Antique gas pump restoration
Description:
Among a certain group of people that has a lot of interest in antique machinery (such as cars), there is a great market for restored antique gas pumps. My brother-in-law Joe Smith with his brother Jeff created their own gas pump restoration business as teenagers to help pay for their missions and have money on the side for their expensive hobby of car restoration. They took what at the time was a very small existing field of business and expanded it. There was always a demand for their services. For the few years before they quit, their business became the most profitable gas pump restoration business in their area.
The restoration of gas pumps is a three part process. The first part was finding and buying the old pumps. This was the hardest part because there really isn’t a great of a supply of old gas pumps that can still be functional. Once they found one they would contact the owner, negotiate the price, and buy the pump.
The next part of the process is finding a buyer. Their primary sources for customers were car shows. They would often go to car shows with a few already restored pumps to show and advertise with flyers and business cards. Also they would go to car dealerships and let the dealers know about their business. Once a buyer was found they would have the customer come to their house where they would show him the pumps that they had. The customer would chose the old pump, decide what brand of gas he/she wanted in it (ex. Texaco or Chevron), and how he wanted it painted. The brothers would then get together and estimate all the expenses involved in the project (cost of pump, paint job, parts, etc.) and charge that cost up front as half of the final price of the pump. This was usually anywhere from $1000 to several thousand dollars, depending on the rarity of the pump.
The third part of the process was the restoration of the pumps. They would first tear the pump apart and take all the old rusty metal to the sand blaster to be cleaned. They would then take the clean metal to a professional painter to have it painted as the customer wanted. Then they re-assembled the pumps, giving them new parts, glass, and wiring. The customer would then pick up the finished pump and pay the second half of the final price, which half was all profit for Joe and Jeff. They were able to do anywhere between two and four pumps a month.
How I got the idea / found the employment:
When they were in their early teens, the brothers went to a car show where they saw some old antique pumps for sale. Jeff thought they looked really cool and wanted one. With his mechanical skills they bought one and taught themselves how to restore it. They saw how easy it was to do and decided to start restoring and selling their own.
Challenges I faced, and how I overcame them:
The hardest thing was finding pump suppliers. At first they had no clue how or where to look for them. They had to go out and spend hours driving through the country asking people trying to find old pumps. After they had built up a decent supply, they started to know what kinds of places and people had old gas pumps lying around so they just kept their eyes open always. Also, once they found the pumps it was often hard to get the owners to sell them, usually due to sentimental value that the person had with the pump.
What I learned:
If you have a skill and with that skill can find a “nitch” (a service where the market isn’t saturated, yet there is still a large demand for the service), you can take that nitch and make a lot of money. There are a lot of ways that you can take your skills and hobbies and make money with them. Also, successful businesses are not necessarily the ones that are always working the hardest. It is more important that you work smart, quickly, and efficiently than hard.
Christmas Light Set Up
Description:
Starting at about the middle of November, a friend of mine and I Passed out flyers about the opportunity people in our neighborhoods would have to hire us to put up their Christmas lights for them. We advertised that if they would provide the lights we would set them up how they wanted us to. So when we got a call to come set up lights for someone, we would go and find out how many light they wanted us to set up and how difficult it would be to set them up, and we would give them an estimate of how long it would take us and how much we would charge them. Then we would set up their lights for them. After the Christmas holiday (around the week of new years and depending on how long they wanted us to leave the lights up) we would go back to each house and take the lights back down for them.
Therefore, we were responsible for advertisement, giving a price estimate, setting up the lights, collecting and dividing the money between the two of us, and taking the lights back down.
How I got the idea / found the employment:
I realized that there are a lot of people that want their home decorated for the holidays, but either did not have the time or didn’t want to take the time to set them up. I enjoyed setting up Christmas lights and had time to do it, so I decided I could help them out if they could help me out.
Challenges I faced, and how I overcame them:
One of the biggest challenges was trying to figure out how to charge people for our services. Some of the ideas we thought of was charging by the hour, charging per foot of lights we set up, and giving and estimate of what we figured it would cost. We decided that since each house and each job would be different we would just have to go and find out what they wanted us to do and give an estimate, somewhat like it is for lawn or yard care. This seemed the way that was the most fair to them and to us.
What I learned:
I learned that advertising is important. Obviously, the more people that knew about our offer, the more jobs we would have to do. I also learned that not every job takes as long as you expect. Some of the jobs were very fast and took less time than we expected, While Other jobs ended up taking a lot longer than we expected so we had to be flexible and work hard. The most impactful thing that I learned however, was that with a little bit of creativity, and a lot of hard work, there are a lot of fun ways to make money.
College whiteboard advertising
Description:
This is a business idea that my friend had and put into practice over the summer while he didn't have school. It is a simple yet ingenious idea. He would contract to buy 1-5 thousand small whiteboards (3'x4') then he would go around to different businesses and talk to the advertising director and sell them advertising space on the whiteboard. By the end of the summer he could sell a 1"x3" space on the whiteboard for $1500. The reason he could sell for so much was because after he filled the boarders of the whiteboard, he would print the advertisements and then hand out the whiteboards for free to all the college dorms in the area. This last summer he made about $30,000.
How I got the idea / found the employment:
My friend is a business major and when he learned about advertising he came up with this idea. All businesses want to advertise their products and he came up with a way to satisfy the businesses and the customers while making a little money for himself.
Challenges I faced, and how I overcame them:
The biggest challenge in this business idea was just getting all the logistics down. First you have to shop around to see who can give you the best deals on whiteboards because the cheaper you get them, the more profit you realize. After that you have to create a business plan that you can present to the advertising department of the company you wish to sell to. This will usually include a visual of some sort or an example of a whiteboard that's already printed so the company has some idea of what the finished product is. After the whiteboard space is sold you need to print thousands of them which can usually be done by the whiteboard manufacturer. Then you need to distribute the boards to as many dorms as you have contracted with the companies.
What I learned:
I learned that starting a business is not that hard, it just takes a lot of work. I also learned that companies are more willing to work with you if you have a solid business plan and are organized when you give the sales pitch. The trick is just to find a need and then fill it.
Farming
Description:
I was raised on a farm in Utah that produced both crops and livestock. At the age of fourteen I decided to rent 5 acres of land and plant and cultivate a crop of sugar beets on my own. I rented tractors and equipment from my father at a very low rate, and I also hired some other teenagers from the neighborhood to help me to hoe weeds and thin the crop. I worked hard all summer irrigating and fertilizing the crop and then was able to harvest and sell it in the fall. I made a considerable profit. With the money that I made I was able to purchase livestock such as pigs and steers that I raised and then sold. I was able to keep them with the other pigs and steers that my father already had on the farm and only had to pay for their feed. I was able to make a good profit from that as well.
How I got the idea / found the employment:
I got the idea from my older brothers. They had all done similar things throughout their teenage years to earn money.
Challenges I faced, and how I overcame them:
It was a challenge to find other teenagers that would help me to hoe the weeds in the sugar beet crop. Without help there would be no way that I alone could manage the entire crop and some of it would have been lost. With the help that I was able to find everything worked out.
What I learned:
I learned from this experience that self employment is hard work but that it definitely has its benefits. I found it personally rewarding to see a successful crop that I had worked so hard for. I learned that success comes from hard work.
Owner of Driving School
Description:
A friend started up a Driving School called "ABC Driving" and provided a means whereby teenagers could recieve a credible education about driving and traffic rules that would enable them to qualify for and obtain a drivers licence.
How I got the idea / found the employment:
We had very few driving schools in our town and the ones we did have were old and out of date. My friend saw an opening in the market to start a new up-to-date driving school.
Challenges I faced, and how I overcame them:
The biggest challenge was to convince the state legislature to give him the legal rights to run a driving school. Associated with this challenge was the difficulty of getting the necessary capital from a bank that could finance this new business. He created a detailed business plan and demenstrated to law makers that he was a good student and responsible enough to undertake the running of this business. That is how he overcame his challenges.
What I learned:
He learned that if you work hard enough success will eventually come. He learned that even though he was young it was important to demand respect from older people and that he expected their respect. He learned the importance of creating a detailed business plan that demonstrated his competance and showed he was mature enough to run this business.
Pest Control Service
Description:
When my friend Nate was in jr. high and high school, he and his friends decided to start a pest control service. They took fliers to homes in the area, and bought quality pesticides to treat their “clients” homes. When people called who were interested in their service, they would go to their home and treat the outside. Other measures were taken in more severe situations, but for the most part, spraying the outside of the home took care of the problem. When customers called in between treatments because their bugs were coming back, they would return for free and re-treat. All the necessary steps were taken to make sure that they were going about their business venture in a safe, legal manner.
How I got the idea / found the employment:
When I asked Nate how they got the idea to start a pest control service, he said they were looking for a way to make money by providing a service that most people don’t like to perform themselves. They brainstormed, and decided that this was the most unique idea (as opposed to mowing lawns, etc.).
Challenges I faced, and how I overcame them:
Because it gets cold during the winter in Utah, pest control is a seasonal service. This put them out of work during the winter season. So, in order to make money during the winter, they offered to shovel the driveways and walkways of their clients. They provided this service at a low cost, but it didn’t require them to buy pesticide products. They put all of their profits in a savings account, and divided it equally at the end of each year.
What I learned:
From talking to him, I think they learned that there are endless possibilities for work, even at a young age. They learned to work hard, and put forth an honest effort so that people are getting their money’s worth. I think that this business helped prepare them for potential job opportunities in the future. Also, when it came time for all of them to serve missions, they already had many of the skills required to work hard, be honest, and stay determined.
Scrap metal collection and recycling in small towns that don't offer it.
Description:
This company was started by a former companion of mine. He lives in Georgia. He decided to buy scrap metal from local construction sites, and collect recycling from homes etc, and sell those goods to a company outside of his town for 3-4 times the price. He is a college student and is making about 1200 a month on the side. This is in addition to going to school.
How I got the idea / found the employment:
He got the idea from noticing that people were not recycling, but that they would pay for it if it were offered it. His local town didn't offer any kind of commercial or residential services at which point he said, OK, I think I can do this. He found a place in Birmingham Alabama that would purchase the things that he collected.
Challenges I faced, and how I overcame them:
Some of the challenges that he faced were certainly obvious. The first initial challenge was how to obtain the recycled goods on a regular basis from those who had it to give. This required advertising. Once he had this his next obstacle was having a place to store all that he collected until he could deliver it to Birmingham. He began working with a partner who would buy a building for him to store all of the collected goods. These were two of the major obstacles that he solved with persistence, hard work and a little bit of pluck.
What I learned:
He learned quite a bit about himself, his business savvy, and what it means to create value. He did have some additional obstacles that he encountered along the way. Some of these were that he had to reconcile the structure of his business with other partners (how the equity would be divided up) and also the responsibilities of each individual partner. He also learned that you can be as successful as you want to be according to your will. He also learned that people change when money hits the table. That it is imperative that you get everything in writing before money starts rolling in because, it doesn't matter how close you are...people are different when money hits the table.
Shoe Shining Business
Description:
My creatively ingenious business for a teenager is a local shoe shining business. I (as a teenager) would be the head and sole employee of the company. I would have a simple shoe shining kit that I could carry around with me throughout the neighborhood. This kit would include brushes and shines that will clean and protect shoes, boots and leather accessories. The business would come from going door to door with a flyer to inform of my services and spreading the word. Once I start building up clientele, I could simply set up a time where someone would be available at their homes for me to come by very quickly and shine their shoes.
How I got the idea / found the employment:
My father proposed this idea to me when I was younger as a good money making opportunity while still a young high school student. It was a good idea that took very little time out of my week but still would give me some extra cash. He thought of this because he realized that he could use the service himself but didn’t know where he could find a place that offered shoe shining for a reasonable price. He also didn’t want to have to spend the money on all the supplies and have to find the time to do it himself. So he thought to me because I had the time and he saw this as a good opportunity for me to get my foot into sales.
Challenges I faced, and how I overcame them:
The biggest challenge was starting the business. I first had to come up with the money to buy a proper kit. I set up a short term loan with my parents to get the money for the $75 kit. The other main challenge in starting out is finding people that are interested. Luckily, it is a very appealing and inexpensive service. There were a lot of people that were immediately interested because they had the chance to get something done that they wouldn’t typically think of but is still advantageous for them. Especially because it is so convenient because I will come right into their home.
What I learned:
I definitely learned that it is not as easy as it looks to be a salesman. At the same time, I learned that I loved it. I definitely found out that I loved working directly with people. But I also learned how valuable being hard working and self-motivated was. Because I didn’t have a boss or didn’t have to punch in and out, I really had to learn how to discipline myself.
Snake Farm
Description:
This business breeds, raises and sells corn snakes. Literally this business breeds snakes and sells them through their online website. They cross bred different varieties of snakes to create new patterns and original hues. There were several employees who helped maintain the snakes, the website and the transportation of the reptiles. The group worked as a team breeding, but had individual responsibilities when it came to feeding, cleaning, shipping and photography of the snakes, as well as creating and maintaining the website. However, this business can be dangerous in that snakes sometimes bite, but with proper training on how to handle snakes bites are rare.
How I got the idea / found the employment:
The main reason this business was started was the need for money, money for college and money for missions. The young men who started this business had always been interested in finding new and creative ways to make money. They had a neighbor who sold snakes and they wanted to get a few as pets and the neighbor introduced them to breeding and selling to make money. They started out by just buying a few snakes and then they learned how to breed and maintain them by looking up information online.
Challenges I faced, and how I overcame them:
There were several challenges on beginning this business. First they had to do a lot of research on how to breed snakes and how to properly care for so many at one time. There were countless hours researching corn snakes, their mannerisms, their breeding behaviors (the best time, temperature, etc.) and the best way to sell them to the public. The only real challenged they faced was learning how to properly care for the snakes and keep them free from disease. If one of your snakes comes down with a disease it is difficult to keep the others from getting the disease too, you can ruin your whole collection of snakes if you let a disease get around. The best way they overcame the challenge was research. They researched how to prevent disease and how to keep it from spreading on the world wide web.
What I learned:
One of the main things that were learned is that no matter your age, if you put your mind to something you can actually achieve it. This business is still going strong and has successfully paid for missions and college of some the employees. Simply trying is one of the keys to success, because you can never do anything that you aren’t willing to try out. Also, being willing to spend a lot of time researching really pays off.
Tennis Racquet Stringer
Description:
My job was simple: collect tennis racquets from people that play tennis regularly and restring their racquets. The reasons for a racquet mandating the need for restringing include broken strings, loose strings, old strings, and a desire for a different playing style of strings. I performed this service at a lower cost than competing, mainstream sports stores, while still being able to make respectable money at it because I had less management/overhead cost, therefore, people were eager to visit me first. I had no employees to subsidize my income. All it took was the skill, the resources (stringer machine, tools, string, and a network—which developed over time), some verbal advertising, and a little background knowledge, which came easy for me from my comprehensive background in playing tennis.
How I got the idea / found the employment:
During high school I competed in tennis teams all over. As my skill increased, so did the power with which I could hit my shots. Soon I was finding myself breaking tennis strings on a regular, frequent basis, necessitating the need to personally own a racquet stringing machine, since going to the pro-shops and sporting goods stores would get too expensive in the long run of my tennis career. After I learned how to string, my friends who also played tennis would come to me and ask me how much I wanted for me to string their racquet. It started off being more like a favor, but then I, and my mom inspired this as well, decided that it would be a great way to earn a little extra cash, without tax liabilities and other disadvantages that come along with having a more official job status. Soon most tennis players in my city knew my name and would bring me their racquets. The great thing about this business idea, is that not only can it be lucrative, but also it is a recurring service: everyone that breaks their racquet’s string, will eventually break again. And who will they go to restring their racquet? The club? Or me when I charge half the cost for the same service but I benefit twice as much? There’s no disadvantage to this.
Challenges I faced, and how I overcame them:
One challenge I had was getting the word out that I was offering the service. I had to print off flyers and tell everyone about it. Whenever a conversation about tennis came up, I always mentioned my service. The only other issue was getting the resources needed for cheaper prices…how could I earn money if I was paying way too much for the materials I used? My solution was to buy them in bulk: buy reels of string as opposed to single packets.
What I learned:
I learned from this experience several things: how to deal with customers successfully, how to market a service/product, and how to efficiently both establish and perpetuate a network of recurring customers. This experience really grew me! I only wish I had put more time into it because as successful as it was, it could have been better.