What is your business idea?

Discussion in 'Off-Topic' started by cyclone4L, May 22, 2020.

  1. cytech

    cytech Well-Known Member

    Apr 10, 2006
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    www.selfstoragetalk.com is an industry specific web site for storage. There are several people with your idea that have come in there and talked about it. It would be a great place for you to go and ask questions and get free information.
     
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  2. ISUCyclones2015

    ISUCyclones2015 Well-Known Member

    Dec 19, 2010
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    Maybe don't take advice from a guy on the internet that's basically telling you to break the law, lose money, and just go for it to see what happens.

    His advice has been all over the place and he worries about so many of the wrong things. Plus can't even walk through a simple LLC setup, which if someone had helped start "hundreds to thousands" of businesses, they would know how to do.

    Just my two cents.
     
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  3. cytech

    cytech Well-Known Member

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    You are right that it is a grey area. If there ever was an issue and a lawsuit happened you would likely be a named party in that suit. You would get around this by being listed as an additional insured on the company you buy parts from insurance policy. That way their insurance policy would cover you in this event.

    Every single person that starts a business is assuming risk, but if you are good at what you do the benefits can definitely be worth the risk.
     
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  4. throwittoblythe

    throwittoblythe Well-Known Member

    Aug 7, 2006
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    Good points. It also may have just been my case. In my case, this was something that might make $5-$10k a year, tops. It wasn't going to be a full-time gig unless it blew up. But it was hard to imagine it outpacing my engineer's salary/benefits. So, the calculation I was using was something like "I don't want this very small side hustle to open me up to liability that puts my main way of making money at risk." It just didn't seem prudent, for me, specifically, to do this particular business as it could cost me thousands (or hundreds of thousands) if something went bad.

    Again, that's also me saying I didn't love the business enough to accept those risks. I suppose if I felt like I had found something that was going to blow up and allow me to work for myself, my decision may have been different.
     
  5. cyclone4L

    cyclone4L Well-Known Member

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    @throwittoblythe

    I recently had an exit with a $50 Million dollar company I was a part of building. Do you want me to tell you how to do paperwork or the steps I go through to build a company?
     
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  6. ISUCyclones2015

    ISUCyclones2015 Well-Known Member

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    That could be anything. Valuation, Revenue, Market cap, Assets, Profit etc. Were you a Co-Founder? Owner? C-Suite? It means nothing. What percentage did you leave with? Was it a buyback? Why did you leave if it was so successful? There's so many questions that raise flags. Especially in the startup culture environment, I always assume the least impressive. It's like me measuring myself in centimeters vs inches and hoping you're more impressed by the bigger number. I can say something like "I had an exit with a $82 Billion Dollar company" and it's because I quit my job.

    Your advice flips back and forth from starting a start up to starting a business which have distinct differences. In my opinion, it's dangerous to not set the right tone to budding entrepreneurs like @throwittoblythe and it would set them up for failure long term. Then the advice you give is very basic like "do your research", "ask friends", "call people to get pricing".

    You set yourself up as an expert in creating businesses and then when a specific question gets asked, you tell them to go somewhere else. In fact you tell them not to even do it legally.
     
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  7. cyclone4L

    cyclone4L Well-Known Member

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    I am simply stating what I would do.
     
  8. Cycsk

    Cycsk Well-Known Member
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    This guy makes me wonder if CNBC is no longer showing back episodes of Shark Tank, so he started a thread to keep himself amused with business ideas.
     
  9. CycloneNorth

    CycloneNorth Well-Known Member

    Mar 29, 2010
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    So basically 2015 is Dr Barbay and cyclone4L is Thornton Melon from Back to School.
     
  10. BCClone

    BCClone Well-Known Member

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    Slip the neighbor boy a fiver and he will probably go get it for you.
     
  11. BCClone

    BCClone Well-Known Member

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    If you are looking at warehousing, you can start by being the middle man. Been a few years since I dealt with them but they would charge me something like four bucks to put it on the rack, 2 bucks to take it off the rack and around 3 bucks a month for storage. Get some pallets and like yourself up with a warehouse. In that sense, charge them 20 bucks to hold it and maybe a five dollar pick/delivery fee (total not each way) and then build up some cash to start running your own. The beauty of the using the warehouse is that they would be carrying insurance and such incase something happened and you would be needing to just worry about while you transported it.

    Propane delivery, ouch, don't mess with that on that size of scale. To tell you the thin margins, I get a penny discount for locking down 5000 gallons at a time. The insurance and the upkeep would eat you alive, have one leak and you have a mess on your hands. Reason you have upkeep? Who do you think DOT pulls over more than anybody, haz mat, and they will pull that creeper out and start stacking those tickets if you don't have the right license or insurance.
     
  12. simply1

    simply1 Rec Center HOF

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    Holy cow that’s the long play on this username
     
  13. CyclonesRock

    CyclonesRock Active Member

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    I know you said in an earlier post you could not work with your wife, however for those who do/could, may want to make their wife a 51% owner. Depending on the industry or target customer, being a woman owned business may give added perks or opportunities.
    The same goes for anyone that falls under a minority status. Making them the 51% owner could be beneficial.
     
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  14. BCClone

    BCClone Well-Known Member

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    In the business world, women are considered minorities. When I was a loan officer, there were several couples who came in and when learning that the current interest rate would be 8% for the husband or we could get them a 0-2% rate along with getting start up grants if the business was in the wife's name, they would switch it over quickly.
     
  15. cyclone4L

    cyclone4L Well-Known Member

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    As BC said, there are absolutely benefits to having a woman being the majority owner of the company. It is definitely something you can market and will get your company into a lot of rooms and conferences that you wouldn't have been able to get in as a man.

    If you are going in business with your wife, I would definitely do that; however, I would recommend against dragging your wife into a business she's not passionate about for the sake of calling your business "Women-led". The founders should have an unyielding passion for what they are doing. If your wife/partner is gung ho about the mission, definitely go with that equity split for the perks.
     
  16. BCClone

    BCClone Well-Known Member

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    Doesn't really matter if your wife is gung ho or not, she just needs to be the owner. I've seen several of these where the wife owns but the husband is the manager. Shoot, when my dad passed away, my mom owned the farm, but I took care of all the decisions. She had trust in me and didn't want to make those decisions. If the wife is not interested, just have her be a silent owner.
     
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  17. Proton

    Proton Active Member

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    Sculpture.
     
  18. Lamoni

    Lamoni Active Member

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    Hand-crafting baseball bats and bringing old leather gloves back to life.
     
  19. throwittoblythe

    throwittoblythe Well-Known Member

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    In the construction/engineering world, there are tons of incentives (and requirements) to have minority-owned businesses take part in projects. I've seen very good and very bad sides of this. Most recently, we worked with a woman-owned business that was in name only. The wife and husband came to all meetings, the husband did all the talking and the wife completely checked out once she arrived. However, they got to bill for both their time and we needed credit toward our minority goal for the project.

    This type of arrangement is not all that uncommon in my industry. It usually goes: husband works as a project manager in construction for 25-30 years, gains all the knowledge/relationships needed to run a business. He then retires from his employer and starts his own business with his wife as the 51% owner. He can now do the same job as before, but as a minority owned business.
     
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  20. BCClone

    BCClone Well-Known Member

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    Yeah, I saw that with plumbing businesses, a junk yard and a few others. I know one business that has used it to make a killing and actually ran an older gentleman out of business because she was getting so much government money and lower interest rates that she could lowball the projects until he quit and then jacked things up to where he was before she started.
     
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