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amother

Mauve

Mon, Dec 09 2019, 12:51 pm

amother [ OP ] wrote:

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?

Starting a business is great if you have a good idea, and are willing to put in the hard work to get it going.

Its not a great idea if you're asking a bunch of strangers what you should do. Because trust me, if I had a great idea, I'd do it myself, or franchise it to others, not give it away for free online.

One things that is always needed is someone to run errands. To pick things up at the dry cleaners, take the cat to the vet, or return the dress that didn't fit. Idea is free, since a lot of people do this.

TwinsMommy

Mon, Dec 09 2019, 12:52 pm

20 years ago I invested 100 bucks for a starter kit in an established company. bought stuff half price and sold it at full price. Buy $600, sell $1200. Buy $800, sell $1600. reinvest 50% into inventory, 10% into advertising and sales aids, 40% into profit and occasionally some into building inventory to where it needs to be so that there's plenty on the shelf. The key for me was doing it through an overhead company--- they remit sales tax for me and do a heck of a lot of advertising so when someone puts my zip code into a locator on the company website, I'm one of the people who comes up. You don't always have to do things on your own--- sometimes it's good to go through a direct sales or network marketing company so that you're able to profit immediately and consistently. now I'm doing it as a hobby (my kids have a lot of special needs- that's my full time job) but for 6 of the years I was doing it it was my full time income.

Don't be negative nellies about a sales business--- it can be lucrative and you don't have to start big.

amother

Rose

Mon, Dec 09 2019, 12:52 pm

Maybe keep checking online deal sites and WhatsApp groups. Yesterday one group posted a great sale at Lowe's they where selling some electric scooters from $16 - $80 I got a few for 65 . On Amazon (and other sites) this one is selling for 300. I plan to sell the ones I got for around 180. Technically they could be returned withen a month if I don't use them, but it's not fair to do that plus I don't think I'll have a prob selling - it's a great price for whoever buys it plus I'll make a nice profit.

But this type of income is not something you can depend on it's just a nice extra. You also need to be very on top of the posted deals bec they sell out really fast. Plus it's risky - if you end up not selling the stuff you can loss a lot of money so if don't have money to spare it's prob not a great idea.

amother

Lawngreen

Mon, Dec 09 2019, 12:56 pm

Sebastian wrote:

They had money to invest op doesn't

Fine. But my response was to a specific comment.

amother

cornflower

Mon, Dec 09 2019, 12:57 pm

Most people don't realize all the expenses and legalities that come with owning a business. And very many new businesses fail. BTDT

amother

Azure

Mon, Dec 09 2019, 2:24 pm

If you go all in every time, it doesn't matter if you have good bets 99% of the time... It only takes one time to wipe you out.

amother

Natural

Mon, Dec 09 2019, 3:30 pm

I’m in the same situation OP and if I keep going like I’m going I still won’t be able to pay down debt. I am trying to find a business to start. I had a service business for over a decade and was very successful. It took a turn for the worse and closed about a year ago. Don’t want to go into details but that isn’t going to stop me from opening another one. Businesses do fail but they also can succeed. I can’t stop working my day job and I can’t invest in anything, but to sell some things on eBay and take the earnings and flip it into something else to sell is doable. I am in the process of researching right now what to sell and where to sell it. Anything takes time but don’t give up. I’ve seen people build up this way but it takes time and research. Good luck to you.

amother

Purple

Mon, Dec 09 2019, 3:38 pm

op pm me I have a business that im closing up & looking to sell stuff maybe you can buy it off from me?

overworked

Mon, Dec 09 2019, 3:41 pm

op pm me I have a business that im closing up & looking to sell stuff maybe you can buy it off from me?

nicole81

Mon, Dec 09 2019, 4:00 pm

Do you guys have jobs currently? Because if you're looking to start buying and selling a few items here and there, even if you do profit in the beginning, it will be pennies on the hour.

Also, this:

Given that you have no capital and no ideas, a better long term plan is to build your skill set to have better job opportunities.

Bleemee

Mon, Dec 09 2019, 6:08 pm

amother [ Beige ] wrote:

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.

Wow, how does that work, just not paying vendors?

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