Looking to own a business

amother

Mon, Dec 09 2019, 1:34 pm

We are very in debt and know that owning our own business will help but we have no idea where to start.
We have such a hard time coming up with ideals of what to sell
Anyone have ideas of things you would like but hard to get?

watergirl

Mon, Dec 09 2019, 1:43 pm

Do you have the capital to purchase inventory? And do you realize that it takes a number of years before a business breaks even, not even earns money?

Debt is horrible, I feel that pain!! Just please please speak to pros who can really advise you.

amother

Navy

Mon, Dec 09 2019, 1:49 pm

I personally feel this is a bad idea. Businesses usually cost money to start and then your just adding to your debt. It can take lots of time to break even. I think you should work on paying down your debt rather than incurring more.

amother

Peach

Mon, Dec 09 2019, 1:53 pm

amother [ Lawngreen ] wrote:

I would like a kosher version of chefsplate.com

Jamie Geller partnered with such a business now. I think its called jchef

amother

Beige

Mon, Dec 09 2019, 2:02 pm

OP, as others mentioned, owning a business does not necessarily mean you will have less debt.
My DH started his own business a couple of years ago. He provides a service (no overhead really) and we are in major debt more than ever. That’s because his clients also have businesses that are in debt and they don’t have money to pay their vendors. So he is owed thousands of dollars while our credit card debt is through the roof. It came to the point where my DH just took on a part time job with a wage ( while still having his business) so that he is at least knows that he has a paycheck coming in that he could rely on. Owning a business has its pros but you need to factor in the cons as well.

amother

Lawngreen

Mon, Dec 09 2019, 2:13 pm

amother [ Peach ] wrote:

Jamie Geller partnered with such a business now. I think its called jchef

Very cool. Thanks for sharing.

amother

Amethyst

Mon, Dec 09 2019, 2:46 pm

I agree that starting a business right now is NOT a good idea. You need a big personal financial cushion to get by on until you are at the point of taking out money. We are BH 5 years in to a new business and only now seeing the light at the end of the cash flow tunnel.

amother

Mon, Dec 09 2019, 2:49 pm

Thanks. I hear what you're all saying.
So even just something small to start off with. Like buying something for very cheap and selling it for a profit???
I just have to come up with something. So hard

amother

Mon, Dec 09 2019, 3:19 pm

Sebastian wrote:

(It doesn't sound like you hear what everyone is saying)

Ye because I wouldn't buy so much at once. I'll start slowly like buying 2-3 things and trying to sell it. If it works I'll keep getting more. It will be cheap things so wouldn't be more than $50 out of pocket if no one buys

amother

Lawngreen

Mon, Dec 09 2019, 3:21 pm

amother [ OP ] wrote:

"ChAirPods"

amother

Amethyst

Mon, Dec 09 2019, 3:21 pm

amother [ OP ] wrote:

A- where is the money to buy the product coming from
B- For the first long while any profit you make will be going to buying more product
C- what are you living off of until theres sufficient profit for you to take out money

amother

Amethyst

Mon, Dec 09 2019, 3:23 pm

amother [ OP ] wrote:

If youre buying 2-3 items you will be paying retail price, why would someone buy it from you?
I'm not trying to be mean, just realistic.

amother

Saddlebrown

Mon, Dec 09 2019, 3:25 pm

Do you have a special talent? Are you good with hair or make up? Writing? Are you artistic?
Anything in food industry? Specialty cookies?
What are you known for? Is there anything that your family and friends rave about?
Try to find something that requires very minimal investment. Don't invest in a stock of something that might remain unsold unless you can afford the loss.
From what you wrote doesn't look like it!

amother

Turquoise

Mon, Dec 09 2019, 3:32 pm

OP, you won't make much profit from selling things, you need to pay for shipping and handling.
The only thing you'll see money from right away is by offering a service. Babysitting, hairstyling, makeup artist, cooking/baking

amother

Lawngreen

Mon, Dec 09 2019, 3:36 pm

amother [ Turquoise ] wrote:

The ecommerce mavens in Lakewood (and elsewhere of course) would strongly disagree.

Sebastian

Mon, Dec 09 2019, 3:42 pm

amother [ Lawngreen ] wrote:

The ecommerce mavens in Lakewood (and elsewhere of course) would strongly disagree.

They had money to invest op doesn't

amother

Emerald

Mon, Dec 09 2019, 3:47 pm

Maybe you should start an Etsy shop. It's low risk and could potentially lead to a successful small business.