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Money for business

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Thread replies: 15
Thread images: 2

>be 25 and have 50,000
Can I start a small business with this amount money.
I have a idea for a business that is low cost to start but will this be enough to the legal fees and everything needed to legally set up a business.
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Bump sorry for grammar errors wrote this in a hurry on mobile
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Your post is lazy as fuck

We have no idea what kind of business you want to start or where you're at.

How do you expect anyone to answer this, poojet?
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>>1699310
U mad m8?
I made a website using a computer and £200 worth of domains and hosting. I'm launching it tomorrow, but yeah, its really not hard.

I think traditional brick and mortar businesses are going the way of the dodo, the way of the chalkboard, etc. However, service businesses are pretty decent if you could actually get one up and running, 50k (I'm just gonna assume its USD), should be enough to bootstrap the entire project.
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>>1699310
if you're in the US you can start a business as a sole proprietor with zero legal fees or setup. just start charging customers for your product and then pay taxes on your earnings.

if you need to start an LLC for some reason (unlikely) $50,000 is way, way more than you should need for that. absolute worst case for a lawyer + all fees you'd max out at like $5,000. more likely you could get it done for <$2000 depending on your state.
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My first thread sorry. I've saved up this much by living with mom and dad and working a minimum wage job. I decided I have had enough and want to be financially independent. It would be a cleaning business (got the idea from one of the threads ) where I clean houses, offices , schools ect. for 100$. I would only charge 100 for houses and would charge more for schools or offices but that would be the gist of it. If I can clean 5 houses daily just Mon - Fri I would make 10,000 monthy. I would do this for a bout a year before I decide to hire maybe 2-3 people and continue to expand. I would pay them about 15 a hour (about 8 hours a day) and give them 5 houses each and so on. It's it possible for this to work? Can I start this with only 50,000 bucks with no experience with running/owning a business? Live I'm sf rn btw
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>>1699336
to clean offices and schools you will need some paperwork to prove you can use various cleaning fluids and not explode in the name of a deity.
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>>1699336
you can probably charge more, but be aware that it will take longer than 1.5 hours to clean most houses and you haven't accounted for travel time. my parents get their 4 bedroom 2 bath place cleaned and it takes a team of 2 people around 2 hours to clean the whole thing. i don't know if that's slow or not, but that's what i've seen. i'd suggest looking at cleaning companies in your area to see what they charge, how many people they employee, how long it takes them, etc. one nice thing about the cleaning business is that you're evaluated strictly on the quality of your work which means there's no real disadvantage to being a newcomer. happy clients are very loyal and word of mouth is strong because finding a good cleaner is a huge PITA.

should be totally doable with $50k if you can make the economics work. clean a few places for free - various different sizes - so you can figure out how long it takes and how much it costs you per house (include cleaning products, gas, travel time). that should give you a rough estimate of how many places you can clean in a week, then you can figure out how much you need to charge per house, then you can compare that figure with how much other companies charge to see if you're competitive at all.

good luck bro.
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>>1699336
I think it's a great idea, and I've heard similar stories about expanding businesses like window washing. I have no experience, but I agree with the other poster that it does take time to clean a house well. My parents hire 2 mexican ladies and it takes 2.5-3 hours, and they clean the house really well. Like I said I have no experience, but maybe cleaning for a company and asking all the relevant questions for a few months would be really valuable.
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>>1699385
Yeah maybe I'll charge 125-200 to houses with more than 1-2 rooms and clean 3-4 houses a day
>>1699380
Hopefully after a year or two I can get good contracts with schools or other business
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Op here. Where do you think I could find some clients? I feel like I could start off with 15 or so 3 houses spread throughout the week Mon - Fri
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>>1699310
Why not open a Chik-fil-a?

http://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1
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>>1699428
you need to find out what the going rate is in your area.

I live in a high cost of living area and independent contractors in residential areas (aspen, vail, CO) charge about $75 per hour. These are people that clean very quickly. You can't just decide what you're going to charge, the market decides that.

you'll make far more money doing commercial properties, almost double the rate. But that will require you to get a business license, liability insurance, a business phone line and listing, and the other trappings of a legit business.

I estimate the total cost to start a janitorial company at around $3k which should cover most of your expenses for the year if you don't hire anyone. You do all the work.

As soon as you start hiring people your expenses go WAY up. Payroll, taxes, and insurance are a bitch when you've got employees. Keep in mind that whether you have employees or not you're going to be paying self-employment taxes on your own salary, so your taxes will about double being a business owner. This means for every $100k you make you can expect to pay about $40k in taxes. The rate drops if you can get much over $100k per year though.
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>>1699430
traditionally you get a phone listing, an advert in the yellow pages and associated online sites, business internets that come with a free webpage, and then you place ads in the local papers and radio stations. Facebook ads might be wise, as would perhaps fliers posted on bulletin boards around town.

once word gets out that you do good work at a fair price you'll have more people calling you than you can deal with. Word of mouth is big with house cleaning services.
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>>1699428
schools, hospitals, courthouses and such fall into the category of large buildings. Large buildings are fully able to hire their own janitorial staff. So bidding on work with them means undercutting people that make $12/hour. There's not much money in it. The larger the job the slimmer the margins.

starting out you should concentrate on getting a lot of small offices (<2000 sq ft) or houses rather than large jobs. Large jobs don't pay you as much and they're way easier to fuck up. Leave them to the large companies. Look for jobs that can be done by 1-4 people in a couple hours a day.
Thread posts: 15
Thread images: 2


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