/biz/ - Business & Finance

[Anonymous No.56755455]

How do you get rich with a service based business?
Is it worth it to buy an existing business?

[Anonymous No.56755582]

>>56755455
>How do you get rich with a service based business?
The same way you get rich with any business, by having a profitable and scalable model.

>Is it worth it to buy an existing business?
Depends on the business and the price of the business, less than 100k in profit, you want to be paying <2x SDE. If less than 100k, it's probably not worth buying.

The fact that you are asking these sort of questions probably means you have very little knowledge on what you would be taking on. Your best bet is to:
>work for someone else in the industry you're interested in for at least a year to understand it better
if you're not willing to this, good luck sticking it out on your own for 15+ years with debt to manage on top of things
>figure out where the profit comes from
>look at taking over a business from some boomer, pay 2xSDE with 20% of your own money
>be happy to take 50k home and pay down 38k loan
>hopefully grow the business
>or try and just start your own
I hope you have capital and brains

[Anonymous No.56755591]

>>56755455
I provide a service where I go to Asia and provide BWC to the local population

[Anonymous No.56756309]

>>56755455
It sucks, i wanted to be a “businessman” for so long, i thought id provide my IT services, stop working for mr shekelson.
But i now realise, the market is saturated, you need to be an expert and lucky to even get a shot its so ogre

If i wanted to get paid doing business as a service id need to find clients, advertise, be efficient and all that additional management.
Just to get the same result, i get as much money as work i put in, theres no point.
Now im comfortable in my complacency sadly, i work IT at a bank and get paid 6k a month which is just enough for me not to move my ass elsewhere.

Now i just put some spare change into investing while trying to build my house.
Turns out i was mediocre all along huh

[Anonymous No.56756344]

>>56755455
1. Pick your service.
2. Do the service.
3. Hire employees as you outgrow the service.

Ideas:
1. Powerwashing.
2. Deck building
3. Electrical work.
4. Heater repair.
5. Rent apartment, AirBnB it out.

>>56756309
You could bump that $120,000 to $150,000 realistically in midwest market if you go architect famalam.

I do think IT is saturated, but maybe that's just an excuse. People HAVE started companies in the past 5-10 years successfully.

Easy mode is having a presence in low COL country and having a "school"/office system there and then having a face in the US that can do all in the between. Obviously this takes a huge commitment. IT is very hard for the reasons you mentioned - way too much to know and keep up with, so I see why people choose to do their .NET/Java job and coast on that and some SQL knowledge and basic Angular/React.