good luck with that :thumb: your cynicism barely equates to the realism surrounding you, thus you happily live in your disconnect.
If you had $100,000 to start your own business, what would you do and why?
- Thread starter theycallmebruce
- Start date
I'm not sure what business I would start, but it would be a service business... not one that sells a product.. the inventory hassles are just too much..
And, preferably one that does a lot of business in cash, not credit/debit cards...
Hmmmmmm
And, preferably one that does a lot of business in cash, not credit/debit cards...
Hmmmmmm
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I think I'm in love with you.
*****
I've already been this route and have one piece of advise. Start a business that you have knowledge of.
Investing in condos today is a very bad idea. There are thousands of units not lived in by owners. Detached homes are the route if you wish to invest in real estate and in specific areas. Richmond Hill, Aurora and Newmarket are hot areas presently.
Invest in housing. It is pretty much guaranteed profit.
https://medium.com/the-ferenstein-w...that-income-inequality-is-actually-2a3b423e0c
https://medium.com/the-ferenstein-w...that-income-inequality-is-actually-2a3b423e0c
Obviously detached homes are a way to go. However, not everybody can afford this in the prime GTA areas.
Condo market is still going strong...http://m.theglobeandmail.com/report...booming-again/article23239275/?service=mobile
During the recent economic down turn and 2008-2009 recession my condo still went up. What is needed? Well you need to be smart, have a good team to support you (lawyer, lender, agent), you need to understand your risk and have a contingency plan if it goes bad and you have to know where to buy. I would stay away from downtown core or lakeshore areas.
Here is an example of where I would buy right now and I know its a full proof investment, credible builder and prices are good value for the area and package you are getting..http://www.tridel.com/communities/islington-terrace-condos/ Honestly, if you had 100k I would invest in this place in a heart beat.
Condo market is still going strong...http://m.theglobeandmail.com/report...booming-again/article23239275/?service=mobile
During the recent economic down turn and 2008-2009 recession my condo still went up. What is needed? Well you need to be smart, have a good team to support you (lawyer, lender, agent), you need to understand your risk and have a contingency plan if it goes bad and you have to know where to buy. I would stay away from downtown core or lakeshore areas.
Here is an example of where I would buy right now and I know its a full proof investment, credible builder and prices are good value for the area and package you are getting..http://www.tridel.com/communities/islington-terrace-condos/ Honestly, if you had 100k I would invest in this place in a heart beat.
We'll agree to disagree. I wouldn't touch this. Large price small square footage.
I recently sold the only condo I ever owned. 864 sq ft. for $335K in the most prestigious condo in it's area. Big for a one bedroom and not really available new today.
Check out the real estate thread and you'll see how I started.
Good luck with your investments.
A hobby shop - radio controlled airplanes. Is this a contest to see who you back with your $100,000?
I know food trucks are trendy, but I don't think it's a great business to get into.
Assume your Sandwiches or whatever are $10 each, and you clear $5 per sandwich in pure profit (I doubt you could do that well but....) . To make $100,000 a year, that would be 100,000/5= 20, 000 sandwiches or if you worked 365 days a year, 54 sandwiches a day.
That, is a lot of work, not including prep, cleaning shopping, etc.
I can't see it being a great way to invest the initial $100k.
Assume your Sandwiches or whatever are $10 each, and you clear $5 per sandwich in pure profit (I doubt you could do that well but....) . To make $100,000 a year, that would be 100,000/5= 20, 000 sandwiches or if you worked 365 days a year, 54 sandwiches a day.
That, is a lot of work, not including prep, cleaning shopping, etc.
I can't see it being a great way to invest the initial $100k.
I think it depends on the city and what you're selling. Some have been hugely successful.
I'd buy a friggin' automatic car-wash. After driving around from line-up to line-up this weekend, I think I've hit on a potential gold mine.
Or a Laundromat. I knew a married couple who opened one. You don't even have to hire employees and fairly low maintenance.
Great idea, while you're at it why not start a laundry business in the front...nobody will ever suspect a thing
As others have posted, $100k is far too little to start a business with. But I'll play along...
I'd buy a friggin' automatic car-wash. After driving around from line-up to line-up this weekend, I think I've hit on a potential gold mine.
The pre-construction first phase are offered offshore for seed money and not to Canadians living in Canada.
I have a client who inherited a profitable dog walking biz and he tells me in the not too distant future, there will be licencing requirements for 3 or more dogs being walked at the same time, which means reams of paper work and compliance.
This is good business, especially if you pick the right spot. Capital costs up front are heavy, but then it's just cashflow week in week out.
It does require some maintenance. People like going to clean Laundromats. Machines have to be maintained. Supplies need refilling. But I know one guy who has a day job and at night tends to his shops. Makes a killing.
