ChrisAZ
Full Access Member
My only advice from experience is to do what you know. If you don't know the business, you are starting off at a disadvantage. If you can partner with someone who knows the business that would work too.
A buddy of mine wants me to invest in a start up pest control operation. It will be a one man show at first and the total start up is only $20,000. Now that's a cheap entry fee. Problem is, it isn't a big money maker. Most small business owners make about $60,000 a year and bust their asses for it. If that is satisfactory to you, a small business is right up your alley. Only a very small percentage of small business owners actually make a six figure income each year and a whole lot more go broke.
IMHO the most important things are cost of entry, time you will need to invest to keep it going, and of course profit. If you only have to spend a few hours a week and the initial investment is low, you don't have to make a killing.
I hear the greatest new businesses are products you sell online, manufacture in China or some other cheap labor country, and sub out the drop shipping. You would just be the middle man who puts it all together. If you automate the whole process, you can make a good living and only work about 10 hours a week at it. This is basically what my next business venture will be. I am already in process of inventing the product. I have the whole concept figured out.
If you can come up with something that even 1% of the world population would buy and you can make $1 profit on each item sold when all is said and done, you will be rollin' in the dough.
A buddy of mine wants me to invest in a start up pest control operation. It will be a one man show at first and the total start up is only $20,000. Now that's a cheap entry fee. Problem is, it isn't a big money maker. Most small business owners make about $60,000 a year and bust their asses for it. If that is satisfactory to you, a small business is right up your alley. Only a very small percentage of small business owners actually make a six figure income each year and a whole lot more go broke.
IMHO the most important things are cost of entry, time you will need to invest to keep it going, and of course profit. If you only have to spend a few hours a week and the initial investment is low, you don't have to make a killing.
I hear the greatest new businesses are products you sell online, manufacture in China or some other cheap labor country, and sub out the drop shipping. You would just be the middle man who puts it all together. If you automate the whole process, you can make a good living and only work about 10 hours a week at it. This is basically what my next business venture will be. I am already in process of inventing the product. I have the whole concept figured out.
If you can come up with something that even 1% of the world population would buy and you can make $1 profit on each item sold when all is said and done, you will be rollin' in the dough.
