Could I start my own business?

**sexerri** · 01-18-2012 07:43 AM

Hello everyone, I recently came across this forum while searching how to start a business and decided to sign up and ask my question.

I have always pictured myself being my own boss, an entrepreneur, an inventor. I always have different ideas and business that I would like to start; I also have an idea for an invention however I don't have any cash to put my idea out and have a company make it.

However, I always wanted to own my own company or become heavily involved with real estate. Let me first start off by saying I just got "laid" off, so I have no job now but I do have good credit for my age (22). Now I have been wanting to start a business in one of the following or eventually all.

1) Roll off dumpsters (Large Dumpsters that are delivered to job sites)
2) Home moving services/export of products to other countries
3) Storage units
4) Real estate or building a hotel
5) Recycling

As of right now I'm very interested on the dumpsters and real estate but I don't have any start up costs however I think my parents would help me out with a few grand. What do you think would be my best approach? With real estate I would like to buy a foreclosure, repair it and sell it for some quick money and repeat the process until I have enough cash to stop borrowing from the bank and then buy a house, fix it and then rent it so I have a source of income. I know with any of my business ideas I would need a good piece of land as well.

I would like honest opinions and any other suggestions would be greatly appreciated.

Thank You

**sexerri** · 01-18-2012 07:57 AM

**Number 5 should been Recycling/Junk removal**

It would not let me edit my post so I apologizes for replying this way.

**InnovInspiration** · 01-18-2012 07:27 PM

Ask yourself a couple of questions first.

1. Is there an inherent need for your product or service?

2. How much is it going to cost you to make/accomplish?

3. Who are your customers?

4. Who is already doing something similar? (Pick apart the competition)

5. How will you sell it?

Do some soul searching, write a business plan, don't make any promises you cant keep.

That's my $.02

**KevinB** · 01-19-2012 04:42 AM

Good information provided by you so thanks for sharing it..!!

**daveb1** · 01-19-2012 07:55 AM

My advice would be to first look for another job. At least a part time job until you can develop your ideas more. It is always wise to be employed or have money coming in while you are working on some of your passions and dreams. I personally like the recycling business you mention the best as I am just a huge fan of the environment. If you could start a business recycling related that would be really cool. I think it will be really hard for you to buy a property with only a few k so that might be out of the question until you save some more. Even if you get a side job you can always work on your hobbies/passions on the side.

**JessicaAutumn** · 01-19-2012 08:50 AM

First of all, you have to decide why you want to start this particular type of business at all? Many would simply say - the money! That's a good start but you need a much stronger reason "Why?" After all, everyone wants to make money but not everyone is successful. Real success only comes from commitment and commitment is only a realistic expectation if it applies to something you love. It must be a passion.

**Paul Morgan** · 01-19-2012 11:36 AM

Ideas are like busses, another one will be along in a minute. It is what you DO with the idea that counts. Anyone of your business ideas could work. What you have to do is fully develop your concept, test it and then complete a financial forecast. If you do that you will PROVE your idea/concept and that is most important.

Personally, i like the house flipping scenario because it will get you the cash you so desperately need. Once you got cash you can pursue your passion.

**jrockfl** · 01-20-2012 09:38 PM

Originally Posted by sexerri

With real estate I would like to buy a foreclosure, repair it and sell it for some quick money and repeat the process until I have enough cash to stop borrowing from the bank and then buy a house, fix it and then rent it so I have a source of income.

My two cents, easier said then done. I purchased a house to fix up and flip in 2006 with a hard money loan. I used money from the loan to make repairs so I could sell it and make a profit. Well, I wasn't able to sell it and had make the mortgage payment. After a few months of this, I decided to rent it out. However, rent is much lower than my mortgage and I have negative cash flow in this property.

I would suggest finding a new job to start bringing in some money and use that money to start one of your ventures. Keep working the full time job along with your new venture until your venture is successful enough to quit your job.

**Paul Morgan** · 01-21-2012 05:08 AM

Just like in any business deal, you have to recognize a "good" opportunity so you don't get burned. Foe every person who has a "bad" experience there is one who had a "good" experience. Patience is the key.

**AlbionColt** · 01-21-2012 06:22 AM

I agree with daveb1 opinion.

**BMX** · 01-21-2012 07:12 AM

Good post well done

Originally Posted by InnovInspiration

Ask yourself a couple of questions first.

1. Is there an inherent need for your product or service?

2. How much is it going to cost you to make/accomplish?

3. Who are your customers?

4. Who is already doing something similar? (Pick apart the competition)

5. How will you sell it?

Do some soul searching, write a business plan, don't make any promises you cant keep.

That's my $.02

**sexerri** · 01-21-2012 07:18 AM

I would like to thank you all for your input and honesty

Originally Posted by daveb1

My advice would be to first look for another job. At least a part time job until you can develop your ideas more. It is always wise to be employed or have money coming in while you are working on some of your passions and dreams. I personally like the recycling business you mention the best as I am just a huge fan of the environment. If you could start a business recycling related that would be really cool. I think it will be really hard for you to buy a property with only a few k so that might be out of the question until you save some more. Even if you get a side job you can always work on your hobbies/passions on the side.

I actually just got another job doing plumbing, it's not everyday cause I will be going to school Mondays and Wednesdays however will be working the other weekday's.

Originally Posted by JessicaAutumn

First of all, you have to decide why you want to start this particular type of business at all? Many would simply say - the money! That's a good start but you need a much stronger reason "Why?" After all, everyone wants to make money but not everyone is successful. Real success only comes from commitment and commitment is only a realistic expectation if it applies to something you love. It must be a passion.

Of course it's more then just money, I have always wanted too work for myself and be able to support my current family and my future family; I can never picture myself working for someone else by the time I reach thirty years of age; I also love the feeling of the risk and I know a few companies that I have worked for who have now built an empire and they have all taken the risk too get were too they are now and yes of course I also want to do this for my freedom; I do have a passion for this.

Originally Posted by Paul Morgan

Ideas are like busses, another one will be along in a minute. It is what you DO with the idea that counts. Anyone of your business ideas could work. What you have to do is fully develop your concept, test it and then complete a financial forecast. If you do that you will PROVE your idea/concept and that is most important.

Personally, i like the house flipping scenario because it will get you the cash you so desperately need. Once you got cash you can pursue your passion.

Could you explain how I would go about developing a concept and putting it too test?

So it seems like my first step as of right now is too hold a job; which in hope this new job does work out. Secondly, I need to figure out what I want correct? What I really want is too start a Junk removal/recycling business.

At this point were would you go from here? what is the next step people usually take? Here's my thing I'm not looking to start a multi million dollar company, I want too start small even if that means by myself or ask two of my brothers to help out which I'm sure they will be more then happy too as well as my parents.

So if I wanted to go with the Junk removal what would I need to start? I have a small pickup truck which is always a start but may not be beneficial. I would also need to figure out what I can recycle and take too the dump and things that I can possibly sell and let sit somewhere for a bit correct? If working with my brothers do I really need license and insurance or anything like that? do you even need to be in the first place? I don't know, but these are the little things I'm trying to figure out first so I have a set plan.

How do I figure out my competitors prices and be able to stick out?

Thank you everyone for your time and information, their are many other questions I would like to ask but I don't exactly know if this is even the right place to begin asking the questions I have been.

Thank You

**BarbaraKParker** · 01-23-2012 08:17 AM

Have you done enough case study for your business?

**GHUFRAN MONIM PASHA** · 01-23-2012 12:19 PM

asalam o alikum!
sexerri i appreciate your thinking, everyone have diffrent mind and thoughts why you dont take intreast in prvate education organization.i have land but not an vivid idea which help to run this.