Author Topic: $5k Micro Businesses  (Read 4983 times)

Kaplin261

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$5k Micro Businesses
« on: April 28, 2015, 10:38:43 AM »
I'm 34 with no debt other then a mortgage. I work at a data center as a network technician and I'm married to some one who also as a great paying salary. The two of us are on track to retire in twelve years as a worse case scenario.

I want to try my hand at little side business, I don't plan to quit my normal job. I want to limit the funds for this project at $5k funded from our own money.

Ideas that I have had so far is a moving company. I love the idea of getting a nice work out and getting paid for it. Advertising and a box truck would be the two big expenses.

Stump grinding is another option, buy a second hand stump grinder and a small trailer and haul it with a small car. I also have a lot of stumps on my own property to practice on.

Wedding rental setup. Tents, chairs,tables and dance floor. All stored in a trailer. My wifes mother hired some one to do this for our outdoor wedding. It costs almost $3k in our area for a wedding of 100 people.

Open to any constructive criticism or other ideas for small start ups.

fartface

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Re: $5k Micro Businesses
« Reply #1 on: April 28, 2015, 11:56:52 AM »
I know moving companies have big insurance costs...so you might want to look into that before you take the plunge. Also, theres the cost of those giant blanket-like pads to protect furniture and I'd assume equipment like dollies and such.
 

Good Luck!

swt3000

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Re: $5k Micro Businesses
« Reply #2 on: April 28, 2015, 11:57:36 AM »
Those are great ideas, I'll be interested to hear others. 

Kaplin261

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Re: $5k Micro Businesses
« Reply #3 on: April 28, 2015, 12:07:01 PM »
I would also like to be able hire some one to fill in for my role a couple years down the road and just manage some one and help the business grow if it works up to that.

I use to lead telecommunications projects where data and voice infrastructure were installed, a lot of the guys would be willing to work as helpers for side work on the weekend.

h2ogal

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Re: $5k Micro Businesses
« Reply #4 on: April 28, 2015, 09:39:14 PM »
Lots of my friends have micro-businesses.  Combining with a hobby is nice.  Here are some that folks I know are doing:

Lawn Mowing, Yard Maintenance, Snow Plowing, Picture Framing, dog Kennel, DJ, T-shirt printing/embroidery, Property Maintenance, Personal Trainer, Sports Coaching, Selling plants grown from seed/small greenhouse. 

kudy

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Re: $5k Micro Businesses
« Reply #5 on: April 28, 2015, 09:41:14 PM »
Photo booth rental for weddings/events. Set up at the event, and man the booth for a few hours.

Tami1982

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Re: $5k Micro Businesses
« Reply #6 on: April 29, 2015, 02:15:23 AM »
Following.

Kaplin261

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Re: $5k Micro Businesses
« Reply #7 on: April 29, 2015, 07:23:08 AM »
I really don't think the Moving Company could be done for under $5k. And the ongoing costs for insurance on the truck and liability insurance in case I damage some thing I'm moving, plus the maintance costs of a big vehicle like a box truck would make it hard to make a profit on just working one day a week.

Another idea, my father in-law is a retired school teacher and he has always did power washing jobs in the summer to make extra money. He gets about $200 profit for about 6-8 hours worth of exercise. A great power washer, trailer, good quality water hoses,leaf blower,bristle brushes and chemicals would set you back $2k.

Axecleaver

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Re: $5k Micro Businesses
« Reply #8 on: April 29, 2015, 07:39:24 AM »
> I want to try my hand at little side business

Great idea. But before you jump in to this, I recommend that you take a look at last year's taxes and figure out what your marginal rate for additional earnings would be. If you're already earning a lot, and you've maxed out your deferred tax retirement account contributions, you may be working more for The Man than for yourself.

I learned this the hard way when I added some new business, and when computing the change to my estimated taxes, discovered that my marginal rate for the new business was over 50%. Although the top federal tax rate is 39.6%, you start to lose standard deductions and other benefits at certain levels, and once you hit AMT territory you get into all kinds of strange, awful tax complications. Add this all up with a high tax state and it's easy to hit the over 50% tax rate.

Most of the bad stuff happens above $160k AGI, but IRA phase outs and saver's credits are a lot lower. Of course, if you haven't maxed your retirement contributions, then all of your additional earnings could be channeled into that with no negative side effects. Good luck!

Scandium

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Re: $5k Micro Businesses
« Reply #9 on: April 29, 2015, 07:44:13 AM »
My problem with most smaller/side business ideas is that there are almost always dozens of other people doing it already full time. And they are usually better at it and willing to work for less per hour than I would (due to having a high-paying job already). I have yet to find something that I don't think would be an quick failure and/or massive work for low pay. It'd be curious what comes up here though..

I did put some photos on shutterstock and made $36. In about 6 months. How's that for hourly pay... heh

Kaplin261

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Re: $5k Micro Businesses
« Reply #10 on: April 29, 2015, 09:07:48 AM »
Tree trimming is one that I feel like if I had a wood burning stove of some sort, could be lucrative. Dangerous, would require insurance, chainsaw, chipper for small branches, climbing gear, ropes,pulleys, winches and  a small truck.

Would be a great way to get paid and get all the free fire wood and mulch you need. Plus its one hell of a work out.


boarder42

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Re: $5k Micro Businesses
« Reply #11 on: April 29, 2015, 09:12:23 AM »
buy and resell tickets.  i make probably 10k a year doing this depeding on a few things.  low overheads and 5k will get you more than enough tickets to get started. 

skunkfunk

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Re: $5k Micro Businesses
« Reply #12 on: April 29, 2015, 09:19:17 AM »
Contracting? I've been involved with some bands where the guy who put it together gets $1500 just for calling people and getting them into the right place at the right time. I bet there are similar people in other industries. Their main job is to know people.

teacherwithamustache

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Re: $5k Micro Businesses
« Reply #13 on: April 29, 2015, 01:05:30 PM »
Knife Sharpening-- $1200 worth of equipment for state of the art $500 for good.  You go to the client and sharpen on site.  Cater your business to the stay at home mom crowd with fancy cooking knives.  Her facebook post alone will generate enough referrals for a month.  Do all of your work outside on their driveway and have a simple box sign that says XYZ knife sharpening all blades $5 each, along with cell # and email address.  You can also sharpen lawn mower blades and axes etc etc.  When the moms have old knives that they want to throw away simply accept them, refurbish them and sell them on ebay.

Moon Walk Rental--  Buy Used off of Ebay for $500-$1200 a piece.  Rent out for $100 a weekend.  Drop off Friday pick up Sunday.  Have a good website.