If you had $60k cash to start a business - Page 4 - TigerDroppings.com

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I Love Bama
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Member since Nov 2007
32092 posts

re: If you had $60k cash to start a business


Good but it hasn't been a hot summer. Numbers are down from last year.





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The Connoisseur
USA Fan
New Orleans
Member since Jan 2011
827 posts

re: If you had $60k cash to start a business


Kinda curious bama. I assume you own one of those machines that are basically a vending ice machine? What's the initial investment roughly? Did you just find a good location and more or less put it there or what? What's the yearly maintenance fees on that? As for the OP my best advice is find a mix between something you enjoy and a need for your area and dothat. Good luck





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eng08
LSU Fan
Member since Jan 2013
1764 posts

re: If you had $60k cash to start a business


Bama, how often do you have to go fix it? (It clogs, a bill insert machine clogs, stops vending, etc?)

I was seriously going to buy 2 but after speaking with the manufacturer reps and an owner I decided against it. I didn't have the time to go fix them 2-3 times a day like they were saying you had to.






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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32092 posts

re: If you had $60k cash to start a business


The first year is the worst. Daily problems. After you get the kinks worked out it isn't bad.

My dad is running them now and visits each machine about three times a week.

They cost about $115k each.
Location is everything.






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eng08
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Member since Jan 2013
1764 posts

re: If you had $60k cash to start a business


Did you get the chain and sprocket run ones? Or geared auger ones?






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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
16572 posts

re: If you had $60k cash to start a business


quote:

Good but it hasn't been a hot summer. Numbers are down from last year.



Are you guys talking about stand alone ice machines you see around? Are those really money making machines? Every convenience store sells ice. Just curious..






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ThaBigFella
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baton rouge
Member since Apr 2006
2043 posts

re: If you had $60k cash to start a business


I actually heard some stores make their own ice. I actually buy the big bags for $1.10 and sell for $1.99 but I sell tons and tons and making our own would be very profitable but I also have 4 large coolers free of charge from reddy ice





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kjntgr
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Baton Rouge
Member since Jan 2004
4144 posts

re: If you had $60k cash to start a business


" I be witch hunt " t-shirt franchise.





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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5127 posts

re: If you had $60k cash to start a business


quote:

What kinda income you looking to make?



As a business 15-20k monthly minimum. I know 60k won't do that but I would be willing to take a loan out for more if needed.

I've been working offshore now for 20 yrs and I am looking for other income to either get out totally or supplement what I make now to be able to retire very early. I have the money so it's either this or a new work shop.

I'm even looking at investments in to oilfield businesses.






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jimbeam
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University of LSU
Member since Oct 2011
30675 posts
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re: If you had $60k cash to start a business


quote:

I've been working offshore now for 20 yrs
I'm sure you can find something with what you do and say
1. I can do it better
2. I can do it cheaper
3. I can do it faster
4. Why isn't someone doing this






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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32092 posts

re: If you had $60k cash to start a business


You can make that with a payday loan business





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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5127 posts

re: If you had $60k cash to start a business


quote:

'm sure you can find something with what you do and say
1. I can do it better
2. I can do it cheaper
3. I can do it faster
4. Why isn't someone doing this


I also have an offer to buy a gas station but I'm kind of worried about it. I could run it better than the guy that has it now but the building it self need some work. The asking price is a little high for an old building but it's in a great location and has a lot of traffic.






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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5127 posts

re: If you had $60k cash to start a business


quote:

You can make that with a payday loan business



Do you have some information on them? I search the internet but didn't find the info to actually get a franchise.






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ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: If you had $60k cash to start a business


quote:

I also have an offer to buy a gas station but I'm kind of worried about it. I could run it better than the guy that has it now but the building it self need some work. The asking price is a little high for an old building but it's in a great location and has a lot of traffic.


1.Nobody is going to sell a gas station that's profitable for cheap, I know my exit strategy is to lease them out bc there is just no need to ever sell such cash cows.I wouldn't even sell mine for 3x earnings which is a ton for small businesses. It's just these businesses are so tunkey, management is very cheap to hire, but yes there is theft if im not there but its minimal in terms of the money made.

2.As long as the tanks underground are new, there's not much else that could surprise you and cost alot of money.

3.If you have a chance to buy one, do it, you really can't put a price on the 24 hour aspect of it. Most people make money 40 hrs a week at work, I make money 168 hrs a week. The money isn't ridiculous when you break down the per hour amount but the fact that 14-16 hrs a day I'm making money while not working is very appealing.Definitely don't look at volume of gas though bc the busier stores really sell gas for the cheapest and thus turn very little gas profits.



This post was edited on 7/14 at 9:32 pm


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eng08
LSU Fan
Member since Jan 2013
1764 posts

re: If you had $60k cash to start a business


Yep standalone ice machines, lower price for a larger quantity and" fresher" product

The market in LA is over saturated now, I was looking at them 2-3 years ago.

ThaBigFella: biggest theft issue was lotto tickets right? I remember that from a previous thread.






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ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: If you had $60k cash to start a business


anything is a theft issue, I mean of course you can install expensive RFID systems but it's not worth it for inventory that cheap. Lottery rarely gets stolen bc we count the total value of inventory nightly, if cash for lotto is missing it would show up.The issue with lotto is workers play and blow their checks!Cigarettes don't get stolen either bc the taxes for each pack are noted in inventory but workers eat and drink on your dime all day long and never seem to feel the need to pay and I'm not gonna roll through hours of footage to catch a few missing cokes and candy bars.......but when you have 4 stores and nearly 800 hours a week of open time, that translates into alot of money lost on employee theft.

I don't have the scanner systems, my uncle liked the old fashioned enter the price manually systems and the problem with those is I've seen employees just enter a price flat ie coca bottle $1 and then open the register hit void ticket and then pocket the cash.

There's so many ways to steal it's crazy, mechanics fixing flat tires for $10-15 and then not ringing it up, I could go on for days, but that's why I go to work everyday, to minimize theft....but hey I can't really expect people to live on $8/hr too. I guess it's part of the territory.



This post was edited on 7/14 at 9:51 pm


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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5127 posts

re: If you had $60k cash to start a business


quote:

.Nobody is going to sell a gas station that's profitable for cheap, I know my exit strategy is to lease them out bc there is just no need to ever sell such cash cows.I wouldn't even sell mine for 3x earnings which is a ton for small businesses. It's just these businesses are so tunkey, management is very cheap to hire, but yes there is theft if im not there but its minimal in terms of the money made.


I guess he is really selling the earnings. And I guess it's a pretty good price when you think about it.

quote:

2.As long as the tanks underground are new, there's not much else that could surprise you and cost alot of money.


I'm not sure how old they are but one the first things I want to do is put in under ground diesel tanks because his is above ground and old manual pump.



quote:

Definitely don't look at volume of gas though bc the busier stores really sell gas for the cheapest and thus turn very little gas profits.




This is a rural station that runs credit to certain clients. He is higher than stations in town. He told me he sells $30K every two weeks in gasoline. I'm not sure what his profits are though.






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jimbeam
USA Fan
University of LSU
Member since Oct 2011
30675 posts
 Online 

re: If you had $60k cash to start a business


My company did a lot of UST work recently. All the new installs and tank pulls are starting to dry up. Might be a good sign as far as the age of the tanks at this location goes.

If not, and he's been paying into the state trust fund, you'll be better off than if he hasn't obviously.






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ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: If you had $60k cash to start a business


quote:

This is a rural station that runs credit to certain clients. He is higher than stations in town. He told me he sells $30K every two weeks in gasoline. I'm not sure what his profits are though.


Run away, fast.....

He just told you he sells like 8,000-9,000 gallons every 2 weeks.....that is one of the worst gas stations I've ever seen. I mean that's less than 900 gallons/day....does he have 1 pump? My worst one sells north of $125k every 2 weeks....don't look at sales, Im by no means rich off that margins are miniscule.

Now if he meant it's profiting $30,000 every 2 weeks, thats realistic, but it's going to be worth $2-2.5M haha



This post was edited on 7/14 at 10:22 pm


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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5127 posts

re: If you had $60k cash to start a business


Very interesting. He says he shows 1.2 mil on his taxes. I can't get a solid number on what he puts in his pocket. This is why i am looking around


This post was edited on 7/14 at 10:48 pm


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