Fun Entrepreneur Question

Ron

Ron

Dum Spiro Spero
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Joined
Apr 16, 2005
Location
Sharon, SC
Its been a little quiet lately.

This weekend and old friend and I were enjoying some home brew and having those fun deep philosophical conversations about God, the meaning of life, football, girls and money.

My buddy just had a death in his family and he stands to inherit a decent small chunk of cash. SO the question entered around how do I take this, walk away from the rat race and start a company. The goal isnt to get rich quick. The goal is to start a business that is your job at first, that you can grow into a manager of. Then hire a manager. And finally semi retire and just generally oversee.

So for discussion sake.
Tomorrow you are handed a check for $100,000.
You are told that in 3 months you HAVE to quit your current job.
What are you going to do?

Go.
 
Hmmm, trip to Vegas to hopefully turn it into a sizable payment on a successful franchise since I'm not smart enough to think of my own business.

Whenever I get tired of working for the man I start looking at a few business for sale websites and franchise sites. The franchise route is still technically working for someone else but hopefully provides more of a safety net than just guessing.
 
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Down payment on a wrecker. Heavy recovery business.

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I like that business model of the rent-a-place-to-wrench that you said your buddy in Florida (I think) had. I still think places like that could take off given the right location.

Otherwise I've been thinking more and more about setting up a bunch of 20x30's for vehicle storage. In and around Salisbury, they're anywhere from $350-650/mo...and never available. Been quoted anywhere from $7500-15000 in total per building, with 3yr financing. Use the 100k to keep you afloat until you get all of the buildings full, have it paid off in 3 yrs...collect $5k/mo for life (ignoring all other expenses associated with the business).
 
Grading and hauling contractor. But with $100k, it won't buy much equipment.

I'd do general construction and flip more houses. Be a paper contractor first then expand into having a couple small crews as the biz grows. Little overhead at first besides servicing construction loans and subcontractors. Should be easy to start with $100k
 
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rockcity said:
I'd do general construction and flip houses more houses. Be a paper contractor first then expand into having a couple small crews as the biz grows. Little overhead at first besides servicing construction loans and subcontractors. Should be easy to start with $100k
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This.
 
UTfball68 said:
Otherwise I've been thinking more and more about setting up a bunch of 20x30's for vehicle storage. In and around Salisbury, they're anywhere from $350-650/mo...and never availabl
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If land doesn't kill the deal, put some 20x50s in the mix.
 
Ron said:
Wat would you pay per month for a 20x 50?
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I wouldn't pay a damn thing.

But RV storage seems to be a decent business. It's the self-store business model, without having to compete with Public Storage and the like.

Bonus if you have a pre-trip, post-trip concierge service. Fill tanks, dump tanks, wash it off, park it and plug it back in.

I think we were paying $65/mo for a parking space at a self-store. RV places with covered (not enclosed) storage were 3x that. Inside storage was easily $5-600/mo.

CapEx is the bitch, but if you can find the land, I bet a bank would finance.
 
Creek/waterway/drainage work, small-scale, residential type projects.

Dump every earned dime into more equipment/crews/etc.

Repeat until reach $$$ needed.

Sell.
 
in this day and age, if you want to be successful and not squashed by corporate giants, you cant go into business for your own passions (usually).

Before you start a business, what is your marketshare? What does the market demand? What can you give them?

Starting a business is very very hard work. Something to consider; find the right start up and invest the money for a sizable portion of the equity.
 
Move to a high income Snowbird area of Florida and buy a home watch company. Get paid to stop by and check on the snow birds houses while they're away. Maybe drive their fancy cars a little, run their boats.... 3 days a week and relax the rest.
 
mbalbritton said:
Move to a high income Snowbird area of Florida and buy a home watch company. Get paid to stop by and check on the snow birds houses while they're away. Maybe drive their fancy cars a little, run their boats.... 3 days a week and relax the rest.
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Terrible idea! That means you would have to be in Florida. On the other hand move to the mountains and take care of their summer homes in the winter.
 
I'd have to think long & hard about that one. I've had similar discussions with friends over a few frosty adult beverages. There are lots of things I'd love to do but realistically, I have little knowledge and less experience in those areas. I'd probably waste the 100K on paying people to do what I couldn't or didn't know how to do. I guess for me it comes down to what am I interested in and would make me happy. It's not a free ride, I'm going to have to make sure this business successful. So if I have to get up everyday and put in long hours each day getting it off the ground, and making sure it turns a profit, it has to be something enjoyable to me - something in which I want to invest those hours rather than take a check from the man, go home, and surf the internets.
 
mbalbritton said:
Move to a high income Snowbird area of Florida and buy a home watch company. Get paid to stop by and check on the snow birds houses while they're away. Maybe drive their fancy cars a little, run their boats.... 3 days a week and relax the rest.
Click to expand...

Or do the exact opposite, move to the mountains and watch over their summer homes during the winter. Maintain mow and make a presence known to keep all the meth heads out.... I had actually thought about doing this before we moved back to the flat lands.....
 
rockcity said:
Grading and hauling contractor. But with $100k, it won't buy much equipment.

I'd do general construction and flip more houses. Be a paper contractor first then expand into having a couple small crews as the biz grows. Little overhead at first besides servicing construction loans and subcontractors. Should be easy to start with $100k
Click to expand...
This is basically my goal to start in the next 10 years. Gotta build up some capital first

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RobMcBee said:
Or do the exact opposite, move to the mountains and watch over their summer homes during the winter. Maintain mow and make a presence known to keep all the meth heads out.... I had actually thought about doing this before we moved back to the flat lands.....
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My mom did this for some friends that have houses.... She quite doing it when she went in a house that was being robbed at the time

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Buy more junk,hell its all I know how to do.Im kinda jaded over the whole make something out of nothing thing,in todays world theres too many things stacked against ya.
 
Pay for my wife to get track her law degree. Once she passes the bar I'll be her paralegal and stop this damn physical labor.


Oh wait, that's what we are doing now...
 
Give it to my wife and see what happens. That's what I do with the rest of it anyway :lol:
 
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