Gentlemen, I am getting restless to start on my own. I cannot concentrate on my job anymore (it took me very long time to realize that I am not good at it :-). I need to get into business soon. My wife has a good job and I have some money stashed away for emergency. My technical skills and experience can allow me to get into work force if I need to.
I need your advise on what kind of business can be started in the US with $10,000.00 (max money I'm allowed to lose :-)?
I don't really want huge returns...All I want is $1000.00 per month of profit for working 10 hours a day. I am not averse to any business. What do you suggest?
I have already submitted my resignation and would be done with the job by the end of this month.
I wouldn't be able to become a skilled worker like carpentar, plumber, mechanic etc as I lack those skills. So please suggest a business that ANYBODY (who doesn't want large returns) can do.
Small shop in a busy mall seems to be good idea. Small shop can be Coffee shop or a fruit-cup (I have never seen this) shop. I can raise some money as bank loan and that can take my capital to 30K but then I will have to start making more money to pay off the bank interest.
Every idea is welcome.
Thanks!!!
Small business in the US-Help needed badly
Small business in the US-Help needed badly
Hmmm... you want a 10% return on capital per month? - 120% return per year, working 10 hours a week. Let me guess you must have heard some of those "gurus" like Robert Kiyosaki, etc recently? :D
On a serious note, take a look at franchising - read up and talk to people in the business. Talk to the bank about what is required for a loan. You might want to talk to the Desi kiosk guys at malls, may be they can give their 2 cents.
On a serious note, take a look at franchising - read up and talk to people in the business. Talk to the bank about what is required for a loan. You might want to talk to the Desi kiosk guys at malls, may be they can give their 2 cents.
Small business in the US-Help needed badly
Mel, I want to work 10 hours every day (not 10 hrs/week)! Though I have read that famous book of Robert Kiyosaki, I doubt if flipping homes is my cup of tea. I want an honest business (not a novel business) that can be done by a poor man with no special skills and who is willing to work hard.
Small business in the US-Help needed badly
Mel;27878Hmmm... you want a 10% return on capital per month? - 120% return per year, working 10 hours a week.
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Correction! OP is ready to work 10 hours a day (OP seems to have corrected as I was compiling this post :emwink:)...which is at least 40 hours more (in a week - assuming weekends are off...which is a luxury for businessmen) than what you think - a pretty significant difference.
[quote]
On a serious note, take a look at franchising - read up and talk to people in the business.[/quote]
Personally, I think (sorry no experience) this is not a bad idea at all...I'm sure a hardworking business man can make a decent buck with commitment. I hear there is quite a bit of money in any decent franchise - be it Dunkin Donuts, McDonalds, BK, 7-11, Baskin Robbins etc. I'd love it if knowledgeable and experienced members were to correct me.
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Once you've taken the plunge...you'll surely make it happen with hard-work and commitment. -DJ :cool:
Small business in the US-Help needed badly
Most of the franchises cost a lot of money. You can try for a cell phone/accessories sub-dealership(note not dealership) and set up a small kiosk in a mall. I've even see ppl. make good money selling cell phones/accessories in a Flea market...which was only open Fri/Sat/Sun.
One of my friends used to work in a Sun Glasses kiosk in a mall in Florida. He was getting paid 2400$ per month...cash....he was not even the owner. Guess the owner was making much more.
One of my friends used to work in a Sun Glasses kiosk in a mall in Florida. He was getting paid 2400$ per month...cash....he was not even the owner. Guess the owner was making much more.
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kalpesh145
- Posts: 110
- Joined: Tue Jan 16, 2007 12:23 am
Small business in the US-Help needed badly
my brother-in-law has gas station, and he seems to be working hard and making good money. He didn't have any money in the beginning to invest in the station. But found one partner, who invested money and my BIL/his wife handled the store at fixed monthly income + % on profit. After a year, they bought another gas station and invested some of their savings as a partner and hired employee to maintain it.
My suggestion is to look for business such as gas station, Sub-way/Quiznos..etc. But you need to be full-time on this for first few years. Good luck!
My suggestion is to look for business such as gas station, Sub-way/Quiznos..etc. But you need to be full-time on this for first few years. Good luck!
Small business in the US-Help needed badly
How much money you are making now?
>..All I want is $1000.00 per month of profit for working 10 hours a day.
Does $1000.00 profit includes your personal expenses and cost of money and your time? is profit EBITDA? You want to work 10 hours a day i.e. 200 hours a month to make $1000.00 ($5/hrs). I'm assuming this is not correct?
>..All I want is $1000.00 per month of profit for working 10 hours a day.
Does $1000.00 profit includes your personal expenses and cost of money and your time? is profit EBITDA? You want to work 10 hours a day i.e. 200 hours a month to make $1000.00 ($5/hrs). I'm assuming this is not correct?
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Chicago Desi
- Posts: 1642
- Joined: Tue Jan 23, 2007 1:24 am
Small business in the US-Help needed badly
A retail food outlet with healthy options is always a great idea. Look at the success story of Subway. People need to eat no matter what and hence these joints thrive.
As with all retail businesses, location is the key. Choose a location where you have significant lunch crowd and you should be all set. Whether you franchise or not does not matter so long as you cater to the local taste.
Fast food joints do not require much up front capital (unless you franchise with McDonalds, who required a capital of US $1 Million a few years ago). Subway required some $40K a few years ago. You can put in your $10K and they may be able to help you with the rest.
From what I had learnt back then (5 years ago), the return on capital was about 40% after expenses (not taxes). Mark ups on food items are quite high and once you factor in the help, you can still have a margin of 40% per transaction.
Another great idea is an insurance agency with a decent company, but those are a dime a dozen, so unless you have a captive audience, you may not do so well. There are several sites where insurance agents put their businesses up for sale, but they do demand a lot of money to sell their successful businesses.
As with all retail businesses, location is the key. Choose a location where you have significant lunch crowd and you should be all set. Whether you franchise or not does not matter so long as you cater to the local taste.
Fast food joints do not require much up front capital (unless you franchise with McDonalds, who required a capital of US $1 Million a few years ago). Subway required some $40K a few years ago. You can put in your $10K and they may be able to help you with the rest.
From what I had learnt back then (5 years ago), the return on capital was about 40% after expenses (not taxes). Mark ups on food items are quite high and once you factor in the help, you can still have a margin of 40% per transaction.
Another great idea is an insurance agency with a decent company, but those are a dime a dozen, so unless you have a captive audience, you may not do so well. There are several sites where insurance agents put their businesses up for sale, but they do demand a lot of money to sell their successful businesses.
Small business in the US-Help needed badly
Kumon franchise
Small business in the US-Help needed badly
Guys,
I don't know how muh Kumon Franchise would cost, but Subway franchise is not that cheap anymore. I would seriously doubt if the minimum is less than 70K and then you need workig capital.
Franchises such as Quiznos run into 250K to 400K depending upon running operation or not.
Franchises such as Schlotzsky's deli are upwards of 400K.
Hair cut places such as Great clips also cost anywhere from 50K to 100K and more.
I don't know how muh Kumon Franchise would cost, but Subway franchise is not that cheap anymore. I would seriously doubt if the minimum is less than 70K and then you need workig capital.
Franchises such as Quiznos run into 250K to 400K depending upon running operation or not.
Franchises such as Schlotzsky's deli are upwards of 400K.
Hair cut places such as Great clips also cost anywhere from 50K to 100K and more.