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Old 02-03-2015
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Default Open a Business or Buy One? Opinion

I'm still questioning if I want to open a business or buy one. What are your suggestions and opinion on this?
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Old 02-03-2015
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Default Re: Open a Business or Buy One? Opinion

You need to supply a heck of a lot of details to get an answer.

Is this said business profitable? Can you buy it below market price? Can you get an instant ROI? Can you personally handle said business?
Does said business have the capability to expand? If so do you have the ability or can find someone to expand said business?

Now the same exact sort of questions go for you starting a business.

Number one question is, Do you have the entrepreneurial spirit? 90+% do not with another 90% of that existing 10% lacking drive or direction.
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Default Re: Open a Business or Buy One? Opinion

Starting a business is tough.. Are you prepared to not make a profit for the first year or more? Maybe even loose money?
Buying a successful business can be less risky, but then again, a successful business will cost more money to purchase than non successful one.. If you buy an existing business be sure to make the previous owner sign a 'no compete clause'.

So many things to think about first before doing either one though.. Google may be your best friend for this one.
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by Dan32 View Post
Starting a business is tough.. Are you prepared to not make a profit for the first year or more? Maybe even loose money?
Buying a successful business can be less risky, but then again, a successful business will cost more money to purchase than non successful one.. If you buy an existing business be sure to make the previous owner sign a 'no compete clause'.

So many things to think about first before doing either one though.. Google may be your best friend for this one.
Very helpful thank you, one of my friend bought a salon for 300k and the previous owner opened a brand new salon across the street and completely ****ed them over. never knew about the no compete clause.
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Old 02-04-2015
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by Hoanandonly View Post
Very helpful thank you, one of my friend bought a salon for 300k and the previous owner opened a brand new salon across the street and completely ****ed them over. never knew about the no compete clause.
Yeah you have to be extremely careful when buying a business, if a business is doing extremely well then there going to be trying to sell it for a lot more money than its currently worth if not than you have to wonder why, they must know something you dont / Of course there are gems that you can find and make a ton of money off but alot of times its not the most obvious ones, and requires a ton of research
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Default Re: Open a Business or Buy One? Opinion

If you have the money a franchise is the way to go but do your homework
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by danshan View Post
If you have the money a franchise is the way to go but do your homework
Big hit and misses with franchises ...
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Default Re: Open a Business or Buy One? Opinion

No way not if you do your homework visit other stores actually look at local and near numbers franchises are small biz for dummies. I have had nothing but huge success with franchises.
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Default Re: Open a Business or Buy One? Opinion

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No way not if you do your homework visit other stores actually look at local and near numbers franchises are small biz for dummies. I have had nothing but huge success with franchises.
True - with the homework done
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Old 02-07-2015
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Default Re: Open a Business or Buy One? Opinion

the only problem is that franchise cost a tremendous amount of money that a 19 years old doesn't have :/
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Old 02-08-2015
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by Hoanandonly View Post
I'm still questioning if I want to open a business or buy one. What are your suggestions and opinion on this?
service? hospitality? retail?

As the brother-in-law of a long time business vendor i've always been told to simply build your own business, in which so i've done with great success.

What are some of your areas of interest?
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by Hoanandonly View Post
the only problem is that franchise cost a tremendous amount of money that a 19 years old doesn't have :/
Then tell us what you do have as a 19 year old that you could use to make the grade?

Willing to work long hours for little return?

Willing to be working when your peers are partying?

Willing to take rubbish from a buyer who thinks they rate better than you?

See, I think that if you do the homework, maybe you could work out a plan.

I grew up with brothers. All of us chased money.

If you have that little spark, light it up....

Good Luck
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Old 02-10-2015
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Default Re: Open a Business or Buy One? Opinion

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Originally Posted by GreenBean View Post
Then tell us what you do have as a 19 year old that you could use to make the grade?

Willing to work long hours for little return?

Willing to be working when your peers are partying?

Willing to take rubbish from a buyer who thinks they rate better than you?

See, I think that if you do the homework, maybe you could work out a plan.

I grew up with brothers. All of us chased money.

If you have that little spark, light it up....

Good Luck
I am the same way as you, my parents send me to the US when i was little. Living without my parents makes me want to work harder than anyone else. Everytime when i see my friends out partying I told myself after i become successful I will have plenty of time to party. I work 80 hours a week, saving up to open my own business. I am still young and I am still clueless about business that is why I am always browsing and asking questions for future preference.
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Default Re: Open a Business or Buy One? Opinion

Know your limits and resources OP
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