Author Topic: How do you start a business?  (Read 8250 times)

Moosejay

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Re: How do you start a business?
« Reply #75 on: January 13, 2008, 12:24:49 AM »
Thanks, Pandaemonium.

They have been baffled with my case. The worst thging is it has made me very tired and I have basically laid in bed for about a month.

I am no champion anymore at 44, but stay in lean decent shape most of the year.,

So, imagine, atop of being sick...laying there, getting "skinny fat", not being able to train!

Cholestrol is actually at 300! I have never had more than 160...

Never thought I'd care after being stricken by such awful disease, but, actually, you do, my friend!

Best,

Mike

Cromespyder

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Re: How do you start a business?
« Reply #76 on: January 13, 2008, 12:25:25 AM »
having a mil in the bank means you will get 100k a year in interest, give or take.

Most of us could live well off 100k per year.


what bank pays 10% interest? i dont keep money in the bank but i thought 5% was around the max you get for intrest.

Moosejay

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Re: How do you start a business?
« Reply #77 on: January 13, 2008, 12:26:38 AM »
i a plow business for 40k total. now 7 years running.

Great! Running one's own business is among the hardest things to do!

Mike

Moosejay

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Re: How do you start a business?
« Reply #78 on: January 13, 2008, 12:27:39 AM »
Well in that case, I wish you all the best for a speedy recovery.  In the past year my dad and grandmother had "terminal" cancer (throat for dad, colon for grandma), and both have beat it through surgery and chemo.  Cancer is ugly shit.

Sorry..I missed that...God bless and best of continued luck for grandmom and dad.

Mike

Moosejay

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Re: How do you start a business?
« Reply #79 on: January 13, 2008, 12:29:43 AM »
what bank pays 10% interest? i dont keep money in the bank but i thought 5% was around the max you get for intrest.

Banks around here will give you 1-3% interest. Then, they will walk up to you while you are waiting in line and offer you a bank credit card for 19% interest.

So, they give you one to three % on YOUR money, then loan YOUR money back to you at 19%!!!

Mike

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Re: How do you start a business?
« Reply #80 on: January 13, 2008, 12:46:40 AM »
This is from the IRS website.

It gives you the nuts and bolts of starting a business.

http://www.irs.gov/publications/p583/index.html

1Fast400

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Re: How do you start a business?
« Reply #81 on: January 13, 2008, 08:19:56 AM »
Quote
Is this THEE 1Fast400? If so I've ordered from you before and you are the best and the fastest out there. Sometimes I think you guys have ESP which enables you to send out products I want before I even order them. When did you start and how long did it take to become so successful?

I sold 1fast400 and bulknutrition in June of 06.  I'm still involved in the supplement industry, just private about it.  Own a race track in NC.  Started the online site in July of 02, was on track to do 10m in sales in 06 before I sold.  I started my first retail store in 11/01 by putting 30k in a cd and borrowing 45k against it.  It was my life savings at that point (was 21 years old). I had worked all through college and saved every penny.  I didn't pay myself for a 18 months to get the business going.  I lived at home, never went out and cut every expense I possibly could. 

When you're on the hook personally, it's amazing what you're willing to give up and do to succeed.  At the time I sold, my salary was 30k a year. 
 
 

emn1964

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Re: How do you start a business?
« Reply #82 on: January 13, 2008, 08:23:46 AM »
Money and intelligent use of it makes more money.  Innovation makes money, but these days it usually requires money to be innovative (youtube, facebook).  In other words, if you don't have money to begin with, don't expect to progress anywhere fast.  And I don't mean having $50,000 in the bank, I mean having a million to play with.

God you're stupid.

benz

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Re: How do you start a business?
« Reply #83 on: January 13, 2008, 08:37:52 AM »
Every business should start with a written business plan.

I didnt write any plan JOELOCO. I went to china, dealt with some yellow faced guys and started to buy a "few" containers wort 40k each one.

Where is the plan?
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Bobby

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Re: How do you start a business?
« Reply #84 on: January 13, 2008, 09:17:27 AM »
what bank pays 10% interest? i dont keep money in the bank but i thought 5% was around the max you get for intrest.

What i know most bank only give 4-5% interest per year at best and then you have to pay taxes on it too!

So 1.000.000 x 0.05 (5% interest)
=50.000 x 0.30 minus (30% tax) (tax percentage can vary)
=15.000 tax

and you now have left
=35.000
tank u jesus

1Fast400

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Re: How do you start a business?
« Reply #85 on: January 13, 2008, 09:35:56 AM »
When you have a million dollars to invest, it's common to find ventures/investments to make 10%

240 is Back

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Re: How do you start a business?
« Reply #86 on: January 13, 2008, 09:37:05 AM »
Great Owner, BAD staff story
A dunkin' Donuts that I had frequently visited: i walked in one morning, and got caught in the middle of as donut fight amongst the 'staff' of youngstersd employed ther.
A munchkin hit me in the head.
I gave them a stare ala Saddam Hussein, glared at the...no apology made, ordered my stuff and left .
Chuckling and giggling was heard by me, unbeknownst to the kids ruining the place.
\

I worked at a Winn Dixie grovery store.  the whole stock crew was a worlthless group of slugs.  One night we started throwing things at each other, and ended up breaking open a bunch of pack sof Big Sixty cookies (little ghetto store brand cookies) and throwing them at each other.  It didn't help that the whole stock crew was under 21 and the manager was a 22 year old pothead.

We must have damaged a hundred dollars worth of cookies, doughnuts, and other snacks.  Tearing them open and throwing them at each other.  The whole backroom was covered in food and crumbs.  stupid and immature, but fun, very fun.

240 is Back

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Re: How do you start a business?
« Reply #87 on: January 13, 2008, 09:38:15 AM »
what bank pays 10% interest? i dont keep money in the bank but i thought 5% was around the max you get for intrest.

safe and predictable mutual funds.

Devon97

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Re: How do you start a business?
« Reply #88 on: January 13, 2008, 09:52:34 AM »
When you have a million dollars to invest, it's common to find ventures/investments to make 10%

Investing in the gym industry you can expect to make 18% but there is also a higher risk.

Invest in a CD and you get a guarenteed 4% but no risk involved.

The higher the risk the higher the reward.

muscularny

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Re: How do you start a business?
« Reply #89 on: January 13, 2008, 10:20:56 AM »
retail is a big mofo very hard to make real coin, almost better to go to bizbuysell or something find a business thats been around and try to get a deal and take it over (given lease aint about to expire or new big competition is coming to area etc etc but plenty of people sell for other reasons)

resturant business = 99% you will be out of business first year

fast food = if you know what you doing youll stay in business question is how well you can do it

tanning salon = must offer good beds like high pressure in order to charge good fees (not hollywood tan junk) and must have good credit as these beds will run ya 25-60K so lease is a must

gas stations - good business youll need many to have cash to write home about

in retail there is an old rule u invest little u make little u invest allot u make a llot (given it even survives)

steakhouse + strip club will take serious money but in good spot will take in nice cashola

again retail is a big miss to most who touch it

onlyme

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Re: How do you start a business?
« Reply #90 on: January 13, 2008, 10:35:24 AM »
I didnt write any plan JOELOCO. I went to china, dealt with some yellow faced guys and started to buy a "few" containers wort 40k each one.

Where is the plan?

I agree if you are your own boss and you don't have a bunch of employees and you are operating out of your house you don't need a plan.  I had a painting business once and a neon business and i never had a plan.  I winged it just like you did.  That is fine for things like that.  But when you are doing something like a gym or major business you NEED a Business Plan.  There are so many facets to a gym you don't realize until you put them down in writing.  When you have to have 30 to 75 employees and you have 5 to 10 Ancillary Profit Centers and you are dealing with 30 to 60 different vendors, and you have 5,000+ members and a daily flow of customers exceeding 3,000 people you need to know (and everyone else involved) how you are going to manage everything.  The Business Plan I just finished is 69 pages.  The financial portion of it would have cost in the neighborhood of around $100,000 to complete.  That portion alone took more than 2 months and more than 35 versions of the "model".  It included getting many facts and figures from our competition and market feasibility.  Vegas has a huge amount of gyms and health clubs.  Building one of our size is a major task.  I have 5 of them planned just for Vegas.  But Vegas does grow by 6,000+ people a month.  So the market is there, especially for our type of club. 

The Master

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Re: How do you start a business?
« Reply #91 on: January 13, 2008, 10:44:37 AM »
I agree if you are your own boss and you don't have a bunch of employees and you are operating out of your house you don't need a plan.  I had a painting business once and a neon business and i never had a plan.  I winged it just like you did.  That is fine for things like that.  But when you are doing something like a gym or major business you NEED a Business Plan.  There are so many facets to a gym you don't realize until you put them down in writing.  When you have to have 30 to 75 employees and you have 5 to 10 Ancillary Profit Centers and you are dealing with 30 to 60 different vendors, and you have 5,000+ members and a daily flow of customers exceeding 3,000 people you need to know (and everyone else involved) how you are going to manage everything.  The Business Plan I just finished is 69 pages.  The financial portion of it would have cost in the neighborhood of around $100,000 to complete.  That portion alone took more than 2 months and more than 35 versions of the "model".  It included getting many facts and figures from our competition and market feasibility.  Vegas has a huge amount of gyms and health clubs.  Building one of our size is a major task.  I have 5 of them planned just for Vegas.  But Vegas does grow by 6,000+ people a month.  So the market is there, especially for our type of club. 


Debussey might give you a lot of shit, but you certainly know a lot about business!  :D

onlyme

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Re: How do you start a business?
« Reply #92 on: January 13, 2008, 10:48:01 AM »
Debussey might give you a lot of shit, but you certainly know a lot about business!  :D

Hey like I said I don't look the part anymore so I better use my brain now till I can get back into shape.  And actually you have surprised me cause you have shown some good knowledge too in this thread.

benz

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Re: How do you start a business?
« Reply #93 on: January 13, 2008, 10:48:31 AM »
I agree if you are your own boss and you don't have a bunch of employees and you are operating out of your house you don't need a plan.  I had a painting business once and a neon business and i never had a plan.  I winged it just like you did.  That is fine for things like that.  But when you are doing something like a gym or major business you NEED a Business Plan.  There are so many facets to a gym you don't realize until you put them down in writing.  When you have to have 30 to 75 employees and you have 5 to 10 Ancillary Profit Centers and you are dealing with 30 to 60 different vendors, and you have 5,000+ members and a daily flow of customers exceeding 3,000 people you need to know (and everyone else involved) how you are going to manage everything.  The Business Plan I just finished is 69 pages.  The financial portion of it would have cost in the neighborhood of around $100,000 to complete.  That portion alone took more than 2 months and more than 35 versions of the "model".  It included getting many facts and figures from our competition and market feasibility.  Vegas has a huge amount of gyms and health clubs.  Building one of our size is a major task.  I have 5 of them planned just for Vegas.  But Vegas does grow by 6,000+ people a month.  So the market is there, especially for our type of club. 


Are gyms a good deal anyway?
.

onlyme

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Re: How do you start a business?
« Reply #94 on: January 13, 2008, 11:14:56 AM »
Are gyms a good deal anyway?

I don't think starting a gym smaller than 15,000 to sq. ft. is feasible.  You cannot survive with a gym when all you can offer is a weight room and some cardio and a small locker room.  You cannot compete against your competition unless you offer at least what they offer and more.  Now in a small rural town where there are no BIG BOYS (24 Hour Fitness, BAllys, Gold's etc) then you can get away with a smaller facility.  But, in cities where you have competition you need more.  You have to have locker rooms and they have to be extra special.  You can't have cheap lockers, ugly floors and gang showers.  You have to have sufficient amount of cardio equipment.  You have to have more pieces of the equipment that is used more.  Treadmills and Ellipticals are the most popular pieces of cardio nowadays.  For example my club will provide 108 pieces of cardio.  I am having some specialized pieces coming in.  My club is also targeting more of a "functional training" concept.  A place that will provide equipment, services and programs targeted towards improving a person performance in sports and everyday activities.  Not just a place to get big muscles and lose weight.

MMA is the fastest growing sport in the world.  When we open we will immediately become one of the largest MMA training centers and will be the largest one of its type in the world.  I also have one of the biggest names in the MMA industry as the person who is going to be in charge of my MMA division.  So immediately I will have worldwide recognition.  I wouldn't want to do a gym unless it was going to be successful and popular.  I have millions riding on this and so far it looks to be a homerun. 

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Re: How do you start a business?
« Reply #95 on: January 13, 2008, 11:17:48 AM »
onlyme

So basically your gym does not exist YET?  ::)
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Re: How do you start a business?
« Reply #96 on: January 13, 2008, 11:41:33 AM »
I don't think starting a gym smaller than 15,000 to sq. ft. is feasible.  You cannot survive with a gym when all you can offer is a weight room and some cardio and a small locker room.  You cannot compete against your competition unless you offer at least what they offer and more.  Now in a small rural town where there are no BIG BOYS (24 Hour Fitness, BAllys, Gold's etc) then you can get away with a smaller facility.  But, in cities where you have competition you need more.  You have to have locker rooms and they have to be extra special.  You can't have cheap lockers, ugly floors and gang showers.  You have to have sufficient amount of cardio equipment.  You have to have more pieces of the equipment that is used more.  Treadmills and Ellipticals are the most popular pieces of cardio nowadays.  For example my club will provide 108 pieces of cardio.  I am having some specialized pieces coming in.  My club is also targeting more of a "functional training" concept.  A place that will provide equipment, services and programs targeted towards improving a person performance in sports and everyday activities.  Not just a place to get big muscles and lose weight.

MMA is the fastest growing sport in the world.  When we open we will immediately become one of the largest MMA training centers and will be the largest one of its type in the world.  I also have one of the biggest names in the MMA industry as the person who is going to be in charge of my MMA division.  So immediately I will have worldwide recognition.  I wouldn't want to do a gym unless it was going to be successful and popular.  I have millions riding on this and so far it looks to be a homerun. 

What's up, Keith? I spoke with you before when I first moved back to Hawaii (my old id is still in time out). I was referred to you by MaxRep/Dave. I trained with the Gracies in Torrance when they moved out of their garage and opened up their academy in Torrance. I knew Craig Kukuk. I also knew Benny Podda when I worked at Barlow's/Kasey's gym while you were over at Muscle Mill with Ray Mentzer.
I also use to go to Tequilla Willies back in the alley catting days. You've probably thrown me out a few times. Lol. Naw, actually I was a choir boy and never drank but my friends were the crazy ones. I was the one who drove everybody home and dumped them on their lawns and leave them to sleep in their own puke.

You know the salon I'm talking about. Ideal location. Right next to 24fit and with Castle High school right across the street. That place sucks royally and I know I could get all their customers because they all hate that place but it's the only game in town. There's lease place available in the shopping center and I just need to know how to get started or even if I'm able to. I'm going to get in touch with a buddy I knew in Torrance, Jerry Gamalo, who made a mint off tanning salons, sold out to Copper Tan (which is the biggest chain in the area) and opened up his own private gym off Anza ave and is living large. Makes good money and lots of free time to train and eat whole chickens at El Pollo Loco (I wish they had that here in Hawaii). By the way, Quincy (mighty mouse) now runs the 24fit at Kaneohe. Word is there was too much pressure being the district mgr and he just wanted to just manage one gym. Maybe I'll have a better chance getting hired there as a PT since the flabby Haole guy that ran the place last year didn't like me.

You told me about opening a gym which included an MMA gym. I think you said it was going to be affliated with BJ Penn. Since I never made it as a fighter this would be the next best thing to me. But I tend to go with Nasser when he said that unless you're with a chain (24hr or LAfitness) then it's tough to make any scratch and the start up cost is huge. 

I wish you were here on Oahu. This salon gig would be kid stuff for you. It's a sure money maker because, crappy as it is, it still makes a profit. The owner lives in Newport beach in Cali which is pretty rich turf. BTW, what gym here has the 300lb dumbells? I've got to check it out and take a pic to post on this board.

onlyme

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Re: How do you start a business?
« Reply #97 on: January 13, 2008, 11:55:37 AM »
What's up, Keith? I spoke with you before when I first moved back to Hawaii (my old id is still in time out). I was referred to you by MaxRep/Dave. I trained with the Gracies in Torrance when they moved out of their garage and opened up their academy in Torrance. I knew Craig Kukuk. I also knew Benny Podda when I worked at Barlow's/Kasey's gym while you were over at Muscle Mill with Ray Mentzer.
I also use to go to Tequilla Willies back in the alley catting days. You've probably thrown me out a few times. Lol. Naw, actually I was a choir boy and never drank but my friends were the crazy ones. I was the one who drove everybody home and dumped them on their lawns and leave them to sleep in their own puke.

You know the salon I'm talking about. Ideal location. Right next to 24fit and with Castle High school right across the street. That place sucks royally and I know I could get all their customers because they all hate that place but it's the only game in town. There's lease place available in the shopping center and I just need to know how to get started or even if I'm able to. I'm going to get in touch with a buddy I knew in Torrance, Jerry Gamalo, who made a mint off tanning salons, sold out to Copper Tan (which is the biggest chain in the area) and opened up his own private gym off Anza ave and is living large. Makes good money and lots of free time to train and eat whole chickens at El Pollo Loco (I wish they had that here in Hawaii). By the way, Quincy (mighty mouse) now runs the 24fit at Kaneohe. Word is there was too much pressure being the district mgr and he just wanted to just manage one gym. Maybe I'll have a better chance getting hired there as a PT since the flabby Haole guy that ran the place last year didn't like me.

You told me about opening a gym which included an MMA gym. I think you said it was going to be affliated with BJ Penn. Since I never made it as a fighter this would be the next best thing to me. But I tend to go with Nasser when he said that unless you're with a chain (24hr or LAfitness) then it's tough to make any scratch and the start up cost is huge. 

I wish you were here on Oahu. This salon gig would be kid stuff for you. It's a sure money maker because, crappy as it is, it still makes a profit. The owner lives in Newport beach in Cali which is pretty rich turf. BTW, what gym here has the 300lb dumbells? I've got to check it out and take a pic to post on this board.

Hey PM me to tell me who you are.  I know that location.  It is good since it is right next to the gym.  I'm not doing anything with the Penn family on this gym though.  I do have someone else who is running my MMA center though.  I love the Penn family and they were good to me but I needed to do something that will help me more so I had to leave there.  But I am sure we will do something together again.  I do plan on opening in Hawaii.  I plan to go to Kona first though since I have a grudge against a guy over there I need to get back at.:D

How many beds does that place have.  If you can find out how many people are using the beds each day and what times.  Those hours they are opened might be okay if they didn't get any customers in during those hours.  Also, I personally like the "stand-up" units better.  They take up less room and take less cleaning and maintenance.  How many sq. ft. is that place and what is their rent.  Do they give the members at 24 a better deal than the general public.  And the way these tanning salons make money is not from the tanning itself it is from selling of the tanning products and other shit they offer.  The tanning is just to get them in the door.  You would be lucky to make enough to pay all your hard costs from the tanning alone.  You need to find the best products and get them at the best price you can so your profit margin is high.

Over there tanning is a great business.  People who use them usually work all day and don't get chance to go to the beach except weekends.  So using the beds once or twice week keeps them tan.  Plus, with the standup units the fatter person can use them too.  Not to sound mean but that is a fact.

onlyme

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Re: How do you start a business?
« Reply #98 on: January 13, 2008, 11:56:33 AM »
Hey by the way did I look okay when I worked at Tequilla Willies ;D

pellius

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Re: How do you start a business?
« Reply #99 on: January 13, 2008, 01:08:44 PM »
Hey by the way did I look okay when I worked at Tequilla Willies ;D

I'll get back to you on the info.

During the Tequilla Willies days, although my posse and I use to consider ourselves alpha males and whenever we'd walk into a club women would swoon and men would avert their eyes in fear and envy, even WE would show our respect to onlyme with a slight bow and utter "Greetings your Awesomeness. May you grant us the privilege of entering this fine establishment." Without a word you'd give a condescending wave of the hand and we would scurry in with overt displays of gratitude.

Remember, I was the one who told you about seeing Ken Waller at one of the clubs in Redondo Beach. While my friends were acting like tough guys they were totally unaware that Waller was eyeing us. As he walked towards us I thought that a beat down was coming but he just walked right past us while I, like a puppy dog, followed him to just see him walk to his car with a couple of his buddies. He was wearing shorts (of course) and one of my friends who was with me said, "Look at that dude's calves!" He never saw PI so I just told him, "Brah, that's Ken f-ing Waller!" Then I nodded and kind of said in a more hushed tone, kind of like just to myself, "That's Ken f-ing Waller. I just practically brush shoulders with Ken f-ing Waller."

Anyway, I'm off to 24fit right now and I'll scope out Tan Zone.