What direction...10 years, £200k to start, £50k + per year ?
Discussion
Bit of background. Just coming up to 50, been employed in big corporates for 30 years, mainly big consumer organisations, FS, Energy, Telco's, in a variety of roles. I can turn a hand to most things, likes ops mgmt, commercial work, programme mgmt. However, the environment I find increasingly I don't enjoy, looking to be more of my own boss, more in control more room for my own creativity etc...
I have a few financial benefits landing in the next 12 to 18 months, that mean the corporate life becomes optional, but ideally I'd still like to supplement what will be largely passive underlying income with something else. To both occupy me and top up the income, ideally by say £50k ish per year.
I keep thinking of that point, 'if you work on what you're interested in, it'll rarely feel like a hardship'. As probably like most people on here, I spend too much time on here, or autotrader, my other passion is property, having done a few renovations etc.. So the cars / houses themes generally feature in my future business thoughts.
So, if you had some capital to act as a buffer and to get going, 10 years to think of as timeframe (i.e. I could do this from 50 to 60) what would you do to hit the criteria. I should also point out, I am realistic, any business will have it's bad weeks, risks and requires graft. I'm not looking for an easy ride.
Criteria
- It fits my interests
- I am own my own boss
- Can be done with no more than £200k start up capital
- It can turn £50k plus profit per year
- Maybe can create employment / business options for my kids over time (less of a consideration but a thought)
I have some thoughts obviously, but I'll leave them out as I don't want to influence the ideas beyond the above.
Fire away !
Couple of things to consider off the bat....
Being exceptional within a corporate structure doesn't necessarily translate to being good at running a business. Having known and worked with a few who've floundered with business ownership, I'd say the principle areas this applies to are a lack of understanding of the importance of cash (as in cash flow, cash in the bank, etc.), the ability to sell and difficulty in accepting that many of the things you relied on others to do, you now have to do yourself.
I would suggest you spend as little of that £200k as you can. It may take months, even years, to achieve the profit you're targeting and there's a risk that you may fail. Linking back to the importance of cash in the bank, keep as much of it as you can.
As for what to do, that's only something you can decide. You stand a better chance of success if you know about the subject to expert levels so honing in on something you have experience with, like and are interested in is a good start. But this needs to be balanced with the ability to monetise that interest - can you sell what it is you do? Is there a market for it?
HTH
Being exceptional within a corporate structure doesn't necessarily translate to being good at running a business. Having known and worked with a few who've floundered with business ownership, I'd say the principle areas this applies to are a lack of understanding of the importance of cash (as in cash flow, cash in the bank, etc.), the ability to sell and difficulty in accepting that many of the things you relied on others to do, you now have to do yourself.
I would suggest you spend as little of that £200k as you can. It may take months, even years, to achieve the profit you're targeting and there's a risk that you may fail. Linking back to the importance of cash in the bank, keep as much of it as you can.
As for what to do, that's only something you can decide. You stand a better chance of success if you know about the subject to expert levels so honing in on something you have experience with, like and are interested in is a good start. But this needs to be balanced with the ability to monetise that interest - can you sell what it is you do? Is there a market for it?
HTH
That's a really vague brief and although alot of capital is there I wouldn't throw all of it at anything in one go. If my business history is anything to go by, you may try lots until you find out the one that works for you.
Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marque you like etc. If you can find a good mechanic and detailer that'll help.
Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marque you like etc. If you can find a good mechanic and detailer that'll help.
Edited by Bloxxcreative on Monday 9th October 11:42
Bloxxcreative said:
That's a really vague brief and although alot of capital is there I wouldn't throw all of it at anything in one go. If my business history is anything to go by, you may try lots until you find out the one that works for you.
Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marquee you like etc. If you can find a good mechanic and detailer that'll help.
How is a very large tent going to help?Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marquee you like etc. If you can find a good mechanic and detailer that'll help.
Countdown said:
Bloxxcreative said:
That's a really vague brief and although alot of capital is there I wouldn't throw all of it at anything in one go. If my business history is anything to go by, you may try lots until you find out the one that works for you.
Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marquee you like etc. If you can find a good mechanic and detailer that'll help.
How is a very large tent going to help?Given your interest in cars I'd go down the car dealer route. Has a low cost of entry/risk and you get to focus on your passion. Could specialise in a marquee you like etc. If you can find a good mechanic and detailer that'll help.
Countdown said:
How is a very large tent going to help?
A large tent has done me well over the years Anyway, funny that the thought of a marque specialist arises. I also have plenty of space and a good location to trade from assuming it was on a selective basis. I by no means underestimate this, but it does interest me and I'm thinking I could dip my toe in the water with relatively little commitment. I sense it's largely about finding good stock at the right price...I'm sure if it was super easy, lots more people would do it !
Inspectorclueso said:
Hammersia said:
Sounds like opening a restaurant or BnB type of money.
Def no to both. Having worked for a while in risk / debt management for a B2B org, restaurants are high risk and high effort, a BNB would bore the pants off me...But thanks for the suggestions !
pb8g09 said:
Health and Safety consultancy?
Or alternatively, some kind of learning outlet that can train people in qualifications - seems to be quite a number of 25-40 year olds that did cr*p at school and now looking for adult qualifications to earn more money.
Oh how I laughed at this...I'm on of the the least H&S people you could meet, frequently in those corporate years crossing the precipice into risky behaviours like not holding the hand rail on the stairs and far, far worse....Or alternatively, some kind of learning outlet that can train people in qualifications - seems to be quite a number of 25-40 year olds that did cr*p at school and now looking for adult qualifications to earn more money.
I couldn't work out if you were joking, but bear in mind I said my passions were cars and property and I'm not going to do anything that doesn't interest me.
Inspectorclueso said:
Oh how I laughed at this...I'm on of the the least H&S people you could meet, frequently in those corporate years crossing the precipice into risky behaviours like not holding the hand rail on the stairs and far, far worse....
I couldn't work out if you were joking, but bear in mind I said my passions were cars and property and I'm not going to do anything that doesn't interest me.
Well Inspector, I thought you were looking for leads other than property and cars - given both of those are already pretty obvious!I couldn't work out if you were joking, but bear in mind I said my passions were cars and property and I'm not going to do anything that doesn't interest me.
Tattoo removal - as far as I know this isn’t in any way regulated. Rent a machine and an office, a few training courses, buy a white lab coat and some PPE and Bob’s your aunty needing her once fashionable tramp stamp etc. removed.
OK probably not quite that easy but I’m convinced it will become a growing service industry!
OK probably not quite that easy but I’m convinced it will become a growing service industry!
Edited by Greedydog on Tuesday 10th October 15:50
Greedydog said:
Tattoo removal - as far as I know this isn’t in any way regulated. Rent a machine and an office, a few training courses, buy a white lab coat and some PPE and Bob’s your aunty needing her once fashionable tramp stamp etc. removed.
OK probably not quite that easy but I’m convinced it will become a growing service industry!
How much exactly is a potato peeler these days? Sorry. OK probably not quite that easy but I’m convinced it will become a growing service industry!
Edited by Greedydog on Tuesday 10th October 15:50
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