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Millionaire Kids Ezine, Issue #013 -- How You & the Kids Can Start Your Own Little Side Business
January 17, 2008
How to Find the Perfect Business To StartWith the economy the way it is, it's getting harder and harder to stay ahead. Let alone having money to sock away for retirement.
And the game of both the working and financial world seems to be stacked against you.
Take a peek at the hard facts:
You boss wants to work you to death (way more than 40 hours a week) and give you measly 1% raises...
Hundreds of thousands of jobs are being moved overseas for cheaper labor...
Corporations are laying off workers just before they become fully invested in their pensions - cheating them out of their full retirements...
Pension funds are being robbed by corrupt management...
Credit card companies want you in debt up to your eyeballs...charging high-way robbery interest rates and fees
The stock market is taking a nose dive as you watch your retirement fund do the disappearing act...
And the soaring price of gas is sucking all your extra fun money...
So what can you do? And how can you protect your kids from having to face some of these same problems?
Start Your Own Profitable Little Side BusinessYou can't control what others do, like your boss or company, but you can control how you react.
Starting your own business is THE fastest way to becoming comfortable - and wealthy as well.
And you don't have to go into huge debt or risk your home to start a business.
Did you know that starting your own restaurant is the absolute worst business to start? It's because it takes huge capital (lease of building, equipment, Insurance, etc) just to open the doors. And you don't even have your first paying customer yet!
Plus, the competition is fierce and unforgiving. One bad meal and the whole neighborhood knows about it.
More smart business people file bankruptcy after starting...and failing...in the restaurant business. Same goes for any retail business too.
Sorry to stomp on your dream of opening a little cafe...but that's the reality.
The Trend in These Businesses Is PlummetingMovie rental stores (non-franchise) - Here's the scoop: DirecTV, Dish Network and digital cable rule. You can choose from hundreds of movies INSTANTLY. No late fees. No stupid membership clubs.
Floral shops Have you purchased a dozen roses lately? I have and they actually charged me for the greens!
The Super Wal-Marts, mega-supermarkets and now Home Depot sell the same thing for half price! Not to mention the ease of 800# delivery and online services
Over-priced plumbers, carpenters and electricians
The housing boom is on a slippery slope and the market for these skills is over.
If they want to eat, their fees will drop like a lead balloon.
Automobile dealerships - People are price-shopping online and driving dealer profits down.
Also, the baby boomer SUV buying spree is almost over. Dealers are going to have millions of dollars in inventory that NOBODY WANTS!
Used auto dealers may have a chance but this is a hard sell...
Local pawn shops - The River Falls local pawn shop just got shut down. Something about buying stolen goods.
New national franchises are VERY strong, and this will be a huge business with great market potential...if working people feel comfortable going inside.
So What Are the Best Small Businesses to Start With Little Money?Here are 7 suggestions for inexpensive businesses to start:
The ones with an * are kid-friendly
1)* Books and information about how to play and win at Texas HoldEm.
Okay, maybe you don't like the game...but you kids like to play...and you know other people that do. The opportunities in this sector are unlimited.
2)* Internet Tutor: Be a tutor for homework, online gaming, suduko, baseball card trading - you name it.
3) Consultant in marketing, IT, supply chain, security, 401(K) investments, business to business:
If you have any expertise in these areas, there's limitless opportunites. Especially to consult new or existing employees on how to best invest their 401(k).
4)* EBay Power Seller There are tons of ways to make money on ebay selling coins, swords, antiques, dolls, you name it.
5) Commodity and Currency Futures Trader: Now this may seem over your head but it's not rocket science. And with the way the dollar is falling, there's a lot of profit to be made here.
6) Judgment recovery Specialist: Bob sues Dick and wins. But Dick is nowhere to be found. There are tremendous opportunities if you know how to get people the money they deserve.
7) Debt Specialist: Everyone and their brother seems to be in over his head in crippling debt. This type of information will be in demand for years to come.
8)* Delivering fast food: People will pay for the convenience to have their food delivered to them. Work with local fast food restaurants for a win-win arrangement.
9)* Car Detailing Do you know how many hours a week people spend in their cars? A lot. People are willing to pay to have a squeaky clean car - just like they pay to have their houses cleaned.
So put your thinking caps on and see if you can come up with a little side business you can run from your kitchen table, your laptop, or even from up at the cabin.
Random Acts of TithingI'm hosting my little sister's birthday party at my house this Saturday.
This will be her very first birthday party. She's turning 9 years old.
We'll be going sledding, playing musical chairs, pin-the-tail-on-the-donkey, and eating hotdogs and birthday cake.
It should be a blast!
I've been a big sister with the Big Brother/Big Sister organization going on three years.
If you love or need more kids in your life (and 18 year olds can volunteer too!), consider volunteering.
I guarantee you'll get way more than you give.
Profitable Investment Idea:I always seem to be investing in what everyone else is avoiding like the plague. Like my recent purchase of a fund of regional bank stocks.
But that's how you make the most money. You don't make money by following the crowd. Think of everyone paying outrageous prices for real estate with variable rate mortgages.
Now there is record foreclosures.
But investing can be tricky if you don't know what you're doing.
That's why I subscribe to the True Wealth Newsletter. It's my investing BIBLE.
I highly recommend it. I've averaged 23% the past 5 years...without a stock broker. For profitable niche business ideas, check this website...
Fun Ways to Make Money For Little KidsI HATE doing laundry! I admit it - I'm not a domestic goddess.
And as frugal as I am, I'll happily pay to have my husband's shirts taken to the cleaners to be washed and pressed.
If you have a household chore you dread every week, hire your young children to do it for you!
You'll feel better - and they'll feel good about making a little extra cash for the movies!
It's Good to Know...Financial Terms For Kids1) Checking Account: A banking account for writing checks
2) Currency: Another name for money
3) Charges: Items you buy and place on your credit card
Do You Know Whose Picture Is On...
A One Dollar Bill?
Cheap Family FunAt least once a year, we head to the zoo. It may sound corny, but it's always inexpensive fun for the whole family.
And at our zoo in Minneapolis, they have a new polar bear cub addition. I think his name is going to be Flake.
We usually pack a thermos of hot chocolate and some sandwiches and trail mix.
But my favorite part of going to the zoo is also visiting the conservatory. It's so uplifting seeing and smelling fresh green flowers in the frozen tundra we live in.
What's your favorite cheap family fun spot?
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