What’s a good business to go into right now?
- Thread starter jjgold
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One that you understand- have both the capital and knowledge to operate.
Seriously - a lot of people jump into business thinking it will be easy - find out 3 things:
- it’s never easy
- it always cost more than you think
- the moment you start showing any signs of making a dollar - someone else will jump in and likely divide the market/try and copy your ideas
If I was out of work and needed a job today - I’d be looking to get into the towing/impound business I think.
Easy money IF you kiss ass to the right parties and are able to secure the right contacts (for example accident/scene tows and police impounds). Kind of like selling cars - the money isn’t in the front end of the business (towing) it’s on the backend (impound). You make a couple hundred on a tow - but between cost of truck/employee - it’s low margin and you hope to make it on volume. Impound though - $50-75 a day adds up fast for a car sitting on a patch of dirt you own in the middle of nowhere. Get a few newer cars sitting and it’s pure profit and you know someone is gonna pay to get those back (finance company or the owners insurance co) - what you hope not to get are a bunch of beat to shit 25 year old cars that aren’t worth more than scrap value.
Seriously - a lot of people jump into business thinking it will be easy - find out 3 things:
- it’s never easy
- it always cost more than you think
- the moment you start showing any signs of making a dollar - someone else will jump in and likely divide the market/try and copy your ideas
If I was out of work and needed a job today - I’d be looking to get into the towing/impound business I think.
Easy money IF you kiss ass to the right parties and are able to secure the right contacts (for example accident/scene tows and police impounds). Kind of like selling cars - the money isn’t in the front end of the business (towing) it’s on the backend (impound). You make a couple hundred on a tow - but between cost of truck/employee - it’s low margin and you hope to make it on volume. Impound though - $50-75 a day adds up fast for a car sitting on a patch of dirt you own in the middle of nowhere. Get a few newer cars sitting and it’s pure profit and you know someone is gonna pay to get those back (finance company or the owners insurance co) - what you hope not to get are a bunch of beat to shit 25 year old cars that aren’t worth more than scrap value.
There is a reason why the food business is so rough.
It’s a simple thing called “barrier to entry” - simply put as pointed out anyone can buy an old truck/trailer and open their own business. Takes minutes to set up a Square account to take credit cards and a lot of people like and know how to cook/bake.
Problem is securing a high traffic location to set up and build regulars at - and again the moment someone sees you making money - your gonna have 5 imitators competing with you. Food trucks aren’t Starbucks or Chipolte. These places can buy real estate - have loyal customers and can simply outspend a competitor to build a moat around their business.
Way too low of a cost to enter the business and it’s brutal when you try. You WILL have competition calling the health department on you - you will have workers quit without notice to jump to another job or start their own and that’s on a GOOD day.
Same reason why bars are a bad investment - easy to get started/hard to maintain.
You want to make money in a business - find a business selling to other small businesses - something they need and can’t get anywhere else or don’t want to do themselves (like accounting).
Wife would love to do a bakery - and I’ve told her if she decides she wants to - fine with me…but don’t plan on making money from it and know what you can afford to lose monthly chasing a hobby. As a business model it just doesn’t work well for most people considering you can make $20 an hour working for someone else.
It’s a simple thing called “barrier to entry” - simply put as pointed out anyone can buy an old truck/trailer and open their own business. Takes minutes to set up a Square account to take credit cards and a lot of people like and know how to cook/bake.
Problem is securing a high traffic location to set up and build regulars at - and again the moment someone sees you making money - your gonna have 5 imitators competing with you. Food trucks aren’t Starbucks or Chipolte. These places can buy real estate - have loyal customers and can simply outspend a competitor to build a moat around their business.
Way too low of a cost to enter the business and it’s brutal when you try. You WILL have competition calling the health department on you - you will have workers quit without notice to jump to another job or start their own and that’s on a GOOD day.
Same reason why bars are a bad investment - easy to get started/hard to maintain.
You want to make money in a business - find a business selling to other small businesses - something they need and can’t get anywhere else or don’t want to do themselves (like accounting).
Wife would love to do a bakery - and I’ve told her if she decides she wants to - fine with me…but don’t plan on making money from it and know what you can afford to lose monthly chasing a hobby. As a business model it just doesn’t work well for most people considering you can make $20 an hour working for someone else.
I've always had this idea of the "puke patrol". There's not a ton of reliable detailers out here that will clean up puke from rideshare drivers (especially after hours or weekends) I get a group of reliable people that go out and if anyone ever runs into a situation where someone gets sick in their car we dispatch a driver out and they clean it up for a fee. I provide all the supplies needed
Did you think of that one the next day after you fell on your fuckin’ face and woke up in your own vomit from drinking too much ?
Last edited:
KingKolzig
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- Nov 8, 2021
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JJ apply at poker rooms to give neck massages
Ok just checkin’ not a bad idea actually, maybe go on Shark Tank
No sir
.Actually not a bad idea - serves a need and is B2B.
Reminds me of another business that I dealt with a while back that did well - selling rides to Uber/doordash drivers - specifically recent immigrants.
Guy was a member of their community - so had built in contacts. He’d lease the cars to people and set them up - a basic 15 year old Corolla would cost something like $125-150 a week - driver paid insurance/gas - owner took care of maintenance. A Lincoln Navigator or similar black car - he’d be at $500 a week. Bought most of his cars out of salvage sales or as is lot at Adessa. Drivers didn’t mind as they had zero credit file and no income yet - so hard to get a car to start.
Eventually - they knew after 6 month to a year driving his cars - they could use the Uber finance programs to get into a new Kia/Hyundai - but to start it alllowed them to get a car and make $$ - while not getting raped by Buy Here-Pay Here dealers.
Plus the guy had a mobile mechanic on call - so if anything happened could fix it quick or swap them a car for the day.
Another idea I was thinking of - rental management
Not just homes (although if you can get in with the right people buying/flipping homes it certainly works) - think about managing rentals for people who rent out boats/rv/cars on the peer to peer rental sites.
A lot of people own “toys” - and these things sit unused roughly half the time - there are plenty of sites that let you rent your recreational items and take a fee. But the problem is most people simply aren’t good at managing their single rental - don’t want to be burdened with the hassle or just simply don’t know what they are doing.
Find 3-5 owners - build a clientele using the peer to peer sites and then once your established - ditch the p2p and do it on your own. For example - RV rentals - app takes 30% - but if you could provide a steady supply of bookings AND do all the legwork - you’d likely find plenty of people who’d work with you on a 50/50 split - after all your getting them more bookings and they have to do nothing.
I had a client down in Carolinas who ran a beach front rental company - literally would book houses for the season - paying up front giving families opportunities to block off a couple of weeks of their choice (of course adjusting rents for the number of blocked off weeks). Basically figured he’d pay half of the gross assuming 100% occupancy - he built a book of clients from NY/NJ - to them $3500 for a 4 bedroom 3 bath on the beach was cheap for the week. I swear he was solidly booked ever year by February.
He had some clients who thought they’d be “smart” - DIY on VRBO - that lasted a year - between the competition from other houses, having to deal with the undesirable renters the apps tend to attract and just the headache of dealing with people - they realized his money up front was the better deal than paying 15% to an app and doing everything themselves.
He was smart and could keep prices down with the repeat bookings and vetted clients. No need to worry about some kids tearing up the place - no credit card chargebacks and no neighbor complaints.
Not just homes (although if you can get in with the right people buying/flipping homes it certainly works) - think about managing rentals for people who rent out boats/rv/cars on the peer to peer rental sites.
A lot of people own “toys” - and these things sit unused roughly half the time - there are plenty of sites that let you rent your recreational items and take a fee. But the problem is most people simply aren’t good at managing their single rental - don’t want to be burdened with the hassle or just simply don’t know what they are doing.
Find 3-5 owners - build a clientele using the peer to peer sites and then once your established - ditch the p2p and do it on your own. For example - RV rentals - app takes 30% - but if you could provide a steady supply of bookings AND do all the legwork - you’d likely find plenty of people who’d work with you on a 50/50 split - after all your getting them more bookings and they have to do nothing.
I had a client down in Carolinas who ran a beach front rental company - literally would book houses for the season - paying up front giving families opportunities to block off a couple of weeks of their choice (of course adjusting rents for the number of blocked off weeks). Basically figured he’d pay half of the gross assuming 100% occupancy - he built a book of clients from NY/NJ - to them $3500 for a 4 bedroom 3 bath on the beach was cheap for the week. I swear he was solidly booked ever year by February.
He had some clients who thought they’d be “smart” - DIY on VRBO - that lasted a year - between the competition from other houses, having to deal with the undesirable renters the apps tend to attract and just the headache of dealing with people - they realized his money up front was the better deal than paying 15% to an app and doing everything themselves.
He was smart and could keep prices down with the repeat bookings and vetted clients. No need to worry about some kids tearing up the place - no credit card chargebacks and no neighbor complaints.
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