What Business to start on a low budget?

Discussion in 'Business, Careers & Education' started by Mr_Incognito, May 31, 2011.

  1. Mr_Incognito

    Mr_Incognito Senior member

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    My Cousin has just graduated from college in Canada with a Business Diploma, he is very keen on starting his own business from his college savings. I would really appreciate if you could suggest some ideas for him to look into. Thanks.
     


  2. imschatz

    imschatz Senior member

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    That's not how it works. Takes a lot of years of very little money to start a successful business - you kind have to love what you're doing.

    If I had to choose something .. I'd go with a fastfood franchise .. little to know variety in my home town, especially when it comes to ethnic fast food. But those guys live terrible lives, working 80+ hr weeks for peanuts.
     


  3. otc

    otc Senior member

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    Something that does not involve producing a product.

    His best bet would be selling some sort of service that others are willing to pay for (and you would be amazed how much people will pay for things that you personally would never dream of giving up a cent for).

    Of course since he is like 24 and has a "business diploma" he will probably have to dig deep to figure out what kind of service to sell.
     


  4. globetrotter

    globetrotter Senior member

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    work for a few years, then revisit it
     


  5. Piobaire

    Piobaire Not left of center?

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    Well, undercapitalized business means you need little to no inventory, high velocity of cash, and no initial investment for start up. If you think of something that meets this criteria let me know!
     


  6. Mr_Incognito

    Mr_Incognito Senior member

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    Something that does not involve producing a product.

    His best bet would be selling some sort of service that others are willing to pay for (and you would be amazed how much people will pay for things that you personally would never dream of giving up a cent for).

    Of course since he is like 24 and has a "business diploma" he will probably have to dig deep to figure out what kind of service to sell.


    Thanks for your reply, can you suggest some services?

    work for a few years, then revisit it

    He is quite adamant on starting his business soon and I feel he can do pretty well based on his business and people skills. I just want to suggest him some businesses where the chances of success are somewhat higher than average.
     


  7. Eason

    Eason Bicurious Racist

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    You don't start a business without a lot of fallback money. Lemonade stand?
     


  8. hrb

    hrb Senior member

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    If he is keen on entrepreneurship, but doesn't have an idea, it would likely be best to go work in a field that he's interested in/utilizes his current skill-set, and search for untapped niches within that industry. Having drive is great (and imperative when starting your own business), but to be frank, executing a successful business plan requires a lot of thinking outside the box. if you need someone to think of step 1 for a business, he's probably going to need someone to think of step 2, 3, and 4 as well. With the aforementioned experience should come wisdom, and in turn hopefully result in self realized answers to steps 1, 2, 3, and 4.
     


  9. HgaleK

    HgaleK Senior member

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    Lawl

    Your cousin should ask for a fucking refund.
     


  10. Concordia

    Concordia Senior member Dubiously Honored

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    Well, undercapitalized business means you need little to no inventory, high velocity of cash, and no initial investment for start up. If you think of something that meets this criteria let me know!

    Prostitution?
     


  11. ANIKETOS

    ANIKETOS Senior member

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    Try commercial cleaning franchise
     


  12. cretaceous_cretin

    cretaceous_cretin Senior member

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    Minimal capital could be a computer programming service, in his case perhaps business programming. He does not have to be a programmer, just getting to know people who can do the job, and finding the work for them to do. The best bet is for him to get a job in his chosen field to make contacts, and attend computer conferences or geek meetings to find the programmers.
     


  13. xeniaalice

    xeniaalice New Member

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    which area does him interested?
     


  14. Not Ed Harris

    Not Ed Harris Senior member

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    I'd say that starting a business just for the sake of it is a pretty bad idea. It's going to be a lot of work, so if he's not doing something because he enjoys it it'll be a lot harder to motivate himself and if he doesn't choose something based on what the market in his area will support then he's really setting himself up to fail.

    He should try working for a couple of years maybe, building up experience and contacts and really working on his ideas for what exactly he wants to do.
     


  15. AxlJack

    AxlJack Senior member

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    If he is keen on entrepreneurship, but doesn't have an idea, it would likely be best to go work in a field that he's interested in/utilizes his current skill-set, and search for untapped niches within that industry. Having drive is great (and imperative when starting your own business), but to be frank, executing a successful business plan requires a lot of thinking outside the box. if you need someone to think of step 1 for a business, he's probably going to need someone to think of step 2, 3, and 4 as well. With the aforementioned experience should come wisdom, and in turn hopefully result in self realized answers to steps 1, 2, 3, and 4.

    +1
     


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