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Well, About 2 yrs ago my parents were looking to open their own business/franchise, as their friends owned a gas station/A&w restarunt I use to manage. Anyways, they looked into DairyQueen, subway, and lots of others and finally came upon one... Post Net. It is like a UPS store but they use usps, ups, fedex, dhl etc. They have internet access and a bunch of other things. This business made sense as the profits were quite high (compared to food/ice cream) and my father had worked at a post office for like 7 yrs. They both had great jobs at the time, making over $120,000 a year. So the time came where we were about to fly out to las vegas and sign the franchise papers!
Before we went we visited my fathers friend (who is an accountant) and crunched some numbers...example:
-how much was rent
-profit
-how much needed to be sold to make profit
-how long until we saw any + monthly profit
-start up costs
-loan payments
-franchise fees
the list goes on. Keep in mind my parents both work full time, so my father would be the one to quit his job to run the store while my mom stayed until the time came where both could be supported by the business alone.
At the end of the day we decided that the business just would not make sense to out family and it would be a giant risk that may take a while (or never) pay off. We had a huge house, 4 cars, they had 2 kids that need to go to college, the list goes on. So we shot down the idea.
We then started looking into online business, after all some of the richest people in america and all over the world were dotcom millionaires. So we got involved in the pharmacetical business, specfically viagra, cialias, and levitra as millions were to be made. We bought a website from a company out of TN and started, head first into it! I was the computer/tech end and my parents the 'bank' part. We threw money into advertising. We finally got out of the business about a year later but in that time we were netting about 10-15k a month from it. This, made sense to our family...low start up cost, no rent etc etc.
I was hooked! $10,000 a month got me excited (even though I only kept part of it). I started my own busienss on ebay, which did ok but was not as near to what I had been making on our site. I then got involved in a few programs some fell through, some made alot of money. I ended up in one (I am in now) and am basing out at about $5-6k a month sometimes more. The great thing about it? No rent, no inventory...the buisienss I am in is all digital.
Anyways, enough about me. Do what you love and what makes sense to you!
Derek
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