Business Advice

[juan ruiz]

I will like to know what could be a good business with a 5-10k investment, I am not sure that with such small investment I could start anything outside a home based ? perphas a franchise of some source ? any ideas ?

[LeeH]

Be very careful shopping for business opportunities. There are way more people trying to take your $10K than offer you something in return. I'm not saying that there aren't some legitimate opportunities in that price range, but the scams outnumber the ones with real potential.

[RickM]

Juan,

Is there any way for you to utilize your full time job skills (or other skills) in a consulting capacity?

Ever consider owning/operating a few ATM machines? This could be lucrative depending on local, saturation and your ability to secure busy locations.

[juan ruiz]

Thanks for the help,

Regarding the consulting ,problem is I travel so much that it may be impossible to provide a good service, I am looking into something that I can start and let my wife carry on ,recently I look into this.

http://www.waterlessgrass.com/

I am looking at all the posibilities outthere and yes theres many scams indeed, 3 years ago I almost bought a franchise but I back out at the last minute now is time to go for, I keep thinking that one of those "Oil Change" places could be a good one, problem is one you look at the capital needed is only for rich people.

[928ram]

Juan, what do you do now? What is your current skill-set and more importantly what do you enjoy doing?

Sure, buying a franchise can get you started much quicker but will exhaust your capital. What about starting from scratch, building something part-time until it's large enough ($$) to become your primary occupation?

Do be careful, having lived in FL for many, many years, I know that there are way too many ways to lose your hard earned money down there investing in fly-by-night business "opportunities"

[RickM]

Here's an idea that will require little capital to start. Start small and see where it goes........and don't laugh.

Sell on EBay. Yes, it's tougher than in the past but with strict business rules and the tools available (listing, payment, shipping, inventory etc) you and your wife can scale to your comfort. BEsides much of it can be managed remotely.

The key to success is sourcing viable goods to sell. Place ads in local papers looking for odd lots, manufacturing overruns, remanufactured goods, Estate sales, business looking for another sales channel etc.
Buy what you know and you'll do well. However, keep an open mind. Clothing, fashion accessories and other similar items do remarkably well.

[juan ruiz]

Juan, what do you do now? What is your current skill-set and more importantly what do you enjoy doing?

Ram, I work for the largest manufactor of diesel engines in the world as a Field Service Engineer, I have spend the last 19 years of my life working on diesel engines from Race Diesel engines, locomotives,ships, earth moving equip.etc etc there's no one diesel application that I haven't got my hands on it, and not to brag at all but I hate my job even if I make over 6 figures a year, is to the point that my job is just plain boring

I have two little boys 7 and 3 and the time is coming when I should stay home and be part of their life something very hard because of my traveling duties 9-10 month out of the year.

What do I like, I do enjoy talking to people, luv cars don't mind a bit of traveling, I enjoy teaching others the little I know, ( sounds like a car salesman position,lol) but I am open to new things.

A internet based business could be an alternative, it be nice to hear from others that have gone this route.

[widebody911]

I have an uncle, who is the son of the recently deposed Minister of Silly Walks in Nigeria, who needs to get $25million ($25,000,000) out of the country...

[juan ruiz]

Thom,

why dont he contact a accounting firm ?

[928ram]

Juan, seems like you really would like something auto-related; have you ever thought of things along the lines of auto repair/autobody, custom auto, stereo, tint, detail or a combo of some of the above?
While these markets seem crowded in most metro areas, there's always room for a shop doing real quality work and word of mouth spreads like wildfire.
I've started, built and sold several small businesses of this type in my life (now retired); always started with empty space and built from there, but sometimes you can get ahold of a distressed and poorly managed place for little $$ plus taking over the lease and be operating the day you sign.

You just can't beat being self-employed.

[jbryant]

Put it in an AIM fund.

Insurance, taxes and deadbeat customers will kill you and your business.

As a small business owner...I can tell you...work for someone else.

Yes, I am having a bad day.

[bigrubberjeep]

Juan, I am in the same boat, kind of. I got about $10K to invest on a small venture. I was thinking sunglasses at the local swap meet or fair rounds.

[LeeH]

I've worked for myself and for others. There are advantages and disadvantages to both (I have no interest in ever having 25 employees again!!!). I'd love to find something flexible and part time that I can do from home while my daughter is in school. But, I think back to the number of hours I put in when I bought my company... I just don't have that sort of time. With a background in management and marketing, part time from home opportunities are hard to come by.

I'm VERY open to suggestions.

[juan ruiz]

Nice to see I am not alone,

funny the automobile bussiness is mention as I have in my hands the opportunity to buy into a "Horsepower Sales" a automobile hot rod franchise, what is stoping me ?

I think this sector is saturated and it may fall within few years, so basically I am not sure of it, I have always said that business should be of some source of necessity, like food, cloths etc.

Check this out, all the power plants that I support in 3 world countries I give you one example a 120 Megawatt plant could have 10 engines runing 24x7 and EACH makes 800 $USD AN HOUR! wish I could tap into that.............

Mr.Wayne BESIDES MY 'Shirts" any suggestions?

No seriously what to do ?

[SteveStromberg]

Catering Truck up where the Huricane Blew thru, all of those guys rebuilding the place are going to need lunch.

[Zeke]

Teach deisel mechanics to Spanish speaking students. Use your capital to sell them tools needed to start out. Have your wife do the paperwork to ge the grants and funding for the students. The list goes on......

[morganb]

Juan,

If you want to stay hands off try investing in commercial property. Once you select a good tenant not to mcuh to do. Choose an area near where you live that is high traffic for flexibility. Generally long leases and not quite the hassles as with residential. Not sure if 15K is enough in your area. I bought into shops with family and now with a real estate agent.

[juan ruiz]

Maybe Real state, purchase a small condo unit rented and go from there ?

[turbo6bar]

Originally posted by juan ruiz
Maybe Real state, purchase a small condo unit rented and go from there ?

If you're cramped for time, I would not do this. Plus, the income generated will not be significant until the rents have increased or the mortgage is paid in full. Now, if you're looking 10 years down the road and can muster the patience, buy 1 rental per year. Hold for the next 10 years. Then, you'd be sitting very well. You'd take advantage of tax benefits (nice deductions), some income, appreciation, and equity paydown.
good luck, Jürgen

[qikcpa]

perhaps a service business. 10k buys a good bit of used lawncare equipment. house cleaning. My dream has been to buy a pontoon boat and a pressure washer and wash docks & boats on a local lake. rich people love to spend money.