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22 year old with 45k saved interested in buying/financing a business? (alien.top)

submitted 1 year ago by Remarkable-Mess6902@alien.top to c/entrepreneur@indiehackers.space

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I am a 22 year old recent grad working as analyst in Florida. No debt of any kind, have 45k saved up (HYSA, stocks, and retirement fund) and in the future (3-5 years) I am possibly thinking a acquiring a business through financing. I currently live at home which allows me to save a lot and I have been saving my money since I was 18. I know 45k now is nowhere near enough money to finance a business or is not a lot of money in general but I plan to save more money in the upcoming years. Also I do not believe I am ready now to acquire one as I am still learning the process that goes into buying/financing a business such as looking at revenue, P&Ls, red flags, and having extra money for a lawyer to go though the process with so I do not buy a failing business and an accountant to not get scammed like when sellers create fake documents and P&Ls to make it seem they are making money when they really are not.

I am interested in laundromats, a car wash, and possibly a convenience store and when acquring the business I plan to leave my job to focus working at that business.

These are list of questions I have pertaining to this thought.

What businesses should I look into or avoid?
How much money should I have before going into buying a business?
When to know to make the jump?

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[–] CodaDev@alien.top 1 points 1 year ago

Can’t franchise what you’re currently doing? Or just continue doing it until you reach a high level position and then consult in it?

Chance of failure is very real and you don’t want what you do to make you unemployable.

[–] mrbaebae@alien.top 1 points 1 year ago (1 children)

Buy Bitcoin and ethereum and thank me later

[–] TheShtoiv@alien.top 1 points 1 year ago

I'm invested in those two, but I wouldn't recommend to someone else to invest in pure price speculation unless they can afford to lose all of the capital

[–] OptimisticByChoice@alien.top 1 points 1 year ago

Sleep in any decision you make for at least a week.

[–] abarthsimpson@alien.top 1 points 1 year ago

Laundromat is a good idea.