Want to start your own business - Ask an entrepreneur anything!

[Hov]

How can 'we' do better?

Who is "we"?

 

[Hov]

How can 'we' do better?

And what is "doing better"? Define the goal.

 

[Trajan]

Thread is fire.

Props OP.

 

[ridedolo]

Yo man congrats on your business and I wish you continued success.

I have a good job but I'm strongly thinking about investing.
My brother and I plan on buying a multi family house to rent.
We're also thinking about maybe opening a barbershop. Neither of us cut hair, and while we would love to cake up, we arent looking at getting rich with it. We just want something in our name that we can fall back on. What do you think?

 

[Nemesis]

I hear all the time that owners are usually the very last people to get paid.....if at all.


If that's true.................








True as fukk..... my current company I never paid myself a penny for over a year

 

[Hov]

Yo man congrats on your business and I wish you continued success.

I have a good job but I'm strongly thinking about investing.
My brother and I plan on buying a multi family house to rent.
We're also thinking about maybe opening a barbershop. Neither of us cut hair, and while we would love to cake up, we arent looking at getting rich with it. We just want something in our name that we can fall back on. What do you think?

1. Investing - only invest in things you know A LOT about. Too many people talk about investing into products or companies that they have minimal experience in, and get burned that way. Also, a lot of time, people want to invest, but cant afford it. Having the money to do something does not mean that you can afford to do it. You need financial advisement.

2. I would have a lot of questions with that. Like, do you live in an area where people are like "damn there arent any barbershops over here?" Whats the need? Wheres the value? What is it that you and your brother have or can do that your friends always request from you? Maybe you should start there....Because a barbershop means overhead, quality barbers, barbers paying booth rent and on time, licenses, floor plans and structure, etc etc etc.....You have to really have your heart into it

 

[Hov]

I think that the "not paying yourself" thing is slightly out of context sometimes. Like, there are two ways - One, the smart way, is that before you jump out there and quit your job and start a business, save up 6months to 1year of $$ that you know you can live off of - like pay your rent/mortgage, bills, etc. That way, the money your biz makes stays and reinvests back into the biz.

Also, alot of times, someone who is brand new may not take a salary per say from there new business, but can cut themselves checks as needed to take care of certain things..I did that for awhile

 

[Suicide King]

1. Investing - only invest in things you know A LOT about. Too many people talk about investing into products or companies that they have minimal experience in, and get burned that way. Also, a lot of time, people want to invest, but cant afford it. Having the money to do something does not mean that you can afford to do it. You need financial advisement.

I disagree.

I know of people who open businesses they have little prior knowledge or expertise.

I'm familiar with this single mother who opened up a mechanic/tire shop (she did not sell rims), and that same single mother end up opening a total of 5 shops.

 

[Hov]

I disagree.

I know of people who open businesses they have little prior knowledge or expertise.

I'm familiar with this single mother who opened up a mechanic/tire shop (she did not sell rims), and that same single mother end up opening a total of 5 shops.

I was speaking on investments from a taking your $$ and putting it into a business that you do not operate type of business model. Like stocks, investment clubs, etc.

If you are talking about investing into yourself and starting a business, just because she is a single mother doesnt mean she didn't know about overhead, supply/demand, best hiring practices, wholesale, marketing, bartering services, etc etc. I dont even see why you mentioned that shes a single mother.

This woman didn't just open something she knew nothing about without knowing that there was a need for it wherever she opened at.

 

[Suicide King]

I was speaking on investments from a taking your $$ and putting it into a business that you do not operate type of business model. Like stocks, investment clubs, etc.

If you are talking about investing into yourself and starting a business, just because she is a single mother doesnt mean she didn't know about overhead, supply/demand, best hiring practices, wholesale, marketing, bartering services, etc etc. I dont even see why you mentioned that shes a single mother.

This woman didn't just open something she knew nothing about without knowing that there was a need for it wherever she opened at.

You said "only invest in things you know A LOT about".

And I disagreed.

 

[Hov]

You said "only invest in things you know A LOT about".

And I disagreed.

Why would you put your money anywhere that you don't know a ton about? That doesnt make any sense.

Now, I do understand that I may have been vague - for instance, I don't know a lot about selling weave. I know nothing about selling weave. I can still open a successful weave shop - but before I put my money out there, I should study the industry, see whats hot, how cheap I can get quality weave wholesale and how high I should sell it, etc etc.

So, yea you dont have to had been a PHD at something before you launch into it, but when you decide to go that route, study up. Thats what I meant.

A lot of people save money and just DO, without putting in the study - thats where people fail. Thats actually the reason why a ton of athletes fail, because they have so much money they can just open a bar in a month, without doing the proper research and study on how to be a success in the industry. Hope that clears up what I meant.

 

[Suicide King]

Why would you put your money anywhere that you don't know a ton about? That doesnt make any sense.

Now, I do understand that I may have been vague - for instance, I don't know a lot about selling weave. I know nothing about selling weave. I can still open a successful weave shop - but before I put my money out there, I should study the industry, see whats hot, how cheap I can get quality weave wholesale and how high I should sell it, etc etc.

So, yea you dont have to had been a PHD at something before you launch into it, but when you decide to go that route, study up. Thats what I meant.

A lot of people save money and just DO, without putting in the study - thats where people fail. Thats actually the reason why a ton of athletes fail, because they have so much money they can just open a bar in a month, without doing the proper research and study on how to be a success in the industry. Hope that clears up what I meant.

Yeah, you should know the basics.

But the point I was making, she had 5 tire/mechanic shops and she can not change a spark plug. So she does not know a lot, but she knows the basics.

 

[ben anderson]

im thinking about doing rental properties with my pops. we're interested in trying to get a 6 unit apartment building and renting them out while i live in one of the units. do you think rental props such as this are good investments? if so why also if not why

 

[Suicide King]

Your work does look very professional.

I see you want to go with the Tumblr scroll effect, but when I click on contact us why doesn't it just open on a new page instead of that sudden scroll down.

And your page and some of the pages your designed seem to jerky and not a very smooth fade in.

 

[Marl0 Stanfield]

Bruh there's a franchise I believe in, fast food but upper echelon. Now they want me to have net assets worth $3mill and have $1mil on hand. What do I do bruh? And what type of business did/do you have

If you did this and say you didn't get buttfukk'd in the end may God have mercy on ur soul.