I have 15k, what options do I have?

Discussion in 'General Business Forum' started by SC1312, Jun 3, 2019.

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  1. SC1312

    SC1312 UKBF Newcomer Free Member

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    Hi all,

    I have £15k I want to invest or use to start a business.

    I have a few ideas, but hoping to gage other opinions on what might be a good industry to look into or if there is anyone wanting investment for a start up or is selling their business...?
     
    Posted: Jun 3, 2019 By: SC1312 Member since: Jun 3, 2019
    #1
  2. billybob99

    billybob99 UKBF Regular Free Member

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    I don't think you are going to buy a decent business for £15k, you could probably buy a full time job at the sellers expense, but not a proper business.

    You're better off starting a business around something you actually enjoy doing.
     
    Posted: Jun 3, 2019 By: billybob99 Member since: Apr 23, 2013
    #2
  3. webgeek

    webgeek UKBF Big Shot Full Member - Verified Business

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    Go with what you know.

    Ask a Subaru fanatic and they'll point out things related to Subaru's, like buying modded cars with blown engines and breaking them into components to sell.

    Ask an American car fanatic and they'll tell you to import LS/LT engines or export 25+ year old cars back to USA.

    You need a pretty good knowledge of something to understand the markets, prices, trends, demand.

    But yeah, 15k can buy you a nice bit of equipment so you always have a job - like carpet cleaner or ice cream truck.
     
    Posted: Jun 4, 2019 By: webgeek Member since: May 19, 2009
    #3
  4. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    5,755 2,086
    Window cleaner
     
    Posted: Jun 4, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
    #4
  5. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Ace Free Member

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    Do whatever you like, and use your £15k as a cushion for your personal expenses (mortgage etc) so that you don't need to stress too much as you get it off the ground.
     
    Posted: Jun 4, 2019 By: Gordon - Commercial Finance Member since: Jun 26, 2017
    #5
  6. SC1312

    SC1312 UKBF Newcomer Free Member

    3 0
    Thanks for opinions and advice! I use to do car sales, thinking of getting back into this...if anyone is in the car sales market. Would appreciate any dos and donts at the start up?

    I understand running a business is a learning curve, but advice from those who have already done it is never harmful.
     
    Posted: Jun 4, 2019 By: SC1312 Member since: Jun 3, 2019
    #6
  7. The Byre

    The Byre UKBF Legend Full Member

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    With big players like Arnold Clark targeting the budget end of used car sales with ferocious vigour and hundreds of millions, I would hardly imagine £15k will go very far, esp. as a dealer, you would have to provide various guarantees by law.

    Keep your powder dry until that golden idea or opportunity steps up to the plate and pitches the ball!
     
    Posted: Jun 4, 2019 By: The Byre Member since: Aug 13, 2013
    #7
  8. webgeek

    webgeek UKBF Big Shot Full Member - Verified Business

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    I know a number of people who are importing JDM vehicles, one container at a time. Probably 40k to 60k per container load, given prices run 8k to 12k each on average. You could start one car at a time and get a car from Japan brought over. There's more than one way to do it.

    Just as cars one angle, so are car parts. Just try to find a good 2JZ-GTE engine for under £4,000 in the UK. Try to find a good Chevy LS motor for a reasonable price. See how hard it is to find a V8 Camaro that's right hand drive. Plenty of gaps if you know the market and the community (whatever market/community/products they may be).
     
    Posted: Jun 4, 2019 By: webgeek Member since: May 19, 2009
    #8
  9. Mark T Jones

    Mark T Jones UKBF Big Shot Free Member

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    Keep your £15k. Waving it around will quickly see you waving it goodbye - and will make you a target for every conman and shabby ‘opportunity ‘ merchant going

    Take a step back and consider your strengths, skills knowledge and interests to see where the relevant opportunity might be
     
    Posted: Jun 4, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #9
  10. Financial-Modeller

    Financial-Modeller UKBF Enthusiast Full Member

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    Ignoring the obvious question of why you're asking for advice on how to run a business you used to work within, get another job in used car sales and learn how the business is operated whilst being paid for it.

    Then decide whether you want to run a business in used car sales.

    With limited resources, you're going to need a specialism, a supply chain, a channel, or an edge to start-up and make a living in this sector.
     
    Posted: Jun 4, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #10
  11. The Byre

    The Byre UKBF Legend Full Member

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    The husband of someone who works here has a job selling the budget end of the used car division at Arnold Clark - and he is earning loadsamoney. Small cheap cars at below £5k are flying off the shelves. I suggest you go for a job there and learn the ropes!

    New cars are REALLY slow this year - thanks to Brexit uncertainty and a general slow-down in the economy. The good quality and value brands are mostly doing well, the rubbish is falling off a cliff.
     
    Posted: Jun 4, 2019 By: The Byre Member since: Aug 13, 2013
    #11
  12. RMF Develoments

    RMF Develoments UKBF Newcomer Free Member

    16 6
    A good friend of mine buys cheap motors at auction say 1k, services and MOT, marks up at say 2.5K with warranty on a small forecourt, sells one or two cars a week, so gross profit at approx 1-2k a week, the guys doing well i would say for relatively low cash upfront

    was previously a master-tec at BMW and land rover, so i would assume he knows what cars are mechanically sound and which ones to leave alone, but i think hes had a few die a horrible death after sold and hes taken them back at his loss, so u have to account for that outcome also

    if it was myself i would buy a small 2 bed terrace at auction spend 1-2k making it look a bit nicer and get it tenanted, after 6 months refinance and get deposit back, then start the process again, not a big money scheme but most properties will make you 2-300 per month, so if u can stick it out and get a load of them over a few years your laughing,
     
    Posted: Jun 5, 2019 By: RMF Develoments Member since: May 30, 2019
    #12
  13. WebshopMechanic

    WebshopMechanic UKBF Regular Full Member

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    I appreciate you want to make some extra money but you don't want to risk your £15k unnecessarily.

    You could try sourcing products (possibly car parts) from AliBaba and selling via Amazon FBA (Fulfilment By Amazon).

    This can let you test the market with a number of niche products at low risk.

    It's not easy but it means you don't have a huge outlay to get started and you already have an audience that is there for you. It's probably easier than starting an ecommerce store from scratch.

    It is also easily scalable if it works!

    If you go down this route, make sure you research the demand on Amazon for your product. Don't just buy a product because you think it will sell. Use the tools out there.

    Keywords Everywhere is free as a Chrome plugin and gives you an idea of search volumes on google and Amazon. You can also use Soovle and AMZScout (paid).

    Matt
     
    Posted: Jun 5, 2019 By: WebshopMechanic Member since: Apr 27, 2017
    #13
  14. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Ace Free Member

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    If I had £15k and didn't already have a business to focus on, I would buy dead or dying motorbikes and break them for parts.
    Spend the money on premises, tools and breakers licence and getting a couple of bikes to get started on.

    If you're interested in cars, the same may be possible for cars but I don't know that market quite as well.
     
    Posted: Jun 5, 2019 By: Gordon - Commercial Finance Member since: Jun 26, 2017
    #14
  15. webgeek

    webgeek UKBF Big Shot Full Member - Verified Business

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    LOL, I dunno the bike market, but I see several Subaru's Impreza's every day on FB groups going from whole to bits, because once the engine is blown or the rust prevents an MOT pass, owners dump them cheap and breakers turn them into 2x or 3x the purchase price.

    I can only image that if you had several makes/models and several channels for getting the world out, there'd be some nice cash on the table.

    There's massive trade in parts across Facebook groups dedicated to cars/parts as well as Marketplace, plus eBay of course, and others.
     
    Posted: Jun 5, 2019 By: webgeek Member since: May 19, 2009
    #15
  16. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Ace Free Member

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    Maybe all the Impreza crew are trying to put enough money together to buy an Evo..... :p

    Bikes seems to be a better market than cars, as they're easier to work on and so you get a lot more people doing things themselves rather than taking it to a garage.
    I just completed an engine swap on one of my bikes after the original engine destroyed a bearing in the bottom end. Bought a newer, better and more powerful engine for £620, and then parted out the old dead engine. Not even started taking apart the bottom end, but I got £400 for the top end, and I only paid £500 for the full bike.
     
    Posted: Jun 5, 2019 By: Gordon - Commercial Finance Member since: Jun 26, 2017
    #16
  17. Paul Norman

    Paul Norman UKBF Ace Free Member

    3,252 1,063
    I always think this is the cart before the horse.

    You have some money. You want to make it earn some more money. You could potentially rush into a business that you have neither the experience nor skill to make work. Your £15k will disguise that for a while.

    If you want to blow the £15k you will get more enjoyment if you pop to the Med and spend it on beers and jet ski hire.

    So here is my suggestion. Park the £15k in an interest paying account. Forget about it entirely for a month or two.

    Then sit down and decide if you want to run a business. Decide what business you want to run. Do the planning. Understand the risks. Take advice. Then, if you need it, draw on the £15k to provide the initial investment.
     
    Posted: Jun 5, 2019 By: Paul Norman Member since: Apr 8, 2010
    #17
  18. LeasingEval

    LeasingEval UKBF Regular Free Member

    313 25
    Except when you're not. Plenty of pitfalls in the rental market and you need to have backup funds for when expensive repairs and problematic tenants interrupt your cash-flow.
     
    Posted: Jun 5, 2019 By: LeasingEval Member since: Aug 20, 2008
    #18
  19. SC1312

    SC1312 UKBF Newcomer Free Member

    3 0
    Really appreciate all the feedback and opinions. Not looking to rush into anything just yet, but always good to get advice from those who are willing to give it. So cheers and wish you all the best for whatever business you’re in!

    Food for thought!
     
    Posted: Jun 6, 2019 By: SC1312 Member since: Jun 3, 2019
    #19
  20. MY OFFICE IN CHINA

    MY OFFICE IN CHINA UKBF Legend Full Member

    5,651 1,339
    'Invest' 5k max on a business venture and leave the balance to fall back on.

    My advice:

    Start with 1 product (Dashcams as an example if you are interested in cars) and research the market, buyers, sellers, prices etc.

    Buy 5pcs after doing due diligence and see how that goes.

    There are many car related gadgets you can get involved in, which only requires a small outlay to test the market and grow organically.

    DAB radio adaptors for cars is another suggestion.

    Slowly build your product category around car gadgets.

    You can use the same format for any product category that you are interested in and have enthusiasm for, gaining knowledge and experience on the way.

    Anything is better than nothing, don't be scared to invest if you have decided that starting your own business is the route you want to take.

    Research, research and more research is the key.

    Good luck with what you decide to choose.
     
    Posted: Jun 7, 2019 By: MY OFFICE IN CHINA Member since: Nov 16, 2011
    #20
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