What businesses can/should i start with 10k?

[Nathan S]

hey so im currently 16 turning 17 and ill have around 10k saved up in a few months and was wondering what business can i or should i start to make some income. im super ambitious and its my dream to own a somewhat successful business to buy my dream cars etc. i want to work hard to reach my dreams and not just get it easy otherwise it wont feel rewarding. plus its even better to make my dad proud coming from a poorer family who i dont think really believe in me

im willing to do anything and learn. im not scared to fail as that will only help me along the way.

i just need some advice really as ive had the ambition since i was 12 but never actually did anything or took action as i dont know where to start. sorry for the waffle btw haha i like to explain my situation.

thanks to all who read this and have a pleasent day

 

[Mark T Jones]

Put your £10k into in interest-bearing account - ideally fixed for 12-18 months and start to think about businesses that would suit you, where you can add value etc.

Once you've decided on that, look at low cost ways of starting, if necessary lend the business some of your savings (on commercial terms)

 

[BusterBloodvessel]

What are your interests? What else do you like to do - apart from dream of running a business you mention about cars for example, are these a passion in terms of cleaning/detailing or repair/maintenance?

It might be best to follow @Mark T Jones advice but look for a job to get some experience in a specific sector you think might be interesting (because you might get into it and find that actually you hate it!). And/or start something with very low investment around one of your hobbies to get some feel for what it takes to get new business, manage customers etc.

Starting with something you have a passion for and interest in will be a big help!

 

[Nathan S]

Put your £10k into in interest-bearing account - ideally fixed for 12-18 months and start to think about businesses that would suit you, where you can add value etc.

Once you've decided on that, look at low cost ways of starting, if necessary lend the business some of your savings (on commercial terms)

Ok I might have a think about that, doesn’t seem like a bad plan. I think something in the car industry would suit me.

 

[Nathan S]

What are your interests? What else do you like to do - apart from dream of running a business you mention about cars for example, are these a passion in terms of cleaning/detailing or repair/maintenance?

It might be best to follow @Mark T Jones advice but look for a job to get some experience in a specific sector you think might be interesting (because you might get into it and find that actually you hate it!). And/or start something with very low investment around one of your hobbies to get some feel for what it takes to get new business, manage customers etc.

Starting with something you have a passion for and interest in will be a big help!

You’ve got that right. My passion for cars is crazy .
I’m doing motor vehicle in college next year to see if I enjoy fixing up cars etc. my somewhat plan was to learn to fix cars and buy broken cars on fb that are easy to fix and sell them for more and also create content out of doing so onto YouTube so I have possibly x2 incomes at the same time.

I’ve done content before and made over £2k in just a few months.

I could also do car detailing for people.

 

[NickZ]

im willing to do anything and learn. im not scared to fail as that will only help me along the way.

Just don't put all the money on one horse.
Where do you live, how about a hot dogs stand as starter?

It does not make sense to work hard just to buy a car, cars are a money grave. Try out a few businesses, learn and make money. Lease the car on your business.

 

[hikiwari]

Having an ambition is wonderful @Styczewski . You sound like a really positive young man so hopefully you can learn from the experienced business men and women here.

But being positive and ambitious at your age is just the start. You need to acquire the life skills that are a big part in being successful at business.

My advice would be get a job (apprenticeship?) in your chosen field (motor industry?) for a year or two and suck as much industry knowledge as you can from one or two experienced colleagues. Along the way you'll also learn the soft skills that will make you a better person - communication, problem solving, teamwork, work ethic, time management, critical thinking etc. These, young man, will be the foundation of your future empire!

Best of luck to you.

 

[Mark T Jones]

You’ve got that right. My passion for cars is crazy .
I’m doing motor vehicle in college next year to see if I enjoy fixing up cars etc. my somewhat plan was to learn to fix cars and buy broken cars on fb that are easy to fix and sell them for more and also create content out of doing so onto YouTube so I have possibly x2 incomes at the same time.

I’ve done content before and made over £2k in just a few months.

I could also do car detailing for people.

You can have a job & a 'side hussle'. You can potentially have a business & a side hussle

Trying to start multiple real businesses is problematic.

Fixing up cars from FB is a great example of a hobby business that should earn you a few quid, but will become far tougher when you try to scale it into a proper business.

Now is a great time to throw around thoughts and ideas, but you need to focus your thinking before you actually start anything.

 

[Annoying Donkey]

im willing to do anything and learn. im not scared to fail as that will only help me along the way.

i just need some advice really as ive had the ambition since i was 12 but never actually did anything or took action as i dont know where to start. sorry for the waffle btw haha i like to explain my situation.

Take a look at rebel school https://therebelschool.com

They do free courses on starting a business. One of the few good things I've seen promoted by Govt depts like Job Centre...

 

[DoolallyTap]

You either
1. offer a service, solicitor, dentist, accountant, mechanic, GoKart track! etc
2. make something, carpenter, boatbuilder, etc
3. buy and resell.
Everybody wants to be a YouTube star, If you have skills, super, find your niche and make your video's. If not, finding a product to buy and resell, in my opinion is the easiest way to invest a small amount, build your route to market and sell on. There are plenty of products available which can offer decent returns, you just need to cut out your slice of whichever cake you decide to join.

 

[Mike MD]

You mention car detailing. Not a bad plan - low cost to get into, although insurance costs need to be factored in in case you damage anything. Big thing though, set your prices as if you were paying someone to do it for you - plus a profit on top. Check what the competition are charging, and don't go much under that.

That way you can create a business, rather than "owning a job". Better to build up slower with profitable customers (assuming you don't need much personal income on day 1), than to become a busy fool. If you are any good, your customer base will grow to the point where you can't handle them personally, and then you need to have time to manage the business.

 

[AntonietteK]

hey so im currently 16 turning 17 and ill have around 10k saved up in a few months and was wondering what business can i or should i start to make some income. im super ambitious and its my dream to own a somewhat successful business to buy my dream cars etc. i want to work hard to reach my dreams and not just get it easy otherwise it wont feel rewarding. plus its even better to make my dad proud coming from a poorer family who i dont think really believe in me

im willing to do anything and learn. im not scared to fail as that will only help me along the way.

i just need some advice really as ive had the ambition since i was 12 but never actually did anything or took action as i dont know where to start. sorry for the waffle btw haha i like to explain my situation.

thanks to all who read this and have a pleasent day

Analyze your interest and the needs in your area. Offer something that will fill in the gap

 

[jordansgarage]

It might be worth going to speak with your local garages and see if there are any niches that people are asking for but currently isn't supplied. If you ask nicely, most garage owners should be happy to help.

 

[SillyBill]

Go work for someone else, doing anything. Having a job and learning the world of work is the best thing you can do first. The time I spent working for other people was invaluable to me, I started a business straight out of university (having only done part time jobs before) and indeed made a few £k over a year, but less than a full time job. I couldn't lose anything as there was very little cost attached to it so it was no real risk to my capital, but it would not have ever made me a scalable living hence I eventually packed it in when I realised it was never going to make me rich, and working hard for small beer is not to be celebrated as a virtue. That taught me anyone can do self employment, not earn a lot, but indeed earn something, the real challenge is therefore not hobby or low income one man businesses, its building a business that eventually will work for you, and that IMO is best learned on someone elses' dime.

Incidentally, I then got a few jobs and learned business and by the time I was in my late 20s I was ready to go and seemed to have made a decent success of it so far. I was still very young at that time relative to other business owners so never felt I had missed a boat, age is on your side.

 

[Mark James]

Study stocks and learn how to trade.