If you had $40,000 to start/buy your own business...

Online widget sales....just need to figure out the widgets.

Bike Shop with Coffee Shop in it. I'd want a building with an apartment or something above it and garage out back.

Spoolpigeon wrote: Invest the money and go get a job.

This is the most logical post in this thread.

The challenge isn't "what would you do if you won $40,000" it is "$40,000 to start your own business"

So I don't think the investment angle works, as its not a business. Neither would say "I'd buy a house."

I think "buying a rental property" would count because thats a business.

Right now? Home automation.

There are a few starter kits on the market, and Lowes, Home Depot sell parts, as do Staples and Apple Stores. To date, it's kinda DIY and for early adopters, but I think that it will become more an more mainstream over time. People all have smartphones, and they want the cool toys, but have no interest in figuring it all out.

So you start with just you and a van. Offer a very basic installation package to establish a system. Then offer upgrades for more security (door sensors, motion sensors with cameras) or added entertainment features (speakers, lighting) or protection (water sensors, smoke alarms). You also carry a line of stuff that the homeowner can buy and plug in themselves, or have you come by and install. Right now, stuff is sold at 100 different retailers...you would be a single source. And of course you would be trained on each system, so you would offer the expert advice that is currently lacking.

This would of course lead to a storefront, where people could come and shop for Home Automation gizmos and see system demos. Then you start offering AT&T phones and plans fort true one-stop shopping. Then you expand to a crew of 2-3 installers/tech kids. Then you need another van. Then you open a second location across town. Then another in a neighboring town.

Pretty soon, you are the Wal Mart of Home Automation with 300 stores and 10,000 employees. You're a billionaire and one day you think to yourself, I have to thank Pinchvalve. Maybe I'll send him a check.

Standalone LS wiring harness business

Assuming investing is not an option: Open a bar/laundromat walking distance to a college campus. Bonus points for it being a 2 story place with at 2-6 apartments above the businesses. But to do that properly, you would need about $50,000-$100,000 to start it up depending on the area.

pinchvalve wrote: Right now? Home automation. There are a few starter kits on the market, and Lowes, Home Depot sell parts, as do Staples and Apple Stores. To date, it's kinda DIY and for early adopters, but I think that it will become more an more mainstream over time. People all have smartphones, and they want the cool toys, but have no interest in figuring it all out.

There is another type of home automation that will continue to grow over the next 20 years for folks who don't want to move to retirement homes.

PHeller wrote: The challenge isn't "what would you do if you won $40,000" it is "$40,000 to start your own business" So I don't think the investment angle works, as its not a business. Neither would say "I'd buy a house." I think "buying a rental property" would count because thats a business.

I don't see how investing would not be a business but a rental property would be. Both are just different forms of investments...

Yea maybe you're right. Investments are different from businesses.

There are a few different things I could do...option one is to cheat a bit.

Use the money to start an IT consultancy (that is, me having lots of free time since I wouldn't get any business at first.) Use free time to work on a big, awesome but not profitable idea I've had for a while. Get fame as a result, use fame to get customers, then get a different job and quit consulting. Bonus: Awesome idea makes the world better instead of worse.

Option 2: Robotics business. Start with an affordable general-purpose manipulator robot that runs on an overhead gantry. It could fetch bins of tools for example. This is a shoestring budget for that idea though.

I would immediately retire, move to Aruba, and open a coin operated car wash.

The standard of living there is very similar to where I live in Canada. The people make good money, drive nice cars, and look after them. The only current options for washing a car there is either do it yourself, or take it to a guy in a grocery store parking lot who uses a bucket and a hose and pay him to do it.

Step 1: map all Jenny Craig, Weight Watchers, and Curves locations in the city.

Step 2: lease retail space near one of the above locations (but not next door, line of sight), ideally close to several.

Step 3: Open ice cream store with specials that coincide with busiest days of above locations.

Step 4: Profit!

realistic: Woodworking/custom furniture - since I have about enough room in my backyard to do that.

dream: automotive restoration. I know a guy who does this. Built a shop in his back yard. Looks like a barn (complete with a silo) but it's a purpose-built auto-body shop: paint booth, frame rack, etc. Built and equiped it while working, so everything is paid for. Now works for himself doing restorations and the occasional insurance work. His wife sells crap on eBay.

To me, the "everything is paid for" is a big thing. No debt = low overhead = less stress and less worry about when the next check is coming.

slefain wrote: Step 1: map all Jenny Craig, Weight Watchers, and Curves locations in the city. Step 2: lease retail space near one of the above locations (but not next door, line of sight), ideally close to several. Step 3: Open ice cream store with specials that coincide with busiest days of above locations. Step 4: Profit!

Funny. There was an ice cream shop near a Curves. Ice cream shop went out of business...

Zomby Woof wrote: I would immediately retire, move to Aruba, and open a coin operated car wash. The standard of living there is very similar to where I live in Canada. The people make good money, drive nice cars, and look after them. The only current options for washing a car there is either do it yourself, or take it to a guy in a grocery store parking lot who uses a bucket and a hose and pay him to do it.

I would go insane with boredom in Aruba. Heck I'm barely hanging on as it is!

Serious answer though: Vending Machine business. I've seen some for sale from time to time. $20k will get something on the order of 15+ machines/locations or business service contracts. Hire some trustworthy college student or high schooler to service the route.

The profit margin for this type of investment can easily be in the 15% range if run well.

Car/toy storage club. Every mini-storage site has a few classic cars/muscle cars/race cars/motorcycles/snowmobiles/jetskis hiding out. So I think the latent demand exists for a niche storage club - at least in a good sized market. Services are usually not much at mini storage places - no trickle charges, etc. Rent a warehouse - set up electronic access or even web monitoring - charge same rent or even a bit more - maybe have a conference room or meeting space where car clubs could book a room or hold meetings. Offer seasonal prep service, delivery & pick-up... It's more or less a real estate rental - mini storage joints have a pretty good ROI, but are getting to a saturation point - which also makes them vulnerable to niche markets.

ProDarwin wrote: Serious answer though: Vending Machine business. I've seen some for sale from time to time. $20k will get something on the order of 15+ machines/locations or business service contracts. Hire some trustworthy college student or high schooler to service the route. The profit margin for this type of investment can easily be in the 15% range if run well.

I remember seeing a vending machine that sold microwave meals, cup ramen, burritos. It was always almost empty.

http://baltimore.craigslist.org/bfd/4410513990.html

i'd put 1/2 down and finance the other half. Other thing i'd consider is a car wash, a few self serve timed bays and a laser wash unit (i'd save to put in 2-3 more laser wash units as well. I'd have 2 open bays that i'd rent out to a full detailing service.

GameboyRMH wrote: I would go insane with boredom in Aruba. Heck I'm barely hanging on as it is!

I don't have the boredom gene. I can do nothing forever, and never get bored.

Just curious, do you have coin-op DIY car washes on the island? Something like this

oldtin wrote: Car/toy storage club. Every mini-storage site has a few classic cars/muscle cars/race cars/motorcycles/snowmobiles/jetskis hiding out. So I think the latent demand exists for a niche storage club - at least in a good sized market. Services are usually not much at mini storage places - no trickle charges, etc. Rent a warehouse - set up electronic access or even web monitoring - charge same rent or even a bit more - maybe have a conference room or meeting space where car clubs could book a room or hold meetings. Offer seasonal prep service, delivery & pick-up... It's more or less a real estate rental - mini storage joints have a pretty good ROI, but are getting to a saturation point - which also makes them vulnerable to niche markets.

There's two of these by me. One has just finished its last possible expansion, and it is sold out. The second one isn't even open yet, and I believe it is near capacity. They're set up like a townhome community, only with bigass garages. Guys put little clubhouses in em, pool table and stuff. It's absolutely BONKERS.

Zomby Woof wrote: I don't have the boredom gene. I can do nothing forever, and never get bored.

Wow didn't know there were people like that. This could explain a lot, actually.

Zomby Woof wrote: I don't have the boredom gene. I can do nothing forever, and never get bored. Just curious, do you have coin-op DIY car washes on the island? Something like this

Nothing like that. There are a couple of the automated washes that put your car through the machine on a conveyor belt, you pay at the counter and then put a ticket in the machine. I think both have been broken for a couple of years now though

In reply to captdownshift:

I would do a car wash as well. However, I would eventually open a second location that would have a bay that caters to Semi trucks. My buddies dad built one where they live in Iowa and it is rather popular. That would work out well here in the country.

Question, what if you wanted to buy a business...where does one even go/contact to find it?