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New business venture

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By (user no longer on site) OP   
over a year ago

I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advice

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By *etcplCouple
over a year ago

Gapping Fanny

Do you have any existing skills you can exploit or are you looking to change career paths?

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By (user no longer on site)
over a year ago

Could you build on whatever business knowledge you do have? Or create something whilst in the current job as a side hustle then develop it to be be self-sustaining towards a passive income perhaps?

Alternatively, properly is a pretty sound investment generally. Other than that. Sensible investment could add to the funds.

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By *oodmessMan
over a year ago

yumsville

[Removed by poster at 14/04/22 17:07:24]

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By *oodmessMan
over a year ago

yumsville


"I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advice"

Saw a fab big tyre scooter today... Hire out electric scooters that can go on beeches - be onto a winner if you can adapt them for wheelchair-bound

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By (user no longer on site)
over a year ago

There’s somebody looking for sex if you’re willing to pay £50 travel expenses.

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By (user no longer on site) OP   
over a year ago

I don’t have a trade as such and I work in the logistics industry for an oil company. Shipping and stuff so not really transferable.

I like the idea of recycling, skips, tips, money in muck but I have no ground for storage and I guess there would be turf wars as it’s the same recycling that does everything around here.

Stumped lol

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By (user no longer on site)
over a year ago

Many new business' fail. Unless you've got a good plan, know exactly what it is you intend to do and have the skills to do it at least as well as, if not better than, everyone else then I'd suggest using the money for something else. Paying yourself a decent wage becomes very expensive very fast if you don't have money coming in.

Mr

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By *lex46TV/TS
over a year ago

Near Wells

Either start your own business in an industry you know (learn one for a couple of years and f you have to).

Or if you have any hobbies, get involved in that industry. You already know about that product, what's good and what's not.

The most important thing though is to keep an eye on margins costs and profits. As the saying goes if you want to be a millionaire, start your own business with a billion pounds.

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By (user no longer on site) OP   
over a year ago


"Many new business' fail. Unless you've got a good plan, know exactly what it is you intend to do and have the skills to do it at least as well as, if not better than, everyone else then I'd suggest using the money for something else. Paying yourself a decent wage becomes very expensive very fast if you don't have money coming in.

Mr"

This is why I thought I have one shot. I could put the money into savings and be bored at my work forever more but I want a challenge

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By *atriciayoiditTV/TS
over a year ago

hatfield


"I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advice"
dont waste your time...business is a dead duck...unless you have millions.

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By (user no longer on site)
over a year ago


"I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advicedont waste your time...business is a dead duck...unless you have millions."

This is so spot on.

The business I’m in is still in its infancy and the amount of money I’ve seen get spent is unbelievable. My boss has masses of money behind him so it’s turned it round and now we are in a completely different position but if didn’t have his backing , it would have failed in the first 12-18 months ( most businesses fail in this time due to lack of cash )

Honestly I wouldn’t waste your money but find a new job, something you can make your own

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By (user no longer on site)
over a year ago


"I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advicedont waste your time...business is a dead duck...unless you have millions."
Absolute rubbish business is thriving it’s always been tough

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By (user no longer on site)
over a year ago

Before you start make sure you are fully committed and have an understanding of making money you may laugh but so many people think if they buy something for a fiver sell it for a tenner then the fiver is profit forgetting about fuel costs, tax general running costs and the fact that if they had just got a job it would be more profitable, be prepared to start before everyone else has got up and finish when everyone is in bed .Money makes Money. Take your time food is always a good one as long as you’re prepared to work out of hours , I started as a market trader so why not start there take a look at your local market is there anything that’s not doing good luck.

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By (user no longer on site) OP   
over a year ago


"Before you start make sure you are fully committed and have an understanding of making money you may laugh but so many people think if they buy something for a fiver sell it for a tenner then the fiver is profit forgetting about fuel costs, tax general running costs and the fact that if they had just got a job it would be more profitable, be prepared to start before everyone else has got up and finish when everyone is in bed .Money makes Money. Take your time food is always a good one as long as you’re prepared to work out of hours , I started as a market trader so why not start there take a look at your local market is there anything that’s not doing good luck."

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By (user no longer on site) OP   
over a year ago


"Before you start make sure you are fully committed and have an understanding of making money you may laugh but so many people think if they buy something for a fiver sell it for a tenner then the fiver is profit forgetting about fuel costs, tax general running costs and the fact that if they had just got a job it would be more profitable, be prepared to start before everyone else has got up and finish when everyone is in bed .Money makes Money. Take your time food is always a good one as long as you’re prepared to work out of hours , I started as a market trader so why not start there take a look at your local market is there anything that’s not doing good luck."

Now were talking

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By *inky-MinxWoman
over a year ago

Grantham


"I’m bored of my current job and have inherited a bit of money. I really want to be my own boss and run a business. I’m really hardworking, enthusiastic and like challenges. I can’t however think of a business to start I feel this is my one shot in life and don’t want to waste it.

Any advice"

Speak to the Job Centre and get put in touch with qualified people to help you.

I mean as well as everyone else, but as you're so undecided, it might be the best place to start

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By *inky-MinxWoman
over a year ago

Grantham

[Removed by poster at 14/04/22 18:57:46]

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By *inky-MinxWoman
over a year ago

Grantham


"[Removed by poster at 14/04/22 18:57:46]"

Not true even

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By *inky-MinxWoman
over a year ago

Grantham


"dont waste your time...business is a dead duck...unless you have millions.

"

Not true.

Hope I got it right this time

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By (user no longer on site)
over a year ago

Air b+b might be a safer start! Will you be doing it in Scotland?

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By *m3232Man
over a year ago

maidenhead

It’s the best way to earn money but also very easy to loose it.

Do something you enjoy and keep the overheads as min as possible.

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By *2000ManMan
over a year ago

Worthing

Make sure you undercut similar businesses. You need to get the "foot in the door" during first year or so. Ensure you have cash to fall back on. Good luck!

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By (user no longer on site) OP   
over a year ago


"Air b+b might be a safer start! Will you be doing it in Scotland? "

I thought about this and I thought about people trashing it and costs of repairs.

I really want to get onto something new that my area doesn’t have. I was speaking to a lad that started inspecting wind turbines with his drone. Got contracts across the U.K. now.

Just need to find the gaps

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

Starting, growing and running a business is very, very hard, failure is high and tbh it’s much harder than a career and generally makes you much less money unless you really understand growth and financial strategy and have elastic demand to scale. I spend most my time now hedging forex, cpi and diesel prices to stop great businesses failing !

I started my first business in my 20s in new Zealand and my 2nd in my 30s in the U.K. which I ran right up until the pandemic. Don’t think I had a single year I made more than a 100k but often worked 60-80 hours a week.

I’m much happier now without the stress of clients, staff, unpaid invoices etc , all my international travel paid for and a huge sum of money deposited in my account every month no matter how well I perform.

If you’re gonna do it, do it because you want to have an impact , don’t do it for the money or because you don’t like your job, you will fail for sure

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By (user no longer on site) OP   
over a year ago

Thanks everyone for the advice, lots to think about

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