Business ideas

[kandaandm]

So...one of my buddies is coming into about 500,000 grand.....he had severly injured his shoulder due to a faulty piece of nautilus equipment...He's already had several operations on it.......anyways.......He had asked me if I had any good business in regards to starting a new business.......anybody have any good ideas?

 

[Shep Diesel]

The first thing you want to do bro, if neither of you have any prior business experience is RESEARCH RESEARCH RESEARCH. Dont go into things blindly. Have a thurough busines plan put together. Lawyers in place. Proper insurance, licenses, etc....

What type of business depends on you, but this will give you a good place to start as all business's need these key elements.

My recommendation is taking a hobby, somthing you love to do, and make money at it! Thats what i did. I love landscaping. I started cutting lawns when i was 10. I still love it to this day. My company has grown quite a bit sence than, but my love for the job is still there. At 28 i can honestly say i am very happy with what i do for a living. I wouldnt have it any other way.

Good luck!!

 

[Dave_19]

The first thing you want to do bro, if neither of you have any prior business experience is RESEARCH RESEARCH RESEARCH. Dont go into things blindly. Have a thurough busines plan put together. Lawyers in place. Proper insurance, licenses, etc....

What type of business depends on you, but this will give you a good place to start as all business's need these key elements.

My recommendation is taking a hobby, somthing you love to do, and make money at it! Thats what i did. I love landscaping. I started cutting lawns when i was 10. I still love it to this day. My company has grown quite a bit sence than, but my love for the job is still there. At 28 i can honestly say i am very happy with what i do for a living. I wouldnt have it any other way.

Good luck!!

very good advice look at all your options before choosing because once u put that $ down thiers no turning back..

 

[jerrywear]

The first thing you want to do bro, if neither of you have any prior business experience is RESEARCH RESEARCH RESEARCH. Dont go into things blindly. Have a thurough busines plan put together. Lawyers in place. Proper insurance, licenses, etc....

What type of business depends on you, but this will give you a good place to start as all business's need these key elements.

My recommendation is taking a hobby, somthing you love to do, and make money at it! Thats what i did. I love landscaping. I started cutting lawns when i was 10. I still love it to this day. My company has grown quite a bit sence than, but my love for the job is still there. At 28 i can honestly say i am very happy with what i do for a living. I wouldnt have it any other way.

Good luck!!

very smart.a lot of guys who starting they own business they loosing money.so you better do research before you going to do that one big step.

 

[brandonjpowell]

Learn how to market...

Remember, most people loose money in business because they think that just having a skill that they are good at is enough to make them rich. You not only need to research what it is you would like to do, but more importantly you need to research HOW TO MARKET!

If your friend has $500 k then I would recommend him purchasing Jay Abraham’s “Mastermind Marketing Program” not the one listed on his site but the 2002 program. It will run $5,000, but is well worth the money.

It will teach you how to look at your business from “outside the box” and see all of the free or low cost marketing avenues you can take to get your business off the ground.

To use an example, and hopefully help two people with one post.

If I were to start a landscaping business, I would do the usual marketing that all successful landscape businesses follow, but I would also talk to every electrician, plumber, carpet layer, construction company (that builds new homes and renovates), any rental place that rents lawn care equipment, etc. to set up a referral system. For every referral that they send my way I would pay them either a percentage of the sale or an upfront fee.

Also, what ever you do, set up a database to track your numbers, and keep all your important client and prospect data!

Basically, KNOW THY NUMBERS!

Just because something costs you $1,000 and you only make $500 from spending that $1000 does not mean that it is a bad investment. If you can get those clients to come back four more times in the lifetime of the client you will have made $2000 for every $1,000 you spend.

Sorry this is getting a little long, but I really love this stuff. If I can help you in any other way let me know.

Peace,
BrandonJPowell

 

[tbonus]

If he gets a full 500G's, have him invest 400G's with Smith Barney or some other financial investor. Then use the rest for biz. I'd even hire a consultant to help start the business if I didn't have any prior experience.
just my opinion for what its worth

 

[Crowler]

My advice.

Take 300K go to a bank. They will loan him approx 1.2 million then he has 1.5 million to invest in an apartment complex.

If the property only goes up 10% in 2 years he has already made approx 50% on his money BESIDES all the rents that were collected.

This is because his investment is 300K and the profit was 10% of the 1.5 million.

Easy way to have a nice income for the rest of his life with little to no work.

 

[Vander_V]

Realestate

Buy new homes and rent and then sell thats the best option.

OR

HUGE Profits Fixing cheap homes and then selling ,,, you could make a ton of money and you can problably do most of the work yourself fixing it up for me its kinda fun fixing up an old house and seeing what it could become and it keeps ya very busy and almost becomes a hobby .

 

[jawbreakerkid]

real estate is always a great alternative. With interest rates as low as they are I would not go the rental route though. Once interest rates rise, then that's the way to go. But, like everyone said, research.

 

[Got Juice]

real estate is always a great alternative. With interest rates as low as they are I would not go the rental route though. Once interest rates rise, then that's the way to go. But, like everyone said, research.

JBK, i agree with you, but have you noticed the prices of home sky rocketing since the mortgage raters have dropped. i read an article the other day talking about the price of real estate increasing and obvoulsly the lower rates have a big effect on that. the guy was saying it should take about 2-3 years for real estate to steady off once rates go back up. so i guess its good in one hand to get a low apr but at the same time, houses (atleast in my area) have gone up significantly. im just hoping we arent coming toward the end of the low rates. that could actually screw you over IMO.

btw, im not trying to act like im an expret, its just my thoughts.

later,
GJ

 

[jawbreakerkid]

no, it's a good point got juice. It's like the stock market, buy low sell high. The only thing is with mortgage rates as low as they are right now, the home prices keep rising, so you can buy a home, sit on it for a short while, turn it around quickly and still make money. In booming areas like Las Vegas prices appreciated 41% in the past year (rough guesstimate, off the of my head). My brothers and I own and manage a construction company out here in Chicago, in an established area such as chicago, land is at a premium, so if we can find in-fill lots or teardowns in the city, we can charge a premium for them, and the low interest rates help turn them around faster. The three rules of real estate, location location location. It's not like Field of Dreams, "if you build it, they will come," but if you are in the right market, real estate can be VERY profitable.

 

[Got Juice]

ok i get what you are saying now. man i wish i could work for myself, im jealous!!! i hate working for THE MAN..haha

later,

GJ

 

[jawbreakerkid]

yeah, but you still have just as nice a TV as me...LMAO

 

[Count Trapula]

You're hot.

yeah, but you still have just as nice a TV as me...LMAO

 

[G.E.R.M]

..

500k

put 100k down on 3 seperate synergistic businesses

depending on where you live take the remaining 200k and put 50k down on 4 houses that have a min of 2 apts in them...

work this bizes for a few years, work the houses... make them nicer every year, increase rent accordingly.. pull out some equity from each house and repeat that process.

for the first 3 yrs focus on paying off the notes from the bizes and then over the next 2 yrs continue to live off the $$ you have been living off and take the $ you were paying the notes off with and save it to put into either more bizes or more real estate.

dont forget to incorporate each biz seperately and also form a LLC or similar for the real estate..

the tax breaks alone and spending to show zero profits should enable you to live decently for the first 7 yrs... after 7yrs you should be ok...

if you have no buziness acumen then forget everything i've written as it will ultimately waste your time and money.

good luck and here is the best piece of advice you will ever get...from me

when people tell you something wont work or not to do something, do not listen to them... especially if they have never tried it.

 

[TONE]

I've got a few ideas to where he could tripple his money without breaking a sweat.

PM me for details.

 

[squatter]

ya I've got an idea. buy american strongman. seriously, you could OWN strongman in America. all you would have to do is purchase television time and pay a good film crew. There are already enough promotors and competitors to make it happen. The sport just needs an invester to buy TV time.

squatter