New member in VA here.!!

[CoreyC80]

Hello all, I am interested in becoming an entrepreneur and I am in the beginning stages right now but I have decided this is what it's going to be for me...

So now that I have the drive and focus I need some direction!!! Where to begin? Any good topics in this forum that anyone can direct me too?

I have decided to open a business and I am excited...now help me make this a successful effort

[ltressel]

Corey,

The question here is:

What is the business idea you need help with? You can get directions if you don't know where you are going.


LT

[ltressel]

Corey,

The question here is:

What is the business idea you need help with? You can't get directions if you don't know where you are going.


LT

(sorry about that typo) had to correct that.
LT

[Young Spark]

Just a question, didnt you post this in another forum that I just responded to?

[CoreyC80]

Just a question, didnt you post this in another forum that I just responded to?

I did...i posted it here first and thought maybe it was better suited elsewhere...looks like a mod fixed it and here's where it stays

i didn't get to read what you posted on the other page...could you repost here?

[CoreyC80]

Corey,

The question here is:

What is the business idea you need help with? You can't get directions if you don't know where you are going.


LT

(sorry about that typo) had to correct that.
LT

Okay...well I have a few areas of interest...as i mentioned I am in the beginning stages now...

Anyhow, here's what I am looking at...
A billiards room
Car dealership...i.e. buy here pay here type...
also kicked around the idea of a payday loan type business...

I am unsure of which is best for me...I am most interested in the billiard room however I know more about the car business more than anything...just don't know too much yet about getting started...

[ltressel]

Hey Corey,

Billiards room, huh? Let's see:

1) Did you pick this because there are already people you know that wish there's one around where you would want to establish it?

(this would be finding out if you have a demand)

2) Have you researched how much a place like this one would cost to put up?

3) What kind of monetary support do you have? Family, "college fund" j/k, inheritance, blah blah

4) Your vision of this place?

I can have a whole list of things here-but I guess what I'm suggesting is, it's a vision that need to turned into a reality. Therefore, you would have to really fill in many blanks.

Do I think it would be a sound investment for a young cat like you? I would say it might be a little too big a bite for you. Car selling, perhaps you are ripe and ready. It should be a pretty good way to raise some money too.

Stay in an area your comfortable with then when you've got enough experience with business management, you will know when you are ready for the next venture.

LT

[zoobie]

Hey there!

Welcome to YE! Enjoy your stay here.

[Young Spark]

I can tell you now that a payday loan type place will require a license in every 50 states around here so you may want to research on that.

A billards room might be good, but be careful, some billards rooms like to have fights because of somebody can't get on a table when they want to and a lot of wagering goes up, not sure if there is a license needed for that, but it may land some trouble if it is a license needed.

Auto dealership has lots of potential, but everything has a flaw or two... I don't see any in car businesses but just in case, you may want to watch out for some of those stick and stones. Talk to a already established auto dealership and ask them what you should watch out for?

[CoreyC80]

Wow thanks guys for the awesome advice!!!

I have decided to focus my direction in selling cars...

I have background in selling cars and I have connections there as well...I just feel like there is less opportunity to LOSE money there...and I about making money!!

I am not trying to sound like I want to be rich...but...well yeah that's what I want

now I may make a post with more direction as I do have quite a few questions about "getting started.."

I will use the money to fund my endeavor by a 2nd mortgage on my house...I have about 80-100k equity in it...good idea or bad? What are other good ways?

[Young Spark]

^^ Haha, now we're talking my thing... lol

I am not really sure about the second mortgage on your house, although it does have "some" equity into it, mind telling us where your first position mortgage stands at? Like how much and is it a mortgage company that owns it or was it owner financed.

P.S. Shoot me a message, maybe I can help you out a bit more.

[ltressel]

Corey,

I see that you are very excited with the car dealership venture. I'm all for taking risks but I take the path of calculated risks. Speaking from experience, in my 20's I thought I had the guts and the full smarts of a business woman. I went into a venture funded by credit cards. 3 years later-I went belly up.

Do I regret it? No, for the sake of education and experience. Yes, on the subject of an expensive education. Many years later it has taught me that without the experience, I may not be where I am today. Had I done more calculations before going into it with all heart, no brains-it might have saved me a costly mistake.

Do your research extensively, be an expert to know this venture well. Look into probable pitfalls of the business. Taking equity from your house is risky. If you already know people from the business-ask questions pertinent to it's ups and downs.

LT