Looking To Turn My Savings Into A Business Venture...Feedback???

[lb81986]

This is for the NT business minds::

So ever since I started working, I made point to save a good amount, and I plan to keep saving until I finish school (hoping to end up around $50k). Once I'm finished, I want to look into starting a business or two with my saved $. I'm thinking, something in addition to a full time job, something to get some extra $ on top of my salary. Something that can turn a couple thousand in profit monthly.

Here are a few ideas I have thought of:

Barbershop/Salon
Full Service Car-wash
Low Cost Franchise
Rent Property?

Anyone have any more ideas? Experience? Advice? Opinions?

Its all welcome...

 

 

[PatRiley]

those are all pretty separate/different ideas...do you research and find out what consumers need/want in the area that you are trying to start the business (short and long term), then go from there.

 

[grey]

do you have any debt?

if so, pay that off before you even think about starting a business.

 

[lb81986]

nah, no debt, i've been very fortunate. 

 

[scshift]

All the options you listed are relatively safe, low risk, so you should be good. It probably won't be too stressful, cause you won't really be losing money (especially if you own a franchise).

If you ever decide you want to try something bigger though, I'd say go for it. Of course it's high risk and you'll have a pretty solid chance of failing on your first couple tries, but the rewards are infinitely better and you'll have much more enjoyment in seeing your own creation grow.

 

[lb81986]

^ definitely. i have some long term ideas on opening my own business, but in the meantime would love something where I can get a solid return and some experience heading a business. 

 

[frenchblue23]

I think an income property is always the best way to go.

 

[ce0 mal]

I don't know about barbershops or salons, but I know that barbers and hair stylists live a pretty nice life income wise.

 

[doublejs07]

what's the cost to franchise a fast-food joint?

 

[ksteezy]

develop a craft, knitting, photography, graphic design, something you can do from the comfort of your home without having to manage or invest into a property, 50 grand is not really a ton of money to be honest.....for example i do photography and the extra cash vie saved over the years i invest it into equipment, software, my blog, advertising, my home studio....i could have taken that money and invested into a local....but then id be having to worry about rent, mortgage, property taxes....nah man...i have my own business and i do it at my pace and from home or on location.

 

[furrell]

Originally Posted by CE0 Mal

I don't know about barbershops or salons, but I know that barbers and hair stylists live a pretty nice life income wise.

That's not true at all maybe for stylists but not for barbers. It depends on the barber's clientele size. If you have a loyal following, like my cousin has who has clients that have followed him from shop to shop, you'll never be struggling in that area but if you're new or shaky with the clippers, I hope you have a part time job or a side hustle that is lucrative enough that allows you to go days with <5 customers.

 

[sheistbugz]

You should do your research and find out what it is your area is lacking, and then open something up to fill that void. I see Car washes open up sometimes where there were none around, and they make a killing. Renting property is always good too, but you'll have to deal with tenants and repairs which can become stressful. But if you can get a property at a real affordable price I'd say thats a good option as well.

 

[newmoanyuh]

A salon, especially one that caters towards extensions, then it would be extremely profitable. My cousin buys indian/chinese/malaysian hair by the pound straight from vendors at about $100~300 and then charges by the ounce for $250~400. That doesn't include actually installing the hair 

. 

 

[doublejs07]

I lived right off of Hillside/Parsons a few years back...someone thought it would be a good idea to open a hip-hop pretzel shop (that also offered free limo rides up and down Hillside to the HS kids).

#FAIL

Obviously, it didn't last long....

 

[chrisphreezy]

Originally Posted by DoubleJs07

I lived right off of Hillside/Parsons a few years back...someone thought it would be a good idea to open a hip-hop pretzel shop (that also offered free limo rides up and down Hillside to the HS kids).

#FAIL

Obviously, it didn't last long....

This is where he went wrong 

 

[lb81986]

Originally Posted by DoubleJs07

what's the cost to franchise a fast-food joint?

pretty steep...like 6 figures at least.. especially if you looking for a subway of mickey d's type.

 

[lb81986]

Originally Posted by sheistbugz

You should do your research and find out what it is your area is lacking, and then open something up to fill that void. I see Car washes open up sometimes where there were none around, and they make a killing. Renting property is always good too, but you'll have to deal with tenants and repairs which can become stressful. But if you can get a property at a real affordable price I'd say thats a good option as well.

i feel you, i'ma definitely do my research. i thought a car wash was a strong idea, but if its manual cleaning, then that's not year round money.

 

[lb81986]

Originally Posted by Furrell

Originally Posted by CE0 Mal

I don't know about barbershops or salons, but I know that barbers and hair stylists live a pretty nice life income wise.

That's not true at all maybe for stylists but not for barbers. It depends on the barber's clientele size. If you have a loyal following, like my cousin has who has clients that have followed him from shop to shop, you'll never be struggling in that area but if you're new or shaky with the clippers, I hope you have a part time job or a side hustle that is lucrative enough that allows you to go days with <5 customers.

this is true. that's why i thought of a barbershop/salon in the first place. the onus is on the barber to get those sales. meanwhile, the store owner is getting steady revenue from renting out booths.

 

[lb81986]

Originally Posted by ksteezy

develop a craft, knitting, photography, graphic design, something you can do from the comfort of your home without having to manage or invest into a property, 50 grand is not really a ton of money to be honest.....for example i do photography and the extra cash vie saved over the years i invest it into equipment, software, my blog, advertising, my home studio....i could have taken that money and invested into a local....but then id be having to worry about rent, mortgage, property taxes....nah man...i have my own business and i do it at my pace and from home or on location.

i feel you, i know $50k isn't huge, that's why I'm really trying to take that, invest in something profitable (not really a stocks type), and hopefully grow it in a few years so I can really take on a business of my dreams. I really don't have none of those talents you mentioned lol. You're right though, I know photographers that make cake on the side, with minimal investment aside from the costs you mentioned. Perhaps I could start a management firm for photographers or something? Reach out to a bunch of ill photo takers and start a team??

 

[toy collector123]

Originally Posted by LB81986

Originally Posted by ksteezy

develop a craft, knitting, photography, graphic design, something you can do from the comfort of your home without having to manage or invest into a property, 50 grand is not really a ton of money to be honest.....for example i do photography and the extra cash vie saved over the years i invest it into equipment, software, my blog, advertising, my home studio....i could have taken that money and invested into a local....but then id be having to worry about rent, mortgage, property taxes....nah man...i have my own business and i do it at my pace and from home or on location.

i feel you, i know $50k isn't huge, that's why I'm really trying to take that, invest in something profitable (not really a stocks type), and hopefully grow it in a few years so I can really take on a business of my dreams. I really don't have none of those talents you mentioned lol. You're right though, I know photographers that make cake on the side, with minimal investment aside from the costs you mentioned. Perhaps I could start a management firm for photographers or something? Reach out to a bunch of ill photo takers and start a team??

Listening to KSteezy will leave you broke forever. 
Also, you're approaching the whole starting a business thing wrong and why you're going to fail.

Do you cut hair? Style Hair?

Have you ever worked at a car wash?

Do you have a net worth of 250k+ in liquid for a franchise?

Can you handle the emotional stress of being a property owner?

Continue to research and find something you're passionate about.  

 

[getthismoney]

Originally Posted by Toy Collector123

Originally Posted by LB81986

Originally Posted by ksteezy

develop a craft, knitting, photography, graphic design, something you can do from the comfort of your home without having to manage or invest into a property, 50 grand is not really a ton of money to be honest.....for example i do photography and the extra cash vie saved over the years i invest it into equipment, software, my blog, advertising, my home studio....i could have taken that money and invested into a local....but then id be having to worry about rent, mortgage, property taxes....nah man...i have my own business and i do it at my pace and from home or on location.

i feel you, i know $50k isn't huge, that's why I'm really trying to take that, invest in something profitable (not really a stocks type), and hopefully grow it in a few years so I can really take on a business of my dreams. I really don't have none of those talents you mentioned lol. You're right though, I know photographers that make cake on the side, with minimal investment aside from the costs you mentioned. Perhaps I could start a management firm for photographers or something? Reach out to a bunch of ill photo takers and start a team??

Listening to KSteezy will leave you broke forever. 
Also, you're approaching the whole starting a business thing wrong and why you're going to fail.

Do you cut hair? Style Hair?

Have you ever worked at a car wash?

Do you have a net worth of 250k+ in liquid for a franchise?

Can you handle the emotional stress of being a property owner?

Continue to research and find something you're passionate about.  

Pretty much, franchises are nowhere near your budget or expertise. Do you have any personal interests?

 

[lb81986]

Originally Posted by Toy Collector123

Originally Posted by LB81986

Originally Posted by ksteezy

develop a craft, knitting, photography, graphic design, something you can do from the comfort of your home without having to manage or invest into a property, 50 grand is not really a ton of money to be honest.....for example i do photography and the extra cash vie saved over the years i invest it into equipment, software, my blog, advertising, my home studio....i could have taken that money and invested into a local....but then id be having to worry about rent, mortgage, property taxes....nah man...i have my own business and i do it at my pace and from home or on location.

i feel you, i know $50k isn't huge, that's why I'm really trying to take that, invest in something profitable (not really a stocks type), and hopefully grow it in a few years so I can really take on a business of my dreams. I really don't have none of those talents you mentioned lol. You're right though, I know photographers that make cake on the side, with minimal investment aside from the costs you mentioned. Perhaps I could start a management firm for photographers or something? Reach out to a bunch of ill photo takers and start a team??

Listening to KSteezy will leave you broke forever. 
Also, you're approaching the whole starting a business thing wrong and why you're going to fail.

Do you cut hair? Style Hair?

Have you ever worked at a car wash?

Do you have a net worth of 250k+ in liquid for a franchise?

Can you handle the emotional stress of being a property owner?

Continue to research and find something you're passionate about.  

im passionate about music. and i have some ideas down the road i'd like to try with that. but really, in the meantime, i was looking for a business that was in my current price range. i understand where ya'll are coming from though about doing something you're passionate about, and i'm on the same page. what i'm trying to do with the music thing, i'd have to save up way more than $50k though. so i was really looking for feedback on a short term business venture that would provide steady cash flow, low risk, and quick return. and also doesn't require 16 hr a day oversight. i don't cut hair or wash cars, but i've been in barbershops and had my carwash'd 

. I know people involved in those businesses also, so it wouldn't be a thing to get some mentoring or advice. Only reason I mentioned franchises was because I saw a link on entrepreneur.com about low cost franchises in the $25k-$50k range. Most are like cleaning services though, and forbid absentee ownership, so I agree, franchises are probably out the picture.

Appreciate the feedback.

 

[toy collector123]

Originally Posted by LB81986

Originally Posted by Toy Collector123

Originally Posted by LB81986

i feel you, i know $50k isn't huge, that's why I'm really trying to take that, invest in something profitable (not really a stocks type), and hopefully grow it in a few years so I can really take on a business of my dreams. I really don't have none of those talents you mentioned lol. You're right though, I know photographers that make cake on the side, with minimal investment aside from the costs you mentioned. Perhaps I could start a management firm for photographers or something? Reach out to a bunch of ill photo takers and start a team??

Listening to KSteezy will leave you broke forever. 
Also, you're approaching the whole starting a business thing wrong and why you're going to fail.

Do you cut hair? Style Hair?

Have you ever worked at a car wash?

Do you have a net worth of 250k+ in liquid for a franchise?

Can you handle the emotional stress of being a property owner?

Continue to research and find something you're passionate about.  

im passionate about music. and i have some ideas down the road i'd like to try with that. but really, in the meantime, i was looking for a business that was in my current price range. i understand where ya'll are coming from though about doing something you're passionate about, and i'm on the same page. what i'm trying to do with the music thing, i'd have to save up way more than $50k though. so i was really looking for feedback on a short term business venture that would provide steady cash flow, low risk, and quick return. and also doesn't require 16 hr a day oversight. i don't cut hair or wash cars, but i've been in barbershops and had my carwash'd 

. I know people involved in those businesses also, so it wouldn't be a thing to get some mentoring or advice. Only reason I mentioned franchises was because I saw a link on entrepreneur.com about low cost franchises in the $25k-$50k range. Most are like cleaning services though, and forbid absentee ownership, so I agree, franchises are probably out the picture.

Appreciate the feedback.

Anyways, those cleaning services franchises are something you can start on your own. Normally you're paying for a network, which isn't helpful. 

Being in your position, look into starting a music venture. That could be signing local artists and having these artists performing. Or perhaps you can look into promoting at different night clubs and bringing in musical talents. Don't know if you're a producer, but starting a studio can be great in terms of revenue. 

Short-term (get in and get out as quick) is investing in a game-room somewhere. If you go for the rental property (like I have) you can get about 4-5 with closing costs and etc for 50k (that's with mortgages).

Or, I would get a small duplex, or small apartment building and use the 50K as a downpayment. 

 

[djaward]

Lets open up a club. You put up the money and I will bring the music and people. Where you located?

 

[mplsdunk]

Originally Posted by LB81986

Originally Posted by DoubleJs07

what's the cost to franchise a fast-food joint?

pretty steep...like 6 figures at least.. especially if you looking for a subway of mickey d's type.

and you need a couple mil in assets too and i think it's 2 mil to start a mcdonalds on top of that.