Whats a good business to get into?

[jeryst]

Well, here's the story. The company that I work for has been bought several times in as many years. It doesn't look good for the future, and I figure we have about a year left. I'm looking for a business that I can start, part time at first, that can become a full time job when the time comes. There are no jobs around here for what my experience is (mainframe computers), and most of the manufaturing facilities that use them are dying. We like it here except for the winters, and would like to stay here, but there just aren't any jobs unless you are in the health care field.

I'd like to start a busines of my own, that will let us live comfiortably and allow me to put the remaining 3 kids through college. I'm tired of busting my butt while making other people money, and I'd really just like to start something of my own. I'm approaching 55 and not in the best of health, so anything really physical is not in the picture. Any of you have any suggestions based on what you do? I don;t have any idea as where to start.

[Moparal]

Man Jeryst, tough post to reply to here.   But a good luck is in order

Wish I had a way of helpin out but I can only suggest running adds to repair puters in your skills.  At 55 it is hard to find a company that will take you on at your age and your skills are in puters.

You may try things like carwash owner, laundry mat, land buy/sell. Antique selling, it's gonna be tuff for you at any means fending for yourself and trying to keep insurance and pay for college.   maybe play the stock market....I got no Idea.


Best of luck

[MEK-Dangerfield]

Do you own any property that is unused? Do you have any funds saved "for a rainy day". The big thing now is opening up storage spaces for other people(like me). Clear the property and build garages.  You would be surprised at the demand. 


  Mike

[67vertman]

You should look into the environmental field.  I moved into it 8 years ago and my salary/compensation has doubled every couple of years since.  There is areas where it could be a home based business and built up from there.  If you would like more info, please PM me.

[Bullitt-]

You never said what your field is so I will assume you know quite a bit about computers. The independent I.T. guy that supports our business has a pretty wide open schedule. Of course he has to be available when needed, which is rare. Usually he handles small issues over the Internet using PC Anywhere, but sometimes he comes on site for half an hour and hauls off a PC & returns it in a day or two ready to go again. We pay him a monthly fee and I suppose he has several other small business's doing the same. You might be able to take on a hand full of low demand clients and work your way out of your 9-5 job.

[70RTdroptop]

A good friend of mine was telling me the other day about  brokers that basically sell small mom-and-pop businesses ( who have no one who wants to keep the business in the family ). A friend of his got tired of his old job, and bought a small septic tank pumping business, makes good money, doesn't mind getting his hands dirty, and loves what he's doing. How to contact these small business brokers not sure about, though. Still, it is pretty intriguing, and there are brokers out there who can put you in to a small business of your own.

[MJS73]

In Jersey, you could run for governor - you sure couldn't do any worse!

Mike

[DAYTONA]

...I'm 55 too....

...I have been in various businesses (primarily tobacco related) for over 40 years and for many years helped others start their own stores as part of a chain...choosing locations, stocking stores, ordering equipment etc etc

...thoughts

...it is tough to start a "part time" business....a new enterprise will take ALL OF YOUR TIME to get it off the ground... I have started many different businesses from the ground up and it takes time, capital and above all, desire to win the game...

...look for a business/venture that takes as little capital/start up expense as possible....in case it tanks, you don't lose your entire nest egg...

...don't start a business for your convenience, put it where your customers live/shop/and spend their dollars

...as stated in another post, if you have IT experience, that would be a good place to start looking at the possibilities

...never invest in another persons dreams

...never spend all of your capital on the start up.....there will always be more money needed than you think or planned for....always have reserves

...don't get involved in franchises....too much licensing and "the COMPANY" takes their percent off the top....

...don't buy lots of expensive computers when you start a business...you can run a successful business forever without them...

IDEAS...

...look for a successful local business that might be for sale due to retiring owners...NOT ONE THAT IS GOING BANKRUPT...

...PETS....pet boarding (Doggie Hotels) is a growing trend, especially in bigger citys

...lawn service....labor intensive, but not alot of machinery to get started

...auto detailing...several friends of mine make pretty decent $$$ detailing cars for individuals...fees run $80-100. per car...you can do at least 2-3 per day

...auto window tinting/pin striping/installing spoilers/stereos...combined with bolt on pick up truck accessories/bed liners...not much start up here either(most customers pay in advance and then you order the parts for them)...they do lots of work for individuals and also dealerships

ROI....Return On Investment....invest $10K to start a small service business and it makes $40K per year....the return on your investment is pretty darned good....invest $200K and make $40K, that sux....most of my retail stores make 200-300 %  ROI....

...look at the simple things, things everybody needs, uses or wants every day....lots of opportunitys out there

...................hope you the best in the next chapter of your life

[bb71challenger]

The 2 posts that caught my eye are the environmental one and the storage facility. I have no idea what that environmental career involves but I would be very interested in anything that had a multiplying salary  
I know that storage facilities do also seem to be a hot property around here and after you get them built they would seem to be very low maintenance. Good luck in whatever area you venture.

[67vertman]

The environmental field is growing by, leaps and bounds, and will continue to grow for many more years to come.  There are Federal, State and Local laws that govern all aspects of environmental issues.  The field is lacking qualified/motivated individuals to full fill the needs of companies doing business in this field.  Therefore, salaries in this field are out pacing most other fields. 

Best of all most jobs do not require a college degree, or any other special certifications. Just someone who is willing to learn and is self motivated.

[BIGSHCLUNK]

What do you LIKE to do? This often branches into business related prospects. I liked cars since I was a kid. Been an Auto Recycler for longer than I'd care to admit (I'm 52) My brother always a big talker... ya you guessed it Super Salesman and national trainer. I could give more examples but I think you can get my drift. Commitment, important. Starting capital, crucial. I begged /borrowed when I started. And don't expect to make alot of money in the first few years, most new business's fail in the first 3 years. Think it through, plan it out, and go for it! Good Luck!  

And talk about enviromental??

We were recycling long before it was popular! 

[Jacksboys]

 

[Grancoupe]

Hey Jeryst,
My understanding is that Penn. is springing up some very large data centers due to SEC regulations now mandating that DR sites have to be on completely separate power grids. I imagine there should still be a need for some mainframe talent, especially as a contractor. Not sure what part of Penn you live in but if it near the Jersey border there should still be some leads. Did you ever consider looking into starting a career as a project manager? This could possible keep you in the computer business. A lot of the hospitals also have small data centers that they manage on their own. If there are a lot of hospitals then maybe there could be some data center positions.

[HP2]

Car wash, storage centers, and vendor machine routes have long been a mainstay of the semi-retired group. They provide reasonable income with reasonable effort. Certainly the bigger your set up/routes, the more money you make, but I don't think I'd say it is the hot ticket for primary income and college support for growing kids.

Environmental stuff is a quickley growing and lucretive segment. Problem is not a lot of places know what they need and in what capacity. I've often seen it lumped together with health and safety and facility management positions. I'd say it all depends on your location. A friend of mine is a couple years away from retiring form the Air Force and is doing environmental work and he already has several private job offers on the table for when he leaves, all on the east coast. Out west were I am they are fewer and far between and tend to be lumped with other jobs. I at one time had thought about getting into anti-freeze recycling. Could have been a pontetially decent business, but I didn't have to drive to constantly bird dog new clients and set up routes and schedules. Environmental and recycling busienss canbe that simple or as complex as you want.

Mainframe work is certainly a shrinking field in all but the largest corporations and many financial institutions. Mmany things are moving to desktop and personal computing. However, the explosion of digital content has made back, storage, and archiving a big business. Perhaps using your IT background you could move into data backup and storage for small and mid size companies. For many companies, off site data storage is mandatory for profesional certification. For that matter, depending on your level of experience, you could go into consulting on systems design, application, and start ups for smaller companies.

Retailing is a tough business to get into as you are buying other peoples products and have to maintain margin on them to make any money. There always seems to be someone out there willing to undercut margin for volume and since the net has created millions of consumers who sole point of purchases is pricing, you have to erode your margins to compete, or sell buclets of items and make up in volume what you  loose in margin. Better bet is to be the point of manufacture for stuff and then sell to the distributors.

There are brokers out there who sell intact businesses. They can be a great source, but as others have mentioned, you have to closely examine any pruchase to make sure you aren't buying a dog or somebody's turd that is about to be flushed. There are successful business out there for sale, but they may require sizeable amounts of cash for down payments to aquire. Caveat emptor is the key phrase here.

You also can start up your own business if you identify a nitch you want to serve. If it is a very capital intensive start you can expect to need to come up with a business plan as well as cash and/or financing to get it off the ground. There is a nationwide group out there of retired exectives, SCORE is what it is called I beleive, who are willing to review busines  splans and provide start up consultation for minimal fees or for free. The more research and opinions you get on this angle, the better your chances of surviving as different points of view can bring to bear issues you can't even think of with begining a new business.

Good luck with what ever you choose to do.

[Super Blue 72]

Hope you find something up your alley!  It's a tough situation trying to start up being your own boss.  It definately has it's rewards but I've always been a laborer, working for someone else.

  What ever you do, don't do Amway.  As MEK would say, don't ask me how I know.....