£30k is what I have but no idea what to do!

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sat1983

Free Member
Jul 7, 2009
31
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  • #1
    I have been toying with so many idea that I give myself a headache daily.
    I went last week for my "interview". This was for a patisserie course in London and to basically have a look at what they do. I like the London vibe and a structured course don't get me wrong- but I have serious doubts if it's what I want to do for the rest of my life.
    I've always had the "entrepreneur" spirit- I like the idea of my own business and making profits. In fact if I could find a way of definitely doing it- I'd seriously consider it. Make some money- and then do whatever I want in life.... I've always been into property- but I have no skills on doing a house up.

    I just need to sort myself out now, definitely, as I've been committing to nothing as I've never known what to do for definite.
    I just don't seem to have the bottle to actually spend my money on a business. I'm terrified of it failing.
    Has anyone got any pointers, ideas or anything they could help me with?
    Many thanks
     
    J

    JohnLocke1

  • #3
    Just do it, simple as that.

    Yes you will feel physically sick the moment you commit.

    You will have sleepless nights.

    You will make mistakes and loose money.

    You will work endless hours for little financial reward to start.

    You will stand a good chance of loosing everything and going bust.

    You HAVE to be able to cope with the above in the hope of making a business a success. If you can't don't do it.

    In fact if I could find a way of definitely doing it- I'd seriously consider it.
    Click to expand...
    Why would you only consider a "definite" way of making a successful business :|
     
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    L

    Lancelot

  • #4
    sat1983 said:
    I've always had the "entrepreneur" spirit
    Click to expand...

    sat1983 said:
    I'm terrified of it failing.
    Click to expand...

    The two don't go together. One of the main characteristic of an entrepreneur is that they don't take failing as an option.

    One day I bought Sunday Times and the business section gave me about five business ideas. Read the business press for a while, try to identify what's hot and what's not.
     
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    P

    Parrot Hosting

  • #5
    I would invest in a franchise. At least then you would be getting involved in a concept up and running and proven (albeit not a guarantee of personal success). You would also get a clear mandate on running the business from the Franchisor as well as all the support you would need to get the business off he ground and into profit.

    There are plenty of places to check out franchises and the forums are a good place to discuss things once you have narrowed down your choice.

    Good Luck and don't rush into the first thing you see - things always look rosy on the outside.
     
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    P

    Paul Norman

    Free Member
    Apr 8, 2010
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    Torrevieja
  • #8
    £30k is not much, from an investment point of view.

    But it is enough to start a business, if you pick the right one.

    I am more nervous of your fear of failing, and your hesitancy. Whilst these features are there you are not ready for entreneaurship.

    That does not mean you cant be 'self-employed'. It just means you need to find something as safe as possible.

    Which means you need to do a great deal of investigation, and a great deal of planning.
     
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    L

    Lancelot

  • #13
    sat1983 said:
    Stocks and shares possibly??
    Click to expand...

    You may wish to consider the Enterprise Investment Schemes.

    It means that you can invest in EIS companies (trading unquoted companies, with assets up to £7M before you buy shares) and you can get a tax reducer of 20% of your investment up to your total income tax liability (i.e. it can't create a repayment).

    The investment is very risky, you can't have more than 30% of the company and you have to keep the shares for 3 years. They are not subject to capital gains tax and any losses are allowable.

    But there are some companies that are "dying" to find investors under EIS and they are quite good companies, already established, etc.

    Alternatively, you can invest in Venture Capital Trust schemes.

    Look for EIS and VCT on HMRC website.
     
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    W

    webstore

  • #14
    Do you have a hobby you are passionate about and a hobby you can turn into say an online business selling products relating to your hobby. If so I would invest say £2k in that and that put your £28k into savings or whatever.

    Then as your business grows and you find yourself needing more investment to keep profits growing then you can be your own investor tapping into some but not all your £28k

    Bottom line is "don't put all your eggs in one basket"
     
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    H

    Homer J Simpson

  • #17
    If property interests you, have you considered a joint venture with anyone ?

    I'm keen on it myself but am looking for someone who can match the £90k-£100k I'd be putting in, but there may be others who don't need as much.
     
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    S

    sat1983

    Free Member
    Jul 7, 2009
    31
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  • #19
    Homer J Simpson said:
    If property interests you, have you considered a joint venture with anyone ?

    I'm keen on it myself but am looking for someone who can match the £90k-£100k I'd be putting in, but there may be others who don't need as much.
    Click to expand...

    It's finding that person though isn't it!! I would love to be able to start at £30k and even if I made £5k at first, I'd be over the moon!
     
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    H

    Homer J Simpson

  • #20
    sat1983 said:
    It's finding that person though isn't it!! I would love to be able to start at £30k and even if I made £5k at first, I'd be over the moon!
    Click to expand...

    Yes it is, and that's why I'm sat on my project for now. I don't want to finance via the banks but also don't want to give too large a % of the profits away to anyone else. Bit silly really as it means I'm just stuck for now as I'm not actively searching for an investor.....
     
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    H

    Homer J Simpson

  • #22
    I wish it would.

    I've basically got a plot that could be bought for about £80k-£100k, built for around £150k and the final value of the house would be in the £300k-£350k range. So there is a nice profit to be made. One of my options is to offer the land owner a small deposit of say £10k and then still pay the original asking price once the property is built/sold (so they basically get £10k more than the asking price if they are happy to wait for the payment at the end). This would save me giving a large % of the profits away or needing to finance it.

    I've been away for a while but I'm back and will be looking to get hold of the land owner soon so will see what he thinks of it.

    With £30k you won't be able to build, but you might be able to get yourself on the property ladder, but it's not all easy money - especially if financing things. Lots of people lost plenty when things overun, don't sell etc.
     
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    sat1983

    Free Member
    Jul 7, 2009
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  • #23
    Homer J Simpson said:
    I wish it would.

    I've basically got a plot that could be bought for about £80k-£100k, built for around £150k and the final value of the house would be in the £300k-£350k range. So there is a nice profit to be made. One of my options is to offer the land owner a small deposit of say £10k and then still pay the original asking price once the property is built/sold (so they basically get £10k more than the asking price if they are happy to wait for the payment at the end). This would save me giving a large % of the profits away or needing to finance it.

    I've been away for a while but I'm back and will be looking to get hold of the land owner soon so will see what he thinks of it.

    With £30k you won't be able to build, but you might be able to get yourself on the property ladder, but it's not all easy money - especially if financing things. Lots of people lost plenty when things overun, don't sell etc.
    Click to expand...

    The best of luck to you!:)
     
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    S

    S-Marketing

  • #29
    sat1983 said:
    £30k is a lot of money yet a tiny amount of money at the same time. It's all I have in the world for now- which is why the right decision needs to be made!
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    If 30 grand is all you have in the whole world dont be tempted to stick it all in as startup capital for a business. Almost every business will need additional operating capital, even if its only to subsidise costs whilst waiting for invoices to be paid. I'd keep at least 10 K in the bank to cover your first months of trading if I were you.

    If you are really stuck for something to do with it I saw a cracking little supercharged Lotus Elise at the weekend for £29995. The Mrs made me promise I wouldn't go back and buy it, but if you bought it for me i'm sure that would be ok.:D
     
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    E

    Esk247

  • #30
    I wouldn't use your worldy possession of 30k to start up a business. You're not experienced in the art of dog eat dog and you're not committed enough at the moment.

    Stick some of the dosh in high interest accounts, squirrel it away and then look at gaining more experience in the business world or working in the food industry as a temporary basis, learn everything you can and then make the step up to management level where you will be able to implement some of the ideas you have.
     
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    H

    holmewoodorg

  • #33
    I know a little game called export. I know some firms in China. They are at the canton fair and are legit and know uk firms that use them for example they buy products for 7p and wholesale them at mid 30 p to tescos and then the retail price is 1.49. FMCG you could start with a container and make 20k on your first shipment. 2 things you need a good DESIGN and good contacts from distributors and then you are away. Believe me if I had that money I go ahead tommorow and do that as there is serious money if you know what you are doing.
     
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    sat1983

    Free Member
    Jul 7, 2009
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  • #34
    holmewoodorg said:
    I know a little game called export. I know some firms in China. They are at the canton fair and are legit and know uk firms that use them for example they buy products for 7p and wholesale them at mid 30 p to tescos and then the retail price is 1.49. FMCG you could start with a container and make 20k on your first shipment. 2 things you need a good DESIGN and good contacts from distributors and then you are away. Believe me if I had that money I go ahead tommorow and do that as there is serious money if you know what you are doing.
    Click to expand...

    You see this sounds great- shame I have no idea where I'd start!
     
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    Jetsetter

    Free Member
    Feb 25, 2011
    27
    1
  • #37
    Stay away from Franchises right now they are too competitive and lot of hard work and high failure rate - no matter who says franchising is an easy way to start. Its nonsense - I hate the franchise system and unless you are investing a big amount to open up a Mcdonalds then don't bother - anyway Mcdonalds is a very very demanding career - they will suck the blood out of you, most franchises are worse than doing a job because u will be working 18 hours a day in a franchise so in my opinion it's not that great.

    With £30k - here is what I would suggest. Make some contacts with retailers, shop keepers for anything you have an interest in - be it shoes, clothes, art, leather goods, accessories - anything. Then look for a supplier in eastern europe, or france, spain, italy - a lot of suppliers in these places are dying for business due to the recession but they offer a higher quality product that China and dealing with China is a huge headache. Before you jump into anything big - TEST THE MARKET FIRST - buy a £1000 worth of products and try to sell them in your local market or London...wherever you can. Once successful with the market test - then do your costings analysis and set up your own shop or trading company. In my opinion its the safest cheapest way to start a business....it may not make u rich but it will make u independent and if you invest your earnings slowly in carefully selected properties then in a few years you can be rich.

    Good Luck.
     
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    C

    chris.quinn89

  • #38
    For what it is worth I would suggest spending as little as possible and making as much as possible. No decent business man or woman came into the world with 30K.

    Play it small and enjoy yourself, making money is very enjoyable. It doesn't matter is you make 5K or £500 it's a profit and if you enjoy making it then you will continue doing it.

    If you are unwilling to risk it then you will never make it, this is the nature of business.
     
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    O

    orangeql

  • #39
    You can calm down, and slowly you want to know what their own in the end, thought about what kind of life, how to achieve such a life, only when you have a clear direction, you can explicitly set myself goals. I hope you soon get rid of confusion, to life.

    sat1983 said:
    I have been toying with so many idea that I give myself a headache daily.
    I went last week for my "interview". This was for a patisserie course in London and to basically have a look at what they do. I like the London vibe and a structured course don't get me wrong- but I have serious doubts if it's what I want to do for the rest of my life.
    I've always had the "entrepreneur" spirit- I like the idea of my own business and making profits. In fact if I could find a way of definitely doing it- I'd seriously consider it. Make some money- and then do whatever I want in life.... I've always been into property- but I have no skills on doing a house up.

    I just need to sort myself out now, definitely, as I've been committing to nothing as I've never known what to do for definite.
    I just don't seem to have the bottle to actually spend my money on a business. I'm terrified of it failing.
    Has anyone got any pointers, ideas or anything they could help me with?
    Many thanks
    Click to expand...
     
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