Tanning salon

[turfmaster]

They chose the tanning business because they were led to believe by someone that it is a lucrative low overhead easy business to run. They found out otherwise. They now run a liquor store and are thinking of getting out of that. All the big supermarket stores are carrying beer and liquor at super low prices which is hurting them.

[Steve]

Lawn care business tips

They chose the tanning business because they were led to believe by someone that it is a lucrative low overhead easy business to run. They found out otherwise. They now run a liquor store and are thinking of getting out of that. All the big supermarket stores are carrying beer and liquor at super low prices which is hurting them. I find this fascinating. Another tanning salon I know of has had at least 5 different owners in a handful of years. I am guessing that some new business owners feel that if they invest money into a business, that will be a competitive advantage in and of itself. Like maybe the money invested will be a barrier of entry to keep other competitors out but instead they find that there are others just like them who have done the same thing. Do you think this is the case too? Do you ever offer them any advice on future business ideas?

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[turfmaster]

Definitely,
Look at Lawn care for example. Look at all the new LCO's out there this year. I do wish them luck but Steve you know as well as I do that 70% of these new businesses will fail for one reason or another. If the economy turns by next season there will be less competition and prices for services will return to where they should be. Remember most of these people mowing 1/2 acre lots for $15-20 dollars are going to realize they are working for free. They are desperate right now .These people have not learned how to calculate true operating costs.

As far as offering advice I tell people to really do their homework on the particular business venture that they are considering. Know your true costs and don't get blind sided by fluff numbers like $300.000k/ year.

[Steve]

As far as offering advice I tell people to really do their homework on the particular business venture that they are considering. Know your true costs and don't get blind sided by fluff numbers like $300.000k/ year.

When your friends were looking to get into the different businesses they got into, did they come to you first and ask you to review their business plan or did they just want to go and experiment on their own?

If you could experiment with any other business, what would it be?

[turfmaster]

Originally Posted by Steve

When your friends were looking to get into the different businesses they got into, did they come to you first and ask you to review their business plan or did they just want to go and experiment on their own?

If you could experiment with any other business, what would it be?

These people were in business for themselves before me. If I could experiment with another business I think some kind of consulting may be the way to go. Seems like people or businesses are always willing to pay for information.

[Steve]

If I could experiment with another business I think some kind of consulting may be the way to go. Seems like people or businesses are always willing to pay for information.

Well you are doing a great job here. Who knows maybe we will see you offering lawn care business consulting in the future!

[turfmaster]

Thanks for the compliments. I really enjoy this site and forum.