I am a 22 year old recent grad working as analyst in Florida. No debt of any kind, have 45k saved up (HYSA, stocks, and retirement fund) and in the future (3-5 years) I am possibly thinking a acquiring a business through financing. I currently live at home which allows me to save a lot and I have been saving my money since I was 18. I know 45k now is nowhere near enough money to finance a business or is not a lot of money in general but I plan to save more money in the upcoming years. Also I do not believe I am ready now to acquire one as I am still learning the process that goes into buying/financing a business such as looking at revenue, P&Ls, red flags, and having extra money for a lawyer to go though the process with so I do not buy a failing business and an accountant to not get scammed like when sellers create fake documents and P&Ls to make it seem they are making money when they really are not.

I am interested in laundromats, a car wash, and possibly a convenience store and when acquring the business I plan to leave my job to focus working at that business.

These are list of questions I have pertaining to this thought.

  1. What businesses should I look into or avoid?

  2. How much money should I have before going into buying a business?

  3. When to know to make the jump?

  • CodaDev@alien.topBEnglish
    1·
    1 year ago

    Can’t franchise what you’re currently doing? Or just continue doing it until you reach a high level position and then consult in it?

    Chance of failure is very real and you don’t want what you do to make you unemployable.

    • TheShtoiv@alien.topBEnglish
      1·
      1 year ago

      I’m invested in those two, but I wouldn’t recommend to someone else to invest in pure price speculation unless they can afford to lose all of the capital