I have a bunch of business ideas that can fit under one roof but keep thinking it's a "not for me" kind of thing.
Now I'm remembering that a lot of fresh immigrants from third-world countries come here with minimal command of the language, knowledge of local laws, and money, but manage to make it work... what's my excuse again?
Edit: Looking at commercial properties in my area. What I thought were successful businesses are being sold for $100k to $200k... whaaaaaaaaaa?
Often times a successful business is one that is worth zero. The value of a business you buy is the net present value of all future cash flows discounted by the cost of replacing the person(s) you will lose when you purchase (the big boss who's usually paid himself minimum wage and taken his real paycheck in capital gains).
If a business makes 90k a year after expenses but Big Bob was only paying himself 20k and it would take a 100k MBA to replace the talent required to run the business; then you're investing in something that pays back 10k a year. At that rate 200k isn't unreasonable; and it may be overpriced.
Now if you scrape together a 200k 401k after 10 years of matching funds in your 65k job; and you then buy a business that lets you move up to 110k a year, you've probably made a fairly good investment because you didn't have that earning potential before.
Very often people buy into an existing small business just to buy themselves a job... which is fine if you couldn't get a better job elsewhere and you love what you'll be doing.
But being the Big Boss doesn't really put you in charge, it actually makes you the servant of all.