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Let's say you were to start your own business. Just a side business in which you buy retail products and resale them to make a profit. What would you guys use as your product? I've thought about tires. Everyone needs them and you could buy tires and resale them to make a little cash on the side.
Can I be a mall Passions consultant ? I know lots of gals; I could get them to set up parties for me and then show up with the goodies :lol:
I studied entrepreneurship in college. Lots of people have side businesses like these and the tax advantages are tremendous. If you're really interested, we could use a thread for SB advice...
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Originally Posted by Fosco33
How was that? Would you recommend it to others?
It was awesome. Definitely recommended for general study. I've considered going back to UW's WAVE program for graduate study - but as my undergrad prof suggested, if you really want to start a business - do it. Waiting costs time....Quote:
Originally Posted by Scott Campbell
On a side note (and a little bragging), I was selected to participate in a business plan competition as a senior and took first in the world. Very cool experience!
I'm trying to start a business where Patler gives me some kick-@$$ hostas for free and then I sell them for pure profit at the local farmer's market.
But the guy won't co-operate. Just another example of The Man trying to keep me down. :(
I have my own side business. Best advice I can give is to talk to an attorney. Many communities also have a home based business association where you can join for like $50 a year. I can't speak for your state, but I know here if you google "Wisconsin Home Based Business Association", you'll see what kind of website I'm talking about. They have guest speakers who answer alot of the legal-type questions as well as providing a great way for you to network with other businesses.
My advice to you would be to steer clear of tangible goods because you won't be able to buy enough of the product not to get beaten out by a big business today.
Items like insurance, etc. can be sold for the big bucks.
If you want to start a business to be your full-time job, I recommend getting a masters degree in whatever you want to do so investors will take you seriously and find a niche that the big, local companies could use make use of your services.
For a side business, if you have some sort of a rare talent that you enjoy doing (great with photoshop; can tune a derailluer a quick as anyone; a scratch golfer; a tech wizard, etc), you can make some damn good cash in addition to the 9-5.
What's a 9-5? Greatest quote ever..Quote:
Originally Posted by Partial
"Work only a half a day. It makes no difference which half - the first 12 hours or the last 12 hours."
I dunno Fos, the key in my opinion is to put your time in when you're there and enjoy the time off. Working too much is killer for families, marriages, etc. 12 hours a day is insanity. I wouldn't have a problem working 7-5 or so, though.
18 years ago my youngest daughter became disabled. I became a fulltime stayathome mom and nurse. It was not out of financial nessessity, but from fear of losing my mind, I started working from home.
Since then, two daughters graduated from college, one is still in gradschool.
No school loans. We paid it all, out of pocket. This past year I 'retired' my business.
Having a home business can be very rewarding. But it takes a very disciplined person. Just becasue I was home, I still put in 8-10 hours a day.
The hardest part for me, was not getting the validation from friends and some family. There was alot of 'oh you don't have a real job' stuff. Sometimes it wasn't until they'd be a vacation, in a shop,
and see something I had created, come home and say 'is that what you do?"
Well, my not so real job, for the past 8 years had grown to the point where I was turning down orders and still grossing in excess of 80K.
Not bad for staying at home. :wink:
Do I want to do it again? Probably not. Working at home is a lonely job. But it sure covered all our bases when we needed it to.
First in the world?!? Holly crap genius! I am in a business with my dad. We build pumps, we have a machine shop, and we rebuild motors that run mining equipment (coal mines.) Our accountant told us we could start a little "business within the business" or a small side business in order to help with our taxes and make more money. We've thought about tires or something very small that many people around here could use.Quote:
Originally Posted by Fosco33
Thanks for all the advice, guys! There's certainly alot of smart people on this forum.
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Originally Posted by Fosco33
First in the world?!!!! Are you related to the Donald????