I own a small lawn care business that I started years ago as a young teenager while still in middle school. I run the business throughout highschool, built it up, purchased alot of equipment...even had a number of full time seasonal employees a year back. But I've now graduated high school and am in college full time. I still run the business on the weekends (live close to home), but I can't decide if I should sell the business/equipment and do sometime less equipment intensive (such as cleaning/painting...even online business), or keep it going...
I'm trying to support myself through college, so money is an issue, but there are student loans. I did limit my college selection due to the business so I could stay close, but would like to go to some higher schools at some point.
Running the business solo I make about $20K/year working part time during the growing season. But insurance and equipment upkeep eat into that.
What would you do? I want to get into money management as a career
2007-03-25 19:10:09 · 5 answers · asked by Anonymous in Business & Finance ➔ Small Business
Also, since I've taken an active interest in money management, I'm learning the importance of investing at an early age.
If I was to sell off a good portion of my equipment, I could probably get $20-$35K...depending on what I sell. I believe this would be a great amount to start a Roth IRA with.
Also considered just keeping a small amount of equipment to serve the best paying accounts, or sub-contracting all the work and profit 10-25% when I bill the clinet for the work.
Ideally an online business would be great...but I don't know what to do? eBay? Blog?
Any ideas/suggustions would be great! Thanks
2007-03-25 19:14:54 · update #1
Depends what are your longtime goals
If you can sell and the money is re invested into another business OK.
It is very difficult to start a new business.
You have already established yourself in the one you have. Lawns are not going away anytime soon. It still makes money so why throw away a winning hand. Perhaps expand and find someone who will (for the right price) manage the business.
As long as it is making money . It can make more.
20K part time not bad . Money management goes side by side .
2007-03-25 19:26:53 · answer #1 · answered by grainy33 3 · 0⤊ 0⤋
<>It sounds like you put some hard work into building up a nice little business. Congratulations! That's not something you see a lot these days in someone your age. Unless you can find a buyer that will give you a decent price, you might want to consider a manager or a partner for the actual day-to-day operations. If you take the time to find someone trustworthy, you could even expand the business and reap the benefits from afar. Good luck, either way.
2007-03-25 19:14:21 · answer #2 · answered by druid 7 · 0⤊ 0⤋
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2016-09-05 16:23:10 · answer #3 · answered by lacie 4 · 0⤊ 0⤋
If this small business is interfering in your long term goals, then sell it. Let's face it, unless you're going to devote yourself to this type of business in a serious way, you're not going to make a great living at it.
Find something else, even just work for someone, that will allow you to focus as much as possible on your education.
2007-03-25 19:15:08 · answer #4 · answered by rohak1212 7 · 0⤊ 0⤋
dear,
thank you for letter.if may ask you did not say your business is not doing well.but the pressure of your education is telling on you.my solution is this:
(1)look for good manager to manager your present business and look for ways to expand,dont sell it.
(2)you have interest in online business,you dont have to sell your present business for the online.
(3)for your online business get a merchant account,my network will finance that for you.
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2007-03-26 02:48:43 · answer #5 · answered by Joshua O 1 · 0⤊ 0⤋