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re: If you had $60k cash to start a business
Posted on 7/14/13 at 10:54 pm to offshoretrash
Posted on 7/14/13 at 10:54 pm to offshoretrash
That's also why stores are hard to finance.....the asking prices are high and the books show low profits....there's too much cash involved, only the owner knows what it really makes. 10-20% of sales will be cash and what's reported really is up to the owner....
This post was edited on 7/14/13 at 10:55 pm
1
Posted on 7/14/13 at 11:19 pm to ThaBigFella
quote:
That's also why stores are hard to finance..
This is something else I am worried about but it's a home town bank with a local board so they may can approve where other won't.
quote:
10-20% of sales will be cash and what's reported really is up to the owner....
Yep he told me he didn't know how much he made every month. That's fine for someone with no bills but I have to make enough to pay my bills now and the stores, plus insurance for my family. And I don't want to do it for free or just break even.
Posted on 7/14/13 at 11:23 pm to offshoretrash
In my area, it seems the big chains are dominating. All I see is Kum & Go, Casey's and of course, Wal-Mart.
I rarely see a small operation doing well in my area. Many are out of business.
Is Kum&Go franchised out?
I rarely see a small operation doing well in my area. Many are out of business.
Is Kum&Go franchised out?
Posted on 7/14/13 at 11:33 pm to wegotdatwood
The small ones actually do better than the big names in some cases bc they can buy gas from whomever vs me having to buy from exxon and shell distributors. The savings can be significant. The other stores that are not name brand and geared toward poor people make money in tons of ways you wouldn't imagine
1.cashing checks
2.selling individual cigars and papers
3.slots
It sounds funny but I have the gamut of stores, one is in a very expensive neighborhood in highland village and sells very little inside, as wealthier people don't shop at the gas station but I can charge more for gas. Then I have one in an awful neighborhood and I cash $75k/week in checks and sell 5,000 individual cigars/month ....for blunts...you wouldn't believe how profitable that is. Poor people love to buy 1 for $1 vs a pack of 5 for $3.49. Don't even get me started on the slots, I can't believe they have a license from the city....but they do. Sadly poor people like blowing their check on these slots.Poor people also buy everything at the gas station, every time a new candy bar or drink is available it sells out like crazy for a few weeks. Some say lottery is a tax on the poor, I believe that, my store in highland village sells maybe $10,000/month in lotto. My store in the slums of Dallas, sells $130k/month of lotto.....granted at a 5% split but still just saying, the no brand stores kill it
In certain businesses you want to target the lower income people, this is one of those businesses
1.cashing checks
2.selling individual cigars and papers
3.slots
It sounds funny but I have the gamut of stores, one is in a very expensive neighborhood in highland village and sells very little inside, as wealthier people don't shop at the gas station but I can charge more for gas. Then I have one in an awful neighborhood and I cash $75k/week in checks and sell 5,000 individual cigars/month ....for blunts...you wouldn't believe how profitable that is. Poor people love to buy 1 for $1 vs a pack of 5 for $3.49. Don't even get me started on the slots, I can't believe they have a license from the city....but they do. Sadly poor people like blowing their check on these slots.Poor people also buy everything at the gas station, every time a new candy bar or drink is available it sells out like crazy for a few weeks. Some say lottery is a tax on the poor, I believe that, my store in highland village sells maybe $10,000/month in lotto. My store in the slums of Dallas, sells $130k/month of lotto.....granted at a 5% split but still just saying, the no brand stores kill it
In certain businesses you want to target the lower income people, this is one of those businesses
Posted on 7/14/13 at 11:34 pm to wegotdatwood
quote:
In my area, it seems the big chains are dominating
In town yeah but this is a rural station. He runs credit and has several lawn care, construction and timber businesses doing credit with him. He cooks plate lunches and almost always sells out. There are places where this can be improved on. He should carry more fishing and hunting supplies and a DVD Kiosk would do good there.
Posted on 7/14/13 at 11:40 pm to wegotdatwood
It always cracks me up when I see someone put in $5 worth of gas in their car and drive off.
Posted on 7/15/13 at 6:14 am to I Love Bama
Thanks Bama, Did not realize the initial investment is so high. Nor that they needed to be checked on that much a week. Thanks for the info
Posted on 7/15/13 at 8:01 am to wegotdatwood
These are my favorite threads on the money board. Wish more small business owners would chime in
Posted on 7/15/13 at 8:09 am to wegotdatwood
quote:
It always cracks me up when I see someone put in $5 worth of gas in their car and drive off.
I used to do that when I was a poor kid. Sometimes it was 3 bucks. One time i had to coast into the gas station because i was out of gas. Made it ......barely.
Posted on 7/15/13 at 8:10 am to I Love Bama
Thanks for the info bama. I'm still interested in the ice machines but probably should wait for my dad to retire to be my partner in it.
Posted on 7/15/13 at 9:07 am to I Love Bama
On September first I am moving to Nola and launching a medical start-up. I don't want to go into much detail on here but I am freakin pumped. We have been working non-stop trying to get everything together. Right now we are working on market research and analysis.
Posted on 7/15/13 at 9:09 am to TyOconner
Best of luck man. Best of luck to you.
I'm considering getting a 2nd job at a payday loan shop just to learn the business.
Self employment is the tits.
I'm considering getting a 2nd job at a payday loan shop just to learn the business.
Self employment is the tits.
Posted on 7/15/13 at 9:15 am to I Love Bama
quote:
payday loan shop
Do you view this as a good business to own? They looks shady to me, but I really don't know anything about them. Seems the clientele would be difficult to deal with.
Posted on 7/15/13 at 9:16 am to kywildcatfanone
quote:
Seems the clientele would be difficult to deal with.
Posted on 7/15/13 at 9:17 am to kywildcatfanone
Shady or not. They are cash cows
Posted on 7/15/13 at 9:25 am to I Love Bama
quote:
Shady or not. They are cash cows
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?
Posted on 7/15/13 at 9:36 am to I Love Bama
quote:
Shady or not. They are cash cows
They surely are but I have no desire to have to rely on bars, bullet proof glass and guns to protect myself at my place of business.
Posted on 7/15/13 at 9:38 am to kywildcatfanone
Some will default and I don't know how you get your money. I've talked to owners in the past just about their net income.
A solid location with minimal competition can make north of 150k per store.
Like I said, I've got a lot to learn still.
A solid location with minimal competition can make north of 150k per store.
Like I said, I've got a lot to learn still.
Posted on 7/15/13 at 9:38 am to VABuckeye
Not for you then. Doesn't bother me one iota
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