Books on making money

[subby]

hey fellas, i kno their are some sucessful business owners on this board so shoot me some info please...

what are some good books on ways to build fortunes and not have to work for 'the man'
im very interested in starting my own business just cant seem to find anyhting that would boom.
was thinking about buying some vending machines and buying out other peoples contracts but i doubt that will be any good..

[pesty4077]

Originally Posted by subby

hey fellas, i kno their are some sucessful business owners on this board so shoot me some info please...

what are some good books on ways to build fortunes and not have to work for 'the man'
im very interested in starting my own business just cant seem to find anyhting that would boom.
was thinking about buying some vending machines and buying out other peoples contracts but i doubt that will be any good..

I can tell you, as a business owner, you will learn more by trial and error, and your own experiences, than any book can teach you.

ALWAYS DO YOUR HOMEWORK, WHEN STARTING A BUSINESS!

[Pekkerwood]

I agree with Pesty 100%. A good general book is the original Rich Dad/Poor Dad series. It basically gives you the correct mindset. With that said a lot of the "business" books are about management skills, used after you have already started a business.

I own a few small businesses I have amassed over the years and sold one. You really have to look at your goals. The absolute best business will be one in which you have a passion or special skillset. Training comes to mind on this board, but its basic drawbacks are that it initially ties your earnings to the number of hours in a day that your work. That is a no-no for anything other than the short term.

You may also start a business you are not passionate about and be successful because it fits a broader goal i.e. " I want to start a service business that I can sell in five years and then start another one".

All to often we look down on the service sector, HVAC, Plumbing, gutter cleaning etc. I will tell you this, the guy who used to wash my cars, and clean my gutters, I saw on Oprah. He has a mansion in Palm Beach. He started doing other services for wealthy individuals and became one himself.

If I were starting a business today I think it would be service based and be one in which good customer service could retain repeat clientele. i.e. a mobile car detailing service, a window washing service, etc. I have a friend who makes $250k to $500k a year working three or four guys doing hi-rise and mid-rise commercial window washing and general pressure washing.

How did he learn? This is one of the keys. He worked for someone else doing it and learned the business. Now, admittedly he did it in a different city. Getting a job for someone else i the business you think you want to start is a great idea.

BTW if you have not had or do not understand basic accounting, take an online course or read a book. Learn to use Quickbooks. Trust me. You will be sorry if you do not.

Sorry I could not help more, this is something I am pretty passionate about. BTW I am primarilty involved in distressed real estate now. I started six years ago after selling a business and I have really enjoyed it.

Pekkerwood

[pesty4077]

Originally Posted by Pekkerwood

I agree with Pesty 100%. A good general book is the original Rich Dad/Poor Dad series. It basically gives you the correct mindset. With that said a lot of the "business" books are about management skills, used after you have already started a business.

I own a few small businesses I have amassed over the years and sold one. You really have to look at your goals. The absolute best business will be one in which you have a passion or special skillset. Training comes to mind on this board, but its basic drawbacks are that it initially ties your earnings to the number of hours in a day that your work. That is a no-no for anything other than the short term.

You may also start a business you are not passionate about and be successful because it fits a broader goal i.e. " I want to start a service business that I can sell in five years and then start another one".

All to often we look down on the service sector, HVAC, Plumbing, gutter cleaning etc. I will tell you this, the guy who used to wash my cars, and clean my gutters, I saw on Oprah. He has a mansion in Palm Beach. He started doing other services for wealthy individuals and became one himself.

If I were starting a business today I think it would be service based and be one in which good customer service could retain repeat clientele. i.e. a mobile car detailing service, a window washing service, etc. I have a friend who makes $250k to $500k a year working three or four guys doing hi-rise and mid-rise commercial window washing and general pressure washing.

How did he learn? This is one of the keys. He worked for someone else doing it and learned the business. Now, admittedly he did it in a different city. Getting a job for someone else i the business you think you want to start is a great idea.

BTW if you have not had or do not understand basic accounting, take an online course or read a book. Learn to use Quickbooks. Trust me. You will be sorry if you do not.

Sorry I could not help more, this is something I am pretty passionate about. BTW I am primarilty involved in distressed real estate now. I started six years ago after selling a business and I have really enjoyed it.

Pekkerwood

Agreed! You better understand profit and lost sheets and how to balance them, also a good business plan is a good start.

[Sassy]

My dad's accountant always suggest turning a hobby into a business... he would say if you love tennis, become a tennis instructor on the side. My dad's first business was selling pool chemicals and helping people with their pools. It was something he did on the side. He was actually extremely busy with it. He decided to stop selling because he was a salesman and was on the road too much to do both.

My ex-husband and I first business was installing hidden fences for "DogWatch". We were the only dealer in town that sold these kinds of fences. We eventually sold this business.

Check into you local college for continuing ed classes on small business development. They aren't very expensive and it will gieve some great info on developing a business plan, startup, bookkeeping basics, etc. Then when you decided what kind of business you would like to go into, check out any class or certifications that offer that would support your business to make you more qualified.

[subby]

thanks for all the replys...
i ahve taken business classes.. just couldnt get past accouting II.
also i cant seem to find something that interests me. I want to start a pizza/pasta/italian food shop.. but their are so many it is too high risk.. and will most likely fail.. figuring little ceasers 5$ pizza. idk... i think about it all day long.. hopefully something will come into my mind. I was also thinking home interior decorating.. but i would be starting from no experience.. idk.. hopefully one day soon something will come to mind...

[B1gJ1m]

Try the Automatic Millionaire.

[irish_sd]

Think and grow rich by napolean hill. the best. timeless.

[BOOMSHAKER]

A good book to always have in your house library is Donald Trumps': The Art of the Deal. Once you have a game play and know where you want to go with it. You will have to sell your idea to someone in order to make money on it. This book gives you a pretty good insite on how to make a deal work for you, rather then the other guy. Good read IMHO. Good luck.

[Pekkerwood]

The Rich Dad Poor Dad series gets you into the proper mindset but you may already be there. One lesson I have taken is multiple streams of income. For me that meant starting several small businesses, growing them, and taking on equity partners to run them where I keep 51% ownership.

With your interest in decorating, perhaps a home staging business would be an option to look into. People need a great deal of help now to sell there homes and I have seen staging make a huge difference.