OT: Any business savy guys out there that can give some advice

edmundfitzgerald

Is it impossible to begin a successful business with only 250-500k capital ?
I'm talking about a business that can earn you 50k per year salary if you work hard at it.

I'm not even sure what business I'd like to do, but after 27 years in the same profession, and having health benefits for life
for me and my family, along with a 40k per year pension, I'm looking into starting something new.

Please fire away if you have any opinions, and certainly I'm open to doubters and dissenters.

thanks

BobTheHammer

<< <i>Is it impossible to begin a successful business with only 250-500k capital ?
I'm talking about a business that can earn you 50k per year salary if you work hard at it.

I'm not even sure what business I'd like to do, but after 27 years in the same profession, and having health benefits for life
for me and my family, along with a 40k per year pension, I'm looking into starting something new.

Please fire away if you have any opinions, and certainly I'm open to doubters and dissenters.

thanks >>



Daytrading.

dtsa

Where do you live? I sell franchises for a living and see businesses sell with 50k owner benefit for less than that. Your best bet is finding an existing business with a financial history and track record of that allow you to have the income you need. You need to make sure it's something that can stand to do for a living whether it's owning and operating a sandwich shop, working all weekend owning a car wash, or getting up at the crack of dawn making sure coffee is going out the drive thru window. There are many other opportunities but the real question is what do you want to do?

80sOPC

There are a lot of franchise systems that will return 50 on 500, which IMO isn't a great return considering how many hours you would need to invest in the business. A Subway could roll 50K easy in the right location and the investment is usually well under 250K, for 500K you could buy a few stores and make a heck of a lot more.

Bosox1976

Private duty home care (for seniors) in a nice suburb. Either franchise or standalone.

Very low barriers to entry, quick to breakeven, and good margins once stabilized. Growing markets.

addicted2ebay

With health benefits for life and a 40k pension I would just sit on ebay and buy and sell like crazy....

bigdcards

I have 2 friends that started a PR firm for way less than that about 10 years ago. After they had their first big client, things started to snowball and they've done quite well with it.

miklia

absolutely possible with half of that if you can find the right niche. Research what isn't available in a sector that you're passionate about, and let that be your guide. Given your current position, looking for a money-making opportunity in a field you don't care about might just lead to early burnout.

Giants24

Good for you. There are many books out there concerning "second acts" which I have found useful. I would also contact a business broker in your area to see if there might be any businesses for sale that would be of interest. I am currently nearing the end of a 30 year corporate run and will be going through the same exercise in the next 2-3 years myself. Given that timeframe I have already started the research and can tell you that for me....I am looking at teaching and coaching.

Enjoy the process and congratulations.

Steve

dontippet

I agree with most of the above. Investing 250-500 and just making 50K a year with lots of hard work doesn't seem like a good deal. It isn't terribly difficult finding a job that gives you 50K without having to put up the initial investment and risk. Why would you pay up to 500K to get paid an annual salary that you could get somewhere else?

JHS5120

<< <i>I agree with most of the above. Investing 250-500 and just making 50K a year with lots of hard work doesn't seem like a good deal. It isn't terribly difficult finding a job that gives you 50K without having to put up the initial investment and risk. Why would you pay up to 500K to get paid an annual salary that you could get somewhere else? >>



+1

Nathaniel1960

I would travel, learn fly fishing, golf municipal courses first thing in the morning, write some short stories, make some prank phone calls, double park, shoplift....the list is trailing off a bit apparently.

itzagoner

i'm kinda stuck on a concept, so i'll share it with you. it's certainly no big secret, but i love the story.....

my wife and i met a couple around our age late last year on a popular resort island while we were checking out homes for sale, just to satisfy some initial curiosity.

these folks explained to us how they'd moved to the island with the intention of staying long term and finding "jobs". they claimed that they weren't crazy wealthy when they got there, but eventually, they could afford to purchase a home. so they did.

then they decided to find another cheaper place, an apartment, so they could rent the home. it became so wildly popular, that they had to buy another one. then they started renting out the 2nd home and moved back into the first one.

it became their business. i also noticed that both wore shorts and sandals to "work".

i've romanticized this idea for awhile, but not to become a real estate agent, just to have a nice little place and make it an income property, until some day when i'm ready to implement a few of Nathaniel's suggestions, that might be the place to do it permanently.

neildown

Maybe some of the buy high sell low guys like Bobby can chip in here.

Meatloaf

I have a mba and can provide some advice....shoot me a msg with your goals and boundaries.....from there I can be more specific.

Meatloaf

itzagoner

you get paid by the hour for that, don't you.