What are the best small businesses to start?
I am in Sacramento looking to start a small business that I can run part-time and earn a decent amount of money each month. I can invest up to $5000 to get it started. Have any of you starting small part-time businesses? What do you think would be the most successful? Any suggestions? Thanks!
My advice is to go where the money is and that is travel. By going with a host company, you won’t a large initial investment, unless you want to aggressively market.
Travel is a $7.1 billion industry and growing every day. A Baby Boomer is retiring every 8 seconds and the first thing they want to do is travel. The average family in the United States spends $4,200 annually on travel. This is why my wife and I started our own online travel business. We’ve looked for years for a home based business and this is the first thing that made sense to us. The industry commissions are already built in. You can also learn to save thousands on your taxes and travel wholesale instead of retail. The company that we work through is publicly traded, SEC regulated, has a $6,000 guarantee, and even offers health insurance. They even send their top agents on a cruise to the Bahamas. No one else does this. We love this business!
What is a good forex teaching company?
I want to learn now that I’m successful, I need to learn other successful methods.
Here are 3 links to providers of education and information to expand your knowledge in the field of Forex trading:
How to choose a company for investing ?
I want to know how to choose a company to do an investment. ie knowledge to invest.
How to invest depends on what you already know. We’ll assume that you’re beginning.
A good primer is How to Make Money in Stocks by William O’Neil. You can get it cheap just about anywhere. It’s widely available new or used.
Another good one is one of Jim Cramer’s books.
But books will only get you so far. At some point, you’ll also want to get at least a little training. There are some great education companies if you want to make the investment. Investools.com or optionetics.com are both very good companies as is tmitchell.com
For free, you can start by visiting thestreet.com. That’ll get you a pretty good primer so at least you’ll understand what the markets are and what a stock is, etc. If you get a chance, watch Mad Money on CNBC. Don’t trade any of his picks. Just use the show to get you to understand some basics and get a feel for the market itself.
Next, subscribe to something like investorsbusiness daily or something like that that can help you identify good stocks.
Do a quick search (at the top of the page) on ROTH IRAs. You’ll want to put some money in there.
Once you understand stocks, go to 888options.com. It’s a website that’ll help you understand options (what they do, how they work, etc). You don’t need to trade them, but the more you know, the more you’ll see how options can really be the safest way to invest (once you’re educated).
As you get more advanced, you might want a technical analysis book like Murphy’s Visual Investor or A Technical Analysis Course by Meyer.
If it’s discipline (which is crucial to successful trading), probably Trading in the Zone by Mark Douglas or Mastering the Trade by John Carter
I know that’s a LOT to absorb. Just take it one step at a time for now. Start slow, then as you figure things out, move out of mutual funds into ETFs and/or stocks.
Congrats on getting started. If you have any questions, please let me know.
Hope this helps!
How much do you pay in commissions (per month) while day trading?
I know their are fee’s on every share, and fee’s on the trade, but am i missing something?
Do companies usually charge for the trading platforms?
I may not be a typical daytrader, because I don’t trade as frequently as most serious daytraders. I tend to make 10 to 20 trades per day. I also get a pretty good deal from my broker, who I have been with for years. I pay $1 for each trade up to 500 shares, and then half a cent per share after that. But as I am currently trading AAPL, my max trade is generally 500 shares, so almost all of my trades cost me $1. Looking at my brokers website I realize that most people can’t get the same deal that I get. Although I don’t actually keep track of how much I spend in commissions annually, I suppose that it’s around $4000. Of course in 2008 I daytraded with a much higher frequency, so that year I probably paid $8000 in commissions.
Some online brokers will charge commissions per share, some will charge commissions per trade. You have to know what kind of trader you are, to really determine which is best for you. If you’re a successful daytrader you can usually find a broker that will give you a deal on commissions.
Can I pay someone using shares or stocks of my company?
I’m planning on founding a small corporation and I got my friend to do the development of my company website for me. I have no cash to pay him and I’m wondering if I could grant him shares of my company. Is that possible?
Sure, its possible. But your friend would have to agree to take the shares instead of a cash payment. And let’s face it, shares in your start-up company aren’t going to be worth anything until (or unless) the company becomes successful and can start paying generous regular dividends. Or until you sell the company for multi-millions to your largest competitor and retire young — or until you take it public with an IPO and your shares are traded on the stock market.
Until at least one of those things happens (several years from now), shares in your company are just pieces of paper — so you’ll have to give him a fairly large percentage of company ownership in the form of shares, to make it worth his while to take the shares at all in lieu of cash. And if you do, you’re in effect making him your business partner — are you willing to do that?
And after all is said and done, he may still insist on being paid in cash rather than shares — and then you’ll have to come up with money to pay him, along with all your other business start-up costs.
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