Actually, I just wanted to start a discussion of small business ideas. I’ve been ruminating about money and threads about money ever since Tax Day (my adjusted gross income was $400).
I returned to college and I’m lucky to have part-time job in this economy. I get to eat everyday and have a place to sleep. However, thoughts of money just won’t leave my head. I have problems concentrating in school. I have low libido. I can’t think about studies or sex, or anything else a young(?) bachelor is supposed to think about.
I considered rejecting capitalism for otheralternative economic systems for a while, but they were all premature in my mind. Of the infinite possible economic systems, I think capitalism is far from ideal. But it’s the race I’ll have to run in my lifetime. sigh
I read some books on the subject. Peter Drucker’s “Entrepreneurship & Innovation” says that there are opportunities in change. Could the SDMB collective please share with me some changes in the American marketplace that can be translated into business opportunities for small-time entrepreneurs?
I don’t have any bright ideas, exactly, but my advice would be to consider future demographic trends. The American population is expected to get older in the coming decades, as the Baby Boomers retire. Also, I think the percentage of immigrants is expected to increase. This suggests some opportunities in health care, for instance, when the Woodstock generation hits nursing home age. As far as specifics, well, you are on your own…my wife has been searching for that “bright idea” for starting her own business since I have known her!
Buy a taxicab. Most sizeable municipalities in the U.S. (if that’s where you are) have cab companies that have arrangements made for you to get started easily enough with their financing plan, without much of your own capital. Drive it full time for ~6 months while sifting through the contract driver community to identify enough relatively stable drivers to keep it rolling 24/7 with one shift off per week scheduled for maintenance (I’d suggest Sunday day shift). If it doesn’t need anything that’s going to keep it down for a whole shift, roll it and pick up some lunch money.
Use this period to get your bookkeeping system in place and refined. When you finally get to a point where you can staff it full time without driving it yourself, buy another. While you’ve got the first one paying for itself and generating a small profit, drive the second one until you can staff it full time.
It’s going to take about 3 drivers per car, or some other mix if you use part-timers.
Lather, rinse, repeat.
Once you’ve got three rolling, you’ll probably find management, maintenance and administrative issues eating some time. It might be hard work for a while.
In three to four years, when you’ve got 10 or so running, still operating under the aegis of the larger cab company, you’ll have learned enough about money management and administration to probably be able to afford some administrative help and perhaps get a group health plan going. Maybe something like a 401K, as well, for your 30-50 employees. You’ll also likely have learned a more economically efficient way to bring a new cab into service than going with the parent company’s pre-packaged plan. And, you’ll be making a living.
And you will have learned enough about running a small business to perhaps tackle some other ventures.
All doable with almost zip capital. And zip college.
