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Old 09-12-2006, 11:33 AM   #11
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Quote:
Originally Posted by BigDog
If I had $70k, I'd go after this one:

http://www.businessbroker.net/listin...id=0&date_id=0

Sadly, I got $0 . . . . .
Big Dog, consider yourself lucky that you don't have $70,000. Firstoff you need much more than that for working capital. Read between the lines. If you know what to look for you can save yourself a lot of grief. This deli is in it's third year of operation, (the first year or two are spent getting established) and already the owner is wanting a "change in career." He wants out. He has 2 employees and grosses $184,000 in a 2,500 sq.ft shop. This is NOT the "very popular" shop the ad paints a picture of. You would need to examine his books, or better yet have an accountant do it. I don't see anything here that would promp me to spend a dime on.
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Old 09-12-2006, 11:37 AM   #12
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Always remember the three most important things in any brick-and-mortar shop:

1. Location;
2. Location; and
3. Location.
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Old 09-12-2006, 11:44 AM   #13
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Quote:
Originally Posted by FryBoy
Always remember the three most important things in any brick-and-mortar shop:

1. Location;
2. Location; and
3. Location.
You are soooo right on that one. There are many important factors but that one stands out. It also helps to know what
you're doing and to go in with the ability to work hard and have a deep pockets.
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Old 09-12-2006, 11:46 AM   #14
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Quote:
Originally Posted by Drama Queen
Having owned several retail shops in the past 30 yrs. I feel I'm qualified to give you some good, sound advice. What kind of business are you looking for? Do you have a special talent that your business will incorporate? Are you just interested in owning any business regardless of what it is? Are you just looking at blind ads and thinking you'd like to own that particular shop? These are hard questions you have to answer before you even THINK about opening or buying an existing business. The big question here is how much money do you have to invest? BE VERY, VERY CAREFUL. You could be putting yourself in a lifelong nightmare unless you know what you are doing. Will you answer these questions for me.? Then I can advise you. All of my businesses were very successful and I'll tell you why.
My thoughts are actually all over the place on this. I have wanted to own my own business for a while now. I would not mind it being something in the food industry, but not a restaurants. Right now I am thinking a little coffee shop would be great. Honestly though, as long as it is something I could do (ie not something like auto repair because I have no clue about that sort of thing) then I would be open to looking.

As far as how much $ I have to invest...not much. I am sure if the right opportunity came along then there are certain people who would be willing to invest in me, but short of that it would be business loans, so I would want to keep the cost very low.

The thing is that I know absolutely nothing about business. I see all these other people who know nothing start up and run successfully businesses though so I know I can do it if I work hard, which is something I am willing and able to do.
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Old 09-12-2006, 12:39 PM   #15
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No advice, just tons of luck and lots of good wishes!!
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Old 09-12-2006, 01:01 PM   #16
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Thanks pdswife. I have gone through this a few times before and never have I gotten past the dreaming phase. I hope one of these times (hopefully this time) I do.
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Old 09-12-2006, 03:21 PM   #17
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Keep an eye on your newspaper classifiedes, too, GB. There's always a business section in those.

If you end up having to go for loans, think about getting your wife to do it in her name--from what I understand, lenders are always eager to fund women opening businesses and often have good packages/rates.

We're right where you are, in the dreaming phase. DH would give his right arm to leave his job before things get any more miserable but with the baby, it's hard. You've been thinking about this for a long time so I hope you find what you're dreaming for. Good luck!
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Old 09-12-2006, 03:37 PM   #18
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Thanks for the advice PAB. DW would probably be a partner in this business as well so getting the loan in her name would not be a prob. We have a lot of looking and thinking to do, that is for sure!
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Old 09-12-2006, 04:11 PM   #19
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Quote:
Originally Posted by GB
My thoughts are actually all over the place on this. I have wanted to own my own business for a while now. I would not mind it being something in the food industry, but not a restaurants. Right now I am thinking a little coffee shop would be great. Honestly though, as long as it is something I could do (ie not something like auto repair because I have no clue about that sort of thing) then I would be open to looking.

As far as how much $ I have to invest...not much. I am sure if the right opportunity came along then there are certain people who would be willing to invest in me, but short of that it would be business loans, so I would want to keep the cost very low.

The thing is that I know absolutely nothing about business. I see all these other people who know nothing start up and run successfully businesses though so I know I can do it if I work hard, which is something I am willing and able to do.
GB, in New Zealand we have Small Business courses at our Polytech's and my city also provides them free for anyone to attend. They give wonderful advice and can provide a business mentor also if required.
There are so many pitfalls being in your own biz, that attending a course such as this is the wisest thing anyone can do to prepare!
Subjects range from Employment Contracts for staff to how to read and understand a balance sheet.

Best of luck, and I will PM a link to the courses if you would like. Just to get an idea of important issues. Obviously, some would not be pertinent in the States, but many would!

http://www.businessownersideacafe.com/sitemap.html

Edited to add the link to bizcafe, an American site I used a couple of years ago for some great marketing ideas. :)
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Old 09-12-2006, 09:33 PM   #20
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GB,

Look for Commercial real estate - online & in your newspaper. They list properties for sale AND lease.

C
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