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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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11072356 No.11072356 [Reply] [Original]

I'm 24 with less than 20k in savings. I plan on setting up my own business when I'm 30. Any advice from anyone here that actually owns a business?

>> No.11072413

my advice is start your business now anon

>> No.11072421
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11072421

>>11072356
All in LINK
Retire EOY

>> No.11072429

>>11072413
I want to but I have no capital.

>> No.11072598

>>11072356
Alright /biz/ owner here, here are my 2 cents (I'm going to assume you already know what business you want to start)
>write a business plan, try and think of all costs
>imagine you had all the starting capital, what would you need to do/buy to get up and running
>identify what the first obstacles you need to overcome to get started, solve them (e.g. licenses and such), they probably don't require money
>don't be afraid to borrow, if your business is going to make money, it's worth borrowing for
>start now, you'll have more energy and 6 years of experience will put you miles ahead
>starting capital is rarely the problem, running capital is (unless you run a business this one is hard to grasp)
>ensure there is demand for the product
>whatever cost you decide it's going to cost to start add 40%, yes 40%
>set aside 3-6 months of living expenses, you aren't going to be able to pay yourself out of the business at the start
>don't be a pussy and start now, capital is just an excuse, if you want to get started you'll find a way

I'll check the thread again in 30mins

>> No.11072638

>>11072598
also, be sure to document your thought processes, so you can analyze your decisions

if you are a messy person: learn how to properly keep files

>> No.11072699

>>11072598
>>11072638
Thanks for the tips. Pretty much everything that I needed.
>Don't be afraid to borrow money
B-but I thought that you should never get into debt?

>> No.11072862

>>11072699
>B-but I thought that you should never get into debt?
why not?
If your business can generate 10% return on investment, get all the loans you can get under 10% pa.

Loans are a great tool in the toolbox, and nothing to be afraid of, just dont be stupid with it.

>> No.11072891

>>11072862
RIP OP

>> No.11072902

>>11072356
What business are you starting? Are you sure it can make more than or equal to its operating costs within a couple months? How long would you run it unprofitably before you shut it down?

>> No.11072972

>>11072902
Either a food chain or car detailing. Everything else you're asking i don't know.

>> No.11073029

Start a ponzi bot.Exit scam.Rinse, Repeat!

>> No.11073101

>>11072699
Like this anon said
>>11072862

Debt ia a tool, and you need to feed the business if you want to grow it, if you don't have money and you don't want to give up equity what else you gonna do? Use your profits to grow? You miss out on a lot of economy of scale and opportunity. If you can't manage cashflows you have no place running a business anyway. This doesn't mean go out and borrow 500k worth of credit card debt but it does mean that you shouldn't have an emotional reaction to debt.

I will also say that people that refer to not borrowing for personal use. If you are borrowing to buy a car chances are the purchase isn't going to help you pay off that loan. But it will if you buy a house (in the form of money saved from renting) or a business. It's the whole asset vs liability thing.

>> No.11073117

>>11072356
By the time you’re 30 we will be in all our civil war in this country. Forget all your dreams and start training

>> No.11073551

>>11073117

>this is what /pol/tards actually believe