What would be a more profiting buisness to open? Hair supply store, laundrymat, or bar?
Im only 24 . My older brother has been talking about opening a buisness together but I just want to be a owner and rent thhe place out or even an apartment i would just like some help.on where to start or which would be more profitable. Thank you much if you can help!6 months ago - 4 answers
Pray meditate and wisdom will come and you will know what to do an idea will drop in ur heart... i'm about in the same situation only i dont believe any one can tell me as they have no ideas of my abilities, and stuff like that. However pray and meditate.
Source(s):6 months ago
That's a hard question to answer. It's like asking, "What would be a better-paying career - banker, salesman, or actor?" Well, actors can make millions of dollars, but only if they become successful, and most don't.
So, the one that has the most potential to be successful would probably be the bar, but depending on where you live it might be very difficult. What reason would people have to go to your bar instead of others? Do you have a theme planned? Specials? Would it outdo other bars in that area?
Laundromats require a LOT of money to keep running. Our water bill goes up if we use the washing machine a few extra times in a month. Imagine if we were washing nonstop, on thirty machines. But, if you have the money for it and there aren't a ton of other laundromats and there's a need for them, maybe if you keep one open 24 hours, or at least later than other laundromats in the area, and perhaps offer free wifi, you could build a business there. I doubt it would make you wealthy though.
A hair supply store is very specific. Perhaps a hair and beauty store? Think Sally's (www.sallybeauty.com). If you have good products and good prices, sure, people will buy from you. Again, I doubt it will make you wealthy, but you'd probably make a living.
So in the end it really depends on your resources, your ideas, and what's available and what's needed in your area.
Keep in mind start-up costs a LOT. You won't get your supplies at the same cost as other, bigger companies because you won't be buying in such large quantities. While you might be able to buy a week's worth of supplies, other companies are buying several months' worth at a time, and the more you buy, the less it costs. There's also matters of insurance, taxes, employees, keeping the books (accounting) etc.
If you've never run any kind of business before I strongly recommend starting a small home business first - maybe making bracelets or something - to see how it feels running it, and get an idea of how to please customers and keep inventory and keep your books.
Good luck, whatever you choose!
Firstly, you say you just want to be an owner and rent the place out. It sounds like you mean to want to own the building (aka be a landlord) and then get tenants for either your commercial building or your apartment building. Correct? Well, it costs A LOT of money to buy commercial real estate and apartment buildings. Do you have $1 million sitting around? If not, get that idea out of your head, and no, you won't get a loan for it without paying 30% as a down-payment.
As far as your question about which would be more profitable, it all depends on the location of the business, the needs of the community, and how good of an owner you are. Some bars make $1 million a year, and some bars LOSE money. Some hair supply stores make $1 million a year, and some LOSE money. Same thing with laundromats.
YOU and your brother would have to figure out how much money you have, how good your credit is, what you guys have experience with, and what is needed in your community (or wherever it is you plan to start the business). Like someone already said, you have to look at the costs associated with each.
Laundromats require a lot of money upfront, because you have to buy the washers and dryers. I looked into buying some before, and the smaller ones don't make that much money. $50,000 a year is good for some of the smaller ones, and you and your brother would have to split that. Makes more sense to just work a regular job.
Hair supply stores are a dime a dozen. You can find them everywhere. I really doubt most of them make a lot of money, and bars are competitive. You have to pay A LOT of money for a liquor license, then buy the alcohol, fix up the bar, etc.
Do you have money is the question?
Everything you asked about probably requires $50,000-$100,000 to start.
Get financing. Unless you have (a lot) of money lying around, you will need to borrow money to start.by ss - 6 months ago