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Starting a business
Topic Started: Sep 4 2014, 11:20 PM (1,250 Views)
truckjohn


While you are in school - set up internships with small, privately owned businesses to get a feel for how they work...

People have this romantic idea of what "Business" is...

The reality is a lot less romantic....
Plumbers make money by getting clean water to run uphill and shit to run downhill....
AC guys make a ton of money when it's hot as hell...

Here's the thing... Look at "Small businesses" that are common... Now... Think... They are all making money... That means there is DEMAND for them.. Don't REINVENT the wheel... Don't do weird things no one will pay for...

WHY are there so many plumbers, electricians, lawyers, doctors, and gas stations?
Why are there VERY FEW custom car makers and solar panel manufacturers?
And... Don't be fooled when you find NO ONE recycling dog hair....
Edited by truckjohn, Sep 5 2014, 10:36 PM.
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iveyjh
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evmetro
Sep 5 2014, 10:00 AM
I would closely evaluate what you enjoy doing the most, and not just what might make more money. Your favorite hobbies or interests are something that you will be more passionate about, and therefore more likely to succeed. What kinds of things are you interested in? Have your studies in mechanical engineering led you to any potential products or services?
:gp
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Cobb
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So, you are still in school you live in Alabama? Can or do you still live with your parents? What bills do you have? What will they be when you finish? Whats around you? Aerospace and government jobs? :popcorn

Look at your finances. How much do you need to live, pay your bills? What are you needs vs wants? Take a look at some franchises. Many I know who run their own business use to work for Merry maids for example. Most young women I know who do this end up selling the business and moving on to something else or back in the corporate world. Others work in the corporate world and build up contacts before they go private so they have some clients.

Regardless run the numbers and see how much you need or want. I need 17 bucks an hour to keep my shitty lifestyle. I want 28 an hour so I quit running out of money before my next paycheck. In order to make 28 bucks an hour I would need to be a busy, busy person to do it 40 hours week after week after week.

I came close to using the wheelchair van metroschultz help me assemble to drive disabled people around. Turns out I needed liability insurance and it was sold in million dollar installations for 2 grand a 6 month premium. Good news it covered 1 or thousands of employees. 2 grand / 6 is 333.33 a month for insurance alone. My van got 17 miles a gallon. So I make roughly 2 grand a month after taxes and benefits. Just to break even I would need to make 1500 every 2 weeks or 3 grand month with the van thing. Thats 100 bucks a day every day a month. That might of been doable to have enough service to get 100 bucks a day on average or 500 a week, but I kept getting interviews and found a better job.

The shop I use to work at has days in the middle of the month that the only car to drive by delivers the mail. Then near the end and beginning of each month comes the cars for their inspection thats required in VA and we get most of the necessary work and sometimes extra because of it.

Like truckjohn said, go to your career center and look for internships and such. Careful that they arent taking advantage of you.

Plan B? Deliver shit. Many on here delver pizza, papers or do the courier thing. It has its TAX advantages, but you got to love to drive and have a fuel efficient vehicle thats paid for. :thumb
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2000Firefly1.3L
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Hydrojim
Sep 5 2014, 09:30 PM
If you asked me what my dream was, it would be to design and manufacturer my own automobiles. But obviously that's not easily accomplished. If feasible at all. Tesla is the only company that has been successful doing what I dream of doing and they're still on shaky ground. I've considered being a company like Saleen who customizes existing cars, but in my opinion, the super car market is already saturated to the point that it would be hard to differentiate my product unless I came up with something new. I've toyed with the idea of purchasing new OEM vehicles or trying to strike a deal for new car shells. Similar to what solectria did with Geo Metros. I just can't see the idea being economically feasible. Take something like a mitsubishi mirage. $13000. takes $15000 to do a nice professional conversion. $28000 car when you can get a mitsubishi i-miev for $23000 due to the $75000 federal tax credit.

Now I've considered using used cars. But if you get into older cars that are more simple, you have to deal with the fact that it's a 20 year old car and will need a good deal of work put into it. Then newer used cars are more complicated and then you'll have to convince someone to spend $20000+ on a "used" car that can go 100 miles.

I think I'd really like to put out a product like Elio Motors but I would rely on my own funding and stick to low volume.

These are the kind of ideas I have rolling around in my head.

Then there is also the option of getting a typical 40 hour a week job as an engineer and just working for an existing company. That is also appealing.

I have a few years to contemplate all this until I'm done with school. But keep the ideas coming. I like to see everyone's view point.
Dream big.
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Go look up the singer porsche story
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