Want to start a business....

[popo8]

As I work into my 7th month of being on light duty with this back injury that no one can figure out, I started to think about my future.

If I can not be "fixed", one of two things will happen, My Township will try to play dirty pool and push me out on permanent disability. The only thing is.... its not permanent, it lasts for 5 years MAX.......



If they treat me by the book, and recognize my injury as a work related injury (which it is), what will happen is I will be retired.... as if I put my full 25 years of service in, and as if I was 50 years old...... At that point I will be able to begin collecting my pension immediately, which is not a bad deal, but still only 50% of my salary..... The big part is, the workman's comp would offer me a pay out for them to drop me. Other Officers have received between $100k-350k.... depending on their attorneys negotiating skills ( everything has to be a fight, nothing simple....)


OK...... I have a decent amount of money set aside and i was thinking of opening a business. I don't want to go out and be crazy risky, opening up something new and different, I'm thinking of a franchise or something. I have been kickin around the ideas of a SUBWAY, or a PAPA JOHNs.....

Just figured Id hit up my LTX family for some insight, ideas......



Thanks in advance, for reading, and for your ideas....

[firebird_1995]

Popo, it sounds like you and I are in similar positions. I got rear ended by a full size dodge last december. I have 2 ruptured discs in my lower back and 1 bulged disc in my neck. I am a pipefitter so there is no such thing as light duty, i had to take a layoff. Ive been off 2 months now. If I can't be fixed (and its not looking good). I am also looking into buying a business. I have looked at quizznos that is for sale in my area. I can tell you that its much cheaper to buy an existing franchise then to build a new one. Often times the building come turn key and ready to operate. The biggest downside is finding out the reason the owner is selling. In the case of the quizznos I looked at it was because the business hadn't turned a profit for a year. This was largely due to a lack of management and employees stealing. But in the prior years they were turning around 75k a year. The price of the "used" franchise is 125k. New is an estimated 350k. All in all not a bad return. Im just waiting on a settlement to move forward. Are there any businesses for sale in your area?

[popo8]

Popo, it sounds like you and I are in similar positions. I got rear ended by a full size dodge last december. I have 2 ruptured discs in my lower back and 1 bulged disc in my neck. I am a pipefitter so there is no such thing as light duty, i had to take a layoff. Ive been off 2 months now. If I can't be fixed (and its not looking good). I am also looking into buying a business. I have looked at quizznos that is for sale in my area. I can tell you that its much cheaper to buy an existing franchise then to build a new one. Often times the building come turn key and ready to operate. The biggest downside is finding out the reason the owner is selling. In the case of the quizznos I looked at it was because the business hadn't turned a profit for a year. This was largely due to a lack of management and employees stealing. But in the prior years they were turning around 75k a year. The price of the "used" franchise is 125k. New is an estimated 350k. All in all not a bad return. Im just waiting on a settlement to move forward. Are there any businesses for sale in your area?


I will have to look into any existing businesses that are for sale.... I am new to the BUSINESS OWNER thinking, and honestly figured, if its there and for sale, it wasnt making it.... and that the only way to have a chance at making it, is to start from scratch....

[firebird_1995]

Just ask yourself (and the owner or realtor) why its not making money. What I found was an owner that hired a bunch of kids and expected them to work for nothing and do everything while he went out and played golf. He literally told me he was at the store "2, maybe 3 hours a week". You're only going to get back from something what you put into it.

[94Blackbird]

I have to agree with firebird_95 here, you're only going to get out of it what you put into it, and if the place was previously mismanaged, then it could be a steal to start up. I know you would be there alot to crack the whip and have a couple of trusted managers to do it for you on your day off once in a blue moon lol

[SWells]

Do your homework before jumping in any direction. Is there a "small business / new business" evening course at your local college? Always good to understand the legal, accounting needs, tax, corporate wants/restrictions/policies, etc and not get any surprises. My $0.02.

[popo8]

Well, I think anyone who knows me even the slightest bit, knows I have impecable work ethic.... I do want SUCESS, but I dont expect it, while sitting on my ass..... IDK, if there are local college classes on that, but its worth looking into, thank you for the idea....

I was also batting the idea around of buying property for rental purposes...... I know, I dont want to be a slum lord or anything, but I think I could make it work with some of the CHEAP properties in the city of READING..... Ive seen some 2 level row homes selling as low as $12k..... Yes Im sure they will need alot of work, however... if rent can cover, or beat mortgage........ then EQUITY, it EQUITY.... right? Anyone else on here, own and rent property?

[firebird_1995]

I have one rental house. It ain't bad. It pays for itself, insurance, taxes, plus $200 a month. Biggest hurdle with it is finding the right people to rent to...

[popo8]

I have one rental house. It ain't bad. It pays for itself, insurance, taxes, plus $200 a month. Biggest hurdle with it is finding the right people to rent to...

Thats my concern with a rental property in the city.... alot of "not so great" people in there.... however if the home is cheap enough...... it may not matter how bad it gets trashed....

[firebird_1995]

It seems to me that the only way to have a decent and consistant cash flow with rentals is to have several. If one month you have to replace an ac unit or water heater, the profit from the others will help keep you from dipping into your own money.

[popo8]

It seems to me that the only way to have a decent and consistant cash flow with rentals is to have several. If one month you have to replace an ac unit or water heater, the profit from the others will help keep you from dipping into your own money.

Been messing around, actually looking at small multi unit apartment buildings.... 3 or 4 units..... Not sure if thats the way to go, or if its better to have seperate locations..... but Im still bating around a bunch of ideas.... I even saw, things like Jiffy Lube franchises..... Im all over the place, i just know, I want to continue planning for my/our future, and making it MORE comfortable....

[firebird_1995]

I would have went in the multi-unit direction if there was one available at the time. A friend of mine that has rental properties says "section 8" housing is the way to go (in illinois anyways). Its guaranteed money and the state pre-screens applicants. They are less likely to trash a place because they will lose their housing allowance if a landlord turns them in.

A jiffy lube wouldn't be bad though. I think that franchise success depends on competition, population, and management. If there are 3 stores in the same market in a town of 5000, profits would be harder to come by than if there were less stores, or a higher population. Most smaller franchises are owner/operators. You would be the management so you wouldn't have any issues in that department. Is there anything that you find yourself or others saying your area "needs"?

[popo8]

I would have went in the multi-unit direction if there was one available at the time. A friend of mine that has rental properties says "section 8" housing is the way to go (in illinois anyways). Its guaranteed money and the state pre-screens applicants. They are less likely to trash a place because they will lose their housing allowance if a landlord turns them in.

A jiffy lube wouldn't be bad though. I think that franchise success depends on competition, population, and management. If there are 3 stores in the same market in a town of 5000, profits would be harder to come by than if there were less stores, or a higher population. Most smaller franchises are owner/operators. You would be the management so you wouldn't have any issues in that department. Is there anything that you find yourself or others saying your area "needs"?

Ive heard the same about section 8 as well, because a minimum of 80% is paid by the government..... And as for area needs.... IDK, pretty much everything you can think of is within 20 miles.....

[Ryan Stout]

I apologize for not reading whole thread, but I love me some Jimmy Johns.

[jaysz2893]

I love me some Jimmy Johns too.. havent been back sice they rebuilt..

POPO
I have an MBA and have run a few businessses. I conceded in June and went to work for a large company. I needed stability and bennies. Also i am more techincal/engineering than business. I liked dealing with vendors, but customers SUCK! I have worked in food service before and that will kill you after a few years. Long hours on your feet, dealing with the public, etc.. Franchises are good, but def do the research on the area, competition, demographincs, etc.. I had 1 rental in a very nice area in DE. It blew after 3 years. I ended up selling the place and dont regret it at all. If you can find a basics of buisness class at a local CC i would sit in. Actually the "dummies" books have good info. Best businesses I had were the Arcade Machine business and my Consulting business for the Solar industry. Least favorite was the seafood place. With your CJ background you could get a cushy job in security at a big company somewhere. I know where I am working now may be looking for new head of security.

[xdeified]

I have worked for a single owner business from open to close. He wouldve been a great success if he would of just listened to us.. but anyways, if you do end up opening one, i may have experience that could help. As well as i have taken business courses and accounting courses at devry. So i could also give some tips on how to stop kids from stealing!! Good luck with what you plan on doing

[popo8]

I love me some Jimmy Johns too.. havent been back sice they rebuilt..

POPO
I have an MBA and have run a few businessses. I conceded in June and went to work for a large company. I needed stability and bennies. Also i am more techincal/engineering than business. I liked dealing with vendors, but customers SUCK! I have worked in food service before and that will kill you after a few years. Long hours on your feet, dealing with the public, etc.. Franchises are good, but def do the research on the area, competition, demographincs, etc.. I had 1 rental in a very nice area in DE. It blew after 3 years. I ended up selling the place and dont regret it at all. If you can find a basics of buisness class at a local CC i would sit in. Actually the "dummies" books have good info. Best businesses I had were the Arcade Machine business and my Consulting business for the Solar industry. Least favorite was the seafood place. With your CJ background you could get a cushy job in security at a big company somewhere. I know where I am working now may be looking for new head of security.


Soooo, where is this that you work???? (PM ME)


I have worked for a single owner business from open to close. He wouldve been a great success if he would of just listened to us.. but anyways, if you do end up opening one, i may have experience that could help. As well as i have taken business courses and accounting courses at devry. So i could also give some tips on how to stop kids from stealing!! Good luck with what you plan on doing

I will keep that in mind for sure..... thank you for offering your help.... I may be reaching out in the near future.

[5POINT7]

Look into Rita's. If your going for franschise. Have you ever seen a rita's empty during the summer? There always packed where I'm at, which isn't to far from you. I would do subway second. My friend knows someone who runs a rita's and he said what he makes over the summer, he can live comfortably through the winter. Just a thought.

[popo8]

Look into Rita's. If your going for franschise. Have you ever seen a rita's empty during the summer? There always packed where I'm at, which isn't to far from you. I would do subway second. My friend knows someone who runs a rita's and he said what he makes over the summer, he can live comfortably through the winter. Just a thought.

REALLY????? Hmm, I always thought it was so seasonal, it could not be an ONLY venture.... Unfortunatley though.... I know there are 2 within 10 miles of us.....

[Louvit]

I dont like overhead....see my PM it seems smaller than u want but it works

[popo8]

I dont like overhead....see my PM it seems smaller than u want but it works

Im open to any ideas man... I got your PM, and I WILL check it out.... thank You

[popo8]

Responses like I received here, are the reasons I love this site, and my LTX family...... You guys are the best..... thank you for all your help.....

[Adam96Z]

My family owns 2 small businesses that I have helped run since I was 13. If you truly want the business to be successful you will likely be doing more physical labor than when you were a police officer, at least in retail level businesses.

We run a movie theatre and a furniture store and there is always a semi to unload, a broken thing to fix, load something into a customer's car, etc. If you pay someone to do that for you there goes $20-40k/year.

Also, just because you get an extra $50k (or even $100k)in profit in the bank, you cannot immediately take it back out. There will be lean weeks, months, years, etc. Professional services cost much much more than if you were to have them done at your home, commercial lawyers are more expensive, commercial electricians are more expensive, property taxes are twice as much, and so on.

It is great to not have a boss, but during our busy time in the summer, 70 hour weeks are the norm and things like 2 week vacations just do not happen, in the retail business at least.

Don't let this get you down, just make sure you always act as if your business is in a crisis situation and you won't be as likely to suffer the fate of the huge % of people whose new businesses fail in the first year.

If you want someone to bounce ideas off you can email me or PM.

[Mrs Popo8]

Most importantly you can give me a JOB! HAHAHHAHHAHAHHA

[popo8]

Most importantly you can give me a JOB! HAHAHHAHHAHAHHA

LOL, been really putting alot of thought into some section 8 housing........ not sure what you could do there.... lol

[Mrs Popo8]

LOL, been really putting alot of thought into some section 8 housing........ not sure what you could do there.... lol

I don't know.......I guess it would just increase my job duties as "Larry's Secretary"........<3

[ZGOBYBY]

I do Housing Choice Voucher for a living (Section 8). I have worked for a housing authority for over 5 years now, DON'T DO IT. We will talk at the Shootout.

[ZGOBYBY]

Well, I guess I will go into more detail. Basically what Section 8 HCV is, is a federally-subsidized program through HUD. I administer this program for a city here in Michigan. The Housing Authority, or HA, that gives the family the voucher to find a landlord who accepts Section 8 IS NOT screened for suitability and eligibility for the landlord. We only perform a criminal screening (which, a lot of times, has false negatives), and that they have not been terminated from another federally-subsidized program in the past. It is the landlord's responsibility to screen individuals for suitability for renting. And from some credit checks I have ran on tenants for other reasons, their credits are absolutely unimaginably terrible. Housing Authorities are only allowed to provide inquiring landlords (which would be you) the last-know address of the individual, under regulation. That's all we can give. We are not allowed to tell you their rental history, criminal history, etc. Most landlords do not screen their perspective tenants when they hear "Section 8." Most tenants destroy the units they reside in, because quite frankly, the HA is really out of the picture. The only act as an entity that pays a portion of the household's rent. So most of the time, they wreck the units, don't pay rent, and when it's all said and done, they have already vacated the home in lieu of eviction without the Housing Authority finding out. They pay 30% of their income towards the rent, and the HA pays the remaining balance.

Just don't do it Larry, just rent to the regular market if you do. Take it from me who has seen landlords get FUCKED over the years. And mind you, there are good Section 8 participants, but there is a lot that goes unseen.

[popo8]

Would my "ability" and connections to do extra screening, allow me an advantage....?

[ZGOBYBY]

To an extent. As a landlord, I stress that you do an extensive screening for credit and public records. In the housing world though, a lot of landlords just come to an agreement with tenants out of court to get them out. They don't bother filing a judgment to save money, so it doesn't show up under public records than. Most landlords lie on landlord references just to get the individual out of their hair.

[firebird_1995]

"hello, my name is larry. im the landlord, oh and a retired POLICE OFFICER."

id say that is going to weed out 90% of the potential riff raff. the other 10% you'll be able to sniff out with years of dealing with criminals on an hourly basis. i can say that in the regular market there are plenty of dirtbags that will screw you over. at least sec 8 you'd get SOME of your money.

[popo8]

Still batting around ideas, but a few days ago I thought, what about a used car lot.....?

Yes, I know it wont make me rich, but simply for the fun of it as long as it can cover its own costs......

Anyone have any input on owning or working at a used car lot....

[Louvit]

all depends on what type? buy here, pay here? Probably end up repo'ing some. I know you get some nice stuff at dealer trade in's and auctions...I know in Florida you need a certian amount of land and building...that's about all I know..Dealer plates and insurance for test driver's can't be cheep...I know a guy that owns one and there's cash to be made, you need to hire or be a mechanic to get some of the car's in good shape

[popo8]

all depends on what type? buy here, pay here? Probably end up repo'ing some. I know you get some nice stuff at dealer trade in's and auctions...I know in Florida you need a certian amount of land and building...that's about all I know..Dealer plates and insurance for test driver's can't be cheep...I know a guy that owns one and there's cash to be made, you need to hire or be a mechanic to get some of the car's in good shape

Well I have the location of a place in mind... not a huge place, but the previous place that was there, was there for a LONG time.... and only moved to relocate. As for what would be for sale, it would be a mix, but Ive seen a lot of places that sell junk for nice car prices... and that bothers me.... I think Junk can be sold for junk prices, and the nice car prices should be saved for the nice cars....

As for the mechanic, Im sure I can work out a deal with the garage im associated with, and BLUEBOTTLEZ (on here). Plates , insurance and what not, are a must and whatever the proceedure is, I will do.....

As for buy here, pay here...... Im not sure how that works, and will take some research...... But if repoing is required, then maybe I will do what it takes to be a "certified" repoer, and I do have access to a wrecker.....

[Louvit]

Sounds like a great Idea I would love one...You sound like your willing to do the time and research also. BTW, I'm looking for a 00-03 Caddy sts either pearl white ot that cool Burgandy color...at auction prices....lol and I'm selling an 07 HHR 45k on it...V. clean....first customer right here....haha

[firebird_1995]

Re-popo. Lol

[popo8]

Sounds like a great Idea I would love one...You sound like your willing to do the time and research also. BTW, I'm looking for a 00-03 Caddy sts either pearl white ot that cool Burgandy color...at auction prices....lol and I'm selling an 07 HHR 45k on it...V. clean....first customer right here....haha


Still got alot more research to do... but Im really considering this. I just need it to be self sufficient....



Re-popo. Lol

I LOVE IT!!!

[ZGOBYBY]

Good luck man. I really like this idea!

[popo8]

Well, here is the place I was looking at. We were out today, so I snapped a few pics.... For a long time it was called 724 auto sales..... then 724 auto sales moved to a bigger location on a bigger highway..... a short while later a guy named JOE S picked up the place (Im assuming renting)...... He was not in business for long... in fact he was the guy that traded a red Porsche Boxter for a nice wrecker to a guy who I was going to trade my bike to for the boxter (maybe some of you remember that.) To give you an idea of why Joe went out of business and is currently in "hiding", he was lick and stick inspection, he was covering or disconecting Check Engine lights......Not to mention, he was asking for 15k for that R titled boxter when it was on his lot, with 7 different codes being set off, gutted cats, and the SES light covered with black tape....


Anywho, he went out of business and it looks like there are some legal actions being taken against him... ANYWAYS..... the place has potential, and has proven itself with the previous owner to Joe.....

ITs a mess right now, but try to look through that.... what do you think?


http://i86.photobucket.com/albums/k110/popo08/724-1.jpg

http://i86.photobucket.com/albums/k110/popo08/724-2.jpg

http://i86.photobucket.com/albums/k110/popo08/724-3.jpg

[ZGOBYBY]

I think it's a good size to start off in, not too big where you will be left with empty space, but not too little space where you would have to move if your business expanded.

[popo8]

Between this site and the comments Im getting on my Facebook, I think I really want to jump into this....however, I need to do ALOT more research....

[firebird_1995]

A few years ago I had looked into getting a dealers license just so I could buy cars at auctions. They go for cheap!! It was pretty reasonable in illinois really. Most expensive requirment was being "bonded" to 100k. I think an insurance bond company had quoted me around 600 a year for that. Are you looking to lease or buy the building?

[popo8]

A few years ago I had looked into getting a dealers license just so I could buy cars at auctions. They go for cheap!! It was pretty reasonable in illinois really. Most expensive requirment was being "bonded" to 100k. I think an insurance bond company had quoted me around 600 a year for that. Are you looking to lease or buy the building?

I think if I lease the property, that would create less overhead to cover (just using common sense, not sure of actual cost yet). $600 a year? Thats it? or did you mean 6k a year?

[firebird_1995]

Pretty sure it was six hundred a year. Www.jwsuretybonds.com. its really just insurance for business. Each state has different amounts they require. I was able to find all my info on the illinois department of motor vehicles website.

And leasing would be the best thing to do im my opinion.

[popo8]

Ok, cool. I have a friend who is not located close to where I want to open this lot up, and I was hoping that even though we would technically be distant competition, that he could point me in the right direction to DOING this....

I was also thinking, I would get Miss Popo, her ability to do NOTARY and TAGS, so we dont need to outsource for that aspect.

[firebird_1995]

Sounds like a winner to me! How's your back doing btw?

[popo8]

Its funny you ask... its part of why Im looking at other stuff.


Still hurt, no change had a million proceedures, and shady workmans comp Dr, is forcing me to go back to work..... which means I will have to go on disability, while I fight W/C to put me back on workmans comp...

Its a nasty shity game they are playing, however the shady Dr is saying that because I have had pain for 7 months, however there is no structural damage that shows on the MRI, that it can not be work related... Its a bunch of FKN BS, they are playing games, and rather than waiting or wanting me to get better, they are now gonna try to push me out of the door.........

GLOVES ON, READY TO FIGHT!

[firebird_1995]

Man im sorry to hear that. When I got to my appts the w/c guys always talk about getting screwed.

When you say "no structual damage" what do you mean? No damage to vertabre? Or or no damage at all?

[popo8]

No damage showing to vertabre.... I can tell you something is damaged. HELL, I can tell you the moment It went....

But the funny part is my employer would make statements prior to my visits with the W/C dr, and wouldnt you know, those statments would be confirmed by the dr. "Larry have you thought about going on disability." (EMPLOYER) then I visit DR, "I see no structural damage, so Im releasing you from W/C." Then he would go on to say he does not doubt I have pain and may not be able to do my full capacity, however because it lasted so long, it cant be work related, and he lables it chronic back pain......

The thing they are trying to do is push me out on to permanent disability which wont cost them anything (SHADY.) if they gave a damn about me, then they would retire me, and I could collect my pension immediatley, which would be an inconvienience of them.. Its a complicated process, but between my atty and my union, and union atty, Im ready to fight. Ive had enough of giving myself to the point of destruction for a place that is willing to fuck me when Im not looking....

[firebird_1995]

Then he would go on to say he does not doubt I have pain and may not be able to do my full capacity, however because it lasted so long, it cant be work related, and he lables it chronic back pain.....

That's retarded. I have chronic back pain BECAUSE of an injury sustained in a mva. I would assume your situation is similar. Has your lawyer suggested you to see another (non biased) doctor for a second opinion?

[popo8]

That's retarded. I have chronic back pain BECAUSE of an injury sustained in a mva. I would assume your situation is similar. Has your lawyer suggested you to see another (non biased) doctor for a second opinion?

I have, and I am... however since the workmans comp doctor snuck in my release, so now... my Workmans comp insurance, wants to wash their hands of me..... so that means release me or if I complain of pain.... they are saying its not work related.

HONESTLY, I have never had this problem prior to that night of Jan 26th 2011... and now they wana screw me.

PS- the doc that released me was the one in charge of my w/c....... I have seen 4 other docs, and will be seeing another one on tuesday, however their not the ones who advise the w/c company...... So war it is!

[firebird_1995]

Your lawyer will cut through all the bs. Just hang in there. That's what im doing right now, and painkillers. Lol

[popo8]

LOL... I know, but till then, if I cant strap on a uniform next Monday the 22nd, then I have to use up my sick days then switch over to disability (still have my job, just cant do it) but I only make 66% of my salary....

Then once my attys cut threw it all, the TWP will owe me all my sick days back, and the difference of salary for the whole time......

[firebird_1995]

That'll be a good payday. Take the vette in, bout 2 hours late, get out and scream "pay the popo!" Snatch your check up then give em a 2 tire salute on your way out. Ahhh..... id never make it in le.....

[popo8]

That'll be a good payday. Take the vette in, bout 2 hours late, get out and scream "pay the popo!" Snatch your check up then give em a 2 tire salute on your way out. Ahhh..... id never make it in le.....


what really sucks is I LOVE the JOB.... Some of the people I deal with want to kill me, thats ok, I signed up for that. SOme people want to cause me harm, thats ok, I signed up for that. Some people do horrible things, that no one should have to deal with, thats ok, I signed up for that. Some times things happen to people, accidents, crimes, etc, that no one should ever see, thats ok, I signed up for that. the one thing I did not sign up for, was not having the people (my employer) whom I bust my hump for be the ones, turning the knife in my back.

[firebird_1995]

Duplicate

[firebird_1995]

I understand. But try to look at it like this instead ... bust your hump so the law abiding citizens in your township are safe. Your employer just writes the checks. "The boss" always has been and will be "a son of a bitch". That's why ya gotta be your own boss. :D

[popo8]

I understand. But try to look at it like this instead ... bust your hump so the law abiding citizens in your township are safe. Your employer just writes the checks. "The boss" always has been and will be "a son of a bitch". That's why ya gotta be your own boss. :D

LOL, your 100% right.... and that is my intention......

[Camaro_94]

My father buys and sells houses on the side. He gets them before they go into forclosure and gets them very cheap. Some, nearly half price.

Its not the easiest thing to do, especially if you have back problems...

If you were going to start another business, why not make your own shop? Its a little more risky not being associated with a big name franchise, but I remembered hearing from a friend who worked at McDonalds in high school that the owner has to pay nearly $10K/month for rent to use their name.

Another decent thing to do on the side is part sales. You seem to know your way around cars, so you could make an internet part selling business. I've thrown the idea for that around a little bit. You dont even need a warehouse. Just drop ship the parts from the manufacture and send them right over to the customers. Just an idea. Something you can do from your home.

[harner]

My father buys and sells houses on the side. He gets them before they go into forclosure and gets them very cheap. Some, nearly half price.

Its not the easiest thing to do, especially if you have back problems...

If you were going to start another business, why not make your own shop? Its a little more risky not being associated with a big name franchise, but I remembered hearing from a friend who worked at McDonalds in high school that the owner has to pay nearly $10K/month for rent to use their name.

Another decent thing to do on the side is part sales. You seem to know your way around cars, so you could make an internet part selling business. I've thrown the idea for that around a little bit. You dont even need a warehouse. Just drop ship the parts from the manufacture and send them right over to the customers. Just an idea. Something you can do from your home.

While having a speed shop and doing part sales is a doable dream job in popo's situation, I don't see that being realistic. Doesn't his buddy work at a shop? So, I doubt he would want to compete with that. Plus, this area (I don't live far from Popo) is not really ideal for a speed shop. There's enough competition spread out that adding one more to the list isn't really worth it. I mean, even if you were to offer dyno and tuning services, you'd still have to do minor repair and inspections on the side just to try and break even.

And as far as part sales, that's really tough because of the competition. You're looking at heavy hitters like Speed Inc, Maryland Speed, RPM, Texas Speed, PCM For Less, and the list goes on and on for online sales. And good luck beating their prices.

Popo, if I were you, I'd portion the money out and invest. Get a money market account and collect interest. Now is also an excellent time to invest in stocks. Everyone thought "OMFG Stock Market is crashing!" 2 years ago or whatever. Now's the time to buy while prices are still down. Get a hold of an outfit into stocks and have them manage your investments. I like Edward Jones because they don't mess around.

Just my 2 cents. Good luck on whatever you decide!

[Counted Out]

My dad looked into opening a Subway recently. They seem to be doing very well and have a high success rate, but that high success rate is becoming a problem quickly. They are letting Subways open up in other peoples "territories" which takes away from both businesses. Soon, they will have a problem like Starbucks has where they have way too many stores and not enough customers.

He thought about opening in a relatively small city so he could be the first one in the area, but there was no promise to how long he would be the only one allowed in the area.

[Camaro_94]

I didn't say a speed shop. More like online parts sales like Summit and Jegs (just not as big).You can still get comparative rates with pricing too. You just need to buy in bulk.

I used to do part sales in a speed shop also. Both online and over the phone.

[popo8]

My father buys and sells houses on the side. He gets them before they go into forclosure and gets them very cheap. Some, nearly half price.

Its not the easiest thing to do, especially if you have back problems...

If you were going to start another business, why not make your own shop? Its a little more risky not being associated with a big name franchise, but I remembered hearing from a friend who worked at McDonalds in high school that the owner has to pay nearly $10K/month for rent to use their name.

Another decent thing to do on the side is part sales. You seem to know your way around cars, so you could make an internet part selling business. I've thrown the idea for that around a little bit. You dont even need a warehouse. Just drop ship the parts from the manufacture and send them right over to the customers. Just an idea. Something you can do from your home.

Well I had originally looked into a McDonalds... did you know that you have to be worth at least 6 million dollars before McDonalds will even consider you to own one of their stores... then its a process of getting approved by them, and a 1 million dollar investment. Mcdonalds will then make you go to McDonalds University for 6 months, and if you pass, if you have the finances, then... you get approved, and then McDonalds will tell you where your store will be. you dont pick a location with them..... Finally, before you get your store, you have to work in another Mcdonalds doing all the positions for 6-12 months!!! needless to say, i do not have what it takes to be considered...... Also, although I like the idea, some of the comments coming up are correct, I could not compete against my close friends, who already own and run performance shops, and have speed shops connected in association. Than You though, all ideas are welcome.... keep em coming.


While having a speed shop and doing part sales is a doable dream job in popo's situation, I don't see that being realistic. Doesn't his buddy work at a shop? So, I doubt he would want to compete with that. Plus, this area (I don't live far from Popo) is not really ideal for a speed shop. There's enough competition spread out that adding one more to the list isn't really worth it. I mean, even if you were to offer dyno and tuning services, you'd still have to do minor repair and inspections on the side just to try and break even.

And as far as part sales, that's really tough because of the competition. You're looking at heavy hitters like Speed Inc, Maryland Speed, RPM, Texas Speed, PCM For Less, and the list goes on and on for online sales. And good luck beating their prices.

Popo, if I were you, I'd portion the money out and invest. Get a money market account and collect interest. Now is also an excellent time to invest in stocks. Everyone thought "OMFG Stock Market is crashing!" 2 years ago or whatever. Now's the time to buy while prices are still down. Get a hold of an outfit into stocks and have them manage your investments. I like Edward Jones because they don't mess around.

Just my 2 cents. Good luck on whatever you decide!

Thank You and you are correct on the speed shops and parts idea, although if I didnt have friends in that business, I would have the whole thing, including a dyno, etc....... as for investments, I have many financial investments already. Im looking more along the lines of, something to do business. Even the used car lot idea is not all I want to do. I just figured, that while I have an income that can assist in supporting the business, why not give it a shot as well, and if it can carry itself after a few months, it will not be a hinderence, but rather a hobby business as I progress into rental properties, possibly a franchise in the future , etc.... I have big dreams.... I just need direction....


My dad looked into opening a Subway recently. They seem to be doing very well and have a high success rate, but that high success rate is becoming a problem quickly. They are letting Subways open up in other peoples "territories" which takes away from both businesses. Soon, they will have a problem like Starbucks has where they have way too many stores and not enough customers.

He thought about opening in a relatively small city so he could be the first one in the area, but there was no promise to how long he would be the only one allowed in the area.

Ive noticed the same thing. And yes that is a concern of mine, and with that much saturation, there is continuously a larger chance of failure, as time progresses, for a business which does require a large initial monitary investment....


I didn't say a speed shop. More like online parts sales like Summit and Jegs (just not as big).You can still get comparative rates with pricing too. You just need to buy in bulk.

I used to do part sales in a speed shop also. Both online and over the phone.

Its still an option, do not be discouraged at thowing ideas out there.... I really do appreciate everyones input....

[BLK95-Z]

Man this might sound stupid but a friend of mine who came into some money rented an old gas station and opened a cell phone store. He has a contract with Sprint and Crickett and buys cheap cell phones in bulk. He also has about 6 or 7 tanning beds in the back.

Its been a few years and he's still there (although he could be broke for all I know) lol

[popo8]

Man this might sound stupid but a friend of mine who came into some money rented an old gas station and opened a cell phone store. He has a contract with Sprint and Crickett and buys cheap cell phones in bulk. He also has about 6 or 7 tanning beds in the back.

Its been a few years and he's still there (although he could be broke for all I know) lol

Thats not bad, although its like some of the other franchises... Cell phone "sellers" seem to be EVERYWHERE I look.....

[IronOutlaw]

Open a skating rink.

[popo8]

Open a skating rink.

If your serious, way to much overhead... to build a skate rink..... and if your gona say buy one thats already done.... we have one down the street, not even sure how its still in business.... lol

[Mrs Popo8]

Tanning Salon...haha I like it

[popo8]

Tanning Salon...haha I like it

Do the research hun.... maybe a small one......but it wont take precedence over a car lot... lol

[IronOutlaw]

If your serious, way to much overhead... to build a skate rink..... and if your gona say buy one thats already done.... we have one down the street, not even sure how its still in business.... lol

I was halfway serious and half kidding. If you could find an old warehouse type building you could make it work. We got into ours for about 150k but thats leasing the building with a long contract. My uncle is trying to buy the one across town from us. We are looking into opening another one in another town that has closed down years ago. Business is great and is getting better as the summer is fading away. Skating is really making a comeback with young people down south.

If you are wanting to get into a franchise look into Zaxbys. They were started locally to me and I know of lots of guys who have become very well off from owning one or two stores. I however dont have any idea whats involved into getting into one. The food is great and Ive never seen one fail. They all seem to keep very busy. I dont know what restaraunts you have locally but chicken fingers and wings seem to do great about any where and theres really no other place quite like it that I can think of. http://www.zaxbys.com/home.aspx

[Mrs Popo8]

Do the research hun.... maybe a small one......but it wont take precedence over a car lot... lol

Mocha Popo's Used cars and Tanning....I'd go....haha but I am just kidding tho....lol

[popo8]

Mocha Popo's Used cars and Tanning....I'd go....haha but I am just kidding tho....lol

DONE! lol... just kidding. BTW, ou need a tanner boobie tease pic. You look like Casper.

[Chris]

DONE! lol... just kidding. BTW, ou need a tanner boobie tease pic. You look like Casper.

That is going to require approval

[Chris]

I approve

[popo8]

lol.....

[Chris]

I thought it was funny. Guess not?

[popo8]

I laughed....

[BLK95-Z]

Ive got it! Open a daycare....

[popo8]

Ive got it! Open a daycare....

POPO DAY CARE???? mmmmmm, I dont think so . Not a big, "other peoples" kids kinda person....