Home – New Forums Starting your journey what business can I do with 60-80k?

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  • #968722
    lukelee
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    I have about 80k and want to do a business, so I can work for myself. Any suggestion are welcome? Thanks in advance.

    #1034755
    Alan Maddick
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    You can do a lot especially if you are willing to borrow some funds as well. I would look at some of the more blue chip businesses like Post offices, newsagents and franchises as a place to start.

    #1034756
    PVPT
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    SmallBusinessWorks, post: 41800 wrote:
    You can do a lot especially if you are willing to borrow some funds as well. I would look at some of the more blue chip businesses like Post offices, newsagents and franchises as a place to start.

    Re: The Newsagent Idea

    I was speaking with a Newsagent who owns a fairly large store in a neighbourhood shopping centre and he has been advised by his franhise/buying group that the remaining life span for printed Newspapers is approx 5 years. The anticipate Magazines will be at least double that so say 10 years before everything will basically be online.

    The newsagent I spoke to is now in the inital stages of preparing his business for a massive overhaul. Over the next 5 years he will be placing an increasing focus on stationery and gift lines to counteract any decrease in revenue from Newspapers.

    Anyway just thought I would add my 2 cents

    #1034757
    paulc
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    lukelee, post: 41798 wrote:
    I have about 80k and want to do a business, so I can work for myself. Any suggestion are welcome? Thanks in advance.

    I would suggest start by asking yourself what you enjoy doing – have you got a passion you can turn into a business?

    What do you consider your strengths and skillls and work back from there.

    Personally I would be inclined to start a business for myself rather than a franchise, although the support could be something you are looking for.

    Very few businesses are part time and require a huge amount of time and effort so I would research the industry, the numbers and then see if you could add value or something new to the competition already out there.

    Good luck!

    #1034758
    ThinkSimple
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    Hi lukelee,

    For my money you can’t beat an online business. The web is still very young and there are going to many googles and facebooks still to come over the next 10-15 years.

    Imagine having invested 80K in facebook back in 2004?!?! You probably could have bought it outright from a young Mark Zuckerburg back then.

    I would sugest that there may well be a future Zuckerburg on this very forum. Busily coding away building the next big thing.

    If investing isn’t your thing and you’re looking to actually work then i would go with passion. Do what you love and you never work a day in your life.

    Thats my 2 cents worth

    Cheers

    #1034759
    yourvirtualboard
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    Reminds me of – “how to make a small fortune….. start with a large fortune”

    PaulC has it spot on – what are your skills and what do you enjoy doing that would use your skill set. Once that’s clear then you could look at options available to you.

    Also you don’t mention any previous experience in running a business and I see so many small businesses with hugely committed owners working massive hours just to get everything done, often struggling with all the other bits that aren’t core skills like… strategy, planning, marketing, finances, staff, IT and the list goes on.

    Most people overlook the fact that if you want to be a tradesman you do an apprenticeship to get your qualification. If you want to be a Doctor or Lawyer or similar professional you go to University to be able to practice. However almost anyone can start a business and many do only to wish they’d been more aware of what running a business entails or at least being aware of what help is available to them. Arm yourself with this knowledge and if you’re up for the challenge then go for it!

    #1034760
    JohnSheppard
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    ThinkSimple, post: 41824 wrote:
    Imagine having invested 80K in facebook back in 2004?!?! You probably could have bought it outright from a young Mark Zuckerburg back then.

    For every Mark Zuckerburg’s there are hundreds who go broke and a hundred other johnny come latelys. (How much did AOL sell Bebo for?)

    The Internet is full of risk….as well as huge gains…like betting on any horse race there are odds and then there are odds.

    It depends on what you want….can you risk 80k? Bleeding edge Internet is like 99.9% risk…the 10,000 one horse…

    Even using it for it’s service related opportunities you’ll still need to live and breath it….is that what you want? Some people do…

    But…IMO, First thing to ask is what you want out of life…then narrow down your options from there

    #1034761
    lukelee
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    Thanks guys,I appreciate it.
    My background is a web designer, but during the financial crisis, and strong competition in this industry (e.g. more and more people hire cheap oversea freelancer), I feel its getting harder and harder to survive by doing web designer, especially for a junior-middle level web design like me.
    So I decided to try something else, I am not looking for a business to grow 100% every year, just a stable business that could afford my life (at first stage), maybe hiring 1 or 2 people if necessary, and besides all the cost, I can have $800-$1000 income every week.

    #1034762
    TehCamel
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    ThinkSimple, post: 41824 wrote:
    Hi lukelee,

    For my money you can’t beat an online business. The web is still very young and there are going to many googles and facebooks still to come over the next 10-15 years.

    Imagine having invested 80K in facebook back in 2004?!?! You probably could have bought it outright from a young Mark Zuckerburg back then.

    I would sugest that there may well be a future Zuckerburg on this very forum. Busily coding away building the next big thing.

    If investing isn’t your thing and you’re looking to actually work then i would go with passion. Do what you love and you never work a day in your life.

    Thats my 2 cents worth

    Cheers

    I actually have (what I think is) a brilliant idea for a web-based application. I know of similar applications that exist and work very well. My problem is while I’m extremely good (and modest:P) at systems administrator, design and implementation, I cannot code or develop to save my life.

    So I’ve gotta sit on the idea until I’m in a position to find an application developer I can work with who I trust.

    (Essentially, I’m saying that online businesses are indeed a way to go, if you have an idea, and there’s a market for it, and you can build it)

    I also agree with the idea of finding something you’re interested in, and get your business going that way. Otherwise, you may end up in the trap of just buying yourself a job..

    #1034763
    mcboom
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    The doomsayers have been predicting the end of print media since the start of the dot.com boom in the late 1990s but this hasn’t come to pass. Books, newspapers and magazines are all alive and well and I feel this will continue to be the case for the foreseeable future.

    #1034764
    colinl
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    lukelee, post: 41798 wrote:
    I have about 80k and want to do a business, so I can work for myself. Any suggestion are welcome? Thanks in advance.

    My recommendation Luke is to put 75k of that in the bank (or managed trust), then do a heap of research on what is out there. There are lots of ways you can use just $5k or less to start a viable business especially with your skills.

    Contract work as a web designer is big at the moment & there are literally hundreds of businesses looking for those kind of skills even if you are not an ace designer as yet. You can use WordPress theme templates to create great looking sites or you could specialise in mini sites or parts of sites like landing pages etc.

    If you are interested, send me a link to some work you have done & I can help you. I might even be able to help you promote your work on a JV basis. PM me..

    In any case, check out the online outsourcing sites like

    www. elance.com
    http://www.guru.com
    http://www.odesk.com
    http://www.freelancer.com

    You can also find work on http://www.craigslist.org & many other places..

    All the best..

    #1034765
    Gordon Akman
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    As already mentioned definitely do what you enjoy. I read your comments about what you have been doing and how much income you require. Research lots of online business ideas. There are so many different businesses you can build online it’s crazy. As we all know this is only going to grow. Everyday there is more and more people spending more and more money buying products and services online.

    #1034766
    Mitch
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    I think newsagents do so much more than selling newspapers, ie bus tickets, lottery cards etc……so I think thats a safe bet.

    My personal preference is to start small with minimum outlay and grow the business as you learn the business. Nothing worse than having a big debt to service or running out of cash whilst you are still learning how it works.

    I have a software business that my competition charges rates of $150 an hour, I can get it done with an offshore staff member for $10. So I would use your skills, hire (not outsource) an employee from Eastern Europe to do the work, while you go around visiting clients and writing proposals and CHECKING QUALITY, all the stuff on the ground.

    You can get some really good stuff done and leverage yourself. I have about 10 of these guys and girls powering my businesses from coders to customer service reps and it changes the way you operate. I pay $900US a month for a customer service girl and $2000US a month for an experienced coder (all fulltime and perfect english).

    Apologies in advance for the shameless self promotion but Its such a powerful way of doing things that Im now in Romania setting up recruitment company. I have a lot of developers and designers on the books so let me know if the time comes you might need someone.

    Good luck in deciding on a direction.

    Mitch

    #1034767
    JohnSheppard
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    mitch, post: 42370 wrote:
    I think newsagents do so much more than selling newspapers, ie bus tickets, lottery cards etc……so I think thats a safe bet.

    I believe newsagents make most of their money from gold lotto and casket ticket sales. Without the rights to sell those they don’t do so well. I could be wrong tho.

    #1034768
    The Profit Frog
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    There are so many things a person could do to get into business when there is just shy of 100k to play with.

    My suggestions include:
    1. Consider – skills; lifestyle preference (hours you’d like to work or are prepared to devote to the business); experience; support networks (family, accountant, solicitor)…
    2. Research – attend franchise expos; talk to accountants and solicitors; do your research.
    3. Consider your cashflow set aside for survival.. how much income do you need to set aside to live on until the business generates income? Do you have a partner / spouse whose income you could live on in the meantime?

    I would strongly suggest you consider setting aside a considerable portion of the $$ you have available to sustain you until you know what you want to do.

    And if need be, get a part time job just in case.

    Franchises may be the right thing, it depends on where you live and what population of your area and whether you have competitors in the area.

    Research the market need in your area.
    What needs are there for businesses in your area?
    Fulfill a need.

    See how you go.
    Good luck.

    Terri Mitchell
    The Profit Frog
    http://www.theprofitfrog.com

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