If you had $60k cash to start a business - Page 7 - TigerDroppings.com

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HamCandy
LSU Fan
Team Meat
Member since Dec 2008
430 posts

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


Running crawfish from the farms to the buyers.

or

A spot shot service.






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AngryBeavers
LSU Fan
Member since Jun 2012
3455 posts

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


I've always thought it would be fun to have a Tilapia farm. Aquaculture really interests me. Rent a warehouse to do all the raising and sell to local grocery stores. Something like the set up below just more tanks.







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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15740 posts

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


quote:

Roll tide roll smoothies will be a hit!





I can see a boycott of that name brand.



This post was edited on 7/15 at 1:41 pm


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mightyjet
LSU Fan
New Orleans, La
Member since Nov 2007
375 posts

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


Anyone know anyone with a tax return business ...looking to open one within the next year..franchises are around 60k to open





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jimbeam
USA Fan
University of LSU
Member since Oct 2011
31058 posts

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


quote:

Running crawfish from the farms to the buyers.
you can make good money having a small boiling pot.







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lsuguru
LSU Fan
Lake Charles
Member since Aug 2007
590 posts
 Online 

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


Does anyone here own an RV park. Seems like a pretty low key business. Not to mention most of them that I see, shitty or not, are full most of the time. Seems like a good investment...Anyone care to chime in?






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Overbrook
Tulane Fan
Member since May 2013
1695 posts

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


quote:

How exactly does that work? Someone needs $100 and comes in the door. You get them to agree to pay back $120 in 30 days and give them $100.
How do you know they will or collect if they don't? It's not a pawn broker deal, is it? Do you get some collateral?

They write you a check for $400, you give them $350 cash, and the $400 check will be cashed on their pay date. Ideally what you really want is for them to return the day before pay day, give you $50 not to cash it...that can continue in perpetuity. The lowest APR that you can earn, if they borrow for a full 2 weeks, is about 325%, using my example. I may have a few details wrong, and there is employment verification via pay stubs I would think, etc.
It's a cash cow, but you really are taking advantage of people, as many of them have outstanding loans at other operations (a single operations can only have one outstanding loan per person, I believe). But on the other hand, if you are about to have your water turned off, it does provide a short-term need, IF you pay it back in too weeks.
And then a company like Western Sky, offers a service to people who have amassed a ton of payday loans, to borrow 10K to get them paid back. Their interest is a paltry 180% or so. You've seen their commercials - the Indian lady saying "our money's not cheap, but better than a payday loan".



This post was edited on 7/15 at 2:20 pm


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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32133 posts

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


Are you in the business?





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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32133 posts

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


I've appraised a few mobile home parks. Cash cows as well





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Htown Tiger
LSU Fan
Houston
Member since Sep 2005
1843 posts

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


There's a 'Dollar Store' for sale here in Houston for $65k. Says it grosses $14k a month in sales, so $168k annually. Don't know anything about their monthly expenses though. Anyone with any experience in retail such as this?





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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32133 posts

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


Zero knowledge about retail ...





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AutoYes_Clown
Alabama Fan
Baton Rouge, LA
Member since Oct 2012
1871 posts

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


You said North Alabama... I have zero knowledge of the exact business and logistics, but when my grandfather got too old to tend to his cattle, he turned his 100 acre farm into an alfalfa hay farm. He didn't own any equipment or trucks/trailers and still made good money. He shipped most of it to Tennesee, Kentucky, and Georgia horse farms. Alfalfa, when done right and well cared for, brings premium $$$.





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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32133 posts

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


I'm not the farmer type.





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Meauxjeaux
Memphis Fan
I have 89,275 posts with my alters
Member since Jun 2005
16810 posts

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


quote:

They write you a check for $400, you give them $350 cash, and the $400 check will be cashed on their pay date. Ideally what you really want is for them to return the day before pay day, give you $50 not to cash it...that can continue in perpetuity. The lowest APR that you can earn, if they borrow for a full 2 weeks, is about 325%, using my example. I may have a few details wrong, and there is employment verification via pay stubs I would think, etc.
It's a cash cow, but you really are taking advantage of people, as many of them have outstanding loans at other operations (a single operations can only have one outstanding loan per person, I believe). But on the other hand, if you are about to have your water turned off, it does provide a short-term need, IF you pay it back in too weeks.
And then a company like Western Sky, offers a service to people who have amassed a ton of payday loans, to borrow 10K to get them paid back. Their interest is a paltry 180% or so. You've seen their commercials - the Indian lady saying "our money's not cheap, but better than a payday loan".


You forgot the hedge for the downside risk.

The OP asked what do you do if they don't repay?

Well, you take the check the Sheriff's Office and they handle your collections for you under the threat of criminal prosecution.

If all it takes is $60k to get into this business, I may make a career change.







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Azazello
Tennessee Fan
Member since Sep 2011
1010 posts

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


This thread reminds me of my friends' dad who is a very successful small business owner (and slum lord).

He owns around 30 coin laundry mats, 30 car washes, a few payday loan stores, 2 liquor stores, a few gas stations, and has partial ownership of a big furniture store.

He makes serious $$$






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Meauxjeaux
Memphis Fan
I have 89,275 posts with my alters
Member since Jun 2005
16810 posts

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


BigFella - don't forget to email me!

Got a question about salvage titles. Not trying to get into the car business, lol.

genejr at bayou d0t net

TIA!






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tennessee391
Tennessee Fan
Member since Dec 2008
4346 posts

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


This thread is awesome. Makes me wish I wasn't a broke 20 year old.

Ready to get the ball rollin






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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


Meauxjeaux I can't email you my email address is my real name haha just post your question here! fwiw be careful posting your email like that a quick google search can provide a ton of info man, I'd go back and delete where you posted it twice....





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

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


Could you be a partner in a subway or sonic with 60k?






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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


Considering name brand franchised businesses are worth anywhere from just under $1m and up if land is leased and start north of $1.5m usually if the land is owned id say $60k wouldn't get you too much of a stake....


This post was edited on 7/15 at 11:09 pm


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