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Question Details	Asked By	Asked On
Most Profitable Businesses to Begin With	frizzyan	07/04/04
Alright, I've got $10,000 to start a business, and that's definitely not a lot of money. Yes, I could get an additional quadruple that amount of money, but it means I must be fully confident that the business will be pretty successful. Additional money apart from the basic $10,000 would be added on depend on my confidence level. Thankfully, I've met up some rich college friends, and they are able to fund my living and costs (like they always have throughout college), so I won't have to worry about the costs of living if my business turns sh-t. However, I really want to pay them back all the money they've spent on me because I just feel it's morally wrong for me to spend their money even with their consent. They're not loan sharks or anything, nor do they expect the money back, but I definitely want to give them back the money because I don't want to rely on others for my entire life. I've always said, I must rely on others when I'm just a newbie in this sometimes cruel but rewarding business world, but once I become experinced, I'm on my own. So what type of business should I do that SHOULD make me a decent amount of profit? Yeah, I understand there is no guarantee of making profit, but I want a business with the chances are very high. I've heard diamond dealing should get my a nice chunk of money, but then, it's not the safest profession in the world, and also, I definitely want a much bigger business once I have all the resources. 40% of the amount of profit I make from my so-called 'first business' will be used to fund my next business, and this sequence continues until I am satisfied with the size and the profits gained from this business. As a result, this would mean that the profits I make should be a couple times more than the amount of money I originally invested, which is $10,000 plus anywhere from $0 to a maximum of $40,000. I'm willing to give this business a year to show my positive results, but then if it doesn't work out all nice, it's going to kill me. I've heard from my friend that his cousin-in-law tried to begin a business in the fashion world (well, if I really wanted to get involve with the fashion business, I need to know hell more than what I already know, cause I know virtually nothing about dealing in clothes and other fashion), and he only started out with around something like $35,000, and within a year, he made a couple hundred of dollars. Now, he's already made a couple million after staying in the fashion business for a handful of years, and his business is continue to rocket. My hopes are that I will be as successful, or even more so successful. But first, I need to find out the most profitable business to begin with $10,000 plus anywhere from $0 to $40,000, and what type of positive results (meaning, the amount of profit) I should expect from it within a year. Even if such a business is successful, it does not mean I would stay in that business for long, because I may want to move to a bigger business, but I need something to begin with. So should it be diamonds, automobiles, communication(even though $50,000 for that seems a bit awkward), other jewellery, books?!, food, drinks etc... Then, please give me some tips on how to begin my business. Like, should I open a mini-size shop, or should I become a dealer and etc. And, how should I run my business effectively?
Clarification/Follow-up by frizzyan on 07/04/04 3:31 am: Niceeeeeeeeeee.... Love that plan, but you got good ideas what kind of goods would only be $1 per piece, or somewhere close to that cost? Give me ideas of what to sell, not necessarily I'll follow that, but I need to be inspired. I'm lacking business inspiration here, need some help. What kind of goods appeal to a whole range of customers, and the goods can be sold triple or even quadruple the original cost used to purchase the goods? Perhaps if some item was $1 per unit, it could be sold for $3 per unit and still make it reasonable could it? Clarification/Follow-up by frizzyan on 07/04/04 7:35 am: Sorry I'm bothering you again, and yes, I'll promise to rate you well if you answer just one question for me. Vladimir Gusinsky, a Russian billionaire, had only $1,000 to begin with and starting a women-clothing cooperative. My question is, how the hell did he use only $1,000 and become so successful, that he was able to move into the media world? What are the potential benefits of a cooperative, and I'm wondering how profitable can that be. Also, how about becoming a dealer. I'm not very fond of that $1 shop idea, because I don't want to start off by selling things. It is very inappropriate for me to do so, because I come from a very highly-educated family, and selling $1 items certainly is considered too "low-class" for us. Firstly, family would never approve such occupation. And also, I don't have patience to be selling $1 items! $300 items might suit me a bit more, even though I'm still not that interested in that direction. I'm more interested in creating firms, or starting a cooperatives, but I don't know how to get myself going. Also, would you give me an insight on diamond/oil/metal dealing, because I absolutely don't know a thing about that. Yet, I'm willing to learn all that for sure. So, to conclude, how did Gusinsky start such a successful cooperative with only $1,000 (like what are some smart strategies he used), and how can I start my own successful cooperative with limited resources, and I'd like more information on dealing. Like, how am I going to buy the products that I would like to sell to potential customers. For instance, diamonds. How am I going to get the diamonds in the first place? And then, why would customers want a middle-man in the first place? Clarification/Follow-up by ROLCAM on 07/04/04 3:59 pm: frizzian, The strategy of cooperatives is not new. All it means is the pooling of a lot of $1,000's to get the necessary CAPITAL which is of utmost importance as a factor of production. If you are interested in dealing, than your answer would be to wheel and deal in an organised market like the Stock Exchange. Purchasing at the right price is one of the chief ingredients in any business. You can become qualified in this area by education,practice and a lot of gut feeling. You seem to be fascinated with the diamonds business. This product is one which is highly controlled by MONOPOLIES. As you also know it is the expensive part of the spectrum. The person you call the middle man has an enormous part to play. There are many middle men that have made fortunes. Best example is the Financial Advisor. I hope you take some of these suggestions on board and become a wealthy man. Incidentally the JOINT STOCK Company has achieved the same results as the Cooperatives of the past. Best wishes,always. ROLCAM.

Summary of Answers Received	Answered On	Answered By	Average Rating
1. frizzyann, Here is the plan:- 1)Prepare a budget. 2)Requir...	07/04/04	ROLCAM
2. frizzyan, An example would be something to eat outside a fo...	07/04/04	ROLCAM
3. Hello frizz, maybe I can help: You're asking the wrong ...	07/04/04	excon
4. if in doubt as to what type biz to start, start none. inst...	07/05/04	kkemper
5. You are going about this the wrong way You need to find a bu...	12/13/04	paraclete
6. First if you are not really "sure" of your plan, at le...	12/14/04	Bishop_Chuck

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