>>61571483
>crypto shitter

>>61571483
Because I don't have an original idea.
Because I don't have (((connections))) for start-up funding.
Because my country is over-taxed and over-regulated.

Next question.

>>61571498
Do you really need an original idea? Can't you just freelance the skills you already? If you talk to enough business owners you'd probably figure out bottlenecks costing them time or money and you could come up with a service/solution for that and scale out from there

>>61571498
You definitely don’t need an original idea. Find something someone else does and change it a little or find a different niche to market it to.

>>61571483
if you create a business that is successful enough to be bought you might as well just keep it running.

>>61571568
Why would you keep running it and have all the risk when you could exit and be risk free?

I was thinking about starting a business shilling Monero to normies.

Would this work? or would glowies actually come an hero me?

>>61571520
> Can't you just freelance the skills you already?
These are generally an equivalent of self-employment - the issue is finding customers. This happens in software a lot - technically GOOD, hard-working devs with 15 years of REAL, diverse experience are valuable and CAN free-lance. If the project goes well, they can bring in their friends and juniors, etc. These are HARD, 14-hour jobs and once the project dries up, there is often nothing else. It's also very difficult to stand out in a literal sea of other consulting companies.

The same goes with low level stuff like deck-building, driveway-pouring, etc. There you also get the issue of finding good employees where they are either an alcoholic or fracture off their own business because your "overhead" is worthless.

These are generally NOT businesses, these are self employment.

>>61571568
This is generally true. Sales valuations for small biz are a joke - less than 5x annual, often 1 or 2x because people know you are just dumping shit.

>>61571581
I find that this is a common problem for neets; no one is coming after you until you are doing millions in revenue unless you get really unlucky. At least if all you are doing is shilling.

Freelancing is not running a business. It is also not sustainable

>>61571605
>These are generally NOT businesses, these are self employment.


Correct. Self employed calling themselves business owners or entrepreneurs are cringe

>>61571483
>coast FIRE
>riskier than regular FIRE

what a retard

>>61571605
>>61571638
>Self employed calling themselves business owners or entrepreneurs
I mean, you do the work yourself, map out how to do it, then hire others to do it once you have a full schedule. Isn't that the least risky way to scale a business?

>>61571638
There are a bunch of criteria for saying "I own/run a business" that keep you from being an utter embarrassment immediately. These are:

1. You actually own the business or are at least a majority stakeholder that generates revenue listed in #3 that's YOURS.
2. You can leave the business for weeks and it will run on its own. Employees or not - doesn't matter, but it doesn't need your constants labor or oversight.
3. Profit, not revenue, is at least surgeon / lawyer level or at least $400,000
4. While owning condos, gas stations, stores, physical resellers, etc sort-of, kind-of qualify, you are far better off saying "I own a chain of Chipotles in hobo-town", which is more honest. Nobody really views successful franchise holders as "businessmen" unless it's doing millions in profit.

>>61571672
I genuinely think you have never done anything irl, and that's not trolling.

I already answered some of what you are saying above. You are describing how consulting firms starts or, again, low-level labor businesses.

These are very competitive or education/reputation intensive. I will give you examples.

1. Dentists. A dentist can start a small practice and slowly build a customer base. They then hire support staff and cleaners. As they grow, they might buy / rent a decent sized building and equip it past two rooms and hire other dentists. This will be a multi-million dollar revenue and maybe even profit business. It's fairly safe. But going to medical school is also generally safe.

2. Some-skill and competitive advantages - these are your educated immigrants with capital. Start doing drafting for residential real estate. Eventually hire a crew to build the drafts. Eventually start building houses with your immigrant-cheap crew which is your "competitive" advantage.

All of these sound great until you understand the level of competition and the incompetence of general labor for #2. #1 has natural barriers to entry, but if your parents put you through med school, you already won.

Software is somewhere in between but you will literally get 200 calls if you put a software project out there and can actually pay something reasonable. Oh, and P.S., companies expect consultancies to do software for literally 1/10th of the real cost and there are plenty of jeet shops that will promise it at that and never deliver.

>>61571520
>Do you really need an original idea?
Yes.
Every business idea is already done locally by established competition.
Online stuff you are losing out to India or China.

3. "Complicated" / highly-regulated businesses. These are the "connections"/"money" businesses. Without getting into details this is where you have somewhat rare skills like security clearances, specific new industry knowledge etc (which a million other people have). But then you happen to have friends that worked in director roles in acquiring these businesses for hedge funds, etc. Then you have other friends that have real money.

At the end of the day these hedge on basic competence and delivery of minimum requirements (which, again, a million people can do), but coupled with being able to step through regulatory barriers and fund initial costs which can be in the hundreds of thousands for the "simple" variations here.

To avoid being cryptic - these are your defense contractors, small banks, insurance companies, gambling companies, etc.

This is what >>61571498 is thinking about even though he doesn't know it.

Then there are the "innovative" businesses - the classic new space model. We all think of that, but they are probably the hardest unless you get lucky and they are the easiest.

>>61571483
I want to, but I need a bit of capital and every single thing I put money into turns against me. I could make a lot of money. And I do sincerely believe that I am the best thing I can invest in. I just don’t know if I’ll get that chance. It will take me about 3 years of solid saving to get there, as I’ve now learned not to try anything in any sort of market with any asset class. I’m quite bummed about it.

>>61571765
You are being very vague and using self-help book lines ("And I do sincerely believe that I am the best thing I can invest in").

Why don't you just list the business, how much money you need, what's blocking you, etc and we can talk it through?

Only #3 requires genuinely significant amounts of money, and money alone won't get you there anyway.

>>61571577
>Why would someone buy your business and incur risk when they could stay out of it and be risk free?
It works both ways. It's all about the cost of the risk, obviously.

>>61571520
>Do you really need an original idea?
Yes. It's going to be difficult to compete against an established player - remember most start ups fail. Other than that the options are compete on price, try to do it better, or if a physical business - find an underserved location.

>Can't you just freelance the skills you have already?
I suppose so, but if you mean actual freelancing / contracting, I wouldn't class that as a business unless you're starting some boutique consultancy, it's just self-employment.

We live in a globalised world now. You're competing against China on goods and India on services.

I have thought about some sort of cafe / coffee shop before, but it's not a scalable business and is location dependant - I would earn more in my wagie job.

>>61571581
Your bank account would be frozen within ten seconds.

>>61571738
Yep. I work in banking so have lots of niche knowledge related to that. But good luck creating the next Monzo / Revolut - regulatory barriers are huge, requiring expensive staff / consultants, as well as the regulatory capital required. E.g. if you want to create an e-money firm, i.e. a debit card with a cash balance attached to it, no banking services. You would need the licence + at least 500k regulatory capital, and that only allows you to have 5m in balances.

Basically you need to know the right people, and have someone to front the funding.

>>61571909
Can't you just niche down better? For instance many people nowadays work with businesses to automate parts of their business with AI. Anyone could just niche down to simply focus on dentists, law firms etc to stand out. Why would the dentist business owner go with the generalist when you specifically cater to their niche?
>boutique consultancy
>self-employment
Yeah, not sure why everyone here is scared of self-employment. You have to find your own clients but you can just not work with people you don't want to. You also have no income limit or schedule or place you have to be. It far beats W2 employment once you have it down, then shift to an agency model.
>cafe
kek yeah this is for the wives of business men to keep them happy and break even at best. Maybe would be nice to manage once you're already rich.

>>61571909
>Yep. I work in banking so have lots of niche knowledge related to that
I really doubt that. I am a CFA & Series 6,7,63 and know banks and bank software inside and out and have no "niche knowledge" that a million other people don't have.

> But good luck creating the next Monzo / Revolut
> Basically you need to know the right people, and have someone to front the funding.

You are describing #3 from >>61571738 and an advanced version of that. Banking is for already rich people, everyone knows that. That's not even a business idea, that's like me saying I am going to start a car manufacturer - it makes no sense unless you are bringing something really new to the market.

>>61571985
You are just saying more buzz words.

>>61571483
dropshipping and running an newsletter are not businesses
and good luck thinking all of these garbages are sellable
as has been said here many many times for the average person the surest path to success is maximizing job income when you are young and throwing it all into risk assets then gradually cash out in less risky assets

now talk about failing business, which amounts to you paying a lot of money to do a second job on top of your regular job

>>61571483
Coming from a founder of a startup, because big capitalists dominate the market already, and they can use economies of scale and political connections that I do not have to starve out smaller players.
To start a business you need a truly useful product that is not easily copyable by a big player, and access to the capital to actually fund the necessary functions of a modern business. It's a rare thing to have such a confluence, especially access to capital. Usually you don't know what kind of products are useful unless you actually do work for a living, which means you need to become attached to an investor, who can do all sorts of nasty things to your business.
The game is rigged my friend. The market is not free, and is incredibly anti-competitive.
>>61571605
>These are generally NOT businesses, these are self employment
There's a term for this: petty bourgeois. They technically are capitalists, business owners, but they don't have enough capital to command the labor of others, and end up in this middle position of exploiting their own labor.

>>61572120
>maximizing job income
Yeah, I agree. In my situation I have a good fully remote job, but was thinking of running a very lean service business related to my skills to make more income.
I'm currently at 120k a year. I don't think I could make more without taking up an in person job at an expensive city. It just doesn't seem worth it, especially with a commute. That's why building something on the side seems to be the only thing that makes sense. I was thinking to target B2B software companies. Worst case I could just keep pivoting until something clicks. I'd also want the autonomy of self-employment. I feel cucked asking for permission to travel outside the country or take time off.
>risk assets
I don't even know what to get into anymore. Everything seems overvalued. I'm just dca-ing into VOO and hoping BTC crashes next year to buy cheap and potentially getting a good ROI from that over a few years.

>>61572342
maximizing job income can also refer to getting a second job/shift, again this is advise that would actually work for most people
the only metric that matters is your savings potential per year, the absolute number of pre tax income is completely meaningless, cutting excessive spending is also a viable path

and you would be investing on a 10 year time horizon, dont worry too much about day to day fluctuations
just remember all a boomer had to do was dca into spx every year no matter what, now you need to be slightly more out on the risk curve but you still dont need to be a trader

I am founding a hardware/electronics business in the next few weeks. A completely novel device with nothing like it on the market, so I'm not telling what it is. I am almost finished on my POC prototype. Any tips?
If it goes well, why should I ever sell it?

>>61572390
>Any tips?
Unironically use ChatGPT for help on launching. I am working on an ecommerce business and its been super helpful.

>>61572404
Thank you. But yes, I am already using it heavily. Instead of 4 months for making the prototype, I'll probably finish it in 2 weeks. Then off to find some co-founders. Going to definitely use ChatGPT all along the journey.

I strongly think LLMs are not going to make the big cap stocks go much up any further, but going to bring about an absolute boom in small and micro caps. Big companies already had all the intellect they needed. Now small companies have access to 90% of the intellect of the big caps with little to no money. For those that are into stocks, pay attention and rotate out of S&P 500 (it's going to underperform in the next 10 years).

>>61572342

I am in a similar position. Corporate remote job, golden handcuffs. $130k a year. Five years ago, it was a comfy middleclass life. Wife was able to leave her job to raise our two kids and start them in Catholic school. Now we are scraping by on the same income. I'm not trying to be a multimiliionaire. I just wanna keep my wife home for the kids and have some time for myself without picking up a second job and keep our kids in the school we love. And that feels unattainable right now.

I've been looking at potential businesses for the last 12 months. I've actually put offers in on three others. Most brokers wont give you the time of day even if you prove you have the necessary capital to get financing unless they've already done a deal with you. And the one offer that got any traction was shady from the start. I was so excited to just be listened to that I ignored some red flags. The guy's broker said they were looking at several offers and needed my best and final offer in 24 hours. I ended up offering everything he asked for. He sat on the offer to 8 weeks leading me on. I ended up pulling my offer. That business is still listed for sale today.

I've ended up going the franchise route. Right now I am in the middle of the SBA loan process which is taking forever bc they were closed during the shutdown and have a backlog. Its a complete pivot from what I've done thet last 25 years, but I am both excited and scared about it. Everything is new and I'm learning as I go, but I am confident in my abilities to learn pretty much anything. So we'll see...

>>61571483
I own a business. I've made a profit for the last 25 years.

If I sold it I would have made one years income 24 years ago

Why would I sell it? That's stupid

>>61572544
Best of luck. I personally want something that I can do remotely though. I don't have a wife yet so it seems I need to travel, probably outside USA, to have find a unicorn good one. Taking 1-3 weeks off a year just isn't really enough time. I feel I'd need a few months at a location to build out a social circle, becoming a regular at some coffee shops or tennis clubs, firing up dating apps etc. That's why I'm leaning on the consulting/service route.
>>61572575
Yeah, I'd just sell if it secures financial freedom or you found a better opportunity.

>>61572680
>I'd just sell if it secures financial freedom
Owning it secures financial freedom

People think there's some lump sum that makes a person rich for life. In reality it's steady income that does it.

>>61572716
>People think there's some lump sum that makes a person rich for life. In reality it's steady income that does it.
Okay tell that to the person I know irl who sold their company for $30mil

>>61571520
>just sell a freelance business
retard

>>61572803
>Okay tell that to the person I know irl who sold their company for $30mil
If they didn't invest it in new businesses, it will be gone before they die.

>>61572818
>>61572818
>If they didn't invest it in new businesses, it will be gone before they die.
Where did you get the idea that someone who is ambitious enough to build/exit a company at 30mil would then just sit around for the rest of their life?

>>61572831
That'd be my plan actually. Sounds good to me. $30M in a conservative dividend fund earning 2.5% at a 25% tax rate is like $550k after tax for life. And most dividends are gonna pay higher than 2.5%.

>>61572831
exactly

you're not going to leave that money in a bank account, you're going to invest it in other profitable businesses.

that being the case, why sell your profitable business in the first place?

>>61572921
>why sell your profitable business in the first place?
To secure the bag. You put in crazy effort to build something, and that thing is not guaranteed to be long lasting and indestructable. Plus you have the day to day work and stress of running it.

>>61573029
ah. So you sell because you're scared you can't continue all the success that got you there in the first place.

or because you're too dumb to hire people to run your business for you.

generally speaking, people that scared or that dumb don't ever own businesses worth selling.

>>61571483
I’m tired, cannot focus, thus depressed, and devoid of hope and despondent. I’m of average intelligence and lack the conscientiousness and will to enslave myself to a cause I am not passionate about and unwilling to have my free time hobbled by, not to mention the risk it entails. Are you happy with my answer, Anon?

>>61573628
Or they're old and want to retire and have no family interested in passing it on to.
Or they aren't interested in it anymore.
Or they get an off market offer that they be stupid to refuse.
Or the other multitude of reasons why that you can't seemed to wrap your smooth fish brain around.
Quit being an obtuse faggot.

>>61571498
SPFP
Try getting that 200k loan while making min wage lmao.

>>61573664
What would you even do with a 200k loan?

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>>61571605
>This is generally true. Sales valuations for small biz are a joke - less than 5x annual, often 1 or 2x because people know you are just dumping shit.

There's a big market for retiring boomers to blow their kid's inheritance on used/broken equipment for an industry they don't know because they think they're buying an automated machine where they can kick back and relax.
Don't ask me how I know

>>61573697
A $200k loan for me would be maybe $50k operational costs with legal counseling, hosting, whatever API services, then paying myself for development of the thingamajing over ~2 year span.

>>61571683
Pretty much

>>61573707
Are they buying old BTC mining rigs?

>>61573634
Just stop gooning so much, prob would fix your low energy issue

>>61571498
All of your reasons are excuses, zoomer.

>no original idea
First of all, one company cannot supply for all the demand of its product, market participants want more of the same, even if its inferior to some other producer . It will be gauged with considerations about budget for example. There is always room for more than one at the producer table.
>I have no connections
Start a business and get a business loan from a bank because thats what banks are there for you detached from reality ass nigger
>my country is over taxed and over regulated
If your business is rolling, which it will if kind of if you and your employers put in some kind of effort, you wont care - as is evident by ALL THE OTHER EXISTING BUSINESSES in your country.

>>61575174
>get a business loan from a bank
you assume these are available to any plebe that walks in and not gate kept

>as is evident by ALL THE OTHER EXISTING BUSINESSES in your country
legacy business from boomers that kicked out all the ladders beneath them

dont project your capital markets to the world, almost everywhere that isnt the usa its hard as balls to get a business loan if you arent born into the quasi nobility

>>61571483
Starting a business is a bitch. In my state you have to show 12 consecutive months of four figure sales to qualify for a resale certificate. I had no idea until it was too late. So all I can sell are services and no actual physical goods. It sucks. I can't buy anything wholesale without that certificate and therfore can make no profitable sales. The governor in my state just made it this difficult for no reason. So my only real hope is to make some money in crypto and create fake sales to pay thousands of dollars in sales tax on to convince the state to issue me such a basic certificate that other states issue freely on day one no questions asked.

>>61576063
Sales of what? Why not just sell online?

>>61576214
anon, i think his problem isn't selling, but
>I can't buy anything wholesale without that certificate
have you ever, like, owned a business?

>>61571483
>It's probably the highest probability of success than anything else at this point
People that start their first business have about a 3% success rate.

>>61576326
Yeah, that's the thing. Like recently a company wanted to buy 9000 hats decorated with their branding. Would have been a good order. I can't buy the hats wholesale though. So I have to sell them for $35 a piece to make a profit. Then the customer intends to sell them for a profit as well. They can't sell the hats for $50-60 that's unfeasible. If I could get them wholesale I could make the same profit if not more and sell each hat for $9. Then they'd be able to sell them for a reasonable $25. It's a critical problem. The state does not care and doesn't want new entrants to succeed. They are protecting the established businesses from competition.

>>61576526
can't you ask someone who does have a wholesale buying cert to import the hats for you?

>decorated with their branding
oh, nvm. that sucks...

>>61571483
How does "FIRE" fail? And how is it risky? Isn't it literally just something like saving 80% of your income and living like a monk for 10 years? Yeah it's hard but if you commit to it how can you fail?

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>>61571483
I posted my business idea on this board and everyone made fun of me

>>61576558
FIRE is all about income anyway, that's it, make enough money and dont be a retarded fucking ape.

>>61576526
Uhh why not just order the hats anyways without the certificate?

>>61573658
>Quit being an obtuse faggot.
OP asked a question and I answered it you absolute retard

Unless you're 90 years old you don't sell a successful business

>>61576747
People sell successful businesses every day. I have to prove this exists to you? You are either trolling or sub 80 IQ.

>>61576707
Because providing a resale certificate is a prerequisite to establishing a wholesale account. You simply cannot buy at all from anyone without the paperwork. I can purchase garbage from alibaba if I’m willing to purchase 200k hats at a time, but it won’t be an actual brand like Richardson or zapped headwear.

>>61571483
they were talking about coastfire in 2016. it's not new. the twitter post is engagementslop

How do you guys break the 1k MRR plateau? Cold email? I've found that even with a really strong social presence I have top of funnel issues.

Sell it to who?

>>61576845
>MRR
A strong paid social presence? What other channels are you using? What is your niche?

>>61576875
Now I'm basically maxing out LinkedIn. Seems to work but brings in more brokies that can't pay. I've tried cold email as well but conversion is terrible. It's saas

>>61577095
I cant help you there. Im trying to sell supplements.

>>61571483
I have side business that makes around $30,000 a year.
Takes maybe 30min a day to run.
My customers like me.
I'm content.

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>>61571483
>It's probably the highest probability of success
Wrong.