A lot of money to work with.

Discussion in 'Growing and Managing a Business' started by seabass, Aug 27, 2013.

  1. seabass

    seabass
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    A friend of mine just inherited $10,000,000. He said if I could come up with a business venture he would gladly invest his money. I live in a college town with a population of 30,000 and 60,000 during the school year (9 months). Does anyone have any ideas? just some more info : there is a mile long road that is crowded during the mornings and afternoons. There is only one place to get food on this road and its not fast food. Maybe buy some land and throw a fast food joint there? Should I be thinking bigger?
     
  2. Paul0130

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    No ideas from me but good luck! You are one lucky guy! Seriously, lol!
     
  3. onegoodman25

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    You are really one lucky Guy :D. I would say think out of the box, why don't you choose launching a business in bigger city ? maybe pay a visit to one of the big cities in your state and see what kind of business can you launch there.
     
  4. eurekapsycrille

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    Look closely what is lacking to that place aside from fast food. If that's near in a college town, you might want to know what are the things that are in-demand in a particular school year season that needs low capital but generates good income. Fast food is good, but if you solely rely on the students to be your customers, you might end up closing your business unless you have more prospect customers because maintaining a food business is costly and needs lot of effort.

    you might want to look for other ideas like school supplies, book binding, printing, or something related to schools. Or if you want you can put up these businesses at the same time.
     
  5. amwarner

    amwarner
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    Hey congrats on that opportunity that you have with getting that money to start your business, if you so choose. I always thought about what I would do if I had the money there, what business I would invest in. There's so many good ones. But my absolute best one would be an apartment or residence. You say you live in a college town with 30 - 60K people, if you were to get land and develop, or even purchase a location that someone is selling and turn it into residence, that's great residual income there for at least 9 months of the year. Maybe more.

    You suggested fast food, but I have a real problem with the restaurant business. You need to look at and consider if people will go get fast food on occasion if you were to go there. It's really not a bad idea, if there's only one other food place on that road, but I don't know ... I just don't like food joints as a business. Too much can go wrong and so much to maintain.
     
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  6. Fergal

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    Congratulations and good luck with that seabass, plus welcome to Business Advice Forum.

    Rather than thinking solely about what kind of business would work, think about the kind of business that you could be really passionate about. Is there something that you really believe in, or something that you really enjoy doing, that you could develop into a business. Perhaps you have a hobby that could be developed into a business?

    The business is more likely to be successful and you are more likely to be committed to it over the long term, if it is something you are passionate about.
     
  7. Mark T

    Mark T
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    It is a good thing to invest in something when you have that money. What you can do is to analyze your target market. Your proposition about having a fast food along the road might be a good idea - but you have to first gather enough data to say at least - that it will earn money.

    Second thing is that - don't put all the money in one investment. For sure, the fast food idea is not just the only business idea that can be done in your area.

    Examples:
    1. You can try investing on a certain existing and proven franchise business.
    2. Buy a property and use it for rental purposes. (become a landlord!)
    3. Study entrepreneurship while invest your money in the bank for it to grow.
    4. etc.


    Goodluck. :)
     
  8. seabass

    seabass
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    Thanks for all of the help. An apartment complex would definitely be profitable. The city is growing very quickly. What do you think about a driving range? The only public driving range is 15 minutes outside of town. I could also make it indoor and serve beer/food. People would love that during the winter.
     
  9. amwarner

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    You need to do a poll of something in your city to see how many people in your town are actually interested in golf. I'm in Toronto, Canada and people love golf here and driving ranges ... but there's a driving ranges all over the place here. It's not a bad idea, but also what Fergal said, consider something that you're gonna be passionate about running. No sense starting up a business if you have no interest in the day-to-day operations and only focused on the money.

    If that's what you choose to do, only focus on the money, that's fine ... as long as you're not the one that's running the business.
     
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  10. seabass

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    My passion is to start a successful business...so any of these would make me happy.
     
  11. X4B

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    Ah nice! Good luck, invest in Stock market or virtual currency
     
  12. Changed Creation

    Changed Creation
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    HI Seabass. Before you spend spend any money, please make sure you know how to run a business. It takes more than money, more than a good idea, more than the drive to work hard, more than will power or common sense. You really don't want to loose it all because of a lack of knowledge on part of the business owner, which is the biggest reason businesses fail. I bought a good business level 4 and thought I knew more than the previous owners about business, had more business training, vision of what it could become and more tenacity and drive to give it my all, and still lost it! If you really, really want to start a business and are prepared to learn how to, and are interested to know more, I will advise you where to go to to learn about business which will take you to where you only dreamed of. So my advice is you always have to start by improving your skill. There are different skills that need to be mastered for every one of the 7 levels of business. You should start with the first one.
     
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  13. Fergal

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    Good advice there Changed Creation.

    Don't think I heard of that before, what are they?
     
  14. Business Attorney

    Business Attorney
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    Changed Creation makes an excellent point. There is a lot more to running a business than just a good idea. In fact, if all you get is a good idea, I would say you are almost sure to fail.

    Experienced investors look more at the skills of the management team than at the idea. A great management team can take a so-so business idea and out-compete their competition. A management that lacks the proper knowledge and skills will probably not be able to pull off even the best idea.

    Make sure you know what you are doing. If your friend invests in your business and you let him down because you don't have the experience and skills to run the business, he will probably not be your friend for long.

    If you are thinking of a fast food restaurant and you have no experience, I suggest you look at buying a franchise from a large, well-established franchisor. You'll have to pay a royalty on every dollar of sales, but they have training programs and systems in place to try to keep their franchisees in business.
     
  15. Changed Creation

    Changed Creation
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    I also never heard of 7 business levels before. The levels were identified by my mentor Hannes Dreyer an extremely successful businessman. on a level 1 you have to learn the skill of creating something out of nothing. This means that you start the business in a profit from day 1. You don't owe money, don't borrow it, don't use collateral. The reason being that you get the biggest growth from keeping your risk as low as possible. And risk meaning: the possibility to loose money. Another skill at the first level is sales. But the first level which is actually not yet business because nothing has been sold yet, it is still just an idea beginning to take shape on paper is mostly about identifying your market, who exactly the client is and what specifically you are going to offer that is of value to him. Is a whole course, but what I really like about being on it is that it is very outcomes driven. As with a degree where your examination is a test, your examination is your business growth performance according to how you perform with your business on each level. A great course. I am learning a lot! I believe this is the kind of teaching that should be more out there because there are so many teachers and trainers out there that only can take us to their level! On the other hand one can gain it through experience and the school of hard knocks:) Over and out!
     
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  16. Fergal

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    Thanks for the explanation Changed Creation, I would love to learn more about that, do you have links to any further information on the 7 business levels?
     
  17. crater

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    Why dont consider starting a fast food franchise. Fast food restaurants are doing well where there are students short on cash. From my experience the fast food restaurants around the college where i went were making a killing.
     

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