Michael in ABQ

  • Stubble
  • **
  • Posts: 107
Re: Have you been thinking about starting a business?
« Reply #7 on: September 11, 2017, 04:53:44 PM »
New Mexico charges sales taxes on services. It's actually a gross receipts tax. New Mexico is heavily dependent on the federal government between Sandia National Labs, Los Alamos National Labs, three Air Forces Bases, and one Army Post. Plus 36% of the state's lands are owned by the federal government. All of these facilities require a lot of government contractors and the state found that a traditional sales tax didn't let them capture revenue from a lot of these sources so they came up with a gross receipts tax which is likes a sales tax but applied to almost everything.

Spiffsome

  • Stubble
  • **
  • Posts: 157
Re: Have you been thinking about starting a business?
« Reply #8 on: September 11, 2017, 06:27:21 PM »
I've been thinking about it for about two years. I'm a lawyer with about 10 years experience in criminal, conveyancing, property and family law. I would start a small practice where I would visit my clients at their premises, rather than asking them to come to me during office hours.

My worries: small business is stressful, sole legal practice doubly so. Most of the sole practitioners I've met have been slightly crazy or money-hungry and unethical. I don't want to be working 80 hours a week for the same money that I could get being employed. I have a problem with procrastination, which I am slowly working away at, but avoiding uncomfortable conversations is not a good habit for a self-employed lawyer. I don't know whether I really want to run my own business, or whether I just really hate my current job.

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #9 on: September 11, 2017, 07:38:23 PM »
lol Well, if you hate your current job I'm not sure being in business for yourself is the right thing to do..... but that really depends. Could you start it on the side or is that against the rules where you work now?

LovinPSDs

  • 5 O'Clock Shadow
  • *
  • Posts: 6
Re: Have you been thinking about starting a business?
« Reply #10 on: September 11, 2017, 08:49:21 PM »
So part of me has been thinking about a solid side hustle, or evolving my experience in Welding Engineering into a type of business.  Welding Engineering is a very unique degree that many companies are willing to pay good money for so it's also hard for me to back off.  I know there very large sums of money in the consulting world if you can stay busy, but that also comes with it's own sets of risks/disadvantages.  I've been fortunate to make 6 figures every year since my first out of school (2008) and have a 6 figure salary.  As much as I want to dive into the world of consulting/traveling/etc, there is something to be said about being home every night with the (2) little ones and maintaining a very respectable income. 

Hence why I've been thinking of some side hustle, ideally something that doesn't suck up to much time, I've really tried to make my family a priority over my career lately.  I have access to skilled labors (machinist, welders, plasma tables, etc) but not sure what I can make outa that just yet.

I will say my wife dove off into the MLM world about 1 year ago.  I saw it as no way to lose money, and we haven't, so it's been a semi fruitful experience but also a good learning experience.  There is INSANE money to be made if you can get the timing right on the next big MLM wave. There are girls making 50+K a month doing what my wife does (LuLaRoe), and while that may sound inflated, my wife's sponsor lives (4) doors down from us and is making 10-15k a month between bonuses and selling. Not bad for a stay at home mom.

I've been trying to think of some stupid widget I could bust out on a CNC table and sell for a decent profit.  Anyone have any good ideas?

SC93 - I'm still intrigued by the AC units but haven't really seen a response from you in the other thread.
« Last Edit: September 12, 2017, 05:16:39 AM by LovinPSDs »

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #11 on: September 11, 2017, 10:36:10 PM »
Oh sure... ask me about the a/c units and make me look stupid. lmao Well, I sold the heck out of a bunch of them so I thought we were out. So, I told several people we didn't have any more. Little did I know, Lupe put 1/2 of them in a storage unit. So I found out yesterday we still have 1/2 of them. lol But I had this guy who owns rentals contact me so I should have got back with him today but I forgot. So I will contact him again tomorrow and see if he is still interested. If I wasn't so busy with washers and dryers the a/c's would be ok but they kind of get in the way of the washers and dryers. I wish I'd have found the washer and dryer business several years ago. I just love doing this. The main thing you need to make sure of if you have a side business... do NOT let it put stress on you. If something goes wrong..... oh well..... FUN is the name of the game in a side business. I realize this is an after retirement business for me but it's the same as a side business.

I agree about putting family first. Don't miss out on the times when they are small and you and your wife are young. It sounds like you like your job and like what you are doing so I'm not so sure I'd mess it up yet. Just enjoy what you have for a few more years. You make great money.... enjoy life as it is. But I will give you some advice..... if a friend/family member comes up to you and says they have this great idea...... walk away. People always seek out people with a little money to fund their GRAND idea that rarely works and since you are already on the edge of wanting to start your own thing, don't get sucked in to something that isn't 100% yours.

MLHoosier

  • 5 O'Clock Shadow
  • *
  • Posts: 9
Re: Have you been thinking about starting a business?
« Reply #12 on: September 12, 2017, 08:34:15 AM »
I'm thinking about starting a side business copywriting for the Agriculture industry. Literally just thought of it this morning. I have writing experience/education and work in AG for my day job and another side business. Down the rabbit hole....

v8rx7guy

  • Pencil Stache
  • ****
  • Posts: 780
  • Location: PNW
Re: Have you been thinking about starting a business?
« Reply #13 on: September 12, 2017, 09:05:48 AM »
I have thought about getting into the auto salvage / used parts business.  I think it would fit me well and I could be pretty successful at it.  I have bought cars to part out in the past and always end up doubling or tripling my money at minimum.  I would say that the biggest thing holding me back is probably lack of the right piece of land and also fear of all the EPA regulations that salvage yards have to carefully comply to.  I would say if I ever did this, I would start small (say 20 or 50 popular cars) and move from there.

lexde

  • Pencil Stache
  • ****
  • Posts: 537
  • Age: 27
Re: Have you been thinking about starting a business?
« Reply #14 on: September 12, 2017, 09:21:30 AM »
2 different businesses.

1. A year or so; financial niche blog similar to doctor of credit but for something else. No time to do it.

2. A few months; App similar to Stash but for debt repayment; no knowledge of actually developing apps and no time even if I knew how.

#. A few nonfiction books I've outlined but haven't written, also due to time.

The joys of being a full time attorney.


Sent from my iPhone using Tapatalk

LovinPSDs

  • 5 O'Clock Shadow
  • *
  • Posts: 6
Re: Have you been thinking about starting a business?
« Reply #15 on: September 13, 2017, 11:45:03 AM »
SC93 - Do you run a store front or work out of a building with online sales? Your buy pallets of something and move them idea has me intrigued.  The washer dryer model is pretty slick as well!

As for me, I think I'll stick to my career for a bit, but still interested in thinking of some widget to make on a CNC if anyone has any ideas.  I think the cool bottle openers and survival tools are played out, still thinking about other ideas.


Smokystache

  • Stubble
  • **
  • Posts: 234
Re: Have you been thinking about starting a business?
« Reply #16 on: September 13, 2017, 11:48:32 AM »
I'm thinking about starting a side business copywriting for the Agriculture industry. Literally just thought of it this morning. I have writing experience/education and work in AG for my day job and another side business. Down the rabbit hole....

One thing I've learned is that every industry has an insatiable need for content ... for newsletters, professional trade journals/magazines/newspapers, blog and other social media content, white papers, etc. etc. The right people will pay for this content. Best of luck!

Financial.Velociraptor

  • Handlebar Stache
  • *****
  • Posts: 1017
  • Age: 45
  • Location: Houston TX
  • Devour your prey raptors!
    • Financial Velociraptor
Re: Have you been thinking about starting a business?
« Reply #17 on: September 13, 2017, 02:43:18 PM »
I hope to launch a subscription newsletter in January.  I'm going to FinCon in late October to fill up my tool box with digital marketing tools.
Achieve Financial Escape Velocity - Financial Velociraptor

elvisz

  • 5 O'Clock Shadow
  • *
  • Posts: 19
  • Age: 25
  • Location: Pensacola, FL
Re: Have you been thinking about starting a business?
« Reply #18 on: September 13, 2017, 03:04:14 PM »
I've been wanting to get started with an Amazon FBA business for awhile. The thing holding me back is I don't have an idea for a product that I believe will add tremendous value to customers. I do not want to add another cheap plastic product from China to the world unless it's something I believe is useful. Any successful or hopeful FBA sellers on here? What are you selling?
"Follow your bliss" - Joseph Campbell

JayKay

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Have you been thinking about starting a business?
« Reply #19 on: September 13, 2017, 03:34:49 PM »
Yes, I have been wanting to get into real estate full time for many years now.  But what's holding me back is trying to determine the actual "best for me" niche.

I am currently operating my buy-and-hold "business" but it's all managed so I hesitate to label it as anything but a investment.  My wife also made a run at being an agent a few years ago, with disappointing results.  Here's what I've looked at so far:


1) Rehab-resell.  The more I learned about it, the more I didn't like it.  It takes a bunch of time, risk and headache and the upside is not much more than what I could make at a desk job.

2) Raw land investing.  The jury is still out on it, but it's really oddball, which is probably why I don't give it more investigation time.

3) I'm still looking at doing syndication deals for apartment buildings, which is the current front-runner.  It's a bigger/scarier area than either of the first 2 but the upside is better too.  There's a lot I need to learn before I can attempt this, though.  And, I've found who I think is a good coach for it, but I'm hesitant to sign up and then not follow through.

4) I was looking at non-performing notes, but it just seems too risky.  Plus I don't think I'd like talking to hostile/scared strangers about their large investment that went belly-up.

5) There's also a more business-minded friend that is riding me about starting a tech business with him.


The biggest problem with all of this is that I don't trust myself that I'll have enough energy to actually pull it off.  My pursuit of FIRE has really beaten me down.

Some days, I also wonder, would I really only be starting a business to pad the investment account more?  Without a more important "why" than just money, it's pointless.

Anyway, that's my current thoughts.  If anyone has any experience going full-time RE, hit me up and let me know how it's going!


SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #20 on: September 13, 2017, 03:56:37 PM »
A realtor that makes a load of money has to put in 24 hours a day in the first years until said realtor builds a winning team. We are just finishing up buying a house and ours worked early in the morning and late at night. Some people like it, some don't.

As for going in to business with your friend.... is this a person you want to have as a friend for several years to come or is this someone that you don't really care about. Because the odds are 99 to 1 that if you go in to business with a friend, that friendship won't last long. But.... there is that lucky 1.

JayKay

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Have you been thinking about starting a business?
« Reply #21 on: September 14, 2017, 08:00:26 AM »
Yes, I definitely know about being an agent and won't be doing that.  It's a bit of a scam, in my mind and the more I think about it, the more it resembles an MLM.  You have to pay to "buy into" the program plus monthly/quarterly dues to stay in.  They sell you training to help up your game, which they make money on.  And, part of any sale you make goes to the upstream brokers.

As for my friend, I have known him for over a decade and we've done some deals in the past, so I doubt me writing some code for him would cause a breakup of the friendship.  I'm just bone tired, though.  It's funny, when I talk with him, I'm really excited about doing the business, but after working a full day, the prospect of doing more of the same just turns my stomach.

bwall

  • Bristles
  • ***
  • Posts: 314
Re: Have you been thinking about starting a business?
« Reply #22 on: September 14, 2017, 08:42:03 AM »
Raw Land investing: It's a very bad way to make money. The best way to gauge this is what whenever a homebuilding company (Lennar, Toll Brothers, KB Homes, etc) is looking to build, they go out into the open market and buy land at the market rate. They make a business decision not to buy and hold land and speculate on which areas will be 'hot' in the future.

If you want to make money on real estate, you have to 'buy and change the use'. Presumably, changing from a low value use to a higher value use. "Highest and best use" is the phrase, I believe.

Michael in ABQ

  • Stubble
  • **
  • Posts: 107
Re: Have you been thinking about starting a business?
« Reply #23 on: September 14, 2017, 05:17:50 PM »
Raw Land investing: It's a very bad way to make money. The best way to gauge this is what whenever a homebuilding company (Lennar, Toll Brothers, KB Homes, etc) is looking to build, they go out into the open market and buy land at the market rate. They make a business decision not to buy and hold land and speculate on which areas will be 'hot' in the future.

If you want to make money on real estate, you have to 'buy and change the use'. Presumably, changing from a low value use to a higher value use. "Highest and best use" is the phrase, I believe.

In most markets the path of growth can reasonably be predicted. Buying land in that path is only cheap if the potential use is still many years out. If it's near-term then you're competing against developers who don't need the price to double to get a decent return. In order to get a 10% return on say a $200,000 piece of raw land the price would need to go up to $322,102 if you planned to sell in 5 years and $518,748 if you planned to sell in 10 years. In reality it would need to be even higher as you'll have some holding costs for property taxes and possibly some minimal  upkeep, not to mention a mortgage if you don't buy it all cash.

If you can get utilities or other infrastructure to the property, or get it rezoned for a more intensive use such as farmland or rural residential to apartment, single-family subdivision, retail, etc., then you can make some pretty good money. I rarely see speculation on raw land make a very good investment when you consider that it might have to be held for 10-20 years just to double in price, an effective IRR of maybe 3-7%.

JayKay

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Have you been thinking about starting a business?
« Reply #24 on: September 17, 2017, 11:18:09 AM »
Thanks for the insight into raw land investing, everyone.  The website I've been following on land investing is retipster.com.  It seems like it's really good info and he keeps things pretty transparent.

He seems to be doing well on it, but I'm sure there's more to the story.  And I don't want to get into something that's speculative, I'm looking to set something up for passive income later on.  Heck, I'm not even convinced that a business is even compatible with that goal.


slappy

  • Bristles
  • ***
  • Posts: 427
Re: Have you been thinking about starting a business?
« Reply #25 on: September 17, 2017, 12:56:19 PM »
I'm interested in the same type of financial coaching business that Orin is, and I have the same concerns about people seeing value in it.  I was thinking of some catchy slogan about how firing me is the best day for me. Because the client firing me means they have taken steps to do things in their own, like reading MMM. I'm not sure if that makes sense. Basically my role would be to help them get started, since we all know how overwhelming things can be in the beginning.

I've also thought about something for my husband, which I posted about before. He has taken some pictures of a touristy area near us and I was thinking about how to go about selling them. I think I'm afraid to put too much time into that one bea sue I don't know how it will go. I don't want to do a bunch of work and then not sell any images. It feels like there are so many nice pictures out there, so it seems like the market would be saturated.

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #26 on: September 17, 2017, 06:05:05 PM »
Slappy, What do you think it would take to get your 1st client? And then what would it take to get 5 more?

slappy

  • Bristles
  • ***
  • Posts: 427
Re: Have you been thinking about starting a business?
« Reply #27 on: September 17, 2017, 06:13:09 PM »
Slappy, What do you think it would take to get your 1st client? And then what would it take to get 5 more?

First paying client? Lol

I could probably hit up local moms groups. Not sure if they would be willing to pay though.

JayKay

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Have you been thinking about starting a business?
« Reply #28 on: September 18, 2017, 07:56:46 AM »
I've also thought about something for my husband, which I posted about before. He has taken some pictures of a touristy area near us and I was thinking about how to go about selling them. I think I'm afraid to put too much time into that one bea sue I don't know how it will go. I don't want to do a bunch of work and then not sell any images. It feels like there are so many nice pictures out there, so it seems like the market would be saturated.

A friend of mine was an avid photographer and started a small business around this concept.  He did a blog, set up a sales websites, the whole thing.  But it was very tough and he didn't have enough online marketing budget to get traffic away from the bigger sites.

After awhile, he decided that people are more interested in their own photos than anyone else's.  So, he started looking at either photo book printing or picture framing, but it wasn't as creative as he wanted, so he didn't go ahead with it.

I think framing would actually be a good angle, though.  You could even do printing on canvas, that's pretty popular.  That kind of thing is not something people can do unless they've got the know-how and the setup, and it's very personal, since you're framing something that's meaningful to them (family portraits, vacation photos, etc.).  Or it could be a value-add to your existing photos and you could get a booth and sell them to the tourists out by where you shot the pictures.  Around my area, there's always a couple of booths that sell framed art.

Just my $0.02.

slappy

  • Bristles
  • ***
  • Posts: 427
Re: Have you been thinking about starting a business?
« Reply #29 on: September 18, 2017, 08:47:22 AM »
I've also thought about something for my husband, which I posted about before. He has taken some pictures of a touristy area near us and I was thinking about how to go about selling them. I think I'm afraid to put too much time into that one bea sue I don't know how it will go. I don't want to do a bunch of work and then not sell any images. It feels like there are so many nice pictures out there, so it seems like the market would be saturated.

A friend of mine was an avid photographer and started a small business around this concept.  He did a blog, set up a sales websites, the whole thing.  But it was very tough and he didn't have enough online marketing budget to get traffic away from the bigger sites.

After awhile, he decided that people are more interested in their own photos than anyone else's.  So, he started looking at either photo book printing or picture framing, but it wasn't as creative as he wanted, so he didn't go ahead with it.

I think framing would actually be a good angle, though.  You could even do printing on canvas, that's pretty popular.  That kind of thing is not something people can do unless they've got the know-how and the setup, and it's very personal, since you're framing something that's meaningful to them (family portraits, vacation photos, etc.).  Or it could be a value-add to your existing photos and you could get a booth and sell them to the tourists out by where you shot the pictures.  Around my area, there's always a couple of booths that sell framed art.

Just my $0.02.

I think the tourist angle is what differentiates our situation. The location is a remote location, no cell phone service, etc. It seems that people have a special place in their heart for the area, so that's why I thought his pics might do well there. I have thought about travelling there and setting up a booth during the 4th of July holiday or the local Old Home Days celebration, but I'm not sure if those are something that only locals attend. Also, I was thinking of them as somewhat of an impulsive purchase. Like "oh I'm in this beautiful place and i'm so relaxed and I wish I could live her. Oh, look at this beautiful picture. I should buy it to remind myself of this place year round, and maybe it will bring me some of the same relaxed feeling I'm feeling now." For some reason, I feel like if people had to go to a website and specifically order a photo, it might be a deterrent. Maybe that's just my bias coming through, though.

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #30 on: September 18, 2017, 03:53:33 PM »
As for the photos, let's say that you sell 20 in a weekend and make $10 from each.... that's only $200. My guess is that you would sell less than 1/2 that many but I was just saying.....

I can buy a newer $300 washer and dryer from someone that is moving, put 30 minutes in to cleaning and spot painting it and sell it for $699 = $399 profit.

See the difference? I was thinking about selling small things awhile ago until I saw a video from a guy that used the same situation..... several low priced items or 1 high priced items.

EverCurious

  • Stubble
  • **
  • Posts: 148
Re: Have you been thinking about starting a business?
« Reply #31 on: September 19, 2017, 02:08:55 PM »
How long have you been thinking about it?

At least two years.

What type of business?

I don't know. Sometimes I think of buying old collections of Magic: The Gathering cards and selling them online. Other times I think of freelance writing or something. Also, I paint DnD and Pathfinder miniatures. I might combine that and selling MtG singles online for some cash.

What is the reason(s) you have not started it yet?

I can't decide, and I'm not confident that it will even turn out well. Gotta get up my mad painting skillz.

Edited: Added more now that I'm in a better mood.
« Last Edit: September 19, 2017, 05:17:28 PM by EverCurious »

M0ntana

  • 5 O'Clock Shadow
  • *
  • Posts: 6
Re: Have you been thinking about starting a business?
« Reply #32 on: September 19, 2017, 02:38:53 PM »
Yeah - I actually have started what could become somewhat of a business, we'll see where it goes, but things are looking up.

I launched a wine education blog about 3 months ago, and it kind of took off very quick. I write very down-to-earth memes-and-gif-infused articles on the basics of wine, as well as tasting notes and pairing suggestions for low-budget drinkers (ie. under 20$ a bottle, usually). My target demographic is college kids and young adults looking to better than knowledge of wine without the snooty attitude that usually comes with it.

I am now getting interesting trafic, and am presently looking at short to mid-term monetization strategies. The ultimate goal really is to use a content marketing approach to build an audience before I try to sell them stuff. Right now I run a few Google AdSense ads, but these bring nothing more than a few dollars a month at best. All ideas welcome, of course!

The best thing about this project so far has been to get invitations to select wine events as well as free samples from wineries and importers. Since I get about +-100$ worth of wine every week, my cellar is filling up quite nicely for no money at all, and all this saving on wine is additional coin I can save!

So that's it, just my 0.2 cents on entrepreneurship! Who knows, maybe I'll be able to make it a legitimate side biz in the next few years!

Cheers guys,
-M

v8rx7guy

  • Pencil Stache
  • ****
  • Posts: 780
  • Location: PNW
Re: Have you been thinking about starting a business?
« Reply #33 on: September 19, 2017, 02:41:04 PM »
Yeah - I actually have started what could become somewhat of a business, we'll see where it goes, but things are looking up.

I launched a wine education blog about 3 months ago, and it kind of took off very quick. I write very down-to-earth memes-and-gif-infused articles on the basics of wine, as well as tasting notes and pairing suggestions for low-budget drinkers (ie. under 20$ a bottle, usually). My target demographic is college kids and young adults looking to better than knowledge of wine without the snooty attitude that usually comes with it.

I am now getting interesting trafic, and am presently looking at short to mid-term monetization strategies. The ultimate goal really is to use a content marketing approach to build an audience before I try to sell them stuff. Right now I run a few Google AdSense ads, but these bring nothing more than a few dollars a month at best. All ideas welcome, of course!

The best thing about this project so far has been to get invitations to select wine events as well as free samples from wineries and importers. Since I get about +-100$ worth of wine every week, my cellar is filling up quite nicely for no money at all, and all this saving on wine is additional coin I can save!

So that's it, just my 0.2 cents on entrepreneurship! Who knows, maybe I'll be able to make it a legitimate side biz in the next few years!

Cheers guys,
-M

Could you PM me a link?  Or post it here?

JayKay

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Have you been thinking about starting a business?
« Reply #34 on: September 20, 2017, 07:14:19 AM »
I think the tourist angle is what differentiates our situation. The location is a remote location, no cell phone service, etc. It seems that people have a special place in their heart for the area, so that's why I thought his pics might do well there. I have thought about travelling there and setting up a booth during the 4th of July holiday or the local Old Home Days celebration, but I'm not sure if those are something that only locals attend. Also, I was thinking of them as somewhat of an impulsive purchase. Like "oh I'm in this beautiful place and i'm so relaxed and I wish I could live her. Oh, look at this beautiful picture. I should buy it to remind myself of this place year round, and maybe it will bring me some of the same relaxed feeling I'm feeling now." For some reason, I feel like if people had to go to a website and specifically order a photo, it might be a deterrent. Maybe that's just my bias coming through, though.

I understand what you're saying, there's a boardwalk where I live that is similar.  What I was suggesting is to value-add by not only selling just pictures but also frame them nicely and mark them up accordingly.  But, you'd also need to offer shipping especially for larger pictures, since tourists won't want to pack something that fragile with them unless it's a small picture.

As with the fixed-up washer example from SC93, you don't want to sell low-ticket items, you want higher-ticket ones.  So, getting your business set up with nice framing could let you sell in that price point.

Texas82

  • 5 O'Clock Shadow
  • *
  • Posts: 21
  • Location: austin, tx
Re: Have you been thinking about starting a business?
« Reply #35 on: October 17, 2017, 12:23:44 PM »
How long have you been thinking about it?
2 years

What type of business?
Garage Coatings/Organizing.  Applying epoxy flooring, priming/painting unfinished walls and ceilings and maximizing unused  space. 

What is the reason(s) you have not started it yet?
Fear of failure and loss of investment $$$
Have no idea where to start, except for a hands-on training/cert course out of state.
Not sure how to research if there's a market for it. 
Kids (x3), don't want to miss out on their big events

Wanting to start out small, maybe two per month on the weekends since I do have a comfortable and decent paying full-time job. 

Thanks for asking!  I saw this post first pop up a few weeks ago, wish I had responded first instead of lurking



slappy

  • Bristles
  • ***
  • Posts: 427
Re: Have you been thinking about starting a business?
« Reply #36 on: October 17, 2017, 01:47:20 PM »
How long have you been thinking about it?
2 years

What type of business?
Garage Coatings/Organizing.  Applying epoxy flooring, priming/painting unfinished walls and ceilings and maximizing unused  space. 

What is the reason(s) you have not started it yet?
Fear of failure and loss of investment $$$
Have no idea where to start, except for a hands-on training/cert course out of state.
Not sure how to research if there's a market for it. 
Kids (x3), don't want to miss out on their big events

Wanting to start out small, maybe two per month on the weekends since I do have a comfortable and decent paying full-time job. 

Thanks for asking!  I saw this post first pop up a few weeks ago, wish I had responded first instead of lurking

What do you mean by loss of investment $$$? Can you post an ad on craigslist and see if you can get started that way, without investing a lot of money to start?

Texas82

  • 5 O'Clock Shadow
  • *
  • Posts: 21
  • Location: austin, tx
Re: Have you been thinking about starting a business?
« Reply #37 on: October 17, 2017, 02:17:31 PM »

What do you mean by loss of investment $$$? Can you post an ad on craigslist and see if you can get started that way, without investing a lot of money to start?

not being able to recoup the costs of starting, I guess this would fit in the same category as fear of failure.  Yes, definitely could post an ad on craigslist or some-sort.  I will look into that. 

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #38 on: October 17, 2017, 08:21:51 PM »
Hell, don't let fear stand in your way. Get out there and fail a few times. How else will you learn? Personally I think those that don't try are the failures......

A person needs to be certified to apply epoxy to a garage floor? What town are you in? My buddy Mike says he knows how to do that type of thing so all you have to do is buy the epoxy, come to my house and I'll get my buddy Mike to show you everything there is to know. Buy some for the driveway and he can show you how to apply it to the driveway as well. I am pretty sure they are 2 different things.... inside the garage and outside in the driveway.

clifford4970

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: Have you been thinking about starting a business?
« Reply #39 on: October 17, 2017, 08:33:43 PM »
Reading this seem like a lot of people have great ideas, but are letting the fear of a website or inadequacy hold them back . . .

I was right there with you (hell, I still am with different ventures), but there was one person and company that changed my mindset and my business.

Russell Brunson and ClickFunnels.

He builds his business around the same principals he teaches.

He gets people into his world (or what he calls his value ladder which he plans to ascend you up) by offering amazing free content.  Once people realize the value that he is offering for free, they pay him for his other stuff, and continue to do so up to $25,000!!!

The world of Funnels has changed my life and many others.

He gives this book away for free (well, Free+$7.95 shipping, but the book if F***ing awesome, so worth every penny).

Then the software itself "ClickFunnels" allows you to build lead pages, webinars, sales funnels in literally minutes.

And again, with his free content, he tells you how to structure just about everything (I have attached images of two of the MANY funnels he takes you through step by step).

Here is his FREE Book - http://bit.ly/2eGJenQ

Here is the ClickFunnels HomePage - http://bit.ly/2gnfcW6

I get on here often, so if you have any questions let me know. 

EscapeVelocity2020

  • Handlebar Stache
  • *****
  • Posts: 1516
  • Age: 44
  • Location: Houston
    • EscapeVelocity2020
Re: Have you been thinking about starting a business?
« Reply #40 on: October 17, 2017, 08:37:03 PM »
Not thinking about it personally, but this is an awesome time to do it!  The advent of computers have opened up incredible opportunities to re-think business.  Even if you fail, you can start over relatively cheaply with lots of new ideas. 

Personally, I'm too lazy, complacent, and easily distracted - but I'm instilling this entrepreneurial spirit in my son in the same way that other parents are trying to get their kids in to professional sports...
Transitioning to FIRE'd albeit somewhat cautiously...

slappy

  • Bristles
  • ***
  • Posts: 427
Re: Have you been thinking about starting a business?
« Reply #41 on: October 18, 2017, 07:05:08 AM »

What do you mean by loss of investment $$$? Can you post an ad on craigslist and see if you can get started that way, without investing a lot of money to start?

not being able to recoup the costs of starting, I guess this would fit in the same category as fear of failure.  Yes, definitely could post an ad on craigslist or some-sort.  I will look into that.

Ok. That's what I was really asking. I wasn't sure if there were significant costs to getting started. How much would you need to get started if you put an ad on craigslist, doing one job at time on weekends like you mentioned?

Texas82

  • 5 O'Clock Shadow
  • *
  • Posts: 21
  • Location: austin, tx
Re: Have you been thinking about starting a business?
« Reply #42 on: October 19, 2017, 11:36:21 AM »
Hell, don't let fear stand in your way. Get out there and fail a few times. How else will you learn? Personally I think those that don't try are the failures......

A person needs to be certified to apply epoxy to a garage floor? What town are you in? My buddy Mike says he knows how to do that type of thing so all you have to do is buy the epoxy, come to my house and I'll get my buddy Mike to show you everything there is to know. Buy some for the driveway and he can show you how to apply it to the driveway as well. I am pretty sure they are 2 different things.... inside the garage and outside in the driveway.


No, they don't need to be certified to epoxy garage floors, it's just something that is provided after the training course I found.  Plus I assume it would help gain trust from customers when you're first starting out. 

I'm in Northeast Austin.   I've epoxied my garage floor before and actually enjoyed it.  The two most commonly used prep methods prior to applying the epoxy is either acid etching or concrete grinder.  The professionals in the industry prefer to use the concrete grinder method, it's quicker since all you do is vacuum any excess dust  instead of waiting 24 hours for it to dry and allows for the epoxy to bond to the concrete better.  Eventually, assuming I actually start and everything goes well, I'd add additional services as in staining driveways/patios. 

The startup costs, can range anywhere between $10k-$30k+, depending on what equipment you need.  The most expensive items I need are a vehicle, grinder,  fine dust collection/vacuum system and a trailer (with ramp) to haul it all as the grinder is extremely heavy. 

SC93

  • Bristles
  • ***
  • Posts: 303
Re: Have you been thinking about starting a business?
« Reply #43 on: October 19, 2017, 07:05:31 PM »
Plus I assume it would help gain trust from customers when you're first starting out. 

Having been in the service business for over 20 years I can guarantee that you assume wrong.... you know what happens when you ASS u me. lol 95% of the people could care less.


vivienneme

  • 5 O'Clock Shadow
  • *
  • Posts: 21
Re: Have you been thinking about starting a business?
« Reply #44 on: October 21, 2017, 02:04:49 PM »

I've thought about running my own business since high school. In the last year, I started my consulting business and it's going better than I thought. The only thing that's making it livable is we built a financial web to catch us/me, should the business not do well. So, we live on my husband's income entirely and mine is extra fuel for the FIRE. I also have a back-up profession (private practice mental health therapy) that I can ignite if something were to happen to his job.

I would love to somehow contribute/work in the environmental sector, and have one idea that would need a lot of professional research and development: bamboo-based trash bags. Landfills and how we fill them up are a pet peeve of mine.

Anyone a materials scientist out there?? :)