The more I think about salary progressions and asset prices, the more I realize I need to get to ownership asap. I’ve always had the motivation to start my own company, startup or small business, down the road. Not right now as I’m only 3 years out of college and do want to get a few more years of experience/knowledge before I take the plunge, but I think it wouldn’t hurt to start thinking about some side businesses I could be running while still working as an employee for the next 5-10 years. So, my question to you monkeys is, what side businesses have you started and how did you make it work (both in terms of juggling your full-time job and the side business, and in terms of making the business itself successful). I guess full-on businesses (like literally opening a coffee shop) wouldn’t be possible, but there should be plenty of things that can generate somewhat automatic cash flows. Doesn’t have to be large cash flows either, let’s just say must be above $10k+/yr to make the initial time/money investment worthwhile. Again, the emphasis is on getting something up and running that could gradually run itself, not a side hustle where I tutor GMAT for $100/hr. It’s all about using capital to free time you know…
Also doesn’t have to be a business, could totally be rental real estate, running multiple airbnbs, etc. Im just looking for some ways to earn some money on the side, beyond the traditional index fund or stock investing
I started my self-service car wash a few years into my work life, the initial paperwork, fees, investment, etc were not ideal. Took a lot of time to get up and running. But once it was there, it was smooth sailing.
This is a coin op? I've been wanting to do one for a while and think I found a market that isn't over saturated by them. The RE's expensive though.
Did you buy an existing set-up?
I was thinking standard coin op with the fixins plus self-detailing item dispenser. I think cash can be raked in if you dispense a pad then have something like soap like dispenser dispensing product.
I converted from coin op to contactless recently. No more theft worries and more automated.
Trying to upsell detailing products now.
The setup was already there, but I refurbished it. the hoses, adapters, pump, etc
You should do an AMA on this. Love these stories.
With most small businesses, the knowledge will be in very small technical details. An AMA is more general than that, high level overview of how to do it, what are the steps, which papers to file, which council dept is responsible, what are hook up/sewage fees, what EPA regulations are important, etc
I am not sure too many people on WSO would want to open a car wash or laundromat, when these type of businesses make less per month post-tax compared to some salaries here.
As an example, a really well managed laundromat can have a ROI of up to 35%. An average one will make around 20%. The devil is in the detail.
I hear ya. A dude made a similar thread about 'unsexy businesses' (Car washes got a mention) which drew some interest, he settled on buying a Billboard ($100k EBITDA) really interesting read through, linked below.
I am constantly looking at side businesses - gyms, fast food, care homes, day cares, laundromats, self storage. The biggest hurdle for me is getting comfortable with the financials. What was the due diligence process like for you?
I asked a guy on Youtube that owns a few Laundromats, rental properties and car washes, what his due dilligience was like for laundromats (Think he owns around 5) he said before he buys a laundromat he stakes the store out and physically counts how many customers walk through the door, and works out an average spend.
How did you learn about all of the nuances you mentioned, before buying? Or did you just work through it?
There's a podcast I like called 'Acquisitions Anonymous' on Apple or Youtube and they take real world listings from brokers from anything from Vet's to Sewage haulage for sale, they usually try to get an expert in to discuss some of the details which makes it interesting.
Thread I was talking about here:
https://www.wallstreetoasis.com/forums/my-story-the-sequel-to-the-ownin…
Starting a Virtual Assistant agency because I help train them for my day job at my fund. Second I'm starting in a month or so will be lead generation for early-stage tech companies. I used to do that job before I did my MBA.
Combined startup cost is less than a 1K and I use $4/hr VAs to run it for me for the most part. In each instance, 1 client makes me profitable.
elaborate on how you found VAs. I'm assuming they're workers from low labor cost countries, right? so, did you just post on craiglist or sth, or would you recommend certain websites for finding this type of workers, etc.?
There are certain websites but the hard part is finding good ones. I'm good at screening because I know how to hire now.
Started a sneaker re-selling company while in high school / college. I know its probably not feasible during work since the hours are more extensive but its always been dream of mine to create my own store (Flight Club/Stadium Goods esq).
My man! I did this in undergrad. Thought it was the coolest damn thing. The buy + resell shoe thing now is ridiculously inflated w/ things like StockX and GOAT but back in the day I just did it myself. Huge steals on wholesale and/or prior year models of shoes that just needed a clean-up & a fresh coat of acrylic leather paint - could flip them for 3-4x the value. I remember I advertised them on one of the first accounts EVER on Instagram... I think this was like early-2011, right after the app launched the year prior. Loved doing that, took so much time to do the shoes myself but enjoyed it.
StockX is the shit - I’ve bought probably 10 pairs of shoes off of there.
I spoke candidly about my experiences as a musician on here and even tried to raise $20k on WSO to start a record label in case anyone was bored and didn't have direction in their lives.
As it stands, I spend a lot of my weekends in studios and performing live and kept this up when I was interning, I worked in Corporate Banking so there was never any weekend work and it was a great way to escape the office. I start FT this summer and want to continue doing the same thing.
I started it by always making time for my music business endeavors and followed it religiously, I would turn down a date with a girl if it clashed and always made sure I made time for it. Started with around 3000 saved from an internship which I used to start a podcast which gained a following that I took advantage of to become a DJ.
I sell case studies (IB, PE) on the side and people DM me all the time. Noticed that so many people want to buy case studies as it substantially increases their chances of getting the job. Have CVC, Apollo, BX, KKR and much more.
Saepe officiis explicabo labore voluptatem error ea amet laboriosam. Temporibus voluptates eligendi omnis iusto officiis. Consequuntur dolor vel hic vel. Cupiditate et sed unde veniam minus.
Mollitia explicabo consectetur aut temporibus omnis. Aliquid laudantium quo porro.
Necessitatibus enim voluptas aut excepturi praesentium aut qui est. Et autem sequi voluptate ullam molestiae.
Reprehenderit magni praesentium ad ipsum ut omnis. Impedit aut repellendus quam reprehenderit aut. Odit dolore in nihil occaecati. Et eum id quam et molestiae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...