Can you explain wtf your opening line means? "66% of entrepreneurs will never start a business..." then they, by the literal definition of the word, aren't entrepreneurs? that's basically saying the same thing as "If my grandmother had wheels she would have been a bike."
I started a wood-fired pizza concession trailer business two years ago. It's been crazy busy and nonstop. I love the work, but it requires long days and nights. Five star rating so far. For a small business to succeed, you need passion for your business and hard work. If you start a business purly for money, you will fail. You have to love what you do and seriously take care of your customers and employees.
Requires long days and nights is applicable to most small businesses if the person wants to succeed. Starting a business will result in more work time, not less compared to a normal job. Not realizing that will increase failure rate.
High Failure rates/ Low Success rate 1)Gyms 2)ATMs 3)Dry Cleaners 4)Hotels 5)Amazon FBA (fulfilled by Amazon) 6)Retail Stores Graph @ 9:28 7)Restaurants High Success rates/Low Failure rates 8)Trucking 9)Senior Care Centers 10)Real Estate (Rental Properties) 11)Laundromat Watch the video and make your own timestamps if you want them.
Trucking is tough. Myself and two guys I used to work with all started our own trucking businesses at the same time. Years later, I'm the only survivor.
I have a successful trucking company (20+ trucks) and it is not easy at all. Most trucking (companies fail within the 1st year due to high insurance coverage, high turnover with drivers, constant truck maintenance, brokers giving low wage loads, fuel taxes and etc. Notice I didn’t even mention accidents.. You need to have a lot of money upfront cover unexpected cost. It took a while to get out the red. I am blessed and will continue to be blessed but I know too many who sold their trucks at a loss. Please stop selling this dream scenario with the trucking industry.
Owning a trucking business is super tough.. Family owned (10 or less trucks) for last 20 years.. the amount of fees is astronomical and delay in payment is another problem..
I did FBA for a while and it was a GREAT side hustle. 10 years ago. I did something like $75k sales with $15k profit doing 5-10 hours of work a week, with very little effort. It would have been even better if I had started earlier. Competition picked up, the algorithms started favoring 3rd party seller even less, fees increased, and profit margins dropped. I started making a bit more with my main job, and suddenly it just wasn't worth my time. Especially once Amazon started sourcing some of the products I was selling, effectively deleting anyone but themselves from the algorithms. I can't imagine trying it now, with all added fees, amazon regulations, and competition from other 3rd parties, abroad, and Amazon itself.
She made that illogical stat up which then begs the question, how much of the rest of her video is also nonsense? Also, she cites 81% of gyms failing. Well, thats not too bad considering 90% of all startups fail in the first year according to the BBB. This video is 🦬💩.
Amazon FBA - all of these things you mentioned literally happened to me. I made morale patches. I got lucky and made $100k+ profit (after expenses and amazon fees) in 6 months off of 1 patch design alone. Lots of luck. Quickly became a race to the bottom as clones and "black hat" tactics from (assumably) Chinese sellers started. They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks. It was a fun and crazy and heartbreaking experience. Learned a lot. Don't recommend full time. Great video as always!
"They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks." That's crazy. And Amazon, I imagine does not do jack about it. What a nasty environment to do business in.
@@KOSMOinfinite they definitely did not. It's difficult to "prove" and plus they (the hostile sellers) would just make more accounts and keep doing it. Only thing you can really do is place a limit on how many of a quantity can be ordered at a single transaction. It helped a bit but it's wild seeing the attacks go down in real time
Planning ahead can really minimize taxes! I've made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it's been a game changer. I was able to reinvest my RMD strategically, and I'm now pulling in about $25k a week, despite doing very little trading myself. It's a nice cushion against financial stress. Best of luck with your RMD decisions!
Two best businesses in my experience: beauty and childcare. I spent most of my life as a teacher. I quit and went solo. I opened a day care center for young kids. Even started to franchise it out. Then invested into beauty salons. Reason being is that people always need someone to look after their kids. And women always want to look attractive even in hard times. You're guaranteed to make money. And both businesses are not that expensive to set up.
And both require just the right sort of employees who may be hard to find and keep but who were the making of the place. In my town I've seen many come and go over the past decade or so. It's a scramble to find another good daycare or hair salon.
As an immigrant in Australia, I founded an IT company, and after 8 years, sold it to Deloitte, one of the Big 4. But along the way, I faced failures in other ventures. The key is to keep pushing forward-never settle. Adapt your habits, build a strong network, and success will follow!
Have been in the senior care industry for as a founder and operator of a top 100 senior care provider I must offer that this is a grueling highly labor intensive business that is currently in distress due to huge labor cost increases, shortage of labor, increasing regulations, reduced capacity to charge customers for these increasing costs, and unreasonable expectations of families which results in distress to the staff and high turnover. Common turnover rates range from 80 to 150%. Yes, there is inevitable increasing demand, but not a commensurate increase in capacity to for customers pay, and decreasing availability of labor which increases cost. The great people who serve our elderly 24 hours of every day are under appreciated in by a selfish culture, that also contributes to the difficulty of this industry.
She has no idea what she is talking about, sorry. She is doing these videos to get views and to sell her $10k courses with worthless info. ROI stands for return on investment not return on income. What kind of MBA does she have? It's finance 101 in undergrad. Also SBA does not provide any funds to small businesses it provides guarantees to the bank which may or may not provide a loan to a small business. I bet she's got some snake oil for sale as well.
It constantly amazes me how many people want to start restaurants. the dream business, they always want to start a restaurant and yet its just about one of the single most difficult businesses there is, get ready to never do anything but live and breath in that restaurant and the failure rate is massive.
Might be because a lot of home cooks think they are great chefs, but are delusional. And even when they are, their creations isn't necessarily what most people want. And in a small place, there isn't much market, and in a big place, there is constant and brutal competition. Every bank should require their prospective restaurant owners to watch 10 seasons of kitchen nightmares and pass a test showing they understood how not to go about it before opening the purse.
@@bjornlangoren3002 Yes, over and over they tell me about how they've got the magic recipe. Wait until they find out what Grandmas secret recipe for glazed chicken and his wife makes lemon tarts that will blow your mind and the husband is a kind of legend at summer BBQ and believe this, you just try his hot wings, everyone tells him all summer "dude.. you GOT to sell these wowww". But, right as you point out. This does not actually transfer well into an actual profitable restaurant. I'm also pretty sure I have seen that very thing on 'Kitchen Nightmares' where someone refused to change grandmas special recipe to whatever was the actual in-demand popular chicken dish. "but we can't, she passed away and we need to honor her". The great home chefs may actually be the last people who should turn it into a restaurant.
Any business needs the creative guy and the business guy. Keep the creative guy away from the customers & the money ! I deal with self published creative types (books & documentaries) and 90% are really clueless. I'm like "I want to send you money, what is the price & payment options ?" and it takes multiple emails over several days before this information is finally revealed Authors don't know how to sell books. Film makers don't know how to sell DVD's. Chefs don't know how to run a restaurant.
@@captain-poppleton This is a valuable observation. You don't want managers and admins creating menus or writing scripts either. People coming up with a dream business may not always think about those things.
In my experience, People who made their money in let's say construction or selling shoes, they decide to buy a but the food business is a totally different beast
Wife used to own a pick up dry cleaning store which means she jobbed out the actual dry cleaning. Still a tough gig at 70+ hr weeks and 6 days a week. She did good though. She thrived while others went under because she understood that in an overcrowded, perfectly competitive market what set her apart from everyone else was customer service. AND we made sure it looked as little as a typical dry cleaner as possible. She sold it and retired just before office dress codes started to get more casual so she went out on a high note. The guy who bought it changed a ton of stuff and didn't provide the same level of customer service and then complained that he was losing business. He didn't last two years.
An awful lot businesses fail because the owners underestimate the amount of work they need to put it. That's why you see so many businesses operated by immigrants. There are places in the world where a person needs to work 70+ hr/wk just to achieve a respectable level of poverty.
@soccergalsara Arlington, VA. 2 blocks away from Arlington National Cemetary, 1 block from the Memorial Bridge crossing over the Patomac River into Washington, DC and surrounded by countless high rises housing multiple federal agency satellite offices. Bottom floor storefront in a 7 story condo building.
The gym I belong to is owned by a bunch of doctors that use it as well for patient rehab. They have 3000 members at 55 a month and it’s always vacant and you can always get a machine…they are making bank man…and it part of their “business” so the write offs are fantastic
Had a hotel. Extremely successful, low expenses but by God so much headache. I had manager managing the hotel but I was scared all the time. He may call me in the middle of the night. Some customer some authority.... So much can go wrong. Sold it just for the stress it gave me.
If you have a strong manager and maintenance service, the owner shouldn't ever be called out in the middle of the night. If it's enough of an emergency to call 911, you can't do anything about it anyway. And if it's not a 911 emergency, then site staff handle it. If you own one hotel, maybe you are one of those staffed managers. Hopefully you can scale up enough to step away from site management and sleep through the night.
@@googiegress Don't judge me. I don't micro manage. I left it I am happy now. Too much tension and no fix. You can't ignore and it's not always 911. In fact police was the only department that was most friendly to my business. 😅
As a Hospice nurse who has worked with lots of patients in senior care centers, I would NEVER own one. Too much liability, too much can go wrong in caring for the elderly, staffing is a nightmare and it doesn't even make sense for someone who isn't a nurse to own one, as no one except a nurse has any idea of what it's like to be responsible for an elderly person's 24 hour care needs. Also government regulations and documentation requirements are outrageous and are what drive everything, often at the expense of what is actually best for the patient.
Would you ever do something if it were like an Uber where you can pick up jobs whenever at set your own hourly rate? Do you think caregivers would see the value in that and find it attractive?
@@sylaskeb3493 this already exists. Many companies out there for nurses/caregivers to pick up shifts. Nursa is one. They make it harder and much more expensive for their customers (facilities) to operate.
Agreed. I work for a large conglomerate in the skilled nursing/assisted living space. We are always acquiring failing facilities every single month. (That’s what our organization does well is turn them around, but it takes months or even more than a year). The idea that it’s easy to make money in senior care centers is ridiculous. So many out there are losing money month to month and they don’t want to sell (until they have to) because it’s their legacy. I couldn’t imagine starting one.
@@mikes554 I should've been more specific. I meant like a home care sort of thing. So a senior, can hop on the app to order a caregiver of any sort either for skilled nursing, basic health aide stuff or companionship to come into their own home. So I guess a better analogy is like door dash. Order food to be brought to your home - order caregiving to come to your house. For this I know there's tons of agencies that you can order from but this way, caregivers, whatever their specialty or certifications, can set their own rates without a cut going to the agency, and pick up jobs whenever and wherever
I have run a trucking business for the last two years and I can safely say it was the worst financial decision I have ever made... Government regulations have made maintenance expenses insanely expensive and customers hate having to pay for freight. Your caught in the middle trying to make a buck while the mechanic wants thousands upon thousands every time it goes in for something and the customer wants to kick you to the curb because the next carrier doesn't know his numbers and voluntarily runs himself out of business by not charging enough .
totally agree with you on restaurants - having worked for several large and small restaurant groups ( as finance head) - the most successful was a korean fried chicken fast food chain - we deliberately had small retail footprints to keep rent down and kept to a fairly simple offering .. that was straightforward to make. full service restaurants have a high failure rate for sure.
In-n-Out and a billion taco shops prove that limited menus and high-quality, craveable food creates high traffic and profits even at low margins with tacky decor.
Started my first business at 31. Second at 46. Both successful. Sold both and retired at 57. This lady has it all right. Wise advice: very realistic. Most people that start a business don’t do the analysis up front. They are doomed before the doors open. That said, if it’s a smart plan, and you work very hard, you can do well. Good job, Codie Sanchez. 👍
Been working all my life both employment & entrepreneurship. I feel motivated to finally start over, maybe rebrand or start a whole new business or strategy now that i have hit 30.
Have a friend that designs and installs kitchens for restaurants for decades. He’s seen retired couples open up restaurants multiple times over and lose their life savings. Just go work in one for two years and at least have a little experience.
The one thing about senior care businesses is that Medicare or Medicaid can pay you to house seniors. If you do Medicare or Medicaid only patients they you won’t have to worry so much about kicking people out.
@@BillLaBrieMost bank cards reimburse fees. If yours doesn't, fire your bank. If you're not in a cash business needing to deposit and withdraw till-money frequently, go online-only, since they have far less expenses. (I recommend Ally; this is not a sponsored plug).
The cost of eating a bag of chips isn’t cheap. You be 1. Fat 2. Ugly 3. Bad health plus the actual cost and getting you used to low quality foods. Sounds cheaper to pay atm fee
I always feel so sorry for people who start little businesses and fail. Handmade signs, poor displays, awkward parking, etc. 4 months later the building is for rent again.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
Investors don't understand the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
I agree that you need to follow the data, and this video is useful because it shows where people are pouring in their money and getting little in return, which allows the viewer to ask some hard questions about the nature of these businesses. BUT the data doesn't always tell the whole story about what's really going on inside these failed enterprises. The truth is that a large fraction of people who start businesses should probably never start ANY type of business, and will likely be unsuccessful much of the time because they lack either the knowledge or the appropriate personality type to do so. The businesses highlighted in this video are significant because they happen to be businesses that magnify this effect to a higher degree (and because people don't do their homework, and also go into businesses based upon where their heart is pulling them rather than hard facts, they unfortunately tend to be businesses that are started more frequently than others). I own multiple businesses, and I've started and sold multiple businesses, and what I've learned is that here is no "easy" business. There is no "sure thing". Starting and running a business is hard work, and it really doesn't matter what type of business it is. Whether you're starting a cutting edge software firm, a neighborhood deli, or a dairy farm, this is true. You have to know the intricacies of the business (and be prepared to constantly learn even more), you have to be prepared to work 80+ hours a week (and then work even more), and you have to have the mental stamina to be constantly bombarded by crisis after crisis and still think your way through problems clearly and decisively. Take restaurants for example (something I've owned). They're likely one of the most commonly dreamed about businesses in the US, one of the most commonly started, and sadly, the most commonly failed. This makes restaurants seem hopeless, but the truth is far more complex. The vast majority of people start restaurants because they love food or a particular food item, they think it would be a relatively easy business to start, and there's something romantic about opening one and being successful. But restaurants are hard. It's a viciously competitive business with dozens or even hundreds of competitors per square mile, each of them seeking that money in your wallet at mealtime. And it's hard to truly stand out from the crowd and build a reputation. And even when you find a customer, it's exceedingly hard to keep one without significant investments in advertising. Labor is a constant battle. You're endlessly fighting to get help, people constantly quit and go elsewhere regardless of what you pay them, and there are limits to the pay because of the margin ceilings you face. Every single day you'll have drama--someone will quit, a piece of equipment will fail, a health inspector will show up while an employee is doing something stupid, or a customer will call you and say they got sick on your chicken salad. And these businesses eat cash--even though a lot of money goes through the cash register, well over 90% of it goes right back out the door that same week, so a large unplanned expense is very painful. Most people aren't aware of these things because they haven't done the research, and most don't have the personality to power through it. They're starting a pizzeria because it seems easy, they got their grandmother's sauce recipe, and "who doesn't like pizza?". How hard could it be? All I've got to do is turn the 'open' sign on and people will flood in, right? If there was a business out there that was foolproof, and made obscene amounts of money, trust me when I tell you that everyone would do it. There are always investors sitting on the sidelines with cash looking for good opportunities--I'm one of them--and if the business was that perfect, it would become quite obvious because of investors pouring in (and being successful). But I've also learned that you can actually make money doing anything if you do it well. Even in a crowded marketplace, the cream rises to the top. As a business owner, I've met millionaire electricians, landscapers, plumbers, and interior decorators. I've also met a lot of broke doctors and lawyers who should've never gone into private practice. The key to this is not the type of business, but the match between the business and the owner's personality, their knowledge (and willingness to gain even more knowledge), and their innate ability to work through problems (often working extreme hours, to get to solutions, even while knowing that new problems will surface tomorrow). Not everyone is cut out to be an entrepreneur, and when you add a lot of zeroes to the end of the project--such as hundreds of thousands of dollars in restaurant equipment or laundry equipment--the stakes are even higher.
I was in a similar dilemma two years back. A business may not be the right way to go about getting that extra money except you won't do the running of the business yourself. You should probably consider investing in stocks, ETF's or even Real Estates if you have the money. You don't necessarily need a lot of time for this and it is equally rewarding. You can even use the service of a financial expert and this way, you literally do nothing. I make close to twice my regular income this way and I plan to still own a business but much later when I'm ready to retire. Goodluck
I don't really understand your first question. For the second, you should begin by seeking out individuals with strong records. Also make sure the person is registered. Personally, I use Marie, Kelly Matwick. She's not so popular but you might have heard of her.
Thank you so much for this video but in these uncertain times it is more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Selena-Nicole cefaloni is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I work as a cook in a restaurant and i can say making money in restaurant business in tough. Although spoilage can be controlled to the minimum (repurpose the chicken bones from your roast chicken to cook into broth and brown sauce; fry chicken skins that are otherwise thrown away from chicken tenders. ), so depending on how you repurpose the ingredients that are otherwise thrown away and make it into a sellable product. Another point the host forgot to mention is breakage. The more people that work in an establishment, the higher chance of breakage. But overall, it's a tough business to stay afloat because of expensive rental and manpower costs. The way to make money in F&B is to do grab and go stores where there is no dine in customers. There's a cap to how many dine in customers you can serve a day(customers only come during lunch and dinner time; at most you could only do 2 turnovers)but there's no cap to how many takeaway orders you can do a day. So for grab and go stores, you just need to make sure you cook good food and serve it fast and efficient. Plus, grab and go stores rental is a lot lower(rental is also determined by square feet), requires a lot lesser manpower(3 full time staff per shift, so 6 full time staff for a 16 hour operation) and upfront cost will be a lot lower because there is no tableware and cutlery that you need to buy.
A good way to earn money in food is catering. Almost no fixed expenses, no expensive location, no waste on food, etc.. You know upfront for how manny people you have to cook. Suppose you have a party for 150 people on a saterday evening. You discussed the menu and the price with the customer, even for a modest menu, you get easily 30 to 40 euro/dollar per head. you start with 3 or 4 people on saterday morning, work the day and serve in the evening. you have 5 to 6k in revenue, about 1K5 in food cost and about the same in labour cost, take an other 500 in expenses (fridges, van, equipment, gas ..) and you net 1K5 to 2K for one day work. THis can work if you build a good reputation.
@@dehermannen2419 bro, catering requires much higher upfront costs. You need to buy trucks and lorries to deliver your cooked food to clients house. Catering business depends on a lot of marketing too. You need to pump initial capital into marketing to get your brand out. Plus, you will need to hire more staff to cook several different dishes for multiple different clients at different timings. Grab and go stores that sells finger food and proper meals are still the way to go. Much smaller storefront (spend lesser money on rental) and minimal manpower required. Lesser upfront costs too(purchase fridge and freezers, deepfryers, grillers, sink, cooking stove etc. Plus grab and go stores there is no cap to how many customers you could serve a day. The only thing that is stopping you is your staff ability to handle the amount of customers a day and maintaining the quality of food.
I admire Codi's honesty. She's like the trustworthy older sibling or cousin who gives excellent advice and teaches with a method similar to that of PBS.
This is a great idea and something I’ve espoused for years despite not being an expert. It just seems to have a lower barrier of entry in MOST markets and would be a great litmus test for future restaurant success. And almost most importantly, YOU CAN FIGURE OUT WHERE YOUR BRICK & MORTAR SHOULD BE! Having that ability to be perpetually mobile allows you to do the necessary research to find a concise location where to open.
I had a UPS store, in Canada, that nearly killed me. As a franchisee you are responsible for all the costs and the franchisor takes his profit from your sales, before you get any profit. YOu have little to no control over the lease of equipment, location, product, services or logistics. There is generally an advertising fee you pay to the franchisor, yet you have little control on how or where it is spent. Meanwhile locally, you create, buy or distribute to your local area. The value of the store varies on the status of the economy in your location. If it tanks so do you.
It is good to see a Canadian perspective , on business .The people that do alright in Canada are the people running a Tim Horton's and I do not know how well they are doing .
In trucking, the last mile is the hardest mile especially if it's a combination rig. You have a lot of stops. There are restricted routes. The roads are not always wide enough. The four-wheelers always get in the way and don't let you merge. You don't know whether or not they have a dock and where it is. You might have to block traffic to unload, or you might have to back in off the street that doesn't have enough space.
@@dhidhi1000 Probably would have to start your own brand. Fedex Freight takes care of all its own needs. Fedex Ground does contract with other carriers, but each of them are independent. There's got to be carriers that would contract with you, if you figure out a cost effective logistics model, because truckers hate the last mile. Large metro areas need someone familiar with that city.
@@dhidhi1000 Okay, I just rewatched. My familiarity is with combo rigs otr. The routes she is talking about with those van trucks is something you would have to contract with Fedex or similar delivery companies. The "last mile" is only a thing because of the national business Fedex already has. You buy those routes and run it like a franchise.
Rentals in Ontario Canada is a loosing business unless you can afford multiple properties and screen renters. If a renter doesn't want to pay rent it's 9 months to two years before you can get them kicked out.
Screening and very firm adherence to eviction protocol are the only things residential landlords have left to protect themselves against malicious tenants. 1. Set your screening criteria to demand at least 4 years out of the past 5 have a professional property management company landlord which has an office. They'll actually give a proper rental verification. And then you drive down to that office and have an in-person chat with the manager, and get every single scrap of dirt on the resident, because every dirty thing they did to the last one they will absolutely do to you. This is where you get all the neighbor complaints, the mean letters the resident sent in, late payments, NSFs, lease violation notices, etc. And if the tenant does not fit your screening criteria, knowing all that, you decline. If you don't get a rental verification back, you decline. If the only verifications they have are the homeless shelter, friends' couches they surfed on, and family, you decline. Because you can't trust those sources to tell the truth. It takes longer to get a tenant, but you spend a lot less on vacancy loss than you do on bad debt sent to collections for a destructive eviction. 2. If the lease says rent is due on the 1st and late on the 6th, then you always charge that late fee on the 6th and you send the X-day notice to pay or quit. And you keep up with that paperwork right up through eviction if they don't pay. Even coastal US landlords can get an eviction within 2 months of a nonpayment, assuming tenant doesn't end up paying and curing the violation. When you get lease violation reports, and you follow up with them and collect your evidence, you serve that X-day notice to perform or quit. And these notices stack up to allow you to get an eviction if the tenant ends up being such a disaster that they need to get out, but still somehow keep paying rent. Separately from these two main points, you need to know your LL/T law and stay 100% by the book, leaving no error a professional tenant can take advantage of to loophole their way out of an eviction and restart the clock. Keep up with your pest control so tenants who buy pests online and contaminate the property with them out of spite are foiled by your maintenance regimen. Shop around for vendors based on quality and price, vet their insurance credentials, get estimates, and pay your invoices promptly. There's a lot of little things to it, but draconian screening and adherence to eviction protocol are absolutely necessary.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
This content style is AMAZING. She’s nailing the mission of educational money making content being as (if not more) enjoyable as entertainment money taking content
Same thought. I never follow these "rambling millionaire" channels because I always get the impression that I'm getting lured into some type of scam. This one feels totally different.
Thank you , Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I like both. But in my experience, most of the millionaires that I know have gained their wealth through diversified investments and they all had a sort of advisor helping out with informed decisions.
Agreed, advisors are the ideal reps for investing jobs, and straight up! that's how I’ve stayed afloat for 5 years now, accruing nearly $ 1m in ROI, after 100s of thousands invested. IMO, home prices will need to fall at least 40% before the market normalizes.
real estate prices exploded, interest rates exploded, but my wage the same, i'm screwed! who is your advisor please, if you dont mind me asking? in dire need of proper asset allocation
She goes by *Leah* *Foster* *Alderman* I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
People telling others how they can get rich doing this thing or another and making you pay for that information is a really good business to get into because there are always those out there willing to pay to be told how to do something without having to really do it. Buying self help materials is like buying a gym membership, most people will never use it but will keep paying for the illusion of changes they could make, and there are those who take it and run and transform their lives with it.
Laundromats are disappearing in NYC especially Manhattan which used to be packed with. Everyone is putting in Washing/dryer combo machines inside the rentals.
I've been an Amazon Seller since 2015. I was actually making a six figure income from 2019-2022. Now it has tumbled and it's going to be very tough to bring it back up. The amount of competition specifically the Chinese sellers, Wall Street money, worldwide competition are taking over the market. Don't let any of those tiktok gurus fool you. The profit margins for this type of business is in the single digits at best.
People are starting to recognize the customer service and quality problems associated with buying Chinese. I don't think it'll ever get back to where it was before, unless Amazon embargoes them because of federal trade restrictions.
The high success rate in trucking is due to many CDL drivers running the truck they own. It is VERY difficult to expand to get out of the truck so unless you want to live on the road, that isn't really a sound option. Many of them get stuck and cannot leave because the truck overhead costs are too high to cover in another line of work and they would be stuck with payments on a worthless piece of equipment.
I'm 75 retired with no interest in starting a business but found you so incredibly smart, funny and articulate that I watched the entire video and subscribed.
Stumbled upon your video, nice to see you are walking around Austin. For 21 years I've owned one of the business' you "liked" right here in Austin. I have 31 employees and everyday is a new challenge but I love it...and hate it....but also love it, lol.
This video hit home. Parents owned a motel. On contaminated land (from former service station, not a drycleaner). Thanks gawd they never tried to open an on-site gym....
What she didn't say about rental property is that profitability depends entirely on the property's Zip Code (Location-Location). Wrong location = "Money Pit".
Thank you Codie! You inspire me to step out of my fear and start a business. Also, I learn so much from the people in the comments. Your viewers are so knowledgeable and they’re always sharing and providing tips. Thanks again to all of your viewers.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Thank you so much for your fantastic content! Your style really resonates with me, and I appreciate the effort you put into each piece. While I bring 40 years of hands-on business experience to the table, your content production skills are truly remarkable. Keep up the amazing work! Oh, and congratulations on your new podcast, BigDeal. It sounds like an exciting venture exploring the deeper why behind business success. I'll definitely check it out!
I had a friend who had a dry cleaner 30 years ago. He made a lot of money. I considered buying a dry cleaner but it seemed to be changing too much. The business I intended to buy is no longer in business.
@@DataGeek903 Really? Is that from trichlorethylene? I think that is what they used but they outlawed it a long time ago. And I went through the pain and expense of a Vasectomy when I could have been paid for the same result. Sorry for the dark humor.
It was a good business back in the day until a few investment gurus wrote books featuring dry cleaning as a good business, then bang. They cropped up everywhere and competed themselves out of business.
Thank you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I’ve had numerous businesses.. some made it some didn’t. The ones that didn’t usually had high overhead- mall rents and payroll.. the ones I made $$ had little overhead. I started one company after working on the space shuttle at ksc 79-81 before sts -1. I made shuttle tshirts and during the first launch made more money in 3 days than working at Rockwell all year. Later did event related tshirts for major air shows like Oshkosh Paris and Reno Air Races. I could make $100 k in 3 weeks 40 years ago! I then flipped oceanfront condos in Florida 1998 to 2007 and bought several in 2010-2012 for $35 a foot that I rent out for $2000 or more a month(cost $28k to $68k) I made over a million in real estate and live off the $6k a month rental income now at 70 with $700,000 in the stock market. If I can do it you can do it.. and I’d help you if you need it!
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Thank you all, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I can't believe she says hotels suck because they are real estate, not a business, and you rely on depriciation. Then she later recomends people do a rentals (real estate investing) as a business. In my opinion, you are better off just investing in the stock market, or in reits if you want real estate exposure.
Hotels are easy to boot people out with law enforcement without a court order. Housing laws don't apply in most areas unless the stay in longer than 30 days. Hence, most hotels have a 30 day max stay policy before you have to check out to ensure their rights are protected.
My in-laws are from India and they buy hotels. Well, hotels, liquor stores, and gas stations. They farm rooms out to govt housing for guaranteed income and take the one or two rooms behind the counter converting them into the owners apartments. So the family lives and works there. Once they save the money they buy another and enlist a friend or relative to run and live at one of the hotels. They are doing rather well in the schematic.
You are so right about dry cleaners, with one or two exceptions: If you put a dry cleaners near a military base, or in Washington, DC, you are golden! It is even better if you use the “green” dry cleaning methods for them, and charge the same flat fee per piece (not like traditional cleaners that charge varying prices per piece, often with higher prices for women’s clothing). No, in this case, a “green” dry cleaners with less toxic cleaning methods, and with the same pricing per piece makes amazing money in places where you are required to wear suits and business attire, or uniforms that must be perfect. This is the perfect argument for doing market research and really KNOWING your market.
This is the best video! Thank you for all of the contact! Super helpful! I've been looking around my community and neighborhood I would love to own a small business❤
I’ve seen quite a few go out of business in the Dallas/Ft Worth area. That’s usually due to competition/market saturation, or because of changing demographics, but it does happen, there are at least 2 former liquor store locations within a mile of me.
Depends where you are. Some places strictly regulate from the licensing to the location requiring community approval. Those places can be a gold mine. Other places where it's no different than a sandwich shop in getting one established, not so much.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
Since my aunty introduced me to Prof Chrissy Barymoer,I can't help but to thank God,I have made so much that I can't mention with his trading guidance!!!
FBA isn't a good business. Wasn't bad up until 2021. The competition is insane. We have 150 plus SKUs on there that we manufacture ourselves. One fun fact...one of our products was doing $12k per month last summer. That one product now has 15 knock off competitors. 15! All vying for tiny little market for this niche product. All Chinese competitors. Don't even get me started on the review shenanigans and the increased Amazon fees. Up 50% year over year. Latest fun? You can't have too little inventory or too much otherwise you get another fee. We are actively moving our business off of Amazon.
same thing happened to us in Q4 of 2019. Had a nice niche spot with one other domestic seller. Our top SKU was selling 800 pc/month and then in ONE month we had 20+ overseas competitors selling straight knockoffs at 60-75% cheaper than our domestically produced product.
@@markwrichards Yes I this is a problem as differentiation is hard and copying is easy. If you succeed with hard to copy differentiation and good branding, I think it is still good option to choose. But I am in supplement niche so much harder to enter and more regulated (also a consumable).
Go to your local community college and enroll in a classes teaching plumbing, electrical, appliance repair. Yes, it take a two year commitment to learn a trade. Add some business and accounting classes as well. When you've completed your education go to work for a small company where the owner is in their early 60's. Chances are you can buy their going business as it's difficult to sell these businesses because you need to learn a skilled trade. Within 10 years you can have 6 to 10 technicians / trucks out earning serious income. The plumbing business and electrical contractors that I know make serious money. That's my two cents.
@Art-is-craft For most trades, it takes eight years to be considered a journeyman. And twelve years to become a master. Technical college (associate degree) usually is credited as double, so two years of schooling and four year of hands-on field experience to become a journeyman. I'm a master of two trades with a mechanical engineering degree and a masters degree in business. It took 44 years to reach this level of education.
@@Art-is-craft I'm guessing that you've never been to a trade school? The unions and industry use classroom education to accelerate the students development. They often involve either internships or in the case of unions the students attend class one day a week. If you want to move up quickly or to eventually own a business you need to learn thing like estimating, system design, building codes, industry standards, and specification writing. If your goal is to learn how to pull wire or twist pipe, yes, then you'd be correct you can learn that on the job. Chances of advancement or knowing enough to own and successfully operate a technology based company are nil. Take the time when young and learn to learn, join trade associations and earn industry standard credentials it will multiply your income and you won't spend your career on your hands and knees wearing out your body. That's what I did and I made a great income and preserved my heath.
Really enjoyed this video (first time watching one of yours). I appreciate your straight-forward approach and professionalism without any “ums” “ahhs”. Nice work!
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I think health care businesses are extremely underrated for how much money you can make. Demand for healthcare has, is and always will be extreme and everlasting. Competition doesn't affect you much because the market for healthcare is just so large. You don't necessarily need healthcare qualifications. Just research and make sure you know all the rules and regulations, and then employ healthcare professionals to do the healthcare aspect whilst you run the business. I own 7 clinics and its almost passive for me as I was able to employ staff very quickly with the amount of revenue coming in, so I don't do much. The first 2 years were harder before I could employ managers, but very much worth it now. Profit was already over a million in the first year of my first clinic. It's been 11 years, this was my first business venture and its never made a loss, even during covid.
I will say she is correct about the inconsistency about customer reviews. Many times customer reviews can be posted out of vindictiveness in order to cause a negative impression and create a false impression which can also be purposeful slander.
Bought a house from a guy who owned several self storage. I asked if it was a good business he said yes it makes about 70k. I said not bad he said that was per month, and 3k was just selling locks. He also said if he put up 500 units on one side of a street and someone else put 500 on the other side both would be full.
My parents ran a successful cleaners/dry cleaning business. As a cash-only business, there is the assumption that a certain % doesn't get reported. My parents decided to run it for 5 years and report every single penny they took in. Then they sold it to someone who looked at the books and said: your books like good, but guess it's even better than that in real life having all the cash... right? My parents gave him the nudge nudge wink wink and laughed all the way to the bank. Bet that guy wasn't laughing when he realized there was nothing extra unreported. :-D
I started late in the business game , I spent 20yrs in the usaf, I also retired on a pension at 39 , I wanted more money, I didn't want to work for anyone , I started my own business, scrap metal, it paid more than my usaf job , but it's a commodities market, I purchased a truck at a auction, cheap , I made enough money in 7yrs to buy the house I was renting that was also an apt unit , i just paid it off , I took a break from the scrap metal, it's easier being a landlord, but my metal customers miss me , now I'm waiting to retire again, social security, loved your business ideas and I even did one , real estate, from picking up scrap metal, now that's crazy, ny
Just to say regarding gyms- if many are lifestyle businesses for the owners, lifestyle business generally are awful to compete against, because the owners 'irrationally allocate capital' i.e. they continue to operate the business long after it was no longer economically viable (e.g.
A lot of the businesses you recommend have margins so small that the landlord can quickly make not viable . Escalating rents on commercial properties have forced major chains in my area to completely close
@@653j521 you have to have a profit in order to have a tax write off. It can be pushed off into future years when there is a profit but no one can continue to hold thousands of empty square footage that’s not making income forever.
@@653j521 one cannot write off anything if there’s no income. You can save it for the following year when there’s income. That said I don’t think loss of revenue because it’s not rented is a tax write off. It’s not an expense.
I don't know how I stumbled onto this sight but WOW. As a former CPA and business advisor I am impressed by everything about this video from the facts and data to the presentation. I even appreciate the "Contrarian Thinking" clipboard. I am very much a contrarian on everything from GMO's, The Flint Water Crisis to election results and just about anything else. I believe that if there was more actual thinking there would be more contrarians...
We are in process of starting a HIGH FAILURE rate business. Farm Markets either fail and close or hold in lingering death. The missing link is providing some attraction to the market OTHER THAN farm vendors. Successful markets have a petting zoo, pumpkin patch, hay ride, or demonstration schedule, that draws visitors WHO THEN end up buying from the vendors. It also helps that our location is a 1940's farm, complete with nostalgic barn that's just 3 miles out of town. Not all high fail businesses are necessarily a bad venture if you do your homework and understand why they fail. With good planning and a bit of luck, we'll succeed.
My family have owned a couple of small businesses, I, personally, have not. But, if your delivery company is preventing you from meeting your customers, then they are not working for you, you are working for them and by now we should all know what Amazon's work conditions are.
Convenience store - you are going to be minimum wage business owner. There is a reason why many are owned by immigrants and the whole family is involved. Gas stations without convenience store are crapchutes. With, can be profitable but dont expect to get rich.
daycare - high cost real estate - food regulations- health regulations- u start before everyone else drops their kids off before their work - your day ends after last pickup - lots of risk if employees call in sick …
Thank you too, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
The only reason Senior Care centers make money is insurance. It's NOT because someone "likes" to take care of Grandma/Grandpa, they there because the family doesn't want to take care of them. Many are dropped into the centers and the family never returns and they die alone.
I'm in clothing, textile, which are light industry, and also at heavy industries since I was 21 yo. And the truth about clothing is that you need to be inside textile industry to make money. It is cut throat through and through, as long as you're inclined to have a cut throat attitude, you're good to go. You must be known by industries moguls, you must have exclusive deals, and you must sell interstates to reach retail. You'll make money, but it is tough. It's a must to be a workaholic. It's pretty fun if you are actually.
YAASSS !! I love thisss !! Im actually moving to Austin Texas, Im starting an app and there is so much community in Austin. I love regular people who are CREATING and not just being consumers !!
I really hope the FTC wins their lawsuit against Amazon because of what they’re doing to small businesses & to consumers. I shop on Amazon all the time because it’s convenient. I’m just too lazy to be an activist. Amazon just doesn’t play fair against small businesses.
I opened a niche furniture store. Made ok profit in FIRST yr. Made decent amount more second yr. Third yr sold the business for a tidy little profit. And, I sold it at the absolute worst the the big recession! People said you crazy, you cant give away a furniture business now. (They were bankrupting left and right). I was making profit all through this terrible period. As smart person saw this and bought it. It’s al about need. A needed niche product can work when others cant.
Rental properties with all the tenant and squatter's rights? Big no for the small time landlord. Maybe the rentals owned by corporations are more protected given that they are also lobby groups.
Corporate owned properties can hedge their costs in all different ways like a balanced stock portfolio so it doesn't affect them that much. Single owners got royally screwed in the pandemic in this manner and many exited out (often bought by a corporate owned place).
What gets me annoyed about the new renters statistic is that it's not by choice. Houses are either getting scooped up by investors or they are building these huge rental complexes everywhere.
@@-Jason-Laren't they the people who bribe (lobby) our governments to write laws and develop loopholes so the almost always get what they want? And the citizens taxes are given as subsidies to corporations and financial institutions which is welfare by another name. The taxes paid by citizens is supposed to be used for the good of the citizens and the maintenance of vital infrastructure.
Laundromats are not cheap to start. It actually costs around 500k-1.2 million to open one up from scratch when you factor in construction, permits, architect, lawyers, machines etc. I've owned one.
She's filming in a million dollar location. A small one like you described won't make any money. She also said the average laundromat costs 200k-300k to start. The average laundromat has around 32 washers and 32 dryers. Many are twice that size. Good luck with that.
@@toddl.3454 Know the business. All of the new ones are plus 80 machines or more. To start one you are right 500k to 1.5 million easy. You could do a small one maybe 20 washers and 20 dryers, but where? And it would be a side hustle. Just watched the rest of the video. She says 100 to 300k to start? What crack is she smoking?
@@Pyrrhic537 Do well, to reach Julianne Iwersen Nieman, she is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
The restaurant business is a tough business, but it’s tougher when the government creates a pandemic to defeat their political rival, frighten the public away from local places to online or national chains, burden them with debt that may to hard to pay back because the customer base is gone. Then over tax them, regulate them, and get them to have a employee pool that doesn’t care enough, all concepts that favor big chains but not the “Mom and Pop’s” places that give real value to a community. I’ve been it for almost 40 years and it becomes tougher every year because for a myriad of reasons. But, I’ve enjoyed it too.
Be cautious when entering the trucking business and make sure to thoroughly research who you’re working for. If you’re considering working for a major company that operates like it’s part of the government, be aware it can be a bit of a trap. You’ll have all the responsibility but none of the control. These companies often focus on maximizing their profits while paying you as little as possible. If they think you’re earning too much, they’ll introduce new bidding systems to pressure you into lowering your rates. There’s no teamwork-only scare tactics. While being your own boss does come with its own stress, after many years in the industry, I’ve found it can be extremely challenging and often fosters a toxic environment overall.
@@apathy25tx They tend to make a lot on how much they sell for with semi low upkeep, and when you have customers for say, hotels or other establishments that buy multiple mattresses in a day then you make a lot that way.
restaurants are tricky. they can be wildly profitable depending on the customer your attracting. a pizza and sub joint can make alot of money. Cheap labor no chef no managment and proteins are cheap. you run a restaurant in a prime location where competition is heavy then you have slim slim profit margins
I looked at owning a laundromat, and it seems that the best way to do it is to buy an existing one, but do your own investigation into it. If you start a new one, a huge startup cost could be a sewer hookup fee. In the 1980's in San Diego, the fee was $1000 per washer. You may have to invest in some sort of waste water treatment system like a settling tank and filter. It may even involve some waste water reclaiming.
Want more low risk ideas? Check out another 130+ boring businesses you could buy for high returns here: contrarianthinking.biz/130boringbiz-yt-lg
just subscribed there! Super excited.
Finally! Been waiting for you to dive into podcasts. Just subscribed on Spotify.
I would love to see your thoughts on the Fitness Equipment Maintenance and Repair industry
How about sober living house's .
Can you explain wtf your opening line means?
"66% of entrepreneurs will never start a business..." then they, by the literal definition of the word, aren't entrepreneurs?
that's basically saying the same thing as "If my grandmother had wheels she would have been a bike."
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
I started a wood-fired pizza concession trailer business two years ago. It's been crazy busy and nonstop. I love the work, but it requires long days and nights. Five star rating so far. For a small business to succeed, you need passion for your business and hard work. If you start a business purly for money, you will fail. You have to love what you do and seriously take care of your customers and employees.
Requires long days and nights is applicable to most small businesses if the person wants to succeed. Starting a business will result in more work time, not less compared to a normal job. Not realizing that will increase failure rate.
High Failure rates/ Low Success rate
1)Gyms
2)ATMs
3)Dry Cleaners
4)Hotels
5)Amazon FBA (fulfilled by Amazon)
6)Retail Stores
Graph @ 9:28
7)Restaurants
High Success rates/Low Failure rates
8)Trucking
9)Senior Care Centers
10)Real Estate (Rental Properties)
11)Laundromat
Watch the video and make your own timestamps if you want them.
Cheers Geoff
Nice
Trucking is tough. Myself and two guys I used to work with all started our own trucking businesses at the same time. Years later, I'm the only survivor.
Where are Bars/Pubs? I heard they are only 5% successful after 5 years
Farming is another business with a high failure rate!
I have a successful trucking company (20+ trucks) and it is not easy at all. Most trucking (companies fail within the 1st year due to high insurance coverage, high turnover with drivers, constant truck maintenance, brokers giving low wage loads, fuel taxes and etc. Notice I didn’t even mention accidents.. You need to have a lot of money upfront cover unexpected cost. It took a while to get out the red. I am blessed and will continue to be blessed but I know too many who sold their trucks at a loss. Please stop selling this dream scenario with the trucking industry.
So true, and many get suckered into high price leases and get trapped.
It’s good when fuel prices are low and loads are paying and terrible when the inverse is the case.
owner operator over here, true everything you just said.
Owning a trucking business is super tough.. Family owned (10 or less trucks) for last 20 years.. the amount of fees is astronomical and delay in payment is another problem..
@@chipsammich2078 - The delay in payment can be solved with factoring, it of course it costs more.
I did FBA for a while and it was a GREAT side hustle. 10 years ago. I did something like $75k sales with $15k profit doing 5-10 hours of work a week, with very little effort. It would have been even better if I had started earlier.
Competition picked up, the algorithms started favoring 3rd party seller even less, fees increased, and profit margins dropped. I started making a bit more with my main job, and suddenly it just wasn't worth my time. Especially once Amazon started sourcing some of the products I was selling, effectively deleting anyone but themselves from the algorithms.
I can't imagine trying it now, with all added fees, amazon regulations, and competition from other 3rd parties, abroad, and Amazon itself.
If 66%of entrepreneurs never start a business then you have a generous definition of "entrepreneur".
My thought exactly 😂
'Potential entrepreneurs'
She made that illogical stat up which then begs the question, how much of the rest of her video is also nonsense? Also, she cites 81% of gyms failing. Well, thats not too bad considering 90% of all startups fail in the first year according to the BBB. This video is 🦬💩.
😂😂
@@smokejaguarsix7757Both stats can be true.
Amazon FBA - all of these things you mentioned literally happened to me. I made morale patches. I got lucky and made $100k+ profit (after expenses and amazon fees) in 6 months off of 1 patch design alone. Lots of luck. Quickly became a race to the bottom as clones and "black hat" tactics from (assumably) Chinese sellers started. They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks.
It was a fun and crazy and heartbreaking experience. Learned a lot. Don't recommend full time.
Great video as always!
"They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks." That's crazy. And Amazon, I imagine does not do jack about it. What a nasty environment to do business in.
@@KOSMOinfinite they definitely did not. It's difficult to "prove" and plus they (the hostile sellers) would just make more accounts and keep doing it. Only thing you can really do is place a limit on how many of a quantity can be ordered at a single transaction. It helped a bit but it's wild seeing the attacks go down in real time
Fantastic video! Totally broke my heart with these “build it and they will come” types of business- reality hurts
Thank you for sharing that, hearing the reality rather than the daydream is brilliant.
I'm so sorry to hear this. Business is hard enough without this in it.
Planning ahead can really minimize taxes! I've made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it's been a game changer. I was able to reinvest my RMD strategically, and I'm now pulling in about $25k a week, despite doing very little trading myself. It's a nice cushion against financial stress. Best of luck with your RMD decisions!
25k a week? Amazing! how did you get started?
I signed up for a 1-on-1 trading session. It's like copy trading, but with personalized guidance.
the session was secure and a supportive way to improve your trading skills while earning, the best part is there's no upfront payment required at all
Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.
I suggest consulting with Patricia for guidance, This way you can get strategies designed to address your unique long/short-term goals
Two best businesses in my experience: beauty and childcare. I spent most of my life as a teacher. I quit and went solo. I opened a day care center for young kids. Even started to franchise it out. Then invested into beauty salons.
Reason being is that people always need someone to look after their kids. And women always want to look attractive even in hard times. You're guaranteed to make money. And both businesses are not that expensive to set up.
And both require just the right sort of employees who may be hard to find and keep but who were the making of the place. In my town I've seen many come and go over the past decade or so. It's a scramble to find another good daycare or hair salon.
As an immigrant in Australia, I founded an IT company, and after 8 years, sold it to Deloitte, one of the Big 4. But along the way, I faced failures in other ventures. The key is to keep pushing forward-never settle. Adapt your habits, build a strong network, and success will follow!
Have been in the senior care industry for as a founder and operator of a top 100 senior care provider I must offer that this is a grueling highly labor intensive business that is currently in distress due to huge labor cost increases, shortage of labor, increasing regulations, reduced capacity to charge customers for these increasing costs, and unreasonable expectations of families which results in distress to the staff and high turnover. Common turnover rates range from 80 to 150%. Yes, there is inevitable increasing demand, but not a commensurate increase in capacity to for customers pay, and decreasing availability of labor which increases cost. The great people who serve our elderly 24 hours of every day are under appreciated in by a selfish culture, that also contributes to the difficulty of this industry.
not to mention potential of lawsuits from a bad event or bad employee abusing a patient or patients
She has no idea what she is talking about, sorry. She is doing these videos to get views and to sell her $10k courses with worthless info. ROI stands for return on investment not return on income. What kind of MBA does she have? It's finance 101 in undergrad. Also SBA does not provide any funds to small businesses it provides guarantees to the bank which may or may not provide a loan to a small business. I bet she's got some snake oil for sale as well.
I was a CNA; never again. You are doomed to overwork and neglect.
Personal care assistants for seniors are an underappreciated blessing to our society. It a huge challenge to find and keep good ones.
@@ronblack7870 - I used to sell liability insurance for this purpose .. now very hard to get
It constantly amazes me how many people want to start restaurants. the dream business, they always want to start a restaurant and yet its just about one of the single most difficult businesses there is, get ready to never do anything but live and breath in that restaurant and the failure rate is massive.
Might be because a lot of home cooks think they are great chefs, but are delusional. And even when they are, their creations isn't necessarily what most people want. And in a small place, there isn't much market, and in a big place, there is constant and brutal competition. Every bank should require their prospective restaurant owners to watch 10 seasons of kitchen nightmares and pass a test showing they understood how not to go about it before opening the purse.
@@bjornlangoren3002 Yes, over and over they tell me about how they've got the magic recipe. Wait until they find out what Grandmas secret recipe for glazed chicken and his wife makes lemon tarts that will blow your mind and the husband is a kind of legend at summer BBQ and believe this, you just try his hot wings, everyone tells him all summer "dude.. you GOT to sell these wowww".
But,
right as you point out. This does not actually transfer well into an actual profitable restaurant.
I'm also pretty sure I have seen that very thing on 'Kitchen Nightmares' where someone refused to change grandmas special recipe to whatever was the actual in-demand popular chicken dish. "but we can't, she passed away and we need to honor her".
The great home chefs may actually be the last people who should turn it into a restaurant.
Any business needs the creative guy and the business guy. Keep the creative guy away from the customers & the money !
I deal with self published creative types (books & documentaries) and 90% are really clueless. I'm like "I want to send you money, what is the price & payment options ?" and it takes multiple emails over several days before this information is finally revealed
Authors don't know how to sell books.
Film makers don't know how to sell DVD's.
Chefs don't know how to run a restaurant.
@@captain-poppleton This is a valuable observation. You don't want managers and admins creating menus or writing scripts either. People coming up with a dream business may not always think about those things.
In my experience, People who made their money in let's say construction or selling shoes, they decide to buy a but the food business is a totally different beast
Wife used to own a pick up dry cleaning store which means she jobbed out the actual dry cleaning. Still a tough gig at 70+ hr weeks and 6 days a week. She did good though. She thrived while others went under because she understood that in an overcrowded, perfectly competitive market what set her apart from everyone else was customer service. AND we made sure it looked as little as a typical dry cleaner as possible. She sold it and retired just before office dress codes started to get more casual so she went out on a high note. The guy who bought it changed a ton of stuff and didn't provide the same level of customer service and then complained that he was losing business. He didn't last two years.
Test
Customer service is SOO important in every business! I think it’s even the most important thing!
An awful lot businesses fail because the owners underestimate the amount of work they need to put it. That's why you see so many businesses operated by immigrants. There are places in the world where a person needs to work 70+ hr/wk just to achieve a respectable level of poverty.
was this in a small town? small town people are funny and stick to the same ppl...
@soccergalsara Arlington, VA. 2 blocks away from Arlington National Cemetary, 1 block from the Memorial Bridge crossing over the Patomac River into Washington, DC and surrounded by countless high rises housing multiple federal agency satellite offices. Bottom floor storefront in a 7 story condo building.
The gym I belong to is owned by a bunch of doctors that use it as well for patient rehab. They have 3000 members at 55 a month and it’s always vacant and you can always get a machine…they are making bank man…and it part of their “business” so the write offs are fantastic
How are they making bank if it's always vacant?
@JB-yb4wn Absentee members....money still charges if ur not there.
@@Mr.Oct___ All the profitable gyms depend on it.
Had a hotel. Extremely successful, low expenses but by God so much headache. I had manager managing the hotel but I was scared all the time. He may call me in the middle of the night. Some customer some authority.... So much can go wrong. Sold it just for the stress it gave me.
If you have a strong manager and maintenance service, the owner shouldn't ever be called out in the middle of the night. If it's enough of an emergency to call 911, you can't do anything about it anyway. And if it's not a 911 emergency, then site staff handle it.
If you own one hotel, maybe you are one of those staffed managers. Hopefully you can scale up enough to step away from site management and sleep through the night.
@@googiegress Don't judge me. I don't micro manage. I left it I am happy now. Too much tension and no fix. You can't ignore and it's not always 911. In fact police was the only department that was most friendly to my business. 😅
Automate and go for more beds. Is like 200 beds? Or 1000
What do you do now? Are you retired?
@@googiegress I lived thru it for 5 years you think I didn't try any ideas out there?
I know how it is. That's why I finally left.
As a Hospice nurse who has worked with lots of patients in senior care centers, I would NEVER own one. Too much liability, too much can go wrong in caring for the elderly, staffing is a nightmare and it doesn't even make sense for someone who isn't a nurse to own one, as no one except a nurse has any idea of what it's like to be responsible for an elderly person's 24 hour care needs. Also government regulations and documentation requirements are outrageous and are what drive everything, often at the expense of what is actually best for the patient.
Would you ever do something if it were like an Uber where you can pick up jobs whenever at set your own hourly rate? Do you think caregivers would see the value in that and find it attractive?
@@sylaskeb3493 this already exists. Many companies out there for nurses/caregivers to pick up shifts. Nursa is one. They make it harder and much more expensive for their customers (facilities) to operate.
Agreed. I work for a large conglomerate in the skilled nursing/assisted living space. We are always acquiring failing facilities every single month. (That’s what our organization does well is turn them around, but it takes months or even more than a year). The idea that it’s easy to make money in senior care centers is ridiculous. So many out there are losing money month to month and they don’t want to sell (until they have to) because it’s their legacy. I couldn’t imagine starting one.
@@mikes554 I should've been more specific. I meant like a home care sort of thing. So a senior, can hop on the app to order a caregiver of any sort either for skilled nursing, basic health aide stuff or companionship to come into their own home. So I guess a better analogy is like door dash. Order food to be brought to your home - order caregiving to come to your house. For this I know there's tons of agencies that you can order from but this way, caregivers, whatever their specialty or certifications, can set their own rates without a cut going to the agency, and pick up jobs whenever and wherever
@@sylaskeb3493 gotcha. That sounds like a cool idea. I work in IT in healthcare so I can’t really speak to that need.
The fact that nobody talks about the book Matrix Golden Cashflow Tactics, speaks volumes why people dont earn a lot of money..
Why are you every damn where?
Nice ad bot
@@yvonnesyms5885It’s a bot.
Wat
I have run a trucking business for the last two years and I can safely say it was the worst financial decision I have ever made... Government regulations have made maintenance expenses insanely expensive and customers hate having to pay for freight. Your caught in the middle trying to make a buck while the mechanic wants thousands upon thousands every time it goes in for something and the customer wants to kick you to the curb because the next carrier doesn't know his numbers and voluntarily runs himself out of business by not charging enough .
totally agree with you on restaurants - having worked for several large and small restaurant groups ( as finance head) - the most successful was a korean fried chicken fast food chain - we deliberately had small retail footprints to keep rent down and kept to a fairly simple offering .. that was straightforward to make. full service restaurants have a high failure rate for sure.
In-n-Out and a billion taco shops prove that limited menus and high-quality, craveable food creates high traffic and profits even at low margins with tacky decor.
Are you still in that industry and role?
Started my first business at 31. Second at 46. Both successful. Sold both and retired at 57.
This lady has it all right. Wise advice: very realistic.
Most people that start a business don’t do the analysis up front. They are doomed before the doors open.
That said, if it’s a smart plan, and you work very hard, you can do well.
Good job, Codie Sanchez. 👍
Been working all my life both employment & entrepreneurship.
I feel motivated to finally start over, maybe rebrand or start a whole new business or strategy now that i have hit 30.
And what your businesses Mr. Successful?
What businesses did you do?
Most start with something they would love to do..instead of focusing on the money
GO FOR IT. !!!
As a casual observer it seems like restaurants are one of the riskiest businesses to be in.
Have a friend that designs and installs kitchens for restaurants for decades. He’s seen retired couples open up restaurants multiple times over and lose their life savings. Just go work in one for two years and at least have a little experience.
Ive seen several fail
The one thing about senior care businesses is that Medicare or Medicaid can pay you to house seniors. If you do Medicare or Medicaid only patients they you won’t have to worry so much about kicking people out.
Yep, I know who lost business they restaurant all bcz sumbdy got sexually assault in the restrooms ☠️☠️☠️☠️😢
If you open a restaurant, you better be a damned good cook and shrewd businessman.
I never use an ATM.Instead I go to a grocery store that offers cash back. I by a bag of chips and get cash back. No charge.
ATM: Accessory To Mugging
Some grocery stores are charging a fee now.
Everything sucks. Everything that doesn’t currently suck will eventually suck.
@@BillLaBrieMost bank cards reimburse fees. If yours doesn't, fire your bank. If you're not in a cash business needing to deposit and withdraw till-money frequently, go online-only, since they have far less expenses. (I recommend Ally; this is not a sponsored plug).
Or use your bank's ATMs. Plan ahead a little.
The cost of eating a bag of chips isn’t cheap. You be 1. Fat 2. Ugly 3. Bad health plus the actual cost and getting you used to low quality foods. Sounds cheaper to pay atm fee
I always feel so sorry for people who start little businesses and fail. Handmade signs, poor displays, awkward parking, etc.
4 months later the building is for rent again.
I feel so sorry for them too. but Hell ya, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
Investors don't understand the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I'm in dire need for one.
My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
Codie don’t ever stop creating this contents. I watch or read atleast one of your contents a day
She's pretty hot also
I agree that you need to follow the data, and this video is useful because it shows where people are pouring in their money and getting little in return, which allows the viewer to ask some hard questions about the nature of these businesses. BUT the data doesn't always tell the whole story about what's really going on inside these failed enterprises. The truth is that a large fraction of people who start businesses should probably never start ANY type of business, and will likely be unsuccessful much of the time because they lack either the knowledge or the appropriate personality type to do so. The businesses highlighted in this video are significant because they happen to be businesses that magnify this effect to a higher degree (and because people don't do their homework, and also go into businesses based upon where their heart is pulling them rather than hard facts, they unfortunately tend to be businesses that are started more frequently than others).
I own multiple businesses, and I've started and sold multiple businesses, and what I've learned is that here is no "easy" business. There is no "sure thing". Starting and running a business is hard work, and it really doesn't matter what type of business it is. Whether you're starting a cutting edge software firm, a neighborhood deli, or a dairy farm, this is true. You have to know the intricacies of the business (and be prepared to constantly learn even more), you have to be prepared to work 80+ hours a week (and then work even more), and you have to have the mental stamina to be constantly bombarded by crisis after crisis and still think your way through problems clearly and decisively.
Take restaurants for example (something I've owned). They're likely one of the most commonly dreamed about businesses in the US, one of the most commonly started, and sadly, the most commonly failed. This makes restaurants seem hopeless, but the truth is far more complex. The vast majority of people start restaurants because they love food or a particular food item, they think it would be a relatively easy business to start, and there's something romantic about opening one and being successful. But restaurants are hard. It's a viciously competitive business with dozens or even hundreds of competitors per square mile, each of them seeking that money in your wallet at mealtime. And it's hard to truly stand out from the crowd and build a reputation. And even when you find a customer, it's exceedingly hard to keep one without significant investments in advertising. Labor is a constant battle. You're endlessly fighting to get help, people constantly quit and go elsewhere regardless of what you pay them, and there are limits to the pay because of the margin ceilings you face. Every single day you'll have drama--someone will quit, a piece of equipment will fail, a health inspector will show up while an employee is doing something stupid, or a customer will call you and say they got sick on your chicken salad. And these businesses eat cash--even though a lot of money goes through the cash register, well over 90% of it goes right back out the door that same week, so a large unplanned expense is very painful. Most people aren't aware of these things because they haven't done the research, and most don't have the personality to power through it. They're starting a pizzeria because it seems easy, they got their grandmother's sauce recipe, and "who doesn't like pizza?". How hard could it be? All I've got to do is turn the 'open' sign on and people will flood in, right?
If there was a business out there that was foolproof, and made obscene amounts of money, trust me when I tell you that everyone would do it. There are always investors sitting on the sidelines with cash looking for good opportunities--I'm one of them--and if the business was that perfect, it would become quite obvious because of investors pouring in (and being successful).
But I've also learned that you can actually make money doing anything if you do it well. Even in a crowded marketplace, the cream rises to the top. As a business owner, I've met millionaire electricians, landscapers, plumbers, and interior decorators. I've also met a lot of broke doctors and lawyers who should've never gone into private practice. The key to this is not the type of business, but the match between the business and the owner's personality, their knowledge (and willingness to gain even more knowledge), and their innate ability to work through problems (often working extreme hours, to get to solutions, even while knowing that new problems will surface tomorrow). Not everyone is cut out to be an entrepreneur, and when you add a lot of zeroes to the end of the project--such as hundreds of thousands of dollars in restaurant equipment or laundry equipment--the stakes are even higher.
Not to mention sheer luck, like what were you doing when the Great Recession or covid hit?
66% of entrepreneurs never start a business? Then they weren’t entrepreneurs.
Probably making them legit
Is there any not so big but lucrative business you can combine with a 9-5 job? I don't want to quit but I need the extra income too.
you need time to run any business, especially when starting out
I was in a similar dilemma two years back. A business may not be the right way to go about getting that extra money except you won't do the running of the business yourself. You should probably consider investing in stocks, ETF's or even Real Estates if you have the money. You don't necessarily need a lot of time for this and it is equally rewarding. You can even use the service of a financial expert and this way, you literally do nothing. I make close to twice my regular income this way and I plan to still own a business but much later when I'm ready to retire. Goodluck
@@devereauxjnr Nice... This makes a lot of sense... How did you start?.. How can I get an expert like you said?...
I don't really understand your first question. For the second, you should begin by seeking out individuals with strong records. Also make sure the person is registered. Personally, I use Marie, Kelly Matwick. She's not so popular but you might have heard of her.
devereauxjnr small world. Met this brilliant lady at our country club weeks ago. Had to go to her page to confirm that i wasn't mistaken. Nice!
Thank you so much for this video but in these uncertain times it is more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
Selena-Nicole cefaloni is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I work as a cook in a restaurant and i can say making money in restaurant business in tough. Although spoilage can be controlled to the minimum (repurpose the chicken bones from your roast chicken to cook into broth and brown sauce; fry chicken skins that are otherwise thrown away from chicken tenders. ), so depending on how you repurpose the ingredients that are otherwise thrown away and make it into a sellable product. Another point the host forgot to mention is breakage. The more people that work in an establishment, the higher chance of breakage. But overall, it's a tough business to stay afloat because of expensive rental and manpower costs.
The way to make money in F&B is to do grab and go stores where there is no dine in customers. There's a cap to how many dine in customers you can serve a day(customers only come during lunch and dinner time; at most you could only do 2 turnovers)but there's no cap to how many takeaway orders you can do a day. So for grab and go stores, you just need to make sure you cook good food and serve it fast and efficient. Plus, grab and go stores rental is a lot lower(rental is also determined by square feet), requires a lot lesser manpower(3 full time staff per shift, so 6 full time staff for a 16 hour operation) and upfront cost will be a lot lower because there is no tableware and cutlery that you need to buy.
spot on... thank you... all true...
Restaurant business is very easy to make money when a person knows how. The issue is the vast majority of people do not know how.
A good way to earn money in food is catering. Almost no fixed expenses, no expensive location, no waste on food, etc.. You know upfront for how manny people you have to cook. Suppose you have a party for 150 people on a saterday evening. You discussed the menu and the price with the customer, even for a modest menu, you get easily 30 to 40 euro/dollar per head. you start with 3 or 4 people on saterday morning, work the day and serve in the evening. you have 5 to 6k in revenue, about 1K5 in food cost and about the same in labour cost, take an other 500 in expenses (fridges, van, equipment, gas ..) and you net 1K5 to 2K for one day work. THis can work if you build a good reputation.
The Chipotle business model
@@dehermannen2419 bro, catering requires much higher upfront costs. You need to buy trucks and lorries to deliver your cooked food to clients house. Catering business depends on a lot of marketing too. You need to pump initial capital into marketing to get your brand out. Plus, you will need to hire more staff to cook several different dishes for multiple different clients at different timings. Grab and go stores that sells finger food and proper meals are still the way to go. Much smaller storefront (spend lesser money on rental) and minimal manpower required. Lesser upfront costs too(purchase fridge and freezers, deepfryers, grillers, sink, cooking stove etc. Plus grab and go stores there is no cap to how many customers you could serve a day. The only thing that is stopping you is your staff ability to handle the amount of customers a day and maintaining the quality of food.
I admire Codi's honesty. She's like the trustworthy older sibling or cousin who gives excellent advice and teaches with a method similar to that of PBS.
Start a food truck before you own a restaurant
I'm no expert, but that seems like great advice. I've seen several trucks become brick and mortar in my town.
Yeah or open a farmers market stall.
More have a following but that's a great way to
This is a great idea and something I’ve espoused for years despite not being an expert.
It just seems to have a lower barrier of entry in MOST markets and would be a great litmus test for future restaurant success.
And almost most importantly, YOU CAN FIGURE OUT WHERE YOUR BRICK & MORTAR SHOULD BE!
Having that ability to be perpetually mobile allows you to do the necessary research to find a concise location where to open.
A food truck has the additional benefit that you can drive it away when there's a load of "mostly peaceful protests" happening in your city.
I had a UPS store, in Canada, that nearly killed me. As a franchisee you are responsible for all the costs and the franchisor takes his profit from your sales, before you get any profit. YOu have little to no control over the lease of equipment, location, product, services or logistics. There is generally an advertising fee you pay to the franchisor, yet you have little control on how or where it is spent. Meanwhile locally, you create, buy or distribute to your local area. The value of the store varies on the status of the economy in your location. If it tanks so do you.
Sounds like the lesson there is to be the one to start the franchise itself
It is good to see a Canadian perspective , on business .The people that do alright in Canada are the people running a Tim Horton's and I do not know how well they are doing .
I rented a box at a UPS Store in Toronto ,way too expensive ,I went down the road to Envoy instead so much cheaper .
Hey, I want to start investing but don't know where to begin. Any advice or contacts for help?
Talking to an expert like Liam watt to reshape your portfolio is a smart move.
Same, I met Mr Liam watt last
year for the first time at a conference in
Manchester, after then my family
changed for good. God bless Mr Liam
Investing $15,000 and received $174,000
He's mostly on Telegrams, using the user name👎🎉❤
@Liam_watt 💯...that's it🎉❤
In trucking, the last mile is the hardest mile especially if it's a combination rig. You have a lot of stops. There are restricted routes. The roads are not always wide enough. The four-wheelers always get in the way and don't let you merge. You don't know whether or not they have a dock and where it is. You might have to block traffic to unload, or you might have to back in off the street that doesn't have enough space.
How can you start a last mile delivery? Can you get a truck and work with FedEx or you need to start your own brand?
@@dhidhi1000
Probably would have to start your own brand. Fedex Freight takes care of all its own needs. Fedex Ground does contract with other carriers, but each of them are independent. There's got to be carriers that would contract with you, if you figure out a cost effective logistics model, because truckers hate the last mile. Large metro areas need someone familiar with that city.
@@dhidhi1000
Okay, I just rewatched. My familiarity is with combo rigs otr. The routes she is talking about with those van trucks is something you would have to contract with Fedex or similar delivery companies. The "last mile" is only a thing because of the national business Fedex already has. You buy those routes and run it like a franchise.
Rentals in Ontario Canada is a loosing business unless you can afford multiple properties and screen renters. If a renter doesn't want to pay rent it's 9 months to two years before you can get them kicked out.
Screening and very firm adherence to eviction protocol are the only things residential landlords have left to protect themselves against malicious tenants.
1. Set your screening criteria to demand at least 4 years out of the past 5 have a professional property management company landlord which has an office. They'll actually give a proper rental verification. And then you drive down to that office and have an in-person chat with the manager, and get every single scrap of dirt on the resident, because every dirty thing they did to the last one they will absolutely do to you. This is where you get all the neighbor complaints, the mean letters the resident sent in, late payments, NSFs, lease violation notices, etc. And if the tenant does not fit your screening criteria, knowing all that, you decline. If you don't get a rental verification back, you decline. If the only verifications they have are the homeless shelter, friends' couches they surfed on, and family, you decline. Because you can't trust those sources to tell the truth. It takes longer to get a tenant, but you spend a lot less on vacancy loss than you do on bad debt sent to collections for a destructive eviction.
2. If the lease says rent is due on the 1st and late on the 6th, then you always charge that late fee on the 6th and you send the X-day notice to pay or quit. And you keep up with that paperwork right up through eviction if they don't pay. Even coastal US landlords can get an eviction within 2 months of a nonpayment, assuming tenant doesn't end up paying and curing the violation. When you get lease violation reports, and you follow up with them and collect your evidence, you serve that X-day notice to perform or quit. And these notices stack up to allow you to get an eviction if the tenant ends up being such a disaster that they need to get out, but still somehow keep paying rent.
Separately from these two main points, you need to know your LL/T law and stay 100% by the book, leaving no error a professional tenant can take advantage of to loophole their way out of an eviction and restart the clock.
Keep up with your pest control so tenants who buy pests online and contaminate the property with them out of spite are foiled by your maintenance regimen.
Shop around for vendors based on quality and price, vet their insurance credentials, get estimates, and pay your invoices promptly.
There's a lot of little things to it, but draconian screening and adherence to eviction protocol are absolutely necessary.
Unless you make it look like an accident, you know, an electrical thing.🤔
Ahhhh, the wonders of socialism never cease. In South Carolina we can have someone out in one to two months.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
This content style is AMAZING.
She’s nailing the mission of educational money making content being as (if not more) enjoyable as entertainment money taking content
Same thought. I never follow these "rambling millionaire" channels because I always get the impression that I'm getting lured into some type of scam. This one feels totally different.
Yes she is so refreshing, it feels like a professional production on CNBS
Thank you , Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I now look towards the stock market to fuel my millionaire goal. Sure I'm not alone in my chain of thoughts
U.S. stocks have historically been the best investment. Treat it like real estate, don't panic sell and impulse buy.
I like both. But in my experience, most of the millionaires that I know have gained their wealth through diversified investments and they all had a sort of advisor helping out with informed decisions.
Agreed, advisors are the ideal reps for investing jobs, and straight up! that's how I’ve stayed afloat for 5 years now, accruing nearly $ 1m in ROI, after 100s of thousands invested. IMO, home prices will need to fall at least 40% before the market normalizes.
real estate prices exploded, interest rates exploded, but my wage the same, i'm screwed! who is your advisor please, if you dont mind me asking? in dire need of proper asset allocation
She goes by *Leah* *Foster* *Alderman* I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
People telling others how they can get rich doing this thing or another and making you pay for that information is a really good business to get into because there are always those out there willing to pay to be told how to do something without having to really do it. Buying self help materials is like buying a gym membership, most people will never use it but will keep paying for the illusion of changes they could make, and there are those who take it and run and transform their lives with it.
Laundromats are disappearing in NYC especially Manhattan which used to be packed with. Everyone is putting in Washing/dryer combo machines inside the rentals.
That’s what happens in highly regulated markets.
@@Art-is-craft You get your own combo and don't have to drag your laundry around in rotten weather?
@@653j521
It used to be just a short simple journey as they were every where. People were not dragging them the whole way across town.
I've been an Amazon Seller since 2015. I was actually making a six figure income from 2019-2022. Now it has tumbled and it's going to be very tough to bring it back up. The amount of competition specifically the Chinese sellers, Wall Street money, worldwide competition are taking over the market. Don't let any of those tiktok gurus fool you. The profit margins for this type of business is in the single digits at best.
People are starting to recognize the customer service and quality problems associated with buying Chinese. I don't think it'll ever get back to where it was before, unless Amazon embargoes them because of federal trade restrictions.
The high success rate in trucking is due to many CDL drivers running the truck they own. It is VERY difficult to expand to get out of the truck so unless you want to live on the road, that isn't really a sound option. Many of them get stuck and cannot leave because the truck overhead costs are too high to cover in another line of work and they would be stuck with payments on a worthless piece of equipment.
I'm 75 retired with no interest in starting a business but found you so incredibly smart, funny and articulate that I watched the entire video and subscribed.
Stumbled upon your video, nice to see you are walking around Austin. For 21 years I've owned one of the business' you "liked" right here in Austin. I have 31 employees and everyday is a new challenge but I love it...and hate it....but also love it, lol.
Just found you today, but as a biz owner one of the best videos I've ever seen. The style, the content & facts are all on point. Great job.
This video hit home. Parents owned a motel. On contaminated land (from former service station, not a drycleaner). Thanks gawd they never tried to open an on-site gym....
What she didn't say about rental property is that profitability depends entirely on the property's Zip Code (Location-Location). Wrong location = "Money Pit".
Even worse then owning a dry cleaning business is being the landlord. The landlord will get the bill for remediation of the property.
And I have seen a lot of nightmares with these so called "Moors" squatting on your property.
Thank you Codie! You inspire me to step out of my fear and start a business. Also, I learn so much from the people in the comments. Your viewers are so knowledgeable and they’re always sharing and providing tips. Thanks again to all of your viewers.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Thank you so much for your fantastic content! Your style really resonates with me, and I appreciate the effort you put into each piece. While I bring 40 years of hands-on business experience to the table, your content production skills are truly remarkable. Keep up the amazing work! Oh, and congratulations on your new podcast, BigDeal. It sounds like an exciting venture exploring the deeper why behind business success. I'll definitely check it out!
I had a friend who had a dry cleaner 30 years ago. He made a lot of money. I considered buying a dry cleaner but it seemed to be changing too much. The business I intended to buy is no longer in business.
Also dry cleaning tends to sterilize the workers over time
@@DataGeek903 Really? Is that from trichlorethylene? I think that is what they used but they outlawed it a long time ago.
And I went through the pain and expense of a Vasectomy when I could have been paid for the same result. Sorry for the dark humor.
It was a good business back in the day until a few investment gurus wrote books featuring dry cleaning as a good business, then bang. They cropped up everywhere and competed themselves out of business.
Codie, I’ve never seen your channel until today. I like you. Keep up the good work! 😊
Thank you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I’ve had numerous businesses.. some made it some didn’t.
The ones that didn’t usually had high overhead- mall rents and payroll.. the ones I made $$ had little overhead.
I started one company after working on the space shuttle at ksc 79-81 before sts -1. I made shuttle tshirts and during the first launch made more money in 3 days than working at Rockwell all year. Later did event related tshirts for major air shows like Oshkosh Paris and Reno Air Races.
I could make $100 k in 3 weeks 40 years ago!
I then flipped oceanfront condos in Florida 1998 to 2007 and bought several in 2010-2012 for $35 a foot that I rent out for $2000 or more a month(cost $28k to $68k)
I made over a million in real estate and live off the $6k a month rental income now at 70 with $700,000 in the stock market.
If I can do it you can do it.. and I’d help you if you need it!
What a life!
I’d like help
66% of entrepreneurs will never start a business? Huh? Isn’t that like the definition of one?
It is. But the internet has no time for your paltry logic and consistent linguistic applications.
Could buy established business.
Thanks. I was lost. I think she means « wannabe entrepreneur »
Intra-prenours
No, many will buy one. And she also is likely including people “looking” to be an entrepreneur.
I am looking to start my own online business. This is a great video. Now I know what to avoid when starting a business.
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Thank you all, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
Thank you codie
Great content - This super informal style of content really suits you well, Codie
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
On rentals, you have to deal with people who don't pay and won't leave.
I can't believe she says hotels suck because they are real estate, not a business, and you rely on depriciation. Then she later recomends people do a rentals (real estate investing) as a business. In my opinion, you are better off just investing in the stock market, or in reits if you want real estate exposure.
Hotels are easy to boot people out with law enforcement without a court order. Housing laws don't apply in most areas unless the stay in longer than 30 days. Hence, most hotels have a 30 day max stay policy before you have to check out to ensure their rights are protected.
True
In North America , squatters have become a real problem and many times the police do not want to get involved and claim it is a civil matter .
My in-laws are from India and they buy hotels. Well, hotels, liquor stores, and gas stations. They farm rooms out to govt housing for guaranteed income and take the one or two rooms behind the counter converting them into the owners apartments. So the family lives and works there. Once they save the money they buy another and enlist a friend or relative to run and live at one of the hotels.
They are doing rather well in the schematic.
Let me guess, you are a Patel 😊
@@Hungrykya12345 Hahahahhahaha
When I see a hotel owned by Indians I keep on walking.
@@scottw5315 racist spotted.
You are so right about dry cleaners, with one or two exceptions: If you put a dry cleaners near a military base, or in Washington, DC, you are golden! It is even better if you use the “green” dry cleaning methods for them, and charge the same flat fee per piece (not like traditional cleaners that charge varying prices per piece, often with higher prices for women’s clothing). No, in this case, a “green” dry cleaners with less toxic cleaning methods, and with the same pricing per piece makes amazing money in places where you are required to wear suits and business attire, or uniforms that must be perfect. This is the perfect argument for doing market research and really KNOWING your market.
Love the honesty! That is the main reason why she got my follow a long time ago! Keep up that honesty and great content!!
This is the best video! Thank you for all of the contact! Super helpful! I've been looking around my community and neighborhood I would love to own a small business❤
You left out liquor stores. I'm 67 and have never seen one go out of business, and I've lived in 7 states.
Totally depends on State. Start one in Ohio and get back to us.
I’ve seen quite a few go out of business in the Dallas/Ft Worth area. That’s usually due to competition/market saturation, or because of changing demographics, but it does happen, there are at least 2 former liquor store locations within a mile of me.
Depends where you are. Some places strictly regulate from the licensing to the location requiring community approval. Those places can be a gold mine. Other places where it's no different than a sandwich shop in getting one established, not so much.
Liquor licenses are expensive in NJ and they don't give them out easily.
Connecticut here- you’re so right.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
I would highly recommend Professional Chrissy Barymoer his strategies are just great especially for novice in this stock field
I knew someone would mention Chrissy Barymoer, he is perfect in helping beginners grow. I would not recommend anyone else.
I keep seeing good recommendation about
Chrissy Barymoer . He must be really good.
Since my aunty introduced me to Prof Chrissy Barymoer,I can't help but to thank God,I have made so much that I can't mention with his trading guidance!!!
FBA isn't a good business. Wasn't bad up until 2021. The competition is insane. We have 150 plus SKUs on there that we manufacture ourselves. One fun fact...one of our products was doing $12k per month last summer. That one product now has 15 knock off competitors. 15! All vying for tiny little market for this niche product. All Chinese competitors. Don't even get me started on the review shenanigans and the increased Amazon fees. Up 50% year over year. Latest fun? You can't have too little inventory or too much otherwise you get another fee. We are actively moving our business off of Amazon.
same thing happened to us in Q4 of 2019. Had a nice niche spot with one other domestic seller. Our top SKU was selling 800 pc/month and then in ONE month we had 20+ overseas competitors selling straight knockoffs at 60-75% cheaper than our domestically produced product.
what niche?
@@MaKo_452 home decor, hobby products, storage and organization. Similar situation across all brands and SKUs.
@@markwrichards Yes I this is a problem as differentiation is hard and copying is easy. If you succeed with hard to copy differentiation and good branding, I think it is still good option to choose. But I am in supplement niche so much harder to enter and more regulated (also a consumable).
What's the best alternative?
Go to your local community college and enroll in a classes teaching plumbing, electrical, appliance repair. Yes, it take a two year commitment to learn a trade. Add some business and accounting classes as well. When you've completed your education go to work for a small company where the owner is in their early 60's. Chances are you can buy their going business as it's difficult to sell these businesses because you need to learn a skilled trade. Within 10 years you can have 6 to 10 technicians / trucks out earning serious income. The plumbing business and electrical contractors that I know make serious money. That's my two cents.
It takes 4 years minimum to qualify as a tradesman. After that a person may put in a few more years of specialised certification.
@Art-is-craft For most trades, it takes eight years to be considered a journeyman. And twelve years to become a master. Technical college (associate degree) usually is credited as double, so two years of schooling and four year of hands-on field experience to become a journeyman. I'm a master of two trades with a mechanical engineering degree and a masters degree in business. It took 44 years to reach this level of education.
This is much better advice for starting a business than many of her suggestions.
@@lockman004
A degree is not a trade nor is it a profession. It is an academic endeavour. The work experience is the profession.
@@Art-is-craft I'm guessing that you've never been to a trade school? The unions and industry use classroom education to accelerate the students development. They often involve either internships or in the case of unions the students attend class one day a week. If you want to move up quickly or to eventually own a business you need to learn thing like estimating, system design, building codes, industry standards, and specification writing. If your goal is to learn how to pull wire or twist pipe, yes, then you'd be correct you can learn that on the job. Chances of advancement or knowing enough to own and successfully operate a technology based company are nil. Take the time when young and learn to learn, join trade associations and earn industry standard credentials it will multiply your income and you won't spend your career on your hands and knees wearing out your body. That's what I did and I made a great income and preserved my heath.
Really enjoyed this video (first time watching one of yours). I appreciate your straight-forward approach and professionalism without any “ums” “ahhs”. Nice work!
Happy for you, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
I think health care businesses are extremely underrated for how much money you can make. Demand for healthcare has, is and always will be extreme and everlasting. Competition doesn't affect you much because the market for healthcare is just so large. You don't necessarily need healthcare qualifications. Just research and make sure you know all the rules and regulations, and then employ healthcare professionals to do the healthcare aspect whilst you run the business. I own 7 clinics and its almost passive for me as I was able to employ staff very quickly with the amount of revenue coming in, so I don't do much. The first 2 years were harder before I could employ managers, but very much worth it now. Profit was already over a million in the first year of my first clinic. It's been 11 years, this was my first business venture and its never made a loss, even during covid.
What kind of healthcare?
I will say she is correct about the inconsistency about customer reviews. Many times customer reviews can be posted out of vindictiveness in order to cause a negative impression and create a false impression which can also be purposeful slander.
I'm surprised self storage wasn't featured. That seems to be a relatively stable high profit model.
Bought a house from a guy who owned several self storage. I asked if it was a good business he said yes it makes about 70k. I said not bad he said that was per month, and 3k was just selling locks. He also said if he put up 500 units on one side of a street and someone else put 500 on the other side both would be full.
Not an easy to start business
That ship sailed decades ago.
"66% of entrepreneurs will never start a business . . ." Then they aren't entrepreneurs, are they?
On point!!
My parents ran a successful cleaners/dry cleaning business. As a cash-only business, there is the assumption that a certain % doesn't get reported. My parents decided to run it for 5 years and report every single penny they took in. Then they sold it to someone who looked at the books and said: your books like good, but guess it's even better than that in real life having all the cash... right? My parents gave him the nudge nudge wink wink and laughed all the way to the bank. Bet that guy wasn't laughing when he realized there was nothing extra unreported. :-D
This is called fraud. Not really cool
@@JasonJohnContosnot really it’s quite the opposite?
I started late in the business game , I spent 20yrs in the usaf, I also retired on a pension at 39 , I wanted more money, I didn't want to work for anyone , I started my own business, scrap metal, it paid more than my usaf job , but it's a commodities market, I purchased a truck at a auction, cheap , I made enough money in 7yrs to buy the house I was renting that was also an apt unit , i just paid it off , I took a break from the scrap metal, it's easier being a landlord, but my metal customers miss me , now I'm waiting to retire again, social security, loved your business ideas and I even did one , real estate, from picking up scrap metal, now that's crazy, ny
Just to say regarding gyms- if many are lifestyle businesses for the owners, lifestyle business generally are awful to compete against, because the owners 'irrationally allocate capital' i.e. they continue to operate the business long after it was no longer economically viable (e.g.
A lot of the businesses you recommend have margins so small that the landlord can quickly make not viable . Escalating rents on commercial properties have forced major chains in my area to completely close
Hope the landlords are enjoying having thousands of vacant square footage!
@@Dbb27 Tax write off?
@@653j521 you have to have a profit in order to have a tax write off. It can be pushed off into future years when there is a profit but no one can continue to hold thousands of empty square footage that’s not making income forever.
@@653j521 one cannot write off anything if there’s no income. You can save it for the following year when there’s income. That said I don’t think loss of revenue because it’s not rented is a tax write off. It’s not an expense.
"Sell things to rich people because they pay more?" Uh, not really...that's why they're rich.
Agree, the stingy !! Middle class are more generous !
I don't know how I stumbled onto this sight but WOW. As a former CPA and business advisor I am impressed by everything about this video from the facts and data to the presentation. I even appreciate the "Contrarian Thinking" clipboard. I am very much a contrarian on everything from GMO's, The Flint Water Crisis to election results and just about anything else. I believe that if there was more actual thinking there would be more contrarians...
We are in process of starting a HIGH FAILURE rate business. Farm Markets either fail and close or hold in lingering death. The missing link is providing some attraction to the market OTHER THAN farm vendors. Successful markets have a petting zoo, pumpkin patch, hay ride, or demonstration schedule, that draws visitors WHO THEN end up buying from the vendors. It also helps that our location is a 1940's farm, complete with nostalgic barn that's just 3 miles out of town. Not all high fail businesses are necessarily a bad venture if you do your homework and understand why they fail. With good planning and a bit of luck, we'll succeed.
My family have owned a couple of small businesses, I, personally, have not. But, if your delivery company is preventing you from meeting your customers, then they are not working for you, you are working for them and by now we should all know what Amazon's work conditions are.
Thank you, Codie. I would love to hear your thoughts on gas stations and convenience stores and daycares. Thank you!
Convenience store - you are going to be minimum wage business owner. There is a reason why many are owned by immigrants and the whole family is involved.
Gas stations without convenience store are crapchutes. With, can be profitable but dont expect to get rich.
daycare - high cost real estate - food regulations- health regulations- u start before everyone else drops their kids off before their work - your day ends after last pickup - lots of risk if employees call in sick …
Thank you too, Julianne Iwersen Nieman is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
The only reason Senior Care centers make money is insurance. It's NOT because someone "likes" to take care of Grandma/Grandpa, they there because the family doesn't want to take care of them. Many are dropped into the centers and the family never returns and they die alone.
So true , but so very sad .
Not insurance, Medicare mostly. And most of the companies out there exploit the system and steal hundreds of millions from taxpayers every year.
Just like marriages, businesses have expiration dates. The trick is to see the end early enough to get out with a good outcome and a profit.
You old romantic, you.
Food trucks? Mobile pet spa? Online clothing boutiques? Pet salons? Hair salons? Gambling/gaming apps? Pop-up/seasonal clothing boutique?
I'm in clothing, textile, which are light industry, and also at heavy industries since I was 21 yo. And the truth about clothing is that you need to be inside textile industry to make money. It is cut throat through and through, as long as you're inclined to have a cut throat attitude, you're good to go. You must be known by industries moguls, you must have exclusive deals, and you must sell interstates to reach retail.
You'll make money, but it is tough. It's a must to be a workaholic. It's pretty fun if you are actually.
66% of entrepreneurs never start a business? That's not an entrepreneur then, that's a talker.
They're using a loose definition of entrepreneur. Some open a franchise. Some buy an existing business.
YAASSS !! I love thisss !! Im actually moving to Austin Texas, Im starting an app and there is so much community in Austin. I love regular people who are CREATING and not just being consumers !!
That's awesome to hear! Welcome to Austin Texas. 🎊
Watch out for the heroin addicts, needles and violent homeless encampments…
Uh, you aren’t from California are you?
@@jimarcher5255 naw naw im from florida !!
I really hope the FTC wins their lawsuit against Amazon because of what they’re doing to small businesses & to consumers. I shop on Amazon all the time because it’s convenient. I’m just too lazy to be an activist. Amazon just doesn’t play fair against small businesses.
I opened a niche furniture store. Made ok profit in FIRST yr. Made decent amount more second yr. Third yr sold the business for a tidy little profit. And, I sold it at the absolute worst the the big recession! People said you crazy, you cant give away a furniture business now. (They were bankrupting left and right). I was making profit all through this terrible period. As smart person saw this and bought it. It’s al about need. A needed niche product can work when others cant.
If you're getting kicked out, you're doing something right! Keep going girl!
Rental properties with all the tenant and squatter's rights? Big no for the small time landlord. Maybe the rentals owned by corporations are more protected given that they are also lobby groups.
Corporate owned properties can hedge their costs in all different ways like a balanced stock portfolio so it doesn't affect them that much. Single owners got royally screwed in the pandemic in this manner and many exited out (often bought by a corporate owned place).
Don't do it in a socialist state. I've been renting property in South Carolina for several decades. We have common sense landlord/tenet law here.
What gets me annoyed about the new renters statistic is that it's not by choice. Houses are either getting scooped up by investors or they are building these huge rental complexes everywhere.
Investors buy distressed properties for under market. They are not responsible for prices going up.
Investors buy distressed properties for under market. They are not responsible for prices going up.
@@-Jason-Laren't they the people who bribe (lobby) our governments to write laws and develop loopholes so the almost always get what they want? And the citizens taxes are given as subsidies to corporations and financial institutions which is welfare by another name. The taxes paid by citizens is supposed to be used for the good of the citizens and the maintenance of vital infrastructure.
Laundromats are not cheap to start. It actually costs around 500k-1.2 million to open one up from scratch when you factor in construction, permits, architect, lawyers, machines etc.
I've owned one.
Really? What about a small one with 8 washers and 4 dryers.
She's filming in a million dollar location.
A small one like you described won't make any money. She also said the average laundromat costs 200k-300k to start. The average laundromat has around 32 washers and 32 dryers. Many are twice that size.
Good luck with that.
@@toddl.3454 Know the business. All of the new ones are plus 80 machines or more. To start one you are right 500k to 1.5 million easy. You could do a small one maybe 20 washers and 20 dryers, but where? And it would be a side hustle.
Just watched the rest of the video. She says 100 to 300k to start? What crack is she smoking?
@@toddl.3454 you didn't answer his Question
@@Pyrrhic537 Do well, to reach Julianne Iwersen Nieman, she is the one and only CFA that i recommend. look her up if you need too. No business is going to die if you first work with an adviser.
The restaurant business is a tough business, but it’s tougher when the government creates a pandemic to defeat their political rival, frighten the public away from local places to online or national chains, burden them with debt that may to hard to pay back because the customer base is gone. Then over tax them, regulate them, and get them to have a employee pool that doesn’t care enough, all concepts that favor big chains but not the
“Mom and Pop’s” places that give real value to a community. I’ve been it for almost 40 years and it becomes tougher every year because for a myriad of reasons. But, I’ve enjoyed it too.
Be cautious when entering the trucking business and make sure to thoroughly research who you’re working for. If you’re considering working for a major company that operates like it’s part of the government, be aware it can be a bit of a trap. You’ll have all the responsibility but none of the control. These companies often focus on maximizing their profits while paying you as little as possible. If they think you’re earning too much, they’ll introduce new bidding systems to pressure you into lowering your rates. There’s no teamwork-only scare tactics. While being your own boss does come with its own stress, after many years in the industry, I’ve found it can be extremely challenging and often fosters a toxic environment overall.
How about a costume store. My Dad was convinced they only exist to launder money.
Mattress stores too! Never see anyone in 'em yet they continue renting out these huge retail spaces.
@@apathy25tx Plus, the mattresses are always on sale. No one are busting the doors down.
@@apathy25tx They tend to make a lot on how much they sell for with semi low upkeep, and when you have customers for say, hotels or other establishments that buy multiple mattresses in a day then you make a lot that way.
97% of gamblers literally quit before hitting it big
Lol
Good joke. If they quit, how would they "literally" know what was about to happen or when.
SMART BECAUSE 3% ONLY HITS
Best degen advice 😂
97% of gamblers quit before hitting it big because they go broke and have nothing left to gamble
“66% of entrepreneurs will never start a business”…. Doesn’t that mean they are by definition NOT an entrepreneur?
I'm an actor who 100% will never audition 😂😂😂
restaurants are tricky. they can be wildly profitable depending on the customer your attracting. a pizza and sub joint can make alot of money. Cheap labor no chef no managment and proteins are cheap. you run a restaurant in a prime location where competition is heavy then you have slim slim profit margins
I looked at owning a laundromat, and it seems that the best way to do it is to buy an existing one, but do your own investigation into it. If you start a new one, a huge startup cost could be a sewer hookup fee. In the 1980's in San Diego, the fee was $1000 per washer. You may have to invest in some sort of waste water treatment system like a settling tank and filter. It may even involve some waste water reclaiming.