Want to Open a Business

Mamala1

Wed, Oct 30 2024, 10:32 am

I live in Lakewood. We are making a bit over $200k a year combined, 4 kids and really struggling. I think the only way to make it is to open a business, but I need ideas. Amazon businesses apparently aren't doing so well now. I'm looking for something that I can start on the side for a few hours a day. Every youtube video ad is marketing these amazon selling courses etc. I'm not looking for that.
Please share any ideas, would be a huge help!

stillnewlywed

Wed, Oct 30 2024, 10:34 am

Businesses take a lot of time and effort to get off the ground. It's going to be really hard to do that just a couple hours a day while working and being a mom of 4. You can start something on the side but you probably won't make significant money unless you go all in.

amother

Butterscotch

Wed, Oct 30 2024, 11:23 am

stillnewlywed wrote:

THIS

I was in the same boat as you. Started a side business (wholesale manufacturing) but couldn’t give it my all because my part time job was paying way more and I had to focus on that. So I ended up giving it up…

You really need to be all in all the time to get somewhere.

amother

Turquoise

Wed, Oct 30 2024, 12:58 pm

Not sure if this works for you but maybe something food related could be lucrative... It seems no matter how much people are struggling they r willing to spend on food

amother

Lightblue

Thu, Oct 31 2024, 6:40 pm

I’ll say what someone else said- you have an expense problem not income problem. 200k for a family of six in Lakewood is very much ok. Write down what you spend on and figure out how to cut down. Because if you have four younger children you’re going to be in trouble as they get old and expenses are more.
If you want to make any real money in a business you have to go all in which means quitting your current job. And 9 out of 10 businesses fail. Even the ones that are very successful take a few years of hard work.
Budget, cut down on all extras, and figure out what you want to do about a job or starting a business once you don’t feel so tight.

amother

Outerspace ↓

Thu, Nov 07 2024, 4:47 pm

This is very discouraging.
I’m in the same boat as op. Same family size and same income.
The difference is that I don’t work.
We are not struggling but we certainly don’t have much extra after expenses.

I’m also thinking of doing something but I’m really stuck.
I’m not skilled or talented at all.
I really don’t want to work in a school as a tutor or assistant and I don’t want to babysit.
We’re managing but I have the time and a little extra $$ could help.

I was also thinking about starting something at home.
I actually have money to invest in a small business but aside for food, wigs and babysitting I’m not sure what else is so popular at home.

Would love to sell something….

amother

↑ Outerspace ↓

Thu, Nov 07 2024, 4:57 pm

amother Tiffanyblue wrote:

I keep seeing ads in the BP Weekly for women to build their own business at home- what's that about? in the classifieds.

I contacted them. It’s all the same thing with different ads and phone numbers.
They want you to buy a kit of skin products and sell them.
And the person who sold you the kit makes money on your sales.

amother

Holly

Thu, Nov 07 2024, 4:59 pm

amother Yarrow wrote:

Can you provide a breakdown of expenses?
You don’t have an income problem bh, you may have an expenses problem

No she doesn’t. We earn the same and aren’t managing.

amother

↑ Tiffanyblue

Thu, Nov 07 2024, 5:02 pm

amother Outerspace wrote:

Wow, that's an old story.

Thanks for filling me in.

amother

Bronze

Thu, Nov 07 2024, 5:30 pm

amother Lightblue wrote:

I disagree completely with the premise.

200k for a family of 6 is just barely cutting it. with high taxes, cost of insurance, no tuition breaks, no handouts whatsoever, it's very difficult.

Welcome to the pinch of the middle class...

amother

Stonewash

Thu, Nov 07 2024, 7:45 pm

Im working on doing wholesale manufacturing now. I already own a business, and im working on this with my husband who is currently unemployed. We probably won't be making any money before a year, and we will probably need to put most of the profits back into the business for another few years. I think it's a great industry to be in but you can't really live off of it for the first few years.

amother

↑ Outerspace ↓

Thu, Nov 07 2024, 8:21 pm

There’s something I want to sell but I would have to find a manufacturer to make it for me and I’m really not sure how to do that and if it’s even worth investing in.

I contacted a few companies in China but I’m so unsure what to do now.
My husband is good with these things and when I asked him to help me he laughed and said I would only make money if I really really hard and he knows I won’t so…
I just don’t know what to do on my own

amother

Crystal

Thu, Nov 07 2024, 8:40 pm

amother Outerspace wrote:

In your situation, not currently working and not currently struggling, you should seriously consider going back to school. Invest a couple of years in an actual career

amother

↑ Outerspace

Thu, Nov 07 2024, 8:43 pm

amother Crystal wrote:

In your situation, not currently working and not currently struggling, you should seriously consider going back to school. Invest a couple of years in an actual career

I’m a lot older (young grandparent age) and I honestly don’t have the patience or interest.

mig100 ↓

Thu, Nov 07 2024, 10:32 pm

amother Yarrow wrote:

Can you provide a breakdown of expenses?
You don’t have an income problem bh, you may have an expenses problem

not really. if she has a 4k mortgage , its tight

200 before taxes could be 140 after taxes and insurance

Im curious, are you on medicaid and other programs?

I understand if you are earning 70k with 4 kids and managing, then 200k sounds like a lot. I dont thik you realize how much taxes and health insurance cost

↑ mig100

Thu, Nov 07 2024, 10:33 pm

amother Bronze wrote:

yep