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    15 Replies Latest reply on Jan 9, 2010 5:59 AM by Mongoose

    Have menpower, but no idea---Need help badly!

    Sultan Wayfarer
      I'm a U.S citizen currently living in northern VA...I have five young siblings who are willing to engage in a family business, but I've no idea where to start from. I have 10,000 USD and have a decent credit. Anyone that can give me some tips, I will be greatful. I'm thinking of opening up a Subway resturant, but have no expereince in it, and I dread that I might fail. Any useful advice will be greatfuly appreciated.

      Thanks- Sultan
        • Re: Have menpower, but no idea---Need help badly!
          clairian Newbie

          $10,000 is not going to get you far with a food franchise.

          Check your local library they usually have plenty of books on starting your own business.

          Research for at least 3 - 6 months before you invest one cent.

          The time spent up front will save you money.

          Good luck.

          • Re: Have menpower, but no idea---Need help badly!
            LUCKIEST Guide
            Have menpower, but no ideas, Welcome

            Do you know about SCORE. SCORE is FREE both in person and online. SCORE can help you.
            SCORE "Counselors to America's Small Business" is a nonprofit
            association dedicated to educating entrepreneurs and the formation,
            growth and success of small business nationwide.

            Good luck, LUCKIEST
            • Re: Have menpower, but no idea---Need help badly!
              abc123. Newbie
              You can start by creating a list of what you can do and what you would like to do. The subway idea is a start.
              1 of 1 people found this helpful
              • Re: Have menpower, but no idea---Need help badly!
                SME_ally Adventurer
                Hello Sultan,

                Most popular franchises require the franchisee to have a networth of at least $500k and experience in running a business. But that's not to say you can't find a franchise. There are literally thousands out there. Think about what your siblings are good at. Maybe you can start a virtual assistant business. But if I had 10k, I'd invest it in the stock market. Lots of quality undervalued stocks. Anyway, that's another topic.

                My suggestion is to know the things you're good at and research potential markets from that. Wish you luck!
                1 of 1 people found this helpful
                  • Re: Have menpower, but no idea---Need help badly!
                    Sultan Wayfarer
                    Thanks for taking the time and responding. I'm thinking subway is probably the easist to handle since two of my siblings have great customer service expereince and are willing to work hard to make it...I'm really not sure what else can we be good at, specially with no prior expereince in the buesniss world, I'm afriad we don't have much choice....

                    My family is commited to helping me, five siblings are by my side but I just don't know where to start from....I'm also thinking of opening up a tranditional Afghan resturant maybe....But that is also very costly and not assured profit...other than food busniss, not much I can think of...

                    If I want to do a subway, what are the downsides? would be able to get the load needed? What do you think is the cheapest and less advanced busniess to get involoved in. But anyways, any idea will be greatfuly appreciated.

                    Nabi
                    • Re: Have menpower, but no idea---Need help badly!
                      Sultan Wayfarer
                      Thanks for taking the time and responding. I'm thinking subway is probably the easist to handle since two of my siblings have great customer service expereince and are willing to work hard to make it...I'm really not sure what else can we be good at, specially with no prior expereince in the buesniss world, I'm afriad we don't have much choice....

                      My family is commited to helping me, five siblings are by my side but I just don't know where to start from....I'm also thinking of opening up a tranditional Afghan resturant maybe....But that is also very costly and not assured profit...other than food busniss, not much I can think of...

                      If I want to do a subway, what are the downsides? would be able to get the load needed? What do you think is the cheapest and less advanced busniess to get involoved in. But anyways, any idea will be greatfuly appreciated.

                      Sultan
                    • Re: Have menpower, but no idea---Need help badly!
                      Anne87 Wayfarer
                      Dear Sultan,

                      For your info, you're eligible to run a successful UnFranchise Business Developement System which means --

                      Just like Franchise - systemization, standardization, uniformity
                      - state-of-the-art management systems
                      - merchandising and marketing tools
                      - growing visibility (local and international)
                      - own multiple business locations

                      Very unlike Franchise - NO franchise fees
                      - NO monthly royalties
                      - NO territorial restrictions
                      - minimal startup expenses plus potential tax advantages
                      - little risk (the only risk is when you give up)

                      You've already got great business partners to work with, so talk to me and get to know more about this business system NOW!

                       

                      With best wishes,
                      Anne.
                      • Re: Have menpower, but no idea---Need help badly!
                        coffeebean Wayfarer
                        Hi!

                        You and I are opposites. I had a passion and turned it into a business (private tutoring), but started with no money. I did the "I'm going to quit my job and start a company!" process. I don't really recommend that method of financing.

                        Can you and yours think of something you are collectively interested in? For any field? Given the amount of time and effort small businesses demand, I would think you'd WANT to love the subject matter.

                        As Luckiest suggested, contact SCORE (http://www.score.org/index.html). The people there are fabulous. I don't even know how I would have gotten this far without their help.

                        Is there something in your area that needs to be done? A service you can provide?

                        Please be careful! Research for several months as was suggested by another member!

                        Keep in touch!

                        :^)

                        Coffeebean
                        • Re: Have menpower, but no idea---Need help badly!
                          whatdoyouneed Wayfarer
                          How can I contact you do you have an email address?
                          • Re: Have menpower, but no idea---Need help badly!
                            dlflake37 Newbie
                            I have a degree in Business Management and am going to share with you the most important thing about starting your own business!! You must like whatever it is you decide to do as if you don't you won't put your heart into it and you probably won't succeed. If you are looking at a Franchise you need to know it is a 50,000 to a 100,000 dollar investment depending on the Franchise. You must follow all of their rules or they will close you down. You must see how close your competition is and where the nearest subway is to you. Subway has rules about how close their locations are to each other. You must put together a business and financial plan as you will need it for the Franchise and the loan. But the first thing you need to do is research, research, research. Go to your nearest Subway and as to see how the business is run to give you a better idea if this is what you want to do. I myself have just started my own business with only a 5000.00 dollar investment! I am excited about the not having a boss! And I am doing something I love to do. The key to success in any business is to love what you do and to research every aspect of the business before you decide what you want to do. Good Luck!
                            • Re: Have menpower, but no idea---Need help badly!
                              vlakh01 Wayfarer
                              Hi Sultan,

                              I have advised and consulted with many businesses both small and large and given your profile and the way the economy is currently acting up, I am going to recommend that you wait a while and collect some more capital. Even buying a small gas station will take at least $200,000 in the Virginia area and that is assuming you are able to get the SBA loan.

                              Franchises typically require capital investments from $50k to $500k and so you are going to have to come up with more capital. Please make sure that you visit this site as well the site I own and operate to get a good understanding of personal credit, business credit and business loan application fundamentals before you decide to move forward with any enterprise.

                              Good luck,
                              Vivek
                              www.smallbusinessplanresources.com