If you were to start a business today, what would it be?

I was thinking today while at my corporate job (that I am very happy with, just somehow unsatisfied) that I would someday like to start my own business. All the [successful] business owners that I know seem to be happier, and have less stress. They go on vacation a lot more often, they watch TV at work, they rarely miss a kids hockey game or family function.

Obviously the flip side is that they are always working--they're cleaning the toilet if it is a retail shop. When they are on vacation, they will be on the lake with a pole in the water and a cell phone to their ear. After their kid goes to bed, they're back in at the office until 10:00PM. When all is said and done, I'd guess that most of them are working 50 hours a week of dedicated time, and another 30-50 of less dedicated time.

In any case, I think I'd like to try owning and operating a business. I just have no idea what it would be. I haven't designed a revolutionary duck call, I don't have any great talents, and I have no great desire to sell insurance.

So I'm casting for ideas. What would you do if you were to start a business?

I know enough about restaurants not to start one. They are a time and money sink, with large chances of losing it all in the first year. Outside of that, I wouldn't know where to begin.

To be happy with the hours required to run your own business, you'd better do something that you are truly passionate about. If not, you will feel the weight of those long hours far too quickly.

The next hard part is finding a passion that people are also willing to pay for. If you can't make money doing it, you won't be doing it.

My problem is that, for me, those two don't intersect yet. They might one day. Until then I'm happy to work for someone else and I really do enjoy my job.

YMMV.

The latest idea I've had is to purchase dies for small injection molded fasteners etc and just do large production runs of 'widgets'. Make them for 0.01 and sell them for 0.10 etc.

Grow weed in legal states

In my personal dream world, its a small-town, back-road speed shop. Carry some basic go-fast parts, be able to have stuff shipped in overnight if it isn't on the shelf. Do some basic mechanic work for the local little old ladies, and build the odd hot rod in the down time for resale and/or publicity. Provide the kind of environment that the automotively minded youth could come hang out after school and learn something about cars/racing/life. Maybe even have a short paved road course for test and tunes. Break even if I'm lucky and play my cards right.

I'm weird though.

DoctorBlade wrote: I know enough about restaurants not to start one. They are a time and money sink, with large chances of losing it all in the first year. Outside of that, I wouldn't know where to begin.

I have relatives who have started (and still own and run) successful restaurants. I know enough not to get into that game.

The one exception to this would be if I ever decided to try and purchase the chicken restaurant that my girlfriend's extended family owns. As long as you don't mess anything up, the place runs itself--lines out the door by 4:00PM on Sunday. Problem with that one is I would not be able to do it myself; I would definitely have to have a partner or 3. And I'll have to get married to the girlfriend before I can even consider it.

Fake electric car company? Solar panel company? I don't need all $500 million. Just a tenth of it. I figure that buys an island somewhere.

We currently run what I'd consider a pretty successful business; we pay all our bills and have money in the bank. I sold enough artwork this morning that I could justify closing up and heading out to the Mitty, but I hate having the shop closed when I'm supposed to be open, and all my pinch-hitters are unavailable.

When it's good, it's really good. When it's bad, it's downright berkeleying terrifying. 08-09 were literally depressing. We got to the point where we had to consider selling or walking away. REALLY glad we didn't. It comes with its own set of problems. I do side work for my former employers occasionally, and it's SOOOOOO nice! Show up. Do everything on the list. Take an hour for lunch. Go home. Makes it REALLY tempting to go back, but then I realize I'm never going to be happy knowing I'm busting my ass to make some other dipE36 M3 rich.

We're considering a liquor store right now.

I am developing a land mine detector based on an existing piece of sporting goods hardware. I don;t want to give away too much but the markup is substantial so I should do pretty well.

I know a few people that run ice cream shops. The one told me that the ice cream company brought in the freezers, the beverage company brought in the dispensers and so forth. All he had to do was the build out of the shop (located in an outlet mall). After 6 months he was looking for an additional location. Said everybody is happy when there is ice cream around.

The one exception to this would be if I ever decided to try and purchase the chicken restaurant that my girlfriend's extended family owns. As long as you don't mess anything up, the place runs itself--lines out the door by 4:00PM on Sunday. Problem with that one is I would not be able to do it myself; I would definitely have to have a partner or 3.

You just listed several reasons why this would be a berkeleying HORRIBLE idea

In reply to poopshovel: Same deal with my apartment building, until we got a handle on a few things I threatened to sell it at least once a week. Glad I didn't, it now makes about 3K per month and I get maybe a phone call a week.

I've long said if I won the lottery or the likes that I would want to start a charity-subsidized (like United Way) auto shop. Do repair work on the cars of the poor who depend on them to be able to make a living but can end up in the catch-22 of having the car break down and not having the money to repair it- but needing the car in order to make money at all. Partner with the United Way or the likes for the subsidization and have a sliding scale for what you charge based on need (kind of like the YMCA does for their memberships). It would do normal-priced (perhaps a slightly higher rate than normal) work for those who didn't need the subsidy and the extra would go toward offsetting the subsidies.

But, I'd have some conditions/requirements for those who had subsidized work done at the shop- the core one being that they would have to go through an hour or so basic auto maintenance/upkeep class that we would teach that would go through how to check and keep the fluids topped off, tires inflated (and knowing when they needed replacing), etc- the kinds of things that left undone can easily lead to complete failure of the car and much more expensive repairs.

I'd also like to be able to run something of a work-study program where people could learn to be mechanics at the shop so they'd know a trade and be able to have a shot at getting a better paying job.

I'd obviously have to have real, trained mechanics working at the shop, and some help on the business end unless I got a bit more education on that side of things myself, but being able to help people out, work on cars, and likely do a lot of salvage-yard diving for inexpensive parts to repair the cars is a combination I think I'd really enjoy.

The one that keeps coming back is wine making.

Now I can add liquor making on top of that.

The wine makers we meet seem the happiest and nicest people, and being able to make and sell brandy with that just seems cool- especially here in MI, where it's easier to make brandy-able grapes than top wine grapes.

As much as it's bad to work "for the man"- the benefits of flexibilty are stunning. If something happens, I can walk out for a month to take care of my parents, and it will be ok. Not great or ideal, but ok.

No partners. Been there, done that. No debt. Very difficult, but you don't miss payments this way. Find something you can do out of your house. Internet biz, e-bay seller, etc. I found a niche business that works and meets these requirements doing export. Lot's of potential there. And the customer pays in advance, so no accounts payable. Also, 20' commute is nice. Robe is acceptable office wear.

I deal with a lot of manufacturer's reps - they represent HVAC wet side products; boilers, chillers, water heaters, pumps, gauges, valves, pipe markers......

The downside is you are 30 days from being out of business as most agreements carry a 30 day cancellation agreement for both parties. Getting the first company to take you on is the tough part - you really need to break off from another rep firm. You also sell to Mechanical Contractor's that don't always want to pay on time.

I know a lot of guys doing well in this industry. Some of them are major car guys - If only I could list the cars some of these chaps own.

come maintain our analyzers, please! I personally dont get paid enough for this E36 M3, but the chargeout rate of $200/h on me indicates somebody does!

I'd start the IRS.

I see a future in this business.

Help the wife get a salon going, she loves it and eventually we will, but would be nice if we could sooner rather than later.

I don't mind working for the man. I do alright, and we have good health insurance. That works for me.

mtn wrote: All the [successful] business owners that I know seem to be happier, and have less stress. They go on vacation a lot more often, they watch TV at work, they *rarely* miss a kids hockey game or family function.

I'm sure you know this already, but keep in mind that this is only after they've put in their dues and the business is well established. And that takes years. Until that point, you literally will have no days off, no vacation time, for years. I went probably seven or eight years with no vacation whatsoever. I didn't actually mind that much, and at the time it didn't even occur to me that I should take a vacation. But once I did - WOW that felt good. Now I'm feeling old and like I need a vacation all the time. Maybe in another seven or eight years. ;-)

If I was to start a business now, I would think about some sort of home repair. Plumbers have been getting into the "book rate" racket, and their margins are ludicrous to begin with. If you were honest and good at your job but charged book rates for repair jobs you would make a fortune. And people wouldn't mind, as long as you showed up and did the job.

In the end, I would probably go back to my old business, refurbishing and reselling electronics. If it still pays, who knows how that market has changed. I've sold a few things on eBay in the last few years and it's gone okay but if I needed to make a living at it I doubt I could come close to matching my current business. (Commercial landlord.)

I've come to the conclusion, that as an auto enthusiast, I like too large a variety of vehicles to keep one long term like I have my Mustang.
So while I'm not sure if it would be a wise business decision or not, the business I would start would be a specialty vehicle dealer and service center. That way I could have many cars without really owning them for long or at all. I may actually do this someday, but probably after I retire.

dculberson wrote:

mtn wrote: All the [successful] business owners that I know seem to be happier, and have less stress. They go on vacation a lot more often, they watch TV at work, they *rarely* miss a kids hockey game or family function.

I'm sure you know this already, but keep in mind that this is only after they've put in their dues and the business is well established. And that takes years. Until that point, you literally will have no days off, no vacation time, for *years*. I went probably seven or eight years with no vacation whatsoever.

^this^

I made a lot of money working for myself over the years and was reasonably successful at it more than once but... my 30's? Yeah. That is a decade I can't ever get back.

I'll probably run with an idea I think is profitable on my own again someday... but I'm not sure I'll ever string a decade worth of 18hr days together to chase a buck again. I'm not sure how many I have left and like they say... on your deathbed... no one wishes they put a few more hours in on the job.

My ex-wife started her own business. It was one of the (albeit many) things that contributed to her now being an "ex."

It's a lot of work, and the odds are against you. Heavily against you.

JohnInKansas wrote: In my personal dream world, its a small-town, back-road speed shop. Carry some basic go-fast parts, be able to have stuff shipped in overnight if it isn't on the shelf. Do some basic mechanic work for the local little old ladies, and build the odd hot rod in the down time for resale and/or publicity. Provide the kind of environment that the automotively minded youth could come hang out after school and learn something about cars/racing/life. Maybe even have a short paved road course for test and tunes. Break even if I'm lucky and play my cards right. I'm weird though.

Are you hiring?