You’re Walking Into a Nightmare

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 3 May 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.5	So me and a few of my friends wanted to start a business, and we just had questions about what we should do in order to get the money to start it.
0:17.0	We have about like $25,000 saved up, but that's not going to be nearly enough to completely open it. We have about like 25,000 saved up, but that's not going to be nearly enough to
0:22.6	completely open it. What kind of business? It's a rock climbing gym. A rock climbing gym? Okay.
0:32.8	How many of you is it? It's five of us.
0:38.6	Okay.
0:40.0	And how old are you guys?
0:43.5	We are all between 22 and 24.
0:44.3	Okay.
0:45.6	Have any of you run a business before?
0:47.0	No.
0:47.7	Okay.
0:51.1	And what's it take to open a rock climbing, Jim, in terms of dollars?
0:57.1	So in terms of dollars, between the people I've talked to, because I'm pretty good friends with two gyms that I go to around here, it's around $200,000.
1:02.5	If you do it like yourself, like you build the walls and you like pretty much do everything
1:07.7	yourself, around $200 to $250,000, if you get it professionally done, it can be a lot more.
1:12.7	So I don't think we would want to get it professionally done.
1:15.8	So you're somewhere around $200,000 short?
1:19.6	About, yeah.
1:21.2	And it's not like, it's not you buying a franchise of these.
1:23.6	It's you starting from the ground up, building the facility.
	...

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