Have 100K and would like to start my own business, live in Manhattan. Any ideas, please? Where do I start?

Answer 1

Here are the logical steps to take:
1. Decide what product or service you want to offer
2. Write a Business plan. You can get help from a counselor at http://www.score.org and find your local chapter by inputting your zipcode. This advice is FREE
3. The business plan helps you understand how much money you need for start-up costs and how much you'll need to supplement your working capital until the business starts to pay for itself.
4. You'll have to decide on the customers you're going to go after.
5. Understand who your competition is going to be and why people will buy from you versus from them
6. What prices are you going to charge.
Try http://www.ychange.com/small-business-consulting-articles.html
and read some of the article for more ideas.

Answer 2

Start by looking into something that you like and/or know about. For example, would you rather open a restaurant, or a clothing boutique?

Then you have to take into consideration location and competitors. For example, don't open a pet store across the street from an existing pet store.

Also, with only $100k, you are limited in terms of what you can do, especially in Manhattan where rent will be astronomical (unless you are somehow working from home). You will certainly need to get a line of credit from a bank if you are planning anything big.

Bottom line is first think about what you enjoy doing, and then start planning from there.

Answer 3

Do you want to have a 'brick and mortar' business or an internet business? Once you answer that question, take a piece of paper and make 2 columns entitled Pro and Con.

On the left side of the paper, begin to research industries or types of business you'd be interested in. Do research on them and list the pros and cons of each business/industry. Once you feel you're completed, I think you'll know the answer.

And, no matter what you choose, don't sink more than 10% of your money into the venture to begin with. Sometimes when you start a business, you'll make mistakes along the way or change your mind about the industry, so don't spend all your money at one time.

Answer 4

My advice is to find a business broker in your area . Try bizbuysell.com or businessesforsale.com . I would search for an existing business that you have some experience with . You can leverage your money and buy around a $500,000 biz with your $100,000 down payment (20%) .

The financing can come from banks, friends, relatives, SBA , private investors and the seller of the business .

You may also consider a partner who can provide experience and capital .

Answer 5

A business to consider is home based travel. If a certain real estate giant has his own travel website, then internet travel must be the way to go. Over 80 percent of travel is booked on line. It is 7 trillion dollar year, world wide industry. How much travel takes place going to and leaving from New York. Imagine all the hotels, shows, tours, cruises and vacations in which one can make money.

http://www.goytbnow.com/amazingtoursandtravel.com

Answer 6

Go see the Small Business Development Center. Here's the NY info. Call them and they will give you the location in Manhattan.

New York SBDC
Mr. Jim King, State Director
STATE UNIVERSITY OF NEW YORK
SUNY Plaza, S-523
Albany, NY 12246
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: http://www.nyssbdc.org

Answer 7

Go to http://www.LinkFiveDirect.com

You can be the Managing Partner of a business in your area, that will own 50% of and do not need any money, only willing to work hard. Can make you $50,000 to $100,000 per year. You can also advertise your existing business at no Cost.

Answer 8

Yes. I am a home business owner. I got started for little out of pocket, low monthly overhead and huge tax benefits. Any body can do this with no experience. We have excellent mentoring and training. Email me for more details.

Answer 9

i would start a printing office since in manhatan there is a lot of paperwork and their office machines sometimes fail they sometimes need a backup like a corner candystore, also you know it will be a great buisness because all the people walking around in the city.

Answer 10

Are you interested in helping people? I am, and that's how I found my business. If you have a passion for helping others we should talk. If not, good luck with whatever you do find.