Owning my own business?
Topic: Best business plan book out there
June 26, 2019 / By Conradine Question:
This may sound crazy, I don't know, but I just got out of highschool and am looking to get a business degree and hopefully open my own business. I'm planning on owning a tanning salon/gym. My questions are:
1) How would I go about opening a business (with a fairly large amount of space)? How would I get loans/investors?
2) How much money can I make off of it?
Best Answers: Owning my own business?
Bertha | 10 days ago
I'm looking in to starting my own business myself right now, and I've bought this package from Waterstones labelled 'Your evening class - starting a small business' by teach yourself company. It's great because it has audio (if your not a big fan of reading huge books), it breaks it down for you, and you go through workbooks to put your idea together and learn what you need to know. There is also a book with more detail but it's only small. It's a great package which I would recommend to you as it covers all kinds of business'.
Also I'd recommend (the most important thing) looking into the business market around your idea, to see who your competitors are, and what you'd need to make yours better and selable, but also if there's an open market for your idea because you don't want to put everything and all your money into this business and have it flop, so be very vigilant on your market research. If you plan it fully, and put everything into it, researching and putting it together it should result in a successful business, and as you know business' can make a lot of money! Especially the gym/beauty business' there's a huge demographic you can reach with that business, I mean think of how much places like JJB's must be making! However don't forget there's an economic crisis still lurking so best plan for a few years and wait until the economy is improved so your not going to loose out on money. Good luck :)
👍 288 | 👎 10
Did you like the answer? Owning my own business?
Share with your friends
We found more questions related to the topic: Best business plan book out there
At first when you open your own business you most likely will not make anything for the first 1-2 years in the average economy because all the money that you make will mostly go to paying bills and making payments on your loans. The rest will go to keeping you alive, (food, clothing, home, medicine, etc.) When opening your own business you have to basically operate as frugally as possible, which means spend only what you have to spend. After your 1st or 2nd year of business you should then expect to start making money on your business.
👍 120 | 👎 6
I just started a business called Investifieds. We connect entrepreneurs like yourself and investors. It's located at www.investifieds.com. It's free and you don't need to give away your idea, just a general outline.
Best of luck!
👍 111 | 👎 2
I have a quick question have you wrote out a business plan? If not I have a "FREE" ebook on writing a business plan. If you would like a copy please email me.
👍 102 | 👎 -2
Originally Answered: What's the difference between owning stock and a business?
The main advantage of being a majority shareholder is that you are the ultimate boss of the company and not its management team. Which means that you can replace the management team if you don't like the way they are managing the company.
During the last decade many companies have made record profits. During this time, dividends paid out to shareholders have declined to record low levels. And during this time, salaries and bonuses paid to company executives have soared to stratospheric levels.
When you don't own the company outright. Then more likely than not, the managers of the company will reap huge rewards. While you will get a miserly 2.1% yearly return on your investment. Which is the average dividend yield of S&P500 companies at the present time.
I doubt you will find any of Warren Buffet's executives paying themselves hundreds of millions of dollars in compensation. But you will find plenty of such examples among other publicly owned companies with lots of minority shareholders.
Warren Buffet gets all the profits he is entitled to as the owner of his companies. And that's why he is so rich now.
Here is where I got my information from: