Hello,
I registered here to take advice on starting my own business. On the opposite of many people, I have a different issue. I do actually have the money to start a business but I do not know what to do with it, I can come up with about $100-130k (I hope this is enough)
I would like to start a business and see my money grow, but unfortunately I am not an expert on any one thing to venture into that business. I thought about starting a small fast food like restaurant, but I am not a chief, and I do not know how to handle food or where to buy food supplies (from grocery stores (waltmart?) or by contacting food suppliers directly?) . I thought about opening a car shop, but I am not a mechanic. I thought about opening a car wash, but to not fool the customer, I never washed a car before.
How should I tackle this issue? I know of many business owners who are not knowledgable in their shops/business but their businesses are doing well (Restaurants, bakeries, plumbers, electronic repairs..etc) . I know they do it by hiring other employees who are more knowledgable in the business, but, since I am not an expert in the first place I can't assess any one. Plus, since this is a small business I will be very dependant on 1 or 2 employees if they decide to leave my business will shut down.
If I go on to learn something it will take me a good 6-month-to a year to be knowledgable enough, and then I am not so sure I will be at the level where I can service customers, and let us not forget the business could fail and then I lost so much time. I can hire employees but I can't assess them. Should I offer some one who has years of experience in any business a partnership offer? but then that is giving away too much too soon and I risk the arguments in a partnership.
Note: I plan on doing the managing part but not the actual service.
Please advice, and sorry for the long post but I need to explain myself to be clear.
MK
I registered here to take advice on starting my own business. On the opposite of many people, I have a different issue. I do actually have the money to start a business but I do not know what to do with it, I can come up with about $100-130k (I hope this is enough)
I would like to start a business and see my money grow, but unfortunately I am not an expert on any one thing to venture into that business. I thought about starting a small fast food like restaurant, but I am not a chief, and I do not know how to handle food or where to buy food supplies (from grocery stores (waltmart?) or by contacting food suppliers directly?) . I thought about opening a car shop, but I am not a mechanic. I thought about opening a car wash, but to not fool the customer, I never washed a car before.
How should I tackle this issue? I know of many business owners who are not knowledgable in their shops/business but their businesses are doing well (Restaurants, bakeries, plumbers, electronic repairs..etc) . I know they do it by hiring other employees who are more knowledgable in the business, but, since I am not an expert in the first place I can't assess any one. Plus, since this is a small business I will be very dependant on 1 or 2 employees if they decide to leave my business will shut down.
If I go on to learn something it will take me a good 6-month-to a year to be knowledgable enough, and then I am not so sure I will be at the level where I can service customers, and let us not forget the business could fail and then I lost so much time. I can hire employees but I can't assess them. Should I offer some one who has years of experience in any business a partnership offer? but then that is giving away too much too soon and I risk the arguments in a partnership.
Note: I plan on doing the managing part but not the actual service.
Please advice, and sorry for the long post but I need to explain myself to be clear.
MK
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