Want to start a business 100-150k

[Izzie]

Hi Folks

I'm 36 I have worked all my life in a public sector role only earn £22500 before tax..I worked out I pick up £362 a week so about £72 a day. There has to be a way I can work for myself and earn more than this. I have 100k to 150k to start a business but have not idea what I could do. Sick and tired of working in local government. Half way through reading rich dad poor dad.....life changer!

Any ideas? I'm open to suggestion.

Izzie

 

[Nochexman]

Hi Izzie, and welcome to the forum. What is the job you do now? Do you have skills and experience that could be transferred to the private sector?

 

[The Byre]

That's you and a few million others! Thy have some money saved up, but have no idea what or how to start a business!

So here's what you do -

Keep your powder dry! You will need that money in case you really are successful! Start a small business whilst you are working. If it takes off, then you start to invest a bit at a time.

Tip - if they are banging on the door, wanting your goods and/or services, you've got a business.

If you are banging on their doors, wanting them to buy your goods and/or services, you ain't got squat!

 

[Izzie]

I work with offenders.I just want to work for myself. Its been suggested I buy an existing business but leases are quite expensive. Thanks for your advice. Maybe I should go on daltons business site and buy and existing business

 

[AllUpHere]

To out earn your current position you don't need to be spending that sort of money. You can make more than you currently make doing pretty much anything.

Don't just look for a way to spend the money you have, look for a business you can start whilst keeping as much of your savings as possible in the bank.

 

[finleydesign]

I think you should always look at something you are passionate about, as you could soon learn if your hearts not in it, the business will flop, you have a good size investment so the worlds your oyster to a degree, but I would recommend having a think about what you enjoy and see if can start a business in it

I started many many years ago, playing around with creations and websites, which I then built a business on, but I love my work and I love to be creative, so the passion is there daily!

 

[Izzie]

All up here thanks for your encouraging words...yes well where I am the next step is a salary of £29,000 and work up to £36,000 over 10 years. I have to be careful how I spend the money as it's all I have. If I can make between £500 to £1000 a week I'd be happy. I'm willing to work everyday and I don't need to spend 100 to 150k to make that. Ideally I'd like to have the savings.

FinelyDesign I please your passion turned into something that provided you a living . I'm passionate about cooking but we all know how many cafes and restaurants fail.

Would you suggest buying an existing business?

 

[Mr D]

You could start small, buying stock and selling on ebay then gradually increasing as you learnt more.
You could learn to make things and sell them.
You could learn to provide services to customer or businesses.

The options are considerable. Keep your job as long as you can, regular income isn't to be sniffed at and a business can take time to grow enough to provide you with an income size that you want.

Business is rather different than the public sector. Can be far more rewarding however.
How do you feel about 80 hour plus weeks?

 

[Izzie]

Mr D thanks for your advice. I work in the probtion service it's the least rewarding job ever. Yes you get paid 29k to 36k a year which to some is a decent salary but I've always known I can do better and do something for myself.

I agree I will not quit until I have a few side line businesses....doing what I don't know. Some people have recommended holding on to my 150k as it's all I have.

80 hour week? If needs be then yes...I would work that for myself. I already work long hours for my current job with little reward.

 

[finleydesign]

All up here thanks for your encouraging words...yes well where I am the next step is a salary of £29,000 and work up to £36,000 over 10 years. I have to be careful how I spend the money as it's all I have. If I can make between £500 to £1000 a week I'd be happy. I'm willing to work everyday and I don't need to spend 100 to 150k to make that. Ideally I'd like to have the savings.

FinelyDesign I please your passion turned into something that provided you a living . I'm passionate about cooking but we all know how many cafes and restaurants fail.

Would you suggest buying an existing business?

Yeh your right the restaurant and cafe game is very very tricky to make it in, but a love for cookings a good start, do you specialise, we build quite a few websites for people just like you who create specialised food products, novelty cakes etc, could you teach cooking? create courses etc

The benefit firstly is you have some money to put into it, so you can start getting your digital marketing off to a great start and really get the business setup well, most start from £0 as did I so you can make a big noise at the start

 

[GW1]

I think like most people have mentioned, starting small and taking a low risk approach, not spending too much before you know you're onto something which can grow to an adequately size is sensible at this stage. Buying a business relatively blindly seems a risk.

If your passion is cooking, as FD asks, is there a specialism in this you can define? There seems to be a growing trend of novelty / niche cake designers or high-quality cupcakes / sweet treat producers theses days for instance - and the barriers to entry in this market doesn't need to be excessive startup costs if you start small (Even producing from your home kitchen as long as you're compliant with necessary H&S regs).

Could you do this whilst your still working? If time is an issue, perhaps you could use your holiday or request a sabbatical from work to prove the concept works before quitting to give yousome security.

Best of luck with your ventures

 

[billmccallum1957]

Hi Folks

I'm 36 I have worked all my life in a public sector role only earn £22500 before tax..I worked out I pick up £362 a week so about £72 a day. There has to be a way I can work for myself and earn more than this. I have 100k to 150k to start a business but have not idea what I could do. Sick and tired of working in local government. Half way through reading rich dad poor dad.....life changer!

Any ideas? I'm open to suggestion.

Izzie

Where are you based?

 

[loudclearproject]

Good luck Izzy, that's not millions but it's a reasonable amount to invest, if done wisely ofc.

 

[loudclearproject]

I think like most people have mentioned, starting small and taking a low risk approach, not spending too much before you know you're onto something which can grow to an adequately size is sensible at this stage. Buying a business relatively blindly seems a risk.

If your passion is cooking, as FD asks, is there a specialism in this you can define? There seems to be a growing trend of novelty / niche cake designers or high-quality cupcakes / sweet treat producers theses days for instance - and the barriers to entry in this market doesn't need to be excessive startup costs if you start small (Even producing from your home kitchen as long as you're compliant with necessary H&S regs).

Could you do this whilst your still working? If time is an issue, perhaps you could use your holiday or request a sabbatical from work to prove the concept works before quitting to give yousome security.

Best of luck with your ventures

Yes a growing trend, but that could become a saturated market, however, it's low risk and a lot of marketing for stuff like that occurs on social media

 

[Mark_Taylor_]

If i were you, I'd take a holiday and have a good long think about what it is you want to do... i always find i can think clearer on holiday haha.

Be careful but not too cautious. I took voluntary redundancy from my old job, it was well paid and pretty secure but i'd had enough and wanted a change of scene but not change of career. So I used my redundancy as a safety net and started my own digital agency.

I rented a tiny office in Newcastle city centre, bought some cheap PC's, printer and blagged some free office furniture. That was about 6 years ago and it has grown to 14 full time staff (and about 6 office changes). Anyway last year I quit as director and now work freelance from home so i can be with my kids more, again this was a bit risky but I decided that's what i wanted to do and went for it.

Good Luck

 

[Free.stockphoto.com]

I think most of us can empathise with you. You can love a job for only so long.

I figured I needed two things (when I shared your circumstances):

• savings so I could pay for the essentials without having to work
• change work so I could enjoy what I was doing again

May I recommend that you decouple the two?

• Do stuff that gets you savings/equity - work, save, invest, leverage, improve, earn more working, save....repeat.
  
• And do stuff that make you want to jump out of bed in the morning - try a new hobby, travel, bootstrap a small business.

Don't throw your wealth building potential (i.e. your qualifications, experience, savings, borrowing capacity) into finding a job that you might/mightn't like. They are separate problems that may be better served with separate solutions.

I'm not an expert but I hope that provides an alternative approach.

 

[Mark_Taylor_]

Very good advice from our Aussie mate above .

 

[Free.stockphoto.com]

Very good advice from our Aussie mate above .

I don't look Aussie, I know - but I am! I play football, Aussie Rules football, I open the batting and am a fifth change, experimental right-arm swing bowler....and I LURV those northern shandies