Starting to make decent Money from an online business..Should I just quit university?

[Mitch]

But again, do it ONLY for yourself. Kind of like expanding your business (service, e-service, whatever it is... DON'T try to start a restaurant you will fail the profit isn't there) so you can pay yourself $1m instead of $500k before taxes and buy that extra Lamborghini you've always wanted.

Of course it's for yourself, Andrew. Don't think too far ahead if you ever try opening a business tho, still gotta find a new job

[Chucho]

But again, do it ONLY for yourself. Kind of like expanding your business (service, e-service, whatever it is... DON'T try to start a restaurant you will fail the profit isn't there) so you can pay yourself $1m instead of $500k before taxes and buy that extra Lamborghini you've always wanted.

Are you serious? Restaurants and their success takes work, they definitely aren't for first time business owners. Don't buy the expensive and essential equipment brand new, especially if your kitchen is closed doors.

Restaurants have higher profit margins than movie companies and a whole lot of other industries. It's all about location, marketing and inventory/labor/cost management. AND you can buy a PROFITABLE franchise from day 1. Proven franchises where you can see the P&Ls and the books are listed by the thousands on Franchise Gator.

We're nearing $150k in income we either reinvest or pay taxes on. We're looking at a Pollo Loco that's up for sale for $250k in LA right now that does $900k-$1.3 million in sales with a 13% profit margin the last 8 years. Even at 1 milli, we're gonna have our money back in two years and then be raking in 100k or more per year off the location. Add two or three more locations and you're making $300k-$750k in profit AND you have physical assets.

If you're going to do a B+M, restaurants and gas stations are solid, safe bets so long you buy an established one. Why try and build from the ground up? I don't think you understand business ownership as much as you think you do.

[Xevious]

Some positions require a degree period. It just depends on what you want to do career wise. If you want to be a doctor, engineer, architect or lawyer...... I would suggest the degree.

Was mainly commenting on his unemployment status

[UNT Eagles 2016]

Are you serious? Restaurants and their success takes work, they definitely aren't for first time business owners. Don't buy the expensive and essential equipment brand new, especially if your kitchen is closed doors.

Restaurants have higher profit margins than movie companies and a whole lot of other industries. It's all about location, marketing and inventory/labor/cost management. AND you can buy a PROFITABLE franchise from day 1. Proven franchises where you can see the P&Ls and the books are listed by the thousands on Franchise Gator.

We're nearing $150k in income we either reinvest or pay taxes on. We're looking at a Pollo Loco that's up for sale for $250k in LA right now that does $900k-$1.3 million in sales with a 13% profit margin the last 8 years. Even at 1 milli, we're gonna have our money back in two years and then be raking in 100k or more per year off the location. Add two or three more locations and you're making $300k-$750k in profit AND you have physical assets.

If you're going to do a B+M, restaurants and gas stations are solid, safe bets so long you buy an established one. Why try and build from the ground up? I don't think you understand business ownership as much as you think you do.

I wasn't thinking about franchises, but yes franchises are a solid and stable investment if you put them in the right market and location, IF AND ONLY IF you have the funds to buy one in the first place.

The problem I see with restaurants if you have so many different kinds of expenses to account for. You have unit costs, overhead costs, labor costs, maintenance and repair costs, and taxes to get through.

Even at a fast food joint, let's say

Labor: $233,600/annually (I did 4 staffers on hand * 365 days * 16 working hours * $10 hourly)
Overhead: $300,000/annually (includes everything from utilities to franchise fees, fixed costs etc)
Maintenance and repair: $50,000/annually
Unit costs: 40-60% of sales


So the break even point is really high, tbh...

[DavidTheGoliath]

I wouldn't rush to quit university, especially with only a year and a half left. Making that kind of profit is great, but dropshipping can change quickly, and what's working today might not work six months from now. I'd try to keep the business running while finishing the degree, even if it means taking a lighter course load. Having both options open is a much safer position.


If you're also looking at ways to improve the business side, it's worth exploring different ways to handle customer outreach without spending all day on calls. I came across dropcowboy.com, which offers ringless voicemail for sending voice messages without making traditional calls. Could be another tool to look into as the business grows.

[Blake]

Timely

[FrostKing]

Handy man is the past present and future. Here in Deutschland certifications are most important. So getting college elsewhere ultimately won’t matter here in some cases


my opinion: go as soon as possible where you like. Then figure out.