Starting my own business
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I'm a first-year law school undergraduate and I look forward to opening my first business by year two the latest. I have several ideas already, and once I consult my professors, I will start writing my business plan.
My question: what are businesses with low start-up capital and low operating costs, apart from internet businesses? And preferably ones with no need for retail/office space?
Thanks in advance. :) -
Investing allows you to reap a better financial reward in a shorter period of time provided that you have an acute sense of investment.
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no retail space means not selling goods, but providing services. and services that don't use alot of equipment. that would be consultation services. try starting a lawyer firm or a tuition centre.
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Originally posted by RETARDED_MORON:I'm a first-year law school undergraduate and I look forward to opening my first business by year two the latest. I have several ideas already, and once I consult my professors, I will start writing my business plan.
My question: what are businesses with low start-up capital and low operating costs, apart from internet businesses? And preferably ones with no need for retail/office space?
Thanks in advance. :)
I would say a "tuition agency". Your "office space" could be your laptop/computer. All it takes is a lot of "networking".But I don't think its sustainable in the long run but it's an idea which you can explore. I have friends who is somewhere along this idea.
You connect parents who want tuition for their kids with your tutor "friends". You take the commision lor, one-time fees or something.
Some problems:
- It has a low barrier of entry and there could possibly be too many of such ideas out there.
- Too low an income.
- Too low a demand, too high a supply?
Just a suggestion for ya! Lols good luck..
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Originally posted by Spartans:
Investing allows you to reap a better financial reward in a shorter period of time provided that you have an acute sense of investment.
I'd rather work in my own business for $X than work in someone else's business for $10X; money is really not my primary objective. I can possibly earn more doing what my degree dictates I should be good at doing instead of owning a small unprofitable business. That being said, I'm also an amateur investor (to date I've invested my entire life savings, seriously). -
Just to add on. To beat competition, you must have quality and good prices. Build on your credibility first. =)
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ok.... good for you.
working for someone else will give you a chance to gain experience, so when you start for real, you can avoid some rookie mistake. and it will give you some capital to work with too...
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Originally posted by dinky1409:
I would say a "tuition agency". Your "office space" could be your laptop/computer. All it takes is a lot of "networking".But I don't think its sustainable in the long run but it's an idea which you can explore. I have friends who is somewhere along this idea.
You connect parents who want tuition for their kids with your tutor "friends". You take the commision lor, one-time fees or something.
Some problems:
- It has a low barrier of entry and there could possibly be too many of such ideas out there.
- Too low an income.
- Too low a demand, too high a supply?
Just a suggestion for ya! Lols good luck..
What would be a possible sustainable competitive advantage, if I venture in this business? I'm still at a stage where I'm actively scouting for ideas, and if the idea is too technologically-oriented, I'd probably need to partner with my engineering/computing friends. -
Originally posted by skythewood:
ok.... good for you.
working for someone else will give you a chance to gain experience, so when you start for real, you can avoid some rookie mistake. and it will give you some capital to work with too...
very much agreed.. =) -
Originally posted by RETARDED_MORON:
What would be a possible sustainable competitive advantage, if I venture in this business? I'm still at a stage where I'm actively scouting for ideas, and if the idea is too technologically-oriented, I'd probably need to partner with my engineering/computing friends.
As i said, credibility. But its not easy to turn one dumb kid into an A+ genius. So it's hard to get word around that your providing the best tutors around unless you really deliver them.
I can't really give you much answers to all your questions but for low start up low operating costs, Services Industry is probably the way to go.Try to look into "events planning" too. If your creative and good at planning, this could be an area you might want to look into.
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basically, any consultation services with little equipment will do. Try Private Investigator.
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tuition centre..low cost start up..even online business will do. build up ur contacts and make ur tutors work for u!
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you may like to check if you are suitable for the type of biz u going into
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I'm halfway through my business plan, which I will submit as proposal for funding schemes provided by my university. Still looking for a partner.
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hi there,have u heard of network marketing,it would suit you a lot because of what u want,low start-up capital and low operating costs and no need for retail/office space,the best part is that the people will want to make you succeed,only if u succeed then would they make money,to get more of an idea wat is it about,go to youtube and look for robert kiyosaki why network marketing :)
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Originally posted by Realazy Spaz:
hi there,have u heard of network marketing,it would suit you a lot because of what u want,low start-up capital and low operating costs and no need for retail/office space,the best part is that the people will want to make you succeed,only if u succeed then would they make money,to get more of an idea wat is it about,go to youtube and look for robert kiyosaki why network marketing :)
network marketing is a scam, imo, just an altered form of pyramid marketing.. -
hi death, in every industry of business there are the black sheep, it is these few black sheep that has caused people to have a bad impression, but if you take a better look at the industry as a whole then would you understand it better. Is what you said really a good enough reason to stop looking for opportunities? Anyway, would you tell me why network marketing is a scam in your opinion. Let's clear the doubts.
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nowadays so many businesses around... like tuition centres that have been suggested, etc etc...
So many pple want to do, so much competition
The best way, in my opinion, is to come up with some plan to play as a supporting role to such an industry that have low barriers to entry and widely popular. Sort of like... no matter how much they compete out there, they will still need or use your services...
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Everybody needs to eat.
But it's hard coming up with a really good profitable and sustainable idea to capitalise on this.
Zhi Char, Cafe, kopitiam.
Everybody has thought of it long and hard.
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So many kinds of business opportunities. ;p
Depending how much time u gonna sacrifice out of ur law school studies.
Become agents ? PR company ? Sales for specific type of products ? Distributor ? Dun need office space.. ur house can stock the products. heh heh.
Someone mention events, thats not bad too. PR related would be easier as u can practice ur skills as an undergraduate law student. heh
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Originally posted by charlize:
Everybody needs to eat.
But it's hard coming up with a really good profitable and sustainable idea to capitalise on this.
Zhi Char, Cafe, kopitiam.
Everybody has thought of it long and hard.
An example of a 'supporting' role which I have mentioned would be something like ieatishootipost.blogspot.com
The owner does earn from adverts, no matter how small it is :D
Another possible example could be you being a supplier of takeaway boxes to these shops, etc, if you can source them cheap
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Originally posted by eagle:
An example of a 'supporting' role which I have mentioned would be something like ieatishootipost.blogspot.com
The owner does earn from adverts, no matter how small it is :D
Another possible example could be you being a supplier of takeaway boxes to these shops, etc, if you can source them cheap
Supporting role not exciting leh.
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Originally posted by charlize:
Supporting role not exciting leh.
You rather exciting and work very hard to play along with competitors to earn a bit
or
less exciting, but work less and see pple competing with each other cutting each other to earn a bit as well?
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Originally posted by eagle:
You rather exciting and work very hard to play along with competitors to earn a bit
or
less exciting, but work less and see pple competing with each other cutting each other to earn a bit as well?
Damn, beggers cannot be choosers, I guess.
Need to rack my brains hard.
What can I do to make good money these days?
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Originally posted by charlize:
Damn, beggers cannot be choosers, I guess.
Need to rack my brains hard.
What can I do to make good money these days?
Go into environmental proctectionist business.
Whatever protected species , u ask them for protection money lo. Its good business.
but anyways , money is not hard to earn. Its aways there. Its about the opportunity, the risk and whether u got it in u to make it big. ;p