After losing my job this week I’m on the hunt for my next job and I’m considering either starting or buying an entry level business. Essentially right now I need $2000-2500 a month to survive and cover my own bills to start with, and of course I’d have to plan to earn more than that personally within say a year. I’m not really sure what kind of business I’d be looking at buying yet, but likely not something automotive related like my current job. I’ve got about $85k I can start with and I’d be looking to earn $100k gross personal income within the next X number of years. I’ve got plenty of time and the willingness to learn just about anything, as well as “some” prior experience in managing a business through various jobs and also working as a contractor myself.
Anyone have any words of wisdom? Would you do it if you were in my situation?
I already know I’m not interested in owning anything food related like a restaurant/eatery. I’ve been looking at small businesses like convenience stores, liquor stores, emroidery, glass installation and sign making enterprises. Something with a store front would need a good location and lots of traffic. I’m my opinion I think I’d want to start with something that I would either be the sole employee to start with or work 50%+ or the operating hours if it was a store front operation, as this would likely be least risk financially but also the quickest learning curve.
Other options include find another job in the industry (not my favourite idea right now) or find another job in the industry and try and buy a small business that doesn’t require me present during standard business hours to work on, which also seems complex and unlikely.