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| jstep |
 Posted: Tue Feb 08, 2005 1:38 pm Post subject: What do you think is the best business to get into? |
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Investing Associate
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What is the best type of business to open in the present day?>
1. Low start up funds?
2. Overall? |
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| jeter4982 |
| Posted: Tue Feb 08, 2005 1:45 pm Post subject: |
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Investing Sr. Associate
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This is a tough decison, because I think it really depends on your skills. I mean if you could enter the search engine business, you would need some incredible programming skills, and advertising ability. Not everyone has these skills, but if you are just talking in general, I would say:
1. Webmaster/Domain Business (If you have the time)
2. I am not really as sure about this one, but I would have to say the Real Estate business. Land is getting rarer and rarer, so if you can pick up a good property, and have the cash to market it and clean it up, I definietly think you could make some serious cash.
Just my thoughts,
-Tom |
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| t4nk |
| Posted: Tue Feb 08, 2005 3:53 pm Post subject: |
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Investing Associate
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| i would say web design or hosting but you need good hook ups to do it or you wont get any where. |
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| investor |
| Posted: Tue Feb 08, 2005 3:59 pm Post subject: |
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Investing Associate
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If you like computers and doing something online, web design/development would be great. But to make money in this field you need to be exceptional not in Finances but in Skills.
If you have skill no one can stop you 
If you would like some physical business like some store a computer maintainence and software shop would be great.
There are lot of other businesses to do but both I mentioned above needs less money to start with and all they need is exceptional Skill. |
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| t4nk |
| Posted: Tue Feb 08, 2005 4:14 pm Post subject: |
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Investing Associate
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| investor wrote: | If you like computers and doing something online, web design/development would be great. But to make money in this field you need to be exceptional not in Finances but in Skills.
If you have skill no one can stop you
If you would like some physical business like some store a computer maintainence and software shop would be great.
There are lot of other businesses to do but both I mentioned above needs less money to start with and all they need is exceptional Skill. |
I agree to this skills is what can get you places but if you just open a site and try to hire someone or something you will be stuch for a while untill you get your first few clients to build a portfolio offering free services for a little will help you build a protfolio allowing potential clients to see your work and what you can do. |
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| AndrewZ |
| Posted: Tue Feb 08, 2005 6:21 pm Post subject: |
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Investing Associate
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| Purchasing land is probably one of the best. Also I agree with most the users here and say something internet related. Its only getting bigger and attracting more users. |
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| authorsweb |
| Posted: Wed Feb 09, 2005 2:06 am Post subject: Re |
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I wouldn't suggest hosting.. there is about as much competition in that industry as in the adult business..
I would say information is still in demand online and so writing your own ebooks.. guides.. or perhaps creating your own software would do good.. and GOOD scripts.. like member and affiliate scripts (in php) .. since Groundbreak makes so much with no competition, and their scripts are terrible.. Anything unique that you can create yourself with no overhead is going to be good and if not.. at least you aren't out any money.. |
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| Benjamin |
| Posted: Wed Feb 09, 2005 5:24 am Post subject: Re: Re |
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Administrator
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| authorsweb wrote: | | ...writing your own ebooks.. guides.. or perhaps creating your own software would do good... |
Hey I'm paying for content right now! |
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| InvestingMac |
| Posted: Thu Feb 10, 2005 6:35 pm Post subject: |
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Investing Manager
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| As has been said time and time again: If you're computer/net savvy, then the internet provides endless business opportunities. If you put in the time and effor to build up a community, reputation, and base then you are well on your way to a relatively inexpensive career. |
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| SabreHstng |
| Posted: Thu Feb 17, 2005 6:49 am Post subject: |
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Investing Associate
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With low capital, a webmaster/ design company for sure.
With more, set your aims high, and you could be rolling in it in a few years! |
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| microdude431 |
| Posted: Thu Feb 17, 2005 11:57 am Post subject: |
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Investing Associate
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| I would say anything with computers. Computers are takin over the world. Basically every job today involves computer skills. Computers are here for good and they will never leave. |
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| Rami |
| Posted: Thu Feb 17, 2005 7:15 pm Post subject: |
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I think that the good type of business you should start its what you are good in  |
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| Dave Rathbun |
| Posted: Mon Apr 11, 2005 2:08 pm Post subject: |
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CFO
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| Rami wrote: | | I think that the good type of business you should start its what you are good in |
The best type of business to start is something you love to do.  That way even if business stinks at least you're still having fun. |
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| freeye |
| Posted: Mon May 23, 2005 1:15 pm Post subject: |
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Investing Manager
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| freeye |
| Posted: Wed May 25, 2005 11:16 am Post subject: |
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Investing Manager
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one mans opinion of the perfect business:
(courtesy of dowtheoryletters.com)
AH PERFECTION: Strange, but the most popular, the most widely-requested, and the most widely quoted piece I've ever written was not about the stock market -- it was about business, and specifically about what I call the theoretical "ideal business." I first published this piece in the early-1970s. I repeated it in Letter 881 and then again in Letter 982. I've added a few thoughts in each successive edition. But seldom does a month go by when I don't get requests from subscribers or from some publication or corporation to republish "the ideal business." So here it is again -- with a few added comments.
I once asked a friend, a prominent New York corporate lawyer, "Dave, in all your years of experience, what was the single best business you've ever come across?" Without hesitation, Dave answered, "I have a client whose sole business is manufacturing a chemical that is critical in making synthetic rubber. This chemical is used in very small quantities in rubber manufacturing, but it is absolutely essential and can be used in only super-refined form.
"My client is the only one who manufactures this chemical. He therefore owns a virtual monopoly since this chemical is extremely difficult to manufacture and not enough of it is used to warrant another company competing with him. Furthermore, since the rubber companies need only small quantities of this chemical, they don't particularly care what they pay for it -- as long as it meets their very demanding specifications. My client is a millionaire many times over, and his business is the best I've ever come across." I was fascinated by the lawyer's story, and I never forgot it.
When I was a young man and just out of college my father gave me a few words of advice. Dad had loads of experience; he had been in the paper manufacturing business; he had been assistant to Mr. Sam Bloomingdale (of Bloomingdale's Department store); he had been in construction (he was a civil engineer); and he was also an expert in real estate management.
Here's what my dad told me: "Richard, stay out of the retail business. The hours are too long, and you're dealing with every darn variable under the sun. Stay out of real estate; when hard times arrive real estate comes to a dead stop and then it collapses. Furthermore, real estate is illiquid. When the collapse comes, you can't unload. Get into manufacturing; make something people can use. And make something that you can sell to the world. But Richard, my boy, if you're really serious about making money, get into the money business. It's clean, you can use your brains, you can get rid of your inventory and your mistakes in 30 seconds, and your product, money, never goes out of fashion."
So much for my father's wisdom (which was obviously tainted by the Great Depression). But Dad was a very wise man. For my own part, I've been in a number of businesses -- from textile designing to advertising to book publishing to owning a night club to the investment advisory business.
It's said that every business needs (1) a dreamer, (2) a businessman, and (3) a S.O.B. Well, I don't know about number 3, but most successful businesses do have a number 3 or all too often they seem to have a combined number 2 and number 3.
Bill Gates is known as "America's richest man." Bully for Billy. But do you know what Gates' biggest coup was? When Gates was dealing with IBM, Big Blue needed an operating system for their computer. Gates didn't have one, but he knew where to find one. A little outfit in Seattle had one. Gates bought the system for a mere $50,000 and presented it to IBM. That was the beginning of Microsoft's rise to power. Lesson: It's not enough to have the product, you have to know and understand your market. Gates didn't have the product, but he knew the market -- and he knew where to acquire the product.
Apple had by far the best product in the Mac. But Apple made a monumental mistake. They refused to license ALL PC manufacturers to use the Mac operating system. If they had, Apple today could be Microsoft, and Gates would still be trying to come out with something useful (the fact is Microsoft has been a follower and a great marketer, not an innovator). "Find a need and fill it," runs the old adage. Maybe today they should change that to, "Dream up a need and fill it." That's what has happened in the world of computers. And it will happen again and again.
All right, let's return to that wonderful world of perfection. I spent a lot of time and thought in working up the criteria for what I've termed the IDEAL BUSINESS. Now obviously, the ideal business doesn't exist and probably never will. But if you're about to start a business or join someone else's business or if you want to buy a business, the following list may help you. The more of these criteria that you can apply to your new business or new job, the better off you'll be.
(1) The ideal business sells the world, rather than a single neighborhood or even a single city or state. In other words, it has an unlimited global market (and today this is more important than ever, since world markets have now opened up to an extent unparalleled in my lifetime). By the way, how many times have you seen a retail store that has been doing well for years -- then another bigger and better retail store moves nearby, and it's kaput for the first store.
(2) The ideal business offers a product which enjoys an "inelastic" demand. Inelastic refers to a product that people need or desire -- almost regardless of price.
(3) The ideal business sells a product which cannot be easily substituted or copied. This means that the product is an original or at least it's something that can be copyrighted or patented.
(4) The ideal business has minimal labor requirements (the fewer personnel, the better). Today's example of this is the much-talked about "virtual corporation." The virtual corporation may consist of an office with three executives, where literally all manufacturing and services are farmed out to other companies.
(5) The ideal business enjoys low overhead. It does not need an expensive location; it does not need large amounts of electricity, advertising, legal advice, high-priced employees, large inventory, etc.
(6) The ideal business does not require big cash outlays or major investments in equipment. In other words, it does not tie up your capital (incidentally, one of the major reasons for new-business failure is under-capitalization).
(7) The ideal business enjoys cash billings. In other words, it does not tie up your capital with lengthy or complex credit terms.
( The ideal business is relatively free of all kinds of government and industry regulations and strictures (and if you're now in your own business, you most definitely know what I mean with this one).
(9) The ideal business is portable or easily moveable. This means that you can take your business (and yourself) anywhere you want -- Nevada, Florida, Texas, Washington, S. Dakota (none have state income taxes) or hey, maybe even Monte Carlo or Switzerland or the south of France.
(10) Here's a crucial one that's often overlooked; the ideal business satisfies your intellectual (and often emotional) needs. There's nothing like being fascinated with what you're doing. When that happens, you're not working, you're having fun.
(11) The ideal business leaves you with free time. In other words, it doesn't require your labor and attention 12, 16 or 18 hours a day (my lawyer wife, who leaves the house at 6:30 AM and comes home at 6:30 PM and often later, has been well aware of this one).
(12) Super-important: the ideal business is one in which your income is not limited by your personal output (lawyers and doctors have this problem). No, in the ideal business you can sell 10,000 customers as easily as you sell one (publishing is an example).
That's it. If you use this list it may help you cut through a lot of nonsense and hypocrisy and wishes and dreams regarding what you are looking for in life and in your work. None of us own or work at the ideal business. But it's helpful knowing what we're looking for and dealing with. As a buddy of mine once put it, "I can't lay an egg and I can't cook, but I know what a great omelet looks like and tastes like." |
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