Jeffs07
New Contributor
The money won't make itself and my long term goal is to make my first liquid million by the age of 25. (19 now)
Here is my rough plan on how to do it.
1) Continue my due diligence.
I have A LOT to learn about business, and epically legality and accounting aspects. I already know the person I will hire to take care of my IRS obligations but I am still in need of a good lawyer.
2) Take out a student loan for as much as possible.
This will provide the startup capital for my venture. It is "cheap" money and I will most likely never have another opportunity to fund a venture with such little hassle. Also I can defer payment of the loans for another 3 years.
3) Purchase machines.
I plan to start a vending type operation.
I will buy these http://www.breathalyzer.net/ca-5000.html machines (number will vary depending on loan amount, legal and accounting fees)
4) Extend offers.
I will go to several bars and clubs on the east coast and "sell" my way in. My offer will be once I break even on the machine, the club is entitled to 25% of the profit.
5) Service machines and collect money.
Self explanatory. Travel costs will be incurred here. Once things become successful I may hire a few employees to do this.
A rough numbers crunch:
Cost of machines (10): 27,000
Revenue for first year:
Assuming each machine gets average exposure to 500 people per week with a 5% "buy" rate. Each use costs 1$.
500*.05 = 25$ per week per Machine
25*52 = 1300
1300*10 = 13,000$
13000- 2000 tax - 1000 legal - 1000 accounting
9000 net.
3 years to break even.
After that point I can parlay my profits into more machines or into another investment vehicle.
Ok, now tear it apart!. :cheers:
Here is my rough plan on how to do it.
1) Continue my due diligence.
I have A LOT to learn about business, and epically legality and accounting aspects. I already know the person I will hire to take care of my IRS obligations but I am still in need of a good lawyer.
2) Take out a student loan for as much as possible.
This will provide the startup capital for my venture. It is "cheap" money and I will most likely never have another opportunity to fund a venture with such little hassle. Also I can defer payment of the loans for another 3 years.
3) Purchase machines.
I plan to start a vending type operation.
I will buy these http://www.breathalyzer.net/ca-5000.html machines (number will vary depending on loan amount, legal and accounting fees)
4) Extend offers.
I will go to several bars and clubs on the east coast and "sell" my way in. My offer will be once I break even on the machine, the club is entitled to 25% of the profit.
5) Service machines and collect money.
Self explanatory. Travel costs will be incurred here. Once things become successful I may hire a few employees to do this.
A rough numbers crunch:
Cost of machines (10): 27,000
Revenue for first year:
Assuming each machine gets average exposure to 500 people per week with a 5% "buy" rate. Each use costs 1$.
500*.05 = 25$ per week per Machine
25*52 = 1300
1300*10 = 13,000$
13000- 2000 tax - 1000 legal - 1000 accounting
9000 net.
3 years to break even.
After that point I can parlay my profits into more machines or into another investment vehicle.
Ok, now tear it apart!. :cheers:
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