I have some start up money and the space. Im young and wanting to go into business for myself. What are some good ideas of a business that make descent money and wouldnt bore me? I would have other sources of income so im not looking to get rich but would like to make good money off it.
I m not sure what wouldn t bore you, but I do believe you could make good money with almost any business. What I would suggest is that you start a business in something that you enjoy. Hear are a couple of ideas: if you like to watch movies consider selling rare or specialty movies (they have a higher profit margin than the blockbuster movies) or watching them and writing reviews (then sell advertising on your website). If you want to make more money for your time I would say start something that would allow you to hire others to do the work - like any service business.
Hi Govi,If you really want to discover a good business idea, you will need this free video, home business crash course . It will show you a great business model.We invite you to ask us any questions,Jerry and Sharon
Little bakery
It really depends on what you are looking for, and what skills you have. If you have startup money ranging anywhere from $10,000 to $100,000, you should look into becoming a franchisee. This is because the franchisee purchases a kit to startup a business based on a proven business model, which can deliver a promise on a repeated basis, and show continual operating income for the franchisee, and the franchisor. This a great advantage, as you will be able to make a pretty good income from doing so, with the strength of a proven business model (the idea works as it has been repeated over and over again in many locations) along with strong support from the franchisor. A downside is loss of control. You have to follow what the franchisor specifies when you sign contracts with them, and you must follow the overall business model. You cannot change pricing on product, you cannot start selling new product that other franchisee locations do not sell, you cannot train and pay employees a different way than what the franchisor specifies. If you have limited budget, and/or you want the freedom of controlling and managing the business entirely to yourself (or your team), you should look into developing a small business model first. Creating a model will allow you to fully understand what goals you want to pursue as a business, how you can make yourself identifiable out in public markets, how to learn in creating value and setting yourself apart from competition so that you may survive out in the fierce markets, and how you can eventually think about growing, expanding, and perhaps creating an exit strategy for yourself and other founders, if applicable.Remember, the majority of small businesses fail from startup, due to their inability to reach the Break-even point of revenues vs expenses to create some sort of operating income. Back in the early 2000s, the rate of small businesses failing in the USA reached nearly 85%. This rate continues to stay very high, because of the failure to differentiate themselves from already established businesses. If you cannot differentiate, potential customers will view your business as indifferent from other veteran, well-known businesses already performing out in the markets. If you cannot attract customers due to inability to differentiate (create value), you cannot create sales. If you cannot create sales, you cannot create revenue. Without revenue, you cannot pay ongoing expenses (variable fixed), of which need to be paid regularly in order to keep the business alive. Once the business has entered continual loss in sales/revenue, and is unable to create some sort of positive contribution margin to pay back liabilities, expenses, so on and so forth, the business fails, and must file for Chapter 11 bankruptcy. This is also assumed that you have started a corporation of sorts (such as S or C corp status, LLC, etc.) of which you are given legal protection under the corporate entity structure. If you file as a sole proprietorship, things can get VERY ugly if you owe alot of money to pay off borrowed assets, or if you get sued. Make sure you do thorough research on starting a business, as it takes the most amount of time, energy, and resources than any other project you may undertake in your lifetime. Either way, if you succeed in launching the company, and you are continually making profit and expanding on a regular basis, you can expect compensation to be that of 4 to 6 times gross revenues of your own company or establishment (given you are the head official of the company or establishment, such as the CEO or franchisee). It can become alot bigger if you create a company based off of the franchise concept (so that you become a franchisor), of which you collect royalties. If your company goes IPO, and you are a majority shareholder within your company, you can expect huge earnings as well. Just don t plan on selling out all of your shares when you DO go IPO, or else you ll be receiving some phone calls and a visit from representatives working with the SEC. ;)Further questions, feel free to contact me at my company s email address at hansen.jayson@texperience.us and best of luck to your endeavors!