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Where's the Opportunity?

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
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NJ/MD
I decided to start a simulation on here, similar to things I've done in business classes at school. I ran the idea by MJ and he approved. This is how it will work:
  • I (or anyone else who wants to) will post a scenario with a given set of circumstances. These can include but are not limited to location, market conditions, current events, natural disasters, etc...
  • Anybody who would like to participate will come up with a plan of action that will include the startup of a business or a focus on particular investments. Please explain why you chose these and how it will work.
  • Others will discuss and critcize (constructively) any ideas they find interesting.
The purpose of this is to stimulate each person's creative genius. Everybody has a little entrepreneur in them; some just need work a little to unleash it. The idea of this is to encourage thinking out-of-the-box. Don't post ideas like selling flowers on a street corner - be creative!

Now, I have to get to my homework now (yes, I'm starting it at 12:30AM...what an idiot) so I will post the example I sent to MJ.

If you're making any assumptions on parts of the scenario you thought were unclear, please post them in your idea.

The scenario:

Location:
  • Palm Beach County, Florida
Key/random facts:
  • Real Estate market is down.
  • Population consists of a large majority of seniors.
  • Close proximity to the beach.
  • Upscale area.
  • Golfing is a popular hobby among residents.
*Disclaimer: some of the facts that I have included in these scenarios are not representative of the current conditions, but I've included them for a purpose. For example, I don't know about the current RE market conditions, but I included that the market there was in a downward trend because I'd like to see more entrepreneurial ideas for businesses rather than just investing in RE.

Hopefully somebody gets one of these moments...:idx:

I encourage you all to take part in this. Happy brainstorming...
 

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kurtyordy

Bronze Contributor
Aug 28, 2007
2,376
277
70
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PA
Do you want scenarios posted here in this thread or seperate. Posted here it may get a little confusing which scenario is being addressed.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,771
97,639
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Fountain Hills, AZ
The scenario:

Location:
  • Palm Beach County, Florida
Key/random facts:
  • Real Estate market is down.
  • Population consists of a large majority of seniors.
  • Close proximity to the beach.
  • Upscale area.
  • Golfing is a popular hobby among residents.
I assume you are looking for a local opportunity relative to Palm Beach? Like a retail store? Franchise? A service to the region?
 

SteveO

Legendary Contributor
EPIC CONTRIBUTOR
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Jul 24, 2007
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Well, the fact that you stated the RE market is down is a key reason why that would be an opportunity. I know apartment buyers that have moved back to the Florida market to take advantage. There were a lot of people that overpaid for properties there and are in a bit of trouble with them.
 

BeingChewsie

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 27, 2007
442
527
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Phoenix, AZ
I agree about the apartment market in parts of FLA..:banana: ... but to keep on topic a few ideas:

Home health agencies...I don't care how many are down there, it can always be done better. I'd focus on how the company keeps families updated in other states..with great frequency. How many people are 1000's of miles away from mom/dad and have to rely on in-home caregivers? I could go on for hours about how that could and should be done right.

Homes health/CNA training schools...provides two sevices..well trained caregivers to handle the growing senior population AND very often is the first step for many single moms/immigrants to enter a career that gets them off public assistance. Offer tuition reimbursement for exceptional students/workers to go on for nursing degrees. Keep your workers by having an agency too..train them, place them, cultivate them...they won't be able to send their friends to you fast enough.


I would think delivery type buinesses would thrive, home monitoring services, life-line services.

We don't treat our elderly very well in this country, services that helped and encouraged families to do so even from long distances I believe are gong to be needed and on the increase..people like myself who are in their late 30's, 40' and 50's who will be facing thse issues with elderly parents in a few years(if not now) and will I believe jump on those types of servces..we are more socially aware and engaged then previous generations in regards to our elderly. Add in we have a large immigrant population who come from cultures that revere the elderly and will be a good market to target with those services.

This opens the door to many online ventures with a national scope too.
 

Luke12321

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Jul 27, 2007
660
195
97
North Carolina
I would focus on the elderly community that is living in homes. Think they ever get tired of the food? I would think that the meals they get are the same....they might not get the same meal each week. (ex. fried fish w/ peas and apples). Here is what I would do...

Partner with local restaurants and get a discount since you would be buying in "bulk."
Have a schedule with the homes; you only come once a week on a certain day. The seniors will come to know and love this day!
My business would put in the order that morning with local restaurants and deliver the food to the seniors at the schedule retirement homes.
Basically rotate restaurants each week (seniors would have a schedule to know what is coming up for the next month) with each home.
I would focus on the experience the seniors got when purchasing food from us. Servers of the food would be extra friendly, give them a few minutes of time to talk if they wanted.

I know this post is not organized well but you get my drift on the concept.
 

Sid23

Bronze Contributor
Aug 9, 2007
683
106
71
Location:
  • Palm Beach County, Florida
Key/random facts:
  • Real Estate market is down.
  • Population consists of a large majority of seniors.
  • Close proximity to the beach.
  • Upscale area.
  • Golfing is a popular hobby among residents.
A mixed-use, rental apartment development community with "green" design that caters to seniors. It would provide on-site services such as yoga classes, personal therapy, random classes that seniors would like (estate planning, internet for seniors, etc) reduced price golf lessons and a free shuttle to and from the nearest golf course. And maybe set up some sort of deal with a local community college where residents could take classes for a reduced price.
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
Well, the fact that you stated the RE market is down is a key reason why that would be an opportunity. I know apartment buyers that have moved back to the Florida market to take advantage. There were a lot of people that overpaid for properties there and are in a bit of trouble with them.
Well if it's in a downward trend, most people would be hesitant to buy unless they are planning on holding for the very long term.

My point with that was to discourage conventional REI and to focus on a business selling either a product or service.
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
Do you want scenarios posted here in this thread or seperate. Posted here it may get a little confusing which scenario is being addressed.
Forget to mention this. Thanks for bringing this up. If anybody else has scenarios that they believe others would find interesting (real or fictional), I'd love to hear about them in another thread. It'd just get too hectic in this thread if there were multiple scenarios being discussed.
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
I assume you are looking for a local opportunity relative to Palm Beach? Like a retail store? Franchise? A service to the region?
Correct. For instance, one might suggest starting up a beach club intended on serving senior citizens with events catered toward that crowd.
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
I agree about the apartment market in parts of FLA..:banana: ... but to keep on topic a few ideas:

Home health agencies...I don't care how many are down there, it can always be done better. I'd focus on how the company keeps families updated in other states..with great frequency. How many people are 1000's of miles away from mom/dad and have to rely on in-home caregivers? I could go on for hours about how that could and should be done right.

Homes health/CNA training schools...provides two sevices..well trained caregivers to handle the growing senior population AND very often is the first step for many single moms/immigrants to enter a career that gets them off public assistance. Offer tuition reimbursement for exceptional students/workers to go on for nursing degrees. Keep your workers by having an agency too..train them, place them, cultivate them...they won't be able to send their friends to you fast enough.


I would think delivery type buinesses would thrive, home monitoring services, life-line services.

We don't treat our elderly very well in this country, services that helped and encouraged families to do so even from long distances I believe are gong to be needed and on the increase..people like myself who are in their late 30's, 40' and 50's who will be facing thse issues with elderly parents in a few years(if not now) and will I believe jump on those types of servces..we are more socially aware and engaged then previous generations in regards to our elderly. Add in we have a large immigrant population who come from cultures that revere the elderly and will be a good market to target with those services.

This opens the door to many online ventures with a national scope too.
All are very solid ideas. You seem to love all of those nursing agencies; I should've known this was the perfect scenario for you. :)

I would focus on the elderly community that is living in homes. Think they ever get tired of the food? I would think that the meals they get are the same....they might not get the same meal each week. (ex. fried fish w/ peas and apples). Here is what I would do...

Partner with local restaurants and get a discount since you would be buying in "bulk."
Have a schedule with the homes; you only come once a week on a certain day. The seniors will come to know and love this day!
My business would put in the order that morning with local restaurants and deliver the food to the seniors at the schedule retirement homes.
Basically rotate restaurants each week (seniors would have a schedule to know what is coming up for the next month) with each home.
I would focus on the experience the seniors got when purchasing food from us. Servers of the food would be extra friendly, give them a few minutes of time to talk if they wanted.

I know this post is not organized well but you get my drift on the concept.
I like this idea a lot. If you could build up a good-sized portfolio of nursing homes or elderly communities, I could see this being very profitable.

You've addressed their needs as far as a food delivery service. Could you spin this idea in a way to include more services?

A mixed-use, rental apartment development community with "green" design that caters to seniors. It would provide on-site services such as yoga classes, personal therapy, random classes that seniors would like (estate planning, internet for seniors, etc) reduced price golf lessons and a free shuttle to and from the nearest golf course. And maybe set up some sort of deal with a local community college where residents could take classes for a reduced price.
Another good idea. How else would you differentiate your community from other adult housing communities? The bottom line is that the residents want to be happy. Anything reasonable that you could do to accomplish this would benefit the residents, and ultimately, your bottom line.


Keep the ideas coming!
 

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Peter2

Fastane Legend. RIP.
Aug 2, 2007
413
168
32
Palm Beach, FL
Any other ideas?
How much start up capital do we have to work with?

How much income should this business earn?

How long time do we have to reach that income?
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
How much start up capital do we have to work with?

How much income should this business earn?

How long time do we have to reach that income?
You have a reasonable amount of startup capital...around $10,000.

The business will be your main source of income. While you're in startup mode, you'll be pinching pennies to get by. The sooner you reach a comfortable level of income to live off of, the better. Therefore, you determine how long it will take. Can you live on Ramen Noodles for just a few months or a few years?
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
413
168
32
Palm Beach, FL
$10,000 is very little money to start with, but it can be done. I can think of several different businesses that you could start in Palm Beach county with that little money.

They will not be huge money makers, but will be able to earn more than $10,000/month within 2-4 months, and $25,000-$50,000/month within a year.

Are you actually going to start a business, or is this just a theoretical exercise?
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
$10,000 is very little money to start with, but it can be done. I can think of several different businesses that you could start in Palm Beach county with that little money.

They will not be huge money makers, but will be able to earn more than $10,000/month within 2-4 months, and $25,000-$50,000/month within a year.

Are you actually going to start a business, or is this just a theoretical exercise?
Theoretical excerise. Trying to help people come up with fastlane ideas and encourage thinking out of the box.
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
413
168
32
Palm Beach, FL
Theoretical excerise. Trying to help people come up with fastlane ideas and encourage thinking out of the box.
Ok. Later this week, I will post how to build a small business.
 
OP
OP
Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
Ok. Later this week, I will post how to build a small business.
Great, thanks. We'll all be anxiously waiting. And this isn't necessarily aimed at a specific type of business. You could attempt to create a business that is poised to become huge. I only went with $10,000 for a startup because I felt that was reasonably realistic. If you had an idea that would require a lot of startup capital, feel free to post that, too.
 

Rawr

Gold Contributor
Speedway Pass
Aug 12, 2007
1,816
1,685
454
south florida
$10,000 is very little money to start with, but it can be done. I can think of several different businesses that you could start in Palm Beach county with that little money.

They will not be huge money makers, but will be able to earn more than $10,000/month within 2-4 months, and $25,000-$50,000/month within a year.

Are you actually going to start a business, or is this just a theoretical exercise?

How about this, to show how much I respect your business IQ - post your ideas and if something rings a bell and I can do it here in Midwest, I'll take out a SBL and my cash and start it. Always wanted to, don't see why not do it now.
 

lkn2bfd

New Contributor
Sep 22, 2007
60
2
12
Birmingham,Al
bump,bump, peter must be busy and forgot just thought I would remind him :hl: can't wait to hear this its driving me crazy !!!
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
413
168
32
Palm Beach, FL
I have not been on the forum for a while, but I promise to type up a plan very soon. :)
 

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