Buying a business and risking a lot

[AnthonyS]

Get off your humble-brag high horse dude, paying employees a good wage for hard work isn't exactly charity. As soon as you actually donate that million bucks, come let us know.

I'm talking about a lot more than paying people. Lots of people get paid these days. That's all you are required to do by law. Doing other things is not. I'm not keen on letting folks around here know many details. Your response is the reason why.

[AnthonyS]

Risking a lot? You better be willing to risk it all, or you're fucked.

I like the part about how 7/11 requires you to be there all the time. That is any business.

If you are buying in so you can work less, you lack the discipline to be successful.

Risking it all in any investment is never a good idea.

7/11 is open 24/7 365. I don't intend to spend every holiday at work, nor do I want my employees to spend every holiday at work. That is not any business. It is some businesses.

I'm not buying in to work less, but I'm not buying in to work 24/7 either. One of the first issues I need to resolve is to get some of the employees working 6 days a week some relief.

I know some people never get it, but most people want a better life for their families, friends and children. Spending 12 hour days at work or 3+ weeks out of the country at a time for high pay isn't always worth it in the end. There is a thing such as work / life balance. Sadly the US is one of the worst places for work / life balance. Anyone that doesn't see this should travel more and meet people from around the world.

[juiceweezl]

Not reading all this crap. Has he said the name of his giant dildo testing business yet?

[BP]

Can you say the general idea of it? There are a lot of ways to make money that aren't sexy...aside from the obvious consulting/fabrication/analysis path I've considered...I would want give the following a shot:

1 - Storage facility on growing land value plots
2 - house cleaning service that offers aesthetic handyman services
3 - build furniture and outdoor living/landscaping

I have a friend that inherited a moving company his father started. He has since bought a couple of different storage places. He was doing really awesome until the county tax accessor came along and noticed the improvements. I remember him nearly having a heart attack after getting a $300k property tax bill.

[Big A]

I'm talking about a lot more than paying people. Lots of people get paid these days. That's all you are required to do by law. Doing other things is not. I'm not keen on letting folks around here know many details. Your response is the reason why.

My response is due to the overabundance of personal financial details that you've already shared with us, in this thread alone even.

[CexMashean]

Not reading all this crap. Has he said the name of his giant dildo testing business yet?

It's a penis enlargement business for people born with a micro penis. He's not just the owner, he's a customer too.

[Rick Modena]

Thing is, and your about to find out and maybe the hard way that running your own small business is taxing on your time. And for you to make money, you're going to have to have cheap labor. There are three major expenses overhead, salaries and taxes (and not exactly in that order). And this doesn't include the rest of the expenses and one of them is going to be your time. I don't know anybody that has their own business that it doesn't include most of their time.
I owned my own business for the better part of 20 years, to save money, I did my own payroll & taxes and it takes TIME. You want to play and take weekends off, then you have to pay someone to do these things for you.
There's always a fire to put out and good employee's are are hard to find, no matter their age, it sounds like you're buying some sort of franchise and it doesn't matter their age, you are going to find out that people suck and you can't rely on them to make you a decent living. Everyone of them are going to have personal issues and they will become yours since they work for you and it will directly impact your bottom line.

My buddy had a very successful towing business, he gross' around a 1 million per year, he brings home about less than a third of that. He has 5 kids a store bought wife, an ex-wife, a million dollar house on a golf course a couple of MB's on lease and after personal taxes, he clears very little. He told me he clears about a hundo a year after all that bullshit. He sez he could make that much just getting a job towing cars, hahaha!
He's also is up there just about every single day and as hard as he tries he sometimes has to jump in a truck and go sweat his balls of multiple times a week.

It ain't easy and those first couple of years is going to test your character, mental health and balls.

Good luck playa, but say goodbye to your personal life for awhile.

[red89notch]

Why are you scared if its only 6 figures and you have enough money to be fine with. Even if you lost it all, it shouldn't put a huge dent in your total stash.

[BP]

Why are you scared if its only 6 figures and you have enough money to be fine with. Even if you lost it all, it shouldn't put a huge dent in your total stash.

Are we counting the two spots after the decimal point?

[Ruffdaddy]

Thing is, and your about to find out and maybe the hard way that running your own small business is taxing on your time. And for you to make money, you're going to have to have cheap labor. There are three major expenses overhead, salaries and taxes (and not exactly in that order). And this doesn't include the rest of the expenses and one of them is going to be your time. I don't know anybody that has their own business that it doesn't include most of their time.
I owned my own business for the better part of 20 years, to save money, I did my own payroll & taxes and it takes TIME. You want to play and take weekends off, then you have to pay someone to do these things for you.
There's always a fire to put out and good employee's are are hard to find, no matter their age, it sounds like you're buying some sort of franchise and it doesn't matter their age, you are going to find out that people suck and you can't rely on them to make you a decent living. Everyone of them are going to have personal issues and they will become yours since they work for you and it will directly impact your bottom line.

My buddy had a very successful towing business, he gross' around a 1 million per year, he brings home about less than a third of that. He has 5 kids a store bought wife, an ex-wife, a million dollar house on a golf course a couple of MB's on lease and after personal taxes, he clears very little. He told me he clears about a hundo a year after all that bullshit. He sez he could make that much just getting a job towing cars, hahaha!
He's also is up there just about every single day and as hard as he tries he sometimes has to jump in a truck and go sweat his balls of multiple times a week.

It ain't easy and those first couple of years is going to test your character, mental health and balls.

Good luck playa, but say goodbye to your personal life for awhile.

I was waiting to hear your perspective ...I thought I remembered you had a business.

This comment is exactly why I would have trouble making the jump. It would take a long time before I'm even close to matching my current pay...especially when you consider retirement benefits, insurance and double taxation.

I'm not sure I have any desire to bust my ass just to break even with way more liability

[BradM]

Who ever put tonys mobile butt sex made me choke on my drink.

[BLAKE]

Good luck. It ain't easy.

It comes with a ton of headaches and is an incredible time suck. The upside is more control over your destiny and you like your boss. I've been an owner of my agency for almost 8 years now. It's difficult and rewarding. It's up to you to determine if the reward is worth the difficulty. For me, it depends on when you ask.

I may be able to offer more insight, but without knowing the industry, it'd just be a shot in the dark.

[yellowstang]

Thing is, and your about to find out and maybe the hard way that running your own small business is taxing on your time. And for you to make money, you're going to have to have cheap labor. There are three major expenses overhead, salaries and taxes (and not exactly in that order). And this doesn't include the rest of the expenses and one of them is going to be your time. I don't know anybody that has their own business that it doesn't include most of their time.
I owned my own business for the better part of 20 years, to save money, I did my own payroll & taxes and it takes TIME. You want to play and take weekends off, then you have to pay someone to do these things for you.
There's always a fire to put out and good employee's are are hard to find, no matter their age, it sounds like you're buying some sort of franchise and it doesn't matter their age, you are going to find out that people suck and you can't rely on them to make you a decent living. Everyone of them are going to have personal issues and they will become yours since they work for you and it will directly impact your bottom line.

My buddy had a very successful towing business, he gross' around a 1 million per year, he brings home about less than a third of that. He has 5 kids a store bought wife, an ex-wife, a million dollar house on a golf course a couple of MB's on lease and after personal taxes, he clears very little. He told me he clears about a hundo a year after all that bullshit. He sez he could make that much just getting a job towing cars, hahaha!
He's also is up there just about every single day and as hard as he tries he sometimes has to jump in a truck and go sweat his balls of multiple times a week.

It ain't easy and those first couple of years is going to test your character, mental health and balls.

Good luck playa, but say goodbye to your personal life for awhile.

You are so old tho, when you owned a business they barely had invented electricity. Now they have these things called computers and they run things called programs, to do a lot of the tasks such as taxes and payroll.

Like banking with Chime, it's super easy!

[Gasser64]

The time sink is my main concern with this. You have to weigh how much you make working your job vs how much you'll make running the show yourself. Factoring in how much overtime you put in owning your own business, will you really make more than you would if you remain an employee? Like most of you here I've dabbled in it, and my work weeks were 80 hours. Not what I'm looking for.

I want minimum possible involvement. That's the dream right? To sit on your ass and collect money. Best I've come up with so far is investing. You do a ton of research, then you drop your money on it. Then you watch and wait. Working out well so far, but it's slow.

[talisman]

If you're even half as retarded as you represent yourself here.... you're fucked.

lmfao

/thread.

Good lord at the nonsense this dude is posting. Don't want to work your ass off, so you buy a small business. Don't care about making money, because you're already swimming in cowskin rugs. Thinks everyone with small businesses is doing fine based on an anecdotal sampling of dipshits he knows. Jesus Christ this thread is full out ignorant cringe.