Buying a business and risking a lot

[AnthonyS]

Whats the business?

Not going to say on this forum and would be afraid if I tell people they’d post it here.

I did look at 7-11 franchises. That’s a total waste. In DFW you will need $300k to get started and you can expect to make $75k a year and be there all the time. You might clear a $100k + if you are lucky. And when you walk away you get nothing.

The business I am buying should go up in value and I will be able to sell it for more if I manage it well. Having your name on the incorporation papers, etc is something totally new to me.

[CexMashean]

I hope BLM molotovs your shit.

[Ruffdaddy]

Not going to say on this forum and would be afraid if I tell people they’d post it here.

I did look at 7-11 franchises. That’s a total waste. In DFW you will need $300k to get started and you can expect to make $75k a year and be there all the time. You might clear a $100k + if you are lucky. And when you walk away you get nothing.

The business I am buying should go up in value and I will be able to sell it for more if I manage it well. Having your name on the incorporation papers, etc is something totally new to me.

Can you say the general idea of it? There are a lot of ways to make money that aren't sexy...aside from the obvious consulting/fabrication/analysis path I've considered...I would want give the following a shot:

1 - Storage facility on growing land value plots
2 - house cleaning service that offers aesthetic handyman services
3 - build furniture and outdoor living/landscaping

[silverranger]

Meh, don't be scared I own my own business and am doing just fine!

I will tell you it took more forever to do it (kinda like sticking your toe in cold water and pulling it out 100 times) Once I finally did, it was the best decision for my family and I. It's hard to throw money at something you may or may not make it big on.

Glad i did, just my .02 cents

[AnthonyS]

Meh, don't be scared I own my own business and am doing just fine!

I will tell you it took more forever to do it (kinda like sticking your toe in cold water and pulling it out 100 times) Once I finally did, it was the best decision for my family and I. It's hard to throw money at something you may or may not make it big on.

Glad i did, just my .02 cents

That’s everyone I know that has their own business too. They all seem to do okay and have more options in life. That’s one of my reasons to do it. I want to teach my kids so they have more options.

[AnthonyS]

Can you say the general idea of it? There are a lot of ways to make money that aren't sexy...aside from the obvious consulting/fabrication/analysis path I've considered...I would want give the following a shot:

1 - Storage facility on growing land value plots
2 - house cleaning service that offers aesthetic handyman services
3 - build furniture and outdoor living/landscaping

I like ideas 1 and 3. I imagine there is mad money in #3 now that people are staying home more.

[Ruffdaddy]

I like ideas 1 and 3. I imagine there is mad money in #3 now that people are staying home more.

The outdoor landscape idea came up when I made my rusted/corten steel planters. I needed 2 really large custom shaped planters (6' wide x 2' deep x ~2' tall) and all the quotes were well over a grand for both. Most were nearly a grand each. So I bought the sheet stock and made my own for $350ish. With the new plasma setup, I could easily knock that out in a day and make several non-custom units a week. I also want to start playing with custom firepits/fireplaces.

I'm just way too comfortable to take a true business leap.

[sc281]

Can you say the general idea of it? There are a lot of ways to make money that aren't sexy...aside from the obvious consulting/fabrication/analysis path I've considered...I would want give the following a shot:

1 - Storage facility on growing land value plots
2 - house cleaning service that offers aesthetic handyman services
3 - build furniture and outdoor living/landscaping

Code for Maid porn?

[TX_92_Notch]

I don’t want choo choo money. I’m fine. I just want to keep what I have. Anything beyond that is going to go to the employees and help others. I don’t need a bigger house, faster car or any of that anymore. I wouldn’t mind doing some rally cross though. I wish it were on Saturdays.

If you're not looking for anything out of it, why not just buy a CD?

I left my corporate career 'working for the man' in 2012 to be my own boss. I sure as hell didn't do it because I just want to break even. I want to build generational wealth and leave all 5 of my kids with a financial foundation that will give them the leg up that no one ever gave me.

[Ruffdaddy]

Code for Maid porn?

Its not really porn...you just sort of register on this website for exclusive content and its a small monthly fee. People love to watch a good deep and long cleaning session.

But realistically...cleaners make quite a bit already. My idea would be to add in paint touch up, baseboards, caulk touchup...etc and target a quarterly schedule. Nothing requiring a permit or anything major...but a much better house refresh than monthly cleaners.

[AnthonyS]

If you're not looking for anything out of it, why not just buy a CD?

I left my corporate career 'working for the man' in 2012 to be my own boss. I sure as hell didn't do it because I just want to break even. I want to build generational wealth and leave all 5 of my kids with a financial foundation that will give them the leg up that no one ever gave me.

A CD doesn’t earn 15-20%. And I already have a good life, enough stuff, and a sufficient savings plan. My family will be fine. I believe in sharing my success with others and helping others more the older I get. Would it better to leave my family $2 million or leave my family $1 million and help 20 kids get a college degree as an example? Which one sets a better example for my kids?

[cool cat]

Its not really porn...you just sort of register on this website for exclusive content and its a small monthly fee. People love to watch a good deep and long cleaning session.

But realistically...cleaners make quite a bit already. My idea would be to add in paint touch up, baseboards, caulk touchup...etc and target a quarterly schedule. Nothing requiring a permit or anything major...but a much better house refresh than monthly cleaners.

You're right about the deep cleaning, its amazing the difference clean or freshly painted base boards make. That's the type of thing most people overlook, but are happy with the end result. In all reality what you're saying is a light duty handyman is needed, which doesn't really exist anymore, jack of all trades master of none.

[Ruffdaddy]

You're right about the deep cleaning, its amazing the difference clean or freshly painted base boards make. That's the type of thing most people overlook, but are happy with the end result. In all reality what you're saying is a light duty handyman is needed, which doesn't really exist anymore, jack of all trades master of none.

Yeah thats exactly why I call it cleaning instead of handyman. People will search for and pay someone to clean and if you add the touch ups...you can charge a premium.

This idea came because my wife has hired carpet cleaners, window cleaners and house cleaners and all of them seemed to be surprisingly busy. Especially the window cleaner...he charged like 2-300 a house and just did like 2 a day but was set for a long time.

[Big A]

A CD doesn’t earn 15-20%. And I already have a good life, enough stuff, and a sufficient savings plan. My family will be fine. I believe in sharing my success with others and helping others more the older I get. Would it better to leave my family $2 million or leave my family $1 million and help 20 kids get a college degree as an example? Which one sets a better example for my kids?

Get off your humble-brag high horse dude, paying employees a good wage for hard work isn't exactly charity. As soon as you actually donate that million bucks, come let us know.

[Sean88gt]

Risking a lot? You better be willing to risk it all, or you're fucked.

I like the part about how 7/11 requires you to be there all the time. That is any business.

If you are buying in so you can work less, you lack the discipline to be successful.