If you'd £30,000 what business would you start? Franchise? Online business?

lesley2011

Hello

I'm thinking of starting up a business and my ideas keep changing. From health/beauty to a juice bar to a clothes shop is to name a few! Recently thinking of an online business as well?

If you'd £30,000 what business would you venture into? Franchise? Oh I keep thinking more towards online now....

Lesley

Flyonthewall

You should start a business in an industry you know about and will enjoy. Obviously research into whether the business is needed in the area too.

If you start up a business such as a shop then it's a good idea to have a website as well, but that doesn't have to cost much (especially if you're not selling online).

It doesn't matter what anyone else would do. It's your business. You have to want to do it, have the knowledge on it and actually run it.

Write a list of ideas you'd like to do. Research the area and see which is most likely to succeed. Then write a list of costs and research everything else.

lesley2011

Flyonthewall wrote: »

You should start a business in an industry you know about and will enjoy. Obviously research into whether the business is needed in the area too.

If you start up a business such as a shop then it's a good idea to have a website as well, but that doesn't have to cost much (especially if you're not selling online).

It doesn't matter what anyone else would do. It's your business. You have to want to do it, have the knowledge on it and actually run it.

Write a list of ideas you'd like to do. Research the area and see which is most likely to succeed. Then write a list of costs and research everything else.

Thanks Flyonthewall. Yes it's really important to follow what your passionate about and enjoy doing.

I really do need to find my niche and find my real passion. As a trained therapist from Reflexology, Massage etc it's not giving me that job satisfaction I crave. I love the health/beauty/spa industry, the fashion industry and thoroughly enjoy helping and talking to people so let's hope I find my way soon... As you can tell I'm at the very early stages!

lincroft1710

If your business needs premises from which to operate, you would be surprised how quickly £30K evaporates.

minxy-x

I don't necessarily agree about starting a business in an area you are passionate about
But that depends on the reason for starting your business.
Ultimately doing what you are passionate about for a business can soon make that passion dip, so I may prefer to keep my passion for a hobby, also in the area you are passionate about you may have to change things to make your business viable- if its a passion it can be harder to step back and look at your business as a business.

However expertise in the area is important, so if you don't have it go and get it. See what competitors are doing, see what works and what doesn't, understand all areas of the financial side, understand your customer and what they want, get on courses, local groups etc.

If you look into a franchise really look at what they offer, the biggest reason to get a franchise is the brand name, so do you really need to pay some one for a oven cleaning franchise for example, but you may decide doing it for a McD's is worthwhile.
But remember you are not your own boss with a franchise, there is someone else to answer to, and the franchise will have its own way of doing things which you must follow.

You ideas in you OP, health/beauty depends what it is- can be lucrative but lots of research is needed. Also with this I would start up mobile or from home if possible.
Juice bar- have never seen one open for long periods, except a small cart thing in a shopping centre, all the shops which have opened have shut quickly.
To me if I was going into food I would want to cover as many areas as I can and not limit myself to a small product offering, yes specialist stores can work depending on the area, but can become very faddy quickly.
I might like a juice my friend would always have a coffee, so we would pop to a coffee shop where both options are available.

Clothes shop- what will make you different to anyone else on the high street or internet- why would I come to you? Shop costs can add up quickly, and lots of your money will be tied up in stock.

Good luck.