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 New Business idea -Location DFW Tx
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Posted on 02-15-18 11:02 AM     Reply [Subscribe]
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I am thinking about quitting day job and starting small business . I know there are lot of valiables but does it worth try for person whose annual income is approx 150k from job. Also I only have approx of 100k for investment in business.

On top of that, most people seems to be in gas station or restaurant business. What are other possible small business options , not looking for start-up or crazy tech shit, but more of traditional business , which can grow over time.
 
Posted on 02-15-18 11:19 AM     [Snapshot: 25]     Reply [Subscribe]
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150k income in DFW. What exactly is your occupation?
 
Posted on 02-15-18 1:12 PM     [Snapshot: 95]     Reply [Subscribe]
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its depends on you what you're capable or passionate about
Most Nepalese/Indian/Pakistani people opens restaurant, convenient store or gas stations.
Restaurant - to open one you should know about food and you should be passionate about cooking. If you don't know about cooking either you have spend a lot of money hiring management staff in many cases they can take advantage and steal your money. Until you now about food or experience about Restaurant do not open one.
Gas station and convenient store : this is not that hard to open you don't need much experience, just you need to know supplier who can provide you best product in reasonable cost.

Or if you're are graduate or have degree , you can open your business according to experience and degree.
If you have accounting degree : bookkeeping or payroll business

Also online business is booming now a days. Selling in amazon and eBay. Buying in a wholesale price from Alibaba or other Chinese supplier and selling in amazon eBay for 15 to 20 Times Of its cost. You need 10 to 15k investment and can make decent money.
I am doing (not full time) and make 7 to 8 hundred profit a month.
If you can invest more time and money you can make a lot more. Always start with small. I started first with $500.
Last edited: 15-Feb-18 01:14 PM
Last edited: 15-Feb-18 01:16 PM

 
Posted on 02-15-18 1:38 PM     [Snapshot: 136]     Reply [Subscribe]
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Retail business can do very well for you if 4 or more things work in your favor...

1. Online business can't sell what you sell

2. Your nearest competitor is as far away as possible and most likely has no chance of coming close to you EVER..

3. You're in the target customer group.....Target customer let's say...ROSS sells in poor neighborhood and wholefood sells in rich neighborhood..Both will get killed if they switch location..

4. What you have is what people actually need. Whatever it is...It can be insurance, tax, grocery, ice cream, pet store, dry cleaners etc....

But, to make 150k a year or more from retail biz...you'l most likely need the help of others...

Also, your rent should not be hyper.....and finally...before you buy any business keep in mind this matra from Warren Buffett...

"The single most important decision in evaluating a business is pricing power. If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you've got a terrible business."

http://www.businessinsider.com/warren-buffett-pricing-power-beats-good-management-berkshire-hathaway-2011-2

Make sure that you're in such a great business that you can frequently raise the price of your product...and customers are okay with it...For example, rent in California...or New York..Landords in these cities are in the right business
 
Posted on 02-15-18 1:58 PM     [Snapshot: 149]     Reply [Subscribe]
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In the current context, only thing online store cannot or do not sale is alcohol or tobacco products. Actually vape and electronic cigarette is in trend right now and got high profit margin.
Also perishable goods customers prefer to buy locally for example sea food. ( high profit margin, around 300 to 400%)
Computer repair business. ( just to touch costumer computer you can charge $80 to $100.  less investment needed
specialty or ethnic store: something they cannot get or prefer not to get online. specialty or ethnic clothing for example. First thing is its hard to find online and second thing even if they find they don't know how it look on them so they prefer to try before they buy. And on these thing you can jack up the price as much as you want. Also God and goddess idols or supplies for festivals and rituals they don't look around for cheaper price.
Last edited: 15-Feb-18 03:57 PM
Last edited: 15-Feb-18 03:58 PM
Last edited: 15-Feb-18 03:59 PM

 
Posted on 02-15-18 2:54 PM     [Snapshot: 220]     Reply [Subscribe]
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@soo1 so you can also do the alibaba thing in nepal??
 
Posted on 02-15-18 3:37 PM     [Snapshot: 256]     Reply [Subscribe]
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I have no idea how it works in nepal. I heard people in nepal usually go and buy product directly from China (nepal China broader). I am not familiar with nepal customs rules. And I never heard people in nepal buying something online from different countries.
 
Posted on 02-15-18 5:10 PM     [Snapshot: 338]     Reply [Subscribe]
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Thanks Guys for some great posts here.
@REGIDK your four points reminded me of my 15 yr back business class. If you see/find any business that matches those all points , let me know, may be we can do joint venture with other folks here.

And thanks to everyone else. And keep coming , online buy sell is also great to start with tiny investment I guess, who knows one will end up having large scale import house.

All other ideas/experience are welcome.
Last edited: 15-Feb-18 08:34 PM

 
Posted on 02-15-18 10:12 PM     [Snapshot: 470]     Reply [Subscribe]
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@ s001
I have pm you for some information.
Thanks

 
Posted on 02-15-18 10:32 PM     [Snapshot: 494]     Reply [Subscribe]
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If I find it, I surely wouldn't do JV with you...why should I need a partner? Anyway, good luck...those points are all important when you're entering retail biz...this is just discussion and thanks for posting the question. sOO1, thanks for ideas as well, esp - sea food....
 
Posted on 02-16-18 8:09 AM     [Snapshot: 640]     Reply [Subscribe]
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@regidk May be joint venture are needed in some cases, like acquisition cost is too high, need second active personal to run business, expertise from other area , business network etc . And on top of that , there are definitely exceptions , but run by one individual can only be so big. That why I think good venture very valuable. Definitely not trying to say, or justify “hey make me partner if you have great business idea”
 


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