So say your kid isn't the best in school but is too bright to spend the rest of their lives working in an Amazon distribution center. What then? What are some good businesses that can be started for say less than 200K that have the potential to grow and thrive in our new economy with dedication and hard work? Of course it depends on the unique skills of the individual, but what are some ideas? Or is it impossible these days with litigation risks, regulations, and all the other BS?
Plumbing. I kid you not. All the plumbers are getting old and there are no fresh professionals coming into the business. It is probably the same with being an electrician and such. We need more skilled workers instead of college students studying basket waving and urban development in the 70s. "Plumbers Job Outlook, 2016-26 16% (Much faster than average)" "Job Growth Holds Promise For Graduates. Trained electricians are in high demand as employment is projected to grow 14 percent around the country from 2014 to 2024, according to the BLS. ... With that in mind, it's expected that jobs for electricians will continue to increase in the future."
Look closely at the franchises you can buy. They're less risky than a completely new stand-alone venture as they have a proven business model, they have a structure already that helps with marketing, HR, accounting etc. and they're a fine way to learn how to run a business which could be started later in life.
Anecdotal evidence: A plumber was saying, 30% of his job was just unplugging toiletts and if he had to touch shit that is an extra $500. Also, when I needed to replace our broken sewage line, the fuckers wouldn't even call me back or if I was 10 miles away, "oh we don't go that far". Apparently they have enough business to be able to be this dismissing. Guess what? I fixed it by myself, although I looked ridiculous when I was transferring a 20 feet 6" pipe with our convertible, and the pipe was sticking out like 6 feet behind the car.
Can one get in a decent franchise for under 200K? HVAC, plumbing, electrical are certainly all good trades. Need a little school and some hands on experience. Trump is big on trade schools now. But I started the thread to see if there were any new ideas, or at least not so mainstream. A directional boring business could be very lucrative I would think. Once bonded and insured, the operator could sub himself out to a myriad of other larger utility contractors. There's always a demand for this. There's actually a relatively high degree of skill required to run one of the rigs. They go for about $300K, but manufacturers like Vermeer and DitchWitch finance so with 25% down and all the other expenditures I think one could be up and running for under 200K. It would only work in fairly large cities, but being on call 24/7 to start should generate substantial cashflow out of the gate as these things bring in several thousand dollars per day.
Couldn’t disagree more, unless you are in VERY EARLY before the franchise net take explodes. I have friends who have tried a number of franchises over the last 20 years and not a single one worked out (but the franchise was raking in money while they were making a pittance working their asses off). Coldstone Creamery was probably the worst of them all.
So it can be done is what you're saying. As I suggested, franchise is a way into running a business. Most new businesses in all sectors fail within 3 years so what have you got to lose?
Yes. Again it depends on the individual's forte's. I think several members here at ET are doing that.