New business ideas

andrewm1981

I need your ideas people!

I'm in a position where I have some inheritance, and as having my own business has always been my dream, it could become reality... But I'm struggling for inspiration!

I'm 32, and currently earn £45k. I work in supermarket retail. The pay is ok, but I'm getting increasing frustrated with it. The hours are long (12 hours a day) awkward either start at 7am or finishing at 11pm, and I work weekends. The key gripe is that it's highly unrewarding? I'd be more than happy to do 16hr days if it was for myself and my business.I know I can do more as I'm an excellent employee and would rather work hard for myself than someone else.

I'm not afraid of hard work, in a good state of health (never had a sick day ever! In 16years!), intelligent, and am great with customers. I'm ok with computers and ok with manual work but not fantastic.

I'm passionate about cars, houses, and travel.and making money!! I have £250,000 I could invest, although I wouldn't really want to sink it all in.

I'd be happiest working from home, or in my own retail outlet, or doing bespoke work for clients. I guess my dream job would be maybe taking something like an old car for £5k, renovating it, then selling it for profit. But a successful shop would be great. Or a service industry style job.

I'd like to earn at least what I earn now, and over time ease back and employ someone to do my work I guess.

So anyway, any ideas guys?!

wongawonga

Small Business Board http://forums.moneysavingexpert.com/forumdisplay.php?f=27 good place for business questions.

Kayalana99

If I was you Andrew - I'd sink it into property for 250k you could get 10 100k houses with 25% deposit (not in one go that would be stupid but theoretically) which once paid off could bring you an income of 4~6k~ a month.

If you really want to start a business you need to think about what you want to do yourself - we can't answer that for you. Walk out the door open your eyes look at what others are doing and think 'Would I be able to do that' 'Would I love to do that?'

Can you take a car and do it up? If that's your dream why not think about using your £££ to take time off from work - get the training you need and then start up?

But unless you buy a ready to go business - don't expect to be pulling a 45k wage any time soon!!

motorguy

andrewm1981 wrote: »

I need your ideas people!

I'm in a position where I have some inheritance, and as having my own business has always been my dream, it could become reality... But I'm struggling for inspiration!

I'm 32, and currently earn £45k. I work in supermarket retail. The pay is ok, but I'm getting increasing frustrated with it. The hours are long (12 hours a day) awkward either start at 7am or finishing at 11pm, and I work weekends. The key gripe is that it's highly unrewarding? I'd be more than happy to do 16hr days if it was for myself and my business.I know I can do more as I'm an excellent employee and would rather work hard for myself than someone else.

I'm not afraid of hard work, in a good state of health (never had a sick day ever! In 16years!), intelligent, and am great with customers. I'm ok with computers and ok with manual work but not fantastic.

I'm passionate about cars, houses, and travel.and making money!! I have £250,000 I could invest, although I wouldn't really want to sink it all in.

I'd be happiest working from home, or in my own retail outlet, or doing bespoke work for clients. I guess my dream job would be maybe taking something like an old car for £5k, renovating it, then selling it for profit. But a successful shop would be great. Or a service industry style job.

I'd like to earn at least what I earn now, and over time ease back and employ someone to do my work I guess.

So anyway, any ideas guys?!

Taking on a business with no experience is a great way to make a small fortune - out of a large one!

Be extremely careful. You've a really good nest egg there and a good paying job. Both very hard to find these days.

lincroft1710

andrewm1981 wrote: »

I guess my dream job would be maybe taking something like an old car for £5k, renovating it, then selling it for profit.

You don't need £250K to start doing this. Buy a car for £5K renovate it in your spare time, keeping accurate note of all time and money spent, sell it and work out how much you have actually earned per hour. You'll soon see if it is profitable.

I'd like to earn at least what I earn now,

A lot of self employed people would love to be earning £45K a year

I agree with motorguy, you will need to be extremely careful and seek proper advice.

motorguy

andrewm1981 wrote: »

I guess my dream job would be maybe taking something like an old car for £5k, renovating it, then selling it for profit.

Just for info - Very hard to do. Most people who have restored an old car would tell you its a labour of love, and not for profit. Usually costs an awful lot more to restore a car than its often worth.

Most people who do work in this field charge their services out to restore cars for other people - that way they get an hourly rate - and they're usually doing this because of years, or decades, of experience in their field.

DKLS

Kayalana99 wrote: »

But unless you buy a ready to go business - don't expect to be pulling a 45k wage any time soon!!

I heard on Radio 2 yesterday that the average wage for self employment was under 10k.

I do know a chap who set up a car restoration business and he nearly went under until he started outsourcing the restoration work to Poland.

Kayalana99

DKLS wrote: »

I heard on Radio 2 yesterday that the average wage for self employment was under 10k.

I do know a chap who set up a car restoration business and he nearly went under until he started outsourcing the restoration work to Poland.

That's probably because their are so many people bringing it down who just sign up for self employed to declare side income.

I don't actually know one full time self employed person that has been in business for more then three years that isn't earning 20k+ and I don't live anywhere like London just to put that out their.

Like me for example, I do it for a side income around my two kids under two. I am probably earning round 2k+ a year but I've only been running since late 2013.

motorguy

Kayalana99 wrote: »

That's probably because their are so many people bringing it down who just sign up for self employed to declare side income.

I don't actually know one full time self employed person that has been in business for more then three years that isn't earning 20k+ and I don't live anywhere like London just to put that out their.

Like me for example, I do it for a side income around my two kids under two. I am probably earning round 2k+ a year but I've only been running since late 2013.

No, it was purely "self employed" people.

Heres a similar report

http://www.theguardian.com/business/2013/dec/03/self-employed-earnings-slump-third

Also, with respect, just because you see something doent mean you can factor it up to apply to the entire population.

"That's probably because their are so many people bringing it down who just sign up for self employed to declare side income. I do it for a side income"

"I don't actually know one full time self employed person that has been in business for more then three years that isn't earning 20k+ "

Kayalana99

motorguy wrote: »

No, it was purely "self employed" people.

Heres a similar report

http://www.theguardian.com/business/2013/dec/03/self-employed-earnings-slump-third

Also, with respect, just because you see something doent mean you can factor it up to apply to the entire population.

"That's probably because their are so many people bringing it down who just sign up for self employed to declare side income. I do it for a side income"

"I don't actually know one full time self employed person that has been in business for more then three years that isn't earning 20k+ "

I don't see anywhere in that post that it has taken the facts from people who are solely self employed, but most of what I said still stands about people doing it for extra money and not trying to make a good go out of it.

"He said: "Since the recession the ranks of the self-employed have been swelled by unskilled 'odd jobbers', unable to find jobs as employees and picking up whatever scraps of low paid casual work are available. A surge in self-employment accompanied by falling self-employed income is a sign of economic desperation rather than a newly vibrant enterprise culture.""

Which proves my point that people are starting small businesses for side incomes...I.e people at home with kids who aren't looking for a full time wage which brings the figure down for everyone or as above people who can't get jobs so they try and find the odd work as self employed.

& I am allowed my own opinion, not just to believe what is put in front of me without question.