Author Topic: Profitable, bootstrapable, (eventual) hands off businesses?  (Read 2951 times)

greaper007

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Profitable, bootstrapable, (eventual) hands off businesses?
« on: April 09, 2015, 09:13:39 PM »
So, lets say you're like me.   I'm 34 and I've been home with the kids for the past 6 years, before that I was an airline pilot (I don't ever want to touch another airplane), I have a history undergrad and most of my skill set leans towards cooking or building/fixing.  My youngest is going to kindergarten in a little over a year so it's time to start doing something.

I'm too old to start over in some corporate wage slave scenario and I've always been attracted to entrepreneurship.   But I don't want to sink a bunch of dough into some stupid idea.   I've spent the last couple months setting up a soda company with a local store owner.   He decided to pull out this week but said he'd buy the soda from me if I went through with it (he owns 3 candy stores that do pretty well).    I can't figure out if the soda would be a worthy venture to do on my own though,I need to run some more numbers.   

Still, I want to start something so I wanted to see if you guys had any ideas for low cost, high enough profit businesses for someone that doesn't have previous experience or a professional degree?    Fire away.

Stache In Training

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #1 on: April 09, 2015, 09:23:55 PM »
I'd say to check out some cheap franchises.  Proven ideas, but not a lot of capital is always needed.  I think I just saw a little ceasars advertised on Monster for like 50K.  There was a long list.  I'm sure there's some fine print, but I'd say franchises probably give you the best bet of not hitting on a "some stupid idea."

greaper007

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #2 on: April 09, 2015, 09:40:30 PM »
I'd say to check out some cheap franchises.  Proven ideas, but not a lot of capital is always needed.  I think I just saw a little ceasars advertised on Monster for like 50K.  There was a long list.  I'm sure there's some fine print, but I'd say franchises probably give you the best bet of not hitting on a "some stupid idea."

I have thought about franchises, especially for something that people hate doing.    Like cleaning up dog poop.     From my research though it seems like the devil is in the details for franchises.    The $50k is usually just the fee, then you have to pay for the space, payroll, suppliers etc.    A lot of parent companies also want to see somewhere in the neighborhood of $100k in liquid assets after you pay for all that stuff.

okits

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #3 on: April 09, 2015, 11:17:32 PM »
Well, with your dog poop comment...

Beginning: cost of transport, business cards, plastic bags, rubber gloves, maybe a mask, old boots, throwaway clothes.  Go make a name for yourself with service and dependability.

Get to the point where you have so much work you need to hire an employee.

Get to the point where one employee becomes five, ten, etc.  You stop actually picking up poo but run payroll, billing, accounting, advertising, scheduling, service complaints.

Get to the point where the business is profitable enough you can pay a manager to do all that stuff, too.

I wouldn't think you'd need a franchise for dog poop removal.  People specifically go to XYZ burger/coffee/fried chicken place because they're consuming a product and they want a familiar taste and experience. Dog poop removal is a service.  Your customers aren't tasting or experiencing anything (except noticing a clean yard.) I can't imagine the yard looks cleaner because they used brand-name poo removal services.
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arebelspy

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #4 on: April 11, 2015, 08:18:41 AM »
Find a need and fill it.

Start small and bootstrap yourself.

The Internet makes scale easy if you want to make a lot, or do something local if you're content with less but want to build something tangible.

Read The Millionaire Fastlane.  Stupid title, great book for getting rich as an entrepreneur.
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scottydog

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #5 on: April 11, 2015, 09:24:10 AM »
Find a need and fill it.

Start small and bootstrap yourself.

The Internet makes scale easy if you want to make a lot, or do something local if you're content with less but want to build something tangible.

Read The Millionaire Fastlane.  Stupid title, great book for getting rich as an entrepreneur.

+1

There's a ton of information in The Millionaire Fastlane, including an explanation of why franchises are usually not a path to wealth.

http://www.smartpassiveincome.com/ is also great if you're interested in building an online business.  The podcasts are fantastic and there are facebook groups with very supportive members.

greaper007

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #6 on: April 11, 2015, 12:42:58 PM »
Great replies.    I'll check out that book.    Thanks for the input.

HipGnosis

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #7 on: March 03, 2017, 07:04:57 AM »
I'd say to check out some cheap franchises.  Proven ideas, but not a lot of capital is always needed.  I think I just saw a little ceasars advertised on Monster for like 50K.  There was a long list.  I'm sure there's some fine print, but I'd say franchises probably give you the best bet of not hitting on a "some stupid idea."

I have thought about franchises, especially for something that people hate doing.    Like cleaning up dog poop.     From my research though it seems like the devil is in the details for franchises.    The $50k is usually just the fee, then you have to pay for the space, payroll, suppliers etc.    A lot of parent companies also want to see somewhere in the neighborhood of $100k in liquid assets after you pay for all that stuff.
I found a franchise for cleaning BBQ grills, ovens and stoves - (mostly?) with a trailer mounted steam cleaner.  I was quite interested until I found out one of the 4 franchises already doing it in my state is in the next suburb.

CargoBiker

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #8 on: March 03, 2017, 08:54:42 PM »
There's a ton of information in The Millionaire Fastlane, including an explanation of why franchises are usually not a path to wealth.

Unless.... you're the one who started the business, and others are franchising your business.

Several months ago, I was looking into starting a VR Videography business, with the plans to quickly franchise it out.  Went another direction, but the business model of iteration is a solid one, and one people don't often think about.


CargoBiker

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #9 on: March 03, 2017, 08:56:35 PM »

Read The Millionaire Fastlane.  Stupid title, great book for getting rich as an entrepreneur.

I see I'm not the only one who puts in that disclaimer before they recommend the book, haha.   

arebelspy

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #10 on: March 04, 2017, 02:31:53 AM »

Read The Millionaire Fastlane.  Stupid title, great book for getting rich as an entrepreneur.

I see I'm not the only one who puts in that disclaimer before they recommend the book, haha.

Hah, yep, every time.

Also very much agree with your franchising comments.  Running one is a good way to preserve wealth, and run a business.

Owning the model that others are franchising is the way to rapid wealth growth.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

FIREby35

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Re: Profitable, bootstrapable, (eventual) hands off businesses?
« Reply #11 on: March 07, 2017, 03:03:05 PM »
The E -Myth is great book for "How to build a franchise" style business.

OP, you can literally start a business in anything. That is actually one oft he hardest parts - choosing which possibility.

I'd flip the question on you: Why the soda business? If not soda then what other business? 

I'd love to kick the tires on your soda business or the other options.

How much capital do you have to work with?