Any business owners out there?

[Tommygun43]

I have always dreamt of owning my own business. An oppurtunity has come up and I'm considering opening a Subway franchise. It's not my first choice, I would prefer a Jreck Subs franchise (you probobly never heard of them) as they have a cheaper franchise fee and they're awsome. Any business owners with advice? I don't want to dig myself into a deep hole.

[twistedframe]

I'd like to hear from some business owners as well. I am in the early stages of opening a bar in my town and would love to hear some info from people who have done that already.

[raycl]

Do what you luv, Luv what you do!!

I went from pushing a pen for years, to going back to school and opening my own Business.

I do vehicle appraisals, Mech. Warranty Adjusting, Certifications for Manufactures, and claims.


Just finished writing an estimate for a 1955 210 2door.

I get see really cool cars.
And get paid really well for it.


So.....


Do what you LUV, LUV what you do.

[Tommygun43]

Hey, there's another thing I would be interested in...insurance adjusting. I think that is something I would really like. From what I understand most adjusters are independents. (They don't actually work for state farm, geico etc.) It sounds like you do more than insurance claims though. Any info on how I could get started in something like that would be really cool?

There's gotta be a ton of profit in running a bar, especially since you can hide so much of the $$.

I think alot of the reason for my posting this thread is because sometimes when I tell a person that I'm interested in opening my own business I get this..."Oh man you need sooooo much money" "oh it's sooooo much work"
I think it probobly will be alot of work, starting out, but get much easier. I think these people are basically talking out of there ass....they have no real clue. I want to prove them wrong.
So I was wondering what the real scoop was and looking for advice.

[Tommygun43]

oh, my dad use to own auto repair shop about 20 years ago. when I asked him about owning a business he said... "well first, your not your own boss, every customer that comes in is your boss, and second, your a tax collector for the state" um, alright, lol. But to be honest I don't think he was or is a good business man.

[leonphelpss11]

You better have extreme drive in opening a business. There are huge pay-offs and even more extreme risks. You are investing your life savings in something that may or may not be successful. My parents own a restaurant and it is probably the hardest business to keep going. I personally would not open a business b/c watching my parents wake up at 9 and work till 11 just does not appeal to me. Most restaurants do not make it past the first year. We have been opened for 5 years mostly because my parents worked their ass off, saved, cut corners, and never ever went out or bought things for themselves. Trust me, I worked at my parents multiple restaurants since I was 6 and I hated it. Make sure this is what you absolutely want to do before you dive into it.

The work load slowly goes down as your business gets successful and you can hire more employees. Then you have to worry about people stealing shit from your cash register. I wouldn't expect the work load to go down for the first 3 years. This is all if you make it past the first year..

[5pyd3r]

A Subway will be a lot easier to do than a restaurant from scratch.

That doesn't mean it'll be easy.

With a franchise, the more money you have upfront, the easier it is to get going. You need that cash flow.

Brand and location is everything. Money pulls money. Don't go for the cheaper, lesser known franchise unless you have a killer location.

I would pay more for the location. Location, location, location. It's everything.

Do your homework. Research. Sit outside a potential location and count cars all day everyday for a week. You'll get weekday and weekend traffic numbers.
Once you have those, see if they justify the rent on the place.

Fight for deals on all your equipment. Don't skimp on quality/service, but that's your biggest capital expenditure and also the stuff that loses value the most.

The freedom is an illusion. No one is going to work as hard for your business as you are. Find good people, and pay them well. Because one location isn't going to do it. You have to work your ass of at that first one and get it to a point where it can finance a second one and possibly a third.

I say possibly a third because past three, your expenses go up with management because you can only spread yourself so thin. Unless the wife starts to manage the books. That's your best asset.

Know that this is long term. It's hard as hell. Is it worth it? Hell yes!

[raycl]

Originally Posted by Tommygun43

Hey, there's another thing I would be interested in...insurance adjusting. I think that is something I would really like. From what I understand most adjusters are independents. (They don't actually work for state farm, geico etc.) It sounds like you do more than insurance claims though. Any info on how I could get started in something like that would be really cool?

There's gotta be a ton of profit in running a bar, especially since you can hide so much of the $$.

I think alot of the reason for my posting this thread is because sometimes when I tell a person that I'm interested in opening my own business I get this..."Oh man you need sooooo much money" "oh it's sooooo much work"
I think it probobly will be alot of work, starting out, but get much easier. I think these people are basically talking out of there ass....they have no real clue. I want to prove them wrong.
So I was wondering what the real scoop was and looking for advice.

Depends on the type of Adjusting you want to do.
Do research.
I have ---->years<---- of experience in ans around the "car" business.
I've sold, repaired (mech and collision),repo'ed ( had stack in a "Notes Lot").

I got the experience.
Marketed myself. I had to do this because I found I was not hireable in the new state I was moving to, because of over-qualification. So I did research and marketing for about 4 months, and started doing for myself what I was doing for others.

I've been open one year. I handle 5 states. (34k miles this year on the SI)
I do work for about all of the European high end Manufactures.
I do work for Scion.
I do classic car stuff for Hagerty.
Finance companies.
Man the list goes on and is growing.


Is it easy?


NOPE!


Long hours.

Pay well?

Doubled my income.


Looking to triple it this next year.


I really answer to no one, If I screw up it's all mine.
I can't blame anything on anyone.

Look, I could type here for days. If you can't see yourself doing what ever for the rest of your life,change it.

[illusionstwice]

It is alot of hard work.

ALOT

My dad had his own computer business for as long as I can remember. I am 24 and He had it for like 27 years or so. My mom always wanted to open a restaurant. Now, not only is she working her normal day job she is also running her restaurant. let me give some details

She is a Reginal Manager for a retail company. Lives in NJ and her stores are in NY, and CT. She drives all over. She has a 2006 BMW 325Xi she got in NOV 2005 and it has about 70k miles on it. She is doing her day job daily, and at the restaurant Wed nights in Long Island, Ny, and then Fri and Sat nights at the minimum. Other times she can be there nightly. It again, is alot of hardwork. Personally, I woulldnt do a subway. There business is up and down. But that depends on yuor area. Here, there is one on every f'in corner. Plus quiznos. So theres TO much competition. Scope out your area and find what you need. A great Franchise is Ritas. I dont know how many are near you. Also, finding something thats not in your state is good too. For Instance, if your in Florida, opening a Jersey Mikes Subs might be good. They are well known in NJ and everyone knows who they are at ther shore. There also a franchise. . . . Good luck

[leonphelpss11]

Find somewhere where there isn't a McDonalds. They are always good as long as you don't have 3 McDonalds right next to each other.

[Azn Angel]

It's all about the location. Most important aspect of opening your own successful business.

[5pyd3r]

Actually, you want to follow any large corporation. If you have a McDonald's next to you, that's a good thing. They have the resources to do their homework on traffic, income levels, population projections, etc. Follow the Wal-Mart!

[Tommygun43]

Thanks guys. Speaking of location, what I'm looking at is a brand new plaza, just built, there is only 1 business in it so far. I heard the owner of a large chinese buffet owns it. When I called the realtor he said the owner has a Subway franchise that is going in the plaza but wants to sell it, I think he has enough to do without running it. Will find out more next week. I would think a new building would be a huge plus. This area has been booming since I moved here 4 years ago. They want $15/sq. ft. so like $1,500/mo. rent.

Originally Posted by raycl

Depends on the type of Adjusting you want to do.
Do research.
I have ---->years<---- of experience in ans around the "car" business.
I've sold, repaired (mech and collision),repo'ed ( had stack in a "Notes Lot").

Actually part of the reason I was interested in adjusting is because I have a degree in Collision/Refinishing and have been a mechanic for 10 years. It's REALLY getting old fixing vehicles. Drentched in sweat right now, fixing trucks that the people who drive them get $31.00/hour and work days

[twistedframe]

^^thats cool. I've got two places in mind. One of them is like yours in a brand new plaza that only has a hotel right now. the other one is in a very busy town center that has been around for years but lacks a nice local bar.

[dcfife]

I'm a government contractor (employed by a big company) by day and I'm also a partner with my wife in a home-based business that does, well, government contracting!

Every business is different, but I can tell you some things to think about so you don't get hung up on the "I'm going to make MEEEEELLIONS!" mentality:

1. Expect to put in very long hours, even outside of your place of business
2. Expect to put personal things that you want to do on the back burner so you can tend to the business
3. Don't be surprised to find out that there is some obscure insurance coverage or license(s) that you MUST have in order to do business legally
4. Be prepared to pay a lot more attention to taxes more than once a year
5. Even if your business is solid gold right from the get-go, have plenty of capital for unforeseen expenses, especially in the first year!

We've only been making money on the business since February so I'm sure I'll be discovering more things that can be added to this list as time goes on.

[twistedframe]

I'm actually lucky in one respect b/c the person who is helping me out works for the IRS currently so I should have no problems getting taxes and bookkeeping taken care of.

BTW I see you are from NoVA too, so free drinks for you if this ever happens!!

[dcfife]

Originally Posted by twistedframe

I'm actually lucky in one respect b/c the person who is helping me out works for the IRS currently so I should have no problems getting taxes and bookkeeping taken care of.

BTW I see you are from NoVA too, so free drinks for you if this ever happens!!

Just let me know where your shop is at and we'll stop by! Maybe we can hold a meet in your parking lot.

[twistedframe]

Originally Posted by dcfife

Just let me know where your shop is at and we'll stop by! Maybe we can hold a meet in your parking lot.

lol hell yeah!

[trogers8]

Kinda a long story, so if you read it props to you, but you asked about owning yoru own business, and I'm pretty familiar with my dads as I've worked with him part time since he's opened and seen all that goes on.


Well my dad has owned his own business down here on the Gulf Coast for about 5 years now, maybe 6. He used to own Sea Oaks Condominiums and manage them, they were on the Beach in Long Beach, but he was tired of the constant calls in the mornings, the long hours and never having time off. So, he sold the condos and was inspired by a couple he knew in Baton Rouge, LA to open up and outdoor grill/outdoor kitchen store, that sold an array of outdoor equipment from grills to funiture to interior fireplaces and outdoor fireplaces and cooking equipment along with sacues/rubs/injectors/marinades and pretty much ALL you can think off.

Anyways, he started out in a small 2,200 sq. ft building, that was part of a small shopping complex where a HObby Lobby was. He was doing good, didn't really have a warehouse or anything, just had to get a storage unit to keep extra stock in close by. Well Hurricane Katrina hit in 05' and pretty much destroyed his building he was in, so, with the store doing good before the hurricane, him and my uncle went in business together becaues my uncle was a physical therapist for 30 something odd years but the hurricane destoryed his offices/treatment facility/lost all his records, books everything, so he retired and went in with my dad to purchase a $1 million building down the road that used to be a electronics store for car stereos and what not. Anyways, its a 10,000 sq. complete with a warehouse, three car garage out back that was used to install car steros.

So beyond that, after getting the new store put in and doing GREAT, exceeding profits 3x's what they used to with new inventory and more space, they had an extra 3,000 sq. ft. part of the building they didn't use. So, there is a grill called the Big Green Egg (any of you heard of it?) that everyone LOVES down here, so they opened a restaurant/deli that cooks on the big green egg. The restaurant just opened this year in February and is doing a steady sales increase every month.

They have already had offers for Franchising the store/restaurant and are looking into legal things with that now. I know they say 3/5 business fail, but I am proud to say my dad started one thta has succeeded and is only growing. You can check out his website at www.grategrillsonline.com. HOpe my story was too boring. You asked so i told PS..also on the website you can check out the Deli menu on the left hand side.

[mrgisriel]

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