What is your business idea?

[Psyclone]

There needs to be an attachment that can be mounted on the front of a lawn mower that picks up dog crap before you run it over.

I've longed for a residential stick picker-upper.

 

[Psyclone]

Before you make ANY plans about buying any house, Do. Your. Research.

Understand how much houses are going for in the area, who's moving in, and what those people were looking for. The first two are easy to find, just talk to realtors. You'll need to talk to recent homebuyers in the area for the last point (Budget, living conditions, blah blah blah remember, no surveys. conversations.)

This will give you a sense of the price range houses are selling at and what people are looking for. Old beautiful houses are AWESOME and you'll have buyers, but the price has to be right and the market has the right fit, too.

After I bought my first house, I realized something. I had no furniture and my house was bare. I have no clue how to decorate either. I had a "great idea". I was going to create a company that first time homebuyers could send pictures of their house to my company and we would came and bring furniture and artwork the day they moved in to make the house a home. I thought it was ingenious.

HOWEVER, I did my research and learned two things. First thing, Most first time home buyers are gifted hand-me-downs from a bunch of relatives when they move in. Second thing, almost all over them had no budget left to spend on something like this.

After a month of research, I scrapped the idea. I saved myself years of work and TONS of money by doing my research FIRST. Feel free to make it work anyone.

I had a couple of friends/co-workers that started a different businesses at the Ozarks.

One started a furniture business that bought high quality pre-owned furniture, art and decorations from the wealthy people that were often remodeling or moving into different places. He would then sell this great stuff often to other well off people that knew they could find lightly used stuff at his store. He had retired from his normal job. Once the fun of living in the Ozarks wore off, I don't think he wanted to work that hard.

They other guy was a former coworker that moved to the Ozarks and started a Dock Realty business. He recognized that people come to the Ozarks to have fun and don't like having to deal with things like buying docks. He made it easy for them. He had to learn not to step on the sellers of docks, but his business has grown and in a few years will be 20 years old.

And just to note, the furniture guy was a Hawkeye grad (or at least a fan). The more successful dock guy was an Iowa State grad. See how that works.

 

[somecyguy]

Be VERY VERY careful who you pick as a cofounder. I have witnessed hundreds to thousands of businesses being started; the founders that chose a random cofounder to fill a need fell apart almost every time. I would recommend you find someone you have worked well with in the past or a friend that will enjoy working with you. I would also recommend that you pick someone who has a passion for it and would do the project anyway if you weren't there. Ask them, if I died in a week, would you continue to work on this? If the answer isn't "absolutely", they may not be in it for the long hall.

The only thing I could add to this based on my own experiences and what I've witnessed with others is never make the equity equal. There will always be decisions that needs someone to make the final call, so someone needs to have a majority share in order to make it.

 

[throwittoblythe]

The only thing I could add to this based on my own experiences and what I've witnessed with others is never make the equity equal. There will always be decisions that needs someone to make the final call, so someone needs to have a majority share in order to make it.

I work for a moderately large construction company in my day job. We joint venture with other companies frequently to build off each companies expertise. We never do straight 50/50 partnerships. It’s always 51/49 at best. That way, we both agree who gets to make the final call when we hit an impasse. Of course, lots of thought and discussion goes into who gets the 51%. I would apply a similar approach to small business partnerships.

 

[throwittoblythe]

Now, this next part may be a little bit sketchy for some. I never file the legal docs until I’m up and going with success. No point in wasting time on waiting for the state. The government doesn’t care about my losses; they care about taxing my gains.

The legal documents never made a bad company profitable.

I think this is true to a point. I’d advocate anyone goes through the proper legal process to get the minimum documents in place to be in compliance. I’d agree with starting the simple paperwork by yourself through the state and then engage a lawyer later on as your business grows. I started a small LLC myself using the states website and found a template for an operating agreement online. When I had a lawyer look at it, she said I had it about 95% right.

That being said, you can also overdo it. I have a friend who is starting his own business and is spending all these legal fees to set up a trust so he can leave the company to his daughter. He has 0 revenue and his daughter is 5. So, he’s just wasting money at this point. He says he’s “thinking long term” but I’d say it’s unnecessary to worry about that stuff until you know you have a viable business.

 

[Mr Janny]

Maybe 5 years ago, I had an idea for an online candy shop. I bought the domain name "Aroundthecornerfudge.com" but haven't done anything with it. One of these days, though...

 

[cytech]

Maybe 5 years ago, I had an idea for an online candy shop. I bought the domain name "Aroundthecornerfudge.com" but haven't done anything with it. One of these days, though...

If the candy shop doesn't work the domain may have a chance in the porn industry.

 

[TXCyclones]

Anybody ever watch roads being constructed? It's all "automated" except for putting down the re-bar. Every piece of re-bar is still carried by hand by manual laborers who bend over then wire-tie them. I want to start regional assembly factories where they wire the re-bar to the truss-work then send it out on flatbeds, then a machine would pick it up and set it into place.

 

[simply1]

My volkswagen takes 91 octane and they recommend top tier brand gas. It would be nice to have an app that lets me know where the top tier stations are and whether they have 91 octane. The higher octane was harder to get in some of the smaller towns.

Gas buddy filters on premium, top tier you just gotta know the brands i guess.

 

[somecyguy]

If the candy shop doesn't work the domain may have a chance in the porn industry.

Where is the TMI emoji?

 

[jdcyclone19]

My volkswagen takes 91 octane and they recommend top tier brand gas. It would be nice to have an app that lets me know where the top tier stations are and whether they have 91 octane. The higher octane was harder to get in some of the smaller towns.

Gas buddy, fuelly and top tier gas/AAA all have those functions to an extent.

 

[CapnCy]

Maybe 5 years ago, I had an idea for an online candy shop. I bought the domain name "Aroundthecornerfudge.com" but haven't done anything with it. One of these days, though...

We should partner, I bought milkmilklemonade.com lol

 

[Joe4Cy]

Almost a year ago, I stepped away from teaching for this (my elevator speech):

"I've been performing and coaching improvisation for over 20 years. In that time, I believe the skills we learn in this art form can be learned by anyone and are transformational. I'm looking to bring improvisation training to the corporate, legal, clinical, and educational world."

After 9 months of networking, talking, and free sample workshops, I had sent out my first real proposal that had (has) tons of long-term potential. ...and then the world got sick and we went into isolation. I'm working on transitioning to on-line; however, I believe it will be more effective in-person. Meanwhile, I'm also stretching out into success coaching (certified!) and public speaking.

Check out my site!

 

[cyclone4L]

I think this is true to a point. I’d advocate anyone goes through the proper legal process to get the minimum documents in place to be in compliance. I’d agree with starting the simple paperwork by yourself through the state and then engage a lawyer later on as your business grows. I started a small LLC myself using the states website and found a template for an operating agreement online. When I had a lawyer look at it, she said I had it about 95% right.

That being said, you can also overdo it. I have a friend who is starting his own business and is spending all these legal fees to set up a trust so he can leave the company to his daughter. He has 0 revenue and his daughter is 5. So, he’s just wasting money at this point. He says he’s “thinking long term” but I’d say it’s unnecessary to worry about that stuff until you know you have a viable business.

HA!

He is wasting his time. Yes, you want a vision for the future... the future of the company, not your lifestyle.

If you are thinking any farther than 6 months down the road in a startup, you are thinking too far ahead.

 

[cyclone4L]

I work for a moderately large construction company in my day job. We joint venture with other companies frequently to build off each companies expertise. We never do straight 50/50 partnerships. It’s always 51/49 at best. That way, we both agree who gets to make the final call when we hit an impasse. Of course, lots of thought and discussion goes into who gets the 51%. I would apply a similar approach to small business partnerships.

I have always done an equal equity split with cofounders. Here is my logic:

Every time I partner with someone, I ask myself "Does this person deserve and EQUAL SHARE in my dream?". The answer is only yes if they have the three A's.
Attitude - Are they gung-ho and focused on the mission?
Aptitude - Do they have top tier skills?
Action-Oriented - Do they get SH!T done?

I like being a leader; I hate being a baby sitter. The unequal split gives a weird power dynamic in my business relationships. I'm not your master and I am not your boss. I picked you because you could do something that I am not capable of. If you can't figure out what to do by yourself, shame on me for partnering with you.

HOWEVER, if the company is up and running and we bring on another partner, that's usually a smaller split since the hard part (getting the project off the ground) is done

 

[JeffEPop]

Maybe 5 years ago, I had an idea for an online candy shop. I bought the domain name "Aroundthecornerfudge.com" but haven't done anything with it. One of these days, though...

i own JeffEpop.com (gourmet popcorn) and just recently bought a fudge machine like what bass pro shop uses!!!

 

[cycloneworld]

Also, I want to be a “decision coach”. Not a life coach, therapist, psychiatrist, financial advisor.... although I’d help in those areas. But I’d just specialize in helping people not make dumb ******* choices.

Im good at that for others. But like most, sometimes can’t see the forest through the trees myself. And often times, I think those closest to us (family, friends, spouse, etc) are just as blurred by the circumstances.

I’ve long wanted to do something similar but in more of a larger group setting. Think cooking classes but for stock investing, personal budgeting, rental property buying, finding your passion, etc, etc. But then I realized people don’t like learning that much and it’s super difficult to get people to change habits...

Another one I’ve thought about for awhile: A service where someone pulls your camper/travel trailer to where you want it and sets it up. I’ve wanted a camper for awhile but don’t have a truck that pull it (plus the truck will cost more than the camper).

Also, I’d never get into the restaurant business but would someone please open a Korean BBQ place (grill your own meat) in Des Moines.

 

[cycloneworld]

Before you make ANY plans about buying any house, Do. Your. Research.

Understand how much houses are going for in the area, who's moving in, and what those people were looking for. The first two are easy to find, just talk to realtors. You'll need to talk to recent homebuyers in the area for the last point (Budget, living conditions, blah blah blah remember, no surveys. conversations.)

This will give you a sense of the price range houses are selling at and what people are looking for. Old beautiful houses are AWESOME and you'll have buyers, but the price has to be right and the market has the right fit, too.

After I bought my first house, I realized something. I had no furniture and my house was bare. I have no clue how to decorate either. I had a "great idea". I was going to create a company that first time homebuyers could send pictures of their house to my company and we would came and bring furniture and artwork the day they moved in to make the house a home. I thought it was ingenious.

HOWEVER, I did my research and learned two things. First thing, Most first time home buyers are gifted hand-me-downs from a bunch of relatives when they move in. Second thing, almost all over them had no budget left to spend on something like this.

After a month of research, I scrapped the idea. I saved myself years of work and TONS of money by doing my research FIRST. Feel free to make it work anyone.

Ive flipped 10 houses or so (last one was 6-7 years ago but me and a friend were doing 2-3 per year for a few years) and it is A LOT of work. We did most of the work except specialty stuff ourselves to make it work.

It’s all about buying something at the right price and buying in an attractive location. I’d say 75% of your profit is made there. Also, it gets even harder in a hot market like Des Moines. Hard to find deals.

We focused on houses in the low 100s, would put $25k or so in depending on the house and would hope to sell in the $160-$175k ranges. So lots of work to make $20-$25k between 2 people. Doable but it’s not at all like they make it out on TV.

We shifted to rentals (have 25 doors right now). Less immediate profit, less work, and more sustainable long term (working a full time job plus flipping burnt me out).

 

[Remo Gaggi]

Whenever Mrs. Gaggi sends me down to Kum and Go for a replacement propane tank for the grill, I think of how great it would be if there was a truck to pull up and swap out the tank for me. Same with the two-gallon gas can. It's dangerous to tote one of those around in the trunk of the Jag. Wouldn't it be nice to have a guy drop off a full can and take the old one back?

Obviously there would be some safety and liability issues to contend with, but I think it is a solution to a common problem for most homeowners like myself.

 

[cytech]

Whenever Mrs. Gaggi sends me down to Kum and Go for a replacement propane tank for the grill, I think of how great it would be if there was a truck to pull up and swap out the tank for me. Same with the two-gallon gas can. It's dangerous to tote one of those around in the trunk of the Jag. Wouldn't it be nice to have a guy drop off a full can and take the old one back?

Obviously there would be some safety and liability issues to contend with, but I think it is a solution to a common problem for most homeowners like myself.

I imagine you would be looking at a $50 or more delivery fee. I doubt many people would pay that. There are special requirements for the commercial transport of combustible materials.