Business ideas

edited 30 November -1 at 1:00AM in Boost Your Income
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markharriersmarkharriers Forumite
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edited 30 November -1 at 1:00AM in Boost Your Income
Hi all i have about 500-1000 pound to invest. i was thinking of buying things to rent out so i can fit it around my current job. Has anyone had any experience in this or even ideas.

Help and ideas very appreciated

Replies

  • spadooshspadoosh Forumite
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    Anything along those lines you will need to bear in mind ongoing marketing costs and more importantly public liability insurance.

    Easy enough to do if its something to occupy a bit of spare time but worth bearing in mind how restricted you might be with your job. Customers can be fussy creatures.

    Social media is probably the easiest for marketing initially depending on what you plan on hiring.

    A friend recently started hiring out photo booths for weddings. Not hugely profitable but it gets him some pocket money and he enjoys going on the random nights out. Weddings can be pretty lucrative.

    Youll probably face quite a bit of competition no matter what you choose due to the low start up costs.

    Good luck.
  • Hey,

    What were you thinking of buying and renting out? As £500-£1000 is not a lot of money. As spadoosh said you'll probably face quite a bit of competition and if you're doing it on the side then you might not have the time to really push it like you need to.

    When your looking at hiring anything there's usually a business that goes with it. If your hiring photography equipment you'd normally go to Jessops or a local camera shop. Tools, you'd go to a business that specialises in plant and tool hire (Traction for my Area).

    If you can share a few ideas of what you were thinking. I think for that amount of money you'll struggle and to compete you'll need to deal in something very specific, like a niche that no one else is doing. Were you looking at buying anything to rent out or do you have some knowledge in a particular product? I think that's important, You can't expect to just go and buy something and start renting it out just like that...

    Tom
  • markharriersmarkharriers Forumite
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    Than you both for you help im looking at bouncy castle hire and bubble machines to go with it.
  • IlonaIlona Forumite
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    Buy yourself a decent lawnmower, tis grass cutting season. Hire yourself and your mower out and cut lawns for old people, or people who don't have time to do it themselves. Lawns need cutting once a week, repeat business. We have a man in our village who has lots of customers. He walks around with his mower in a barrow, no transport costs, and a man who works for him because he can't do it all himself.

    Ilona
    I love skip diving.
    :D
  • edited 24 March 2017 at 12:51PM
    droopsnootdroopsnoot Forumite
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    edited 24 March 2017 at 12:51PM
    I'd imagine bouncy castle hire would probably have some quite stringent (and therefore expensive) public liability insurance requirements, as spadoosh said earlier. But then a couple of million pounds worth of public liability insurance isn't that expensive, but maybe 10-20% of your available cash. Do you have transport to deliver the castle already, or will you need a trailer and a tow bar? Is your job one where you can take phone calls for bookings and enquiries during the working week, or will someone else do that for you, and will they do it for free? Is there something in your employment contract that prevents or restricts stuff you can do out of hours?

    Sorry, that all just sounds really discouraging but it's all stuff to consider. Best possible thing if you don't have insurance is that a relevant body finds out and shuts you down. Worst possible of course is that there's an incident and you're not covered, either for yourself or the injured party.


    Gardening does seem to be a good thing, I'm always surprised at how many people make a decent return out of it in the face of what seems like a lot of competition. Might be difficult to find people who are willing to have their lawns cut at the weekend, but could also be your USP.
  • [Deleted User][Deleted User] Forumite
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    Syn_Gates wrote: »
    I think with 500 to 1000 pound you should invest in a course to learn something that's useful, and then use the knowledge you have to earn more money.

    This reminds me of when the husband of a friend of mine had a small win on the lottery and decided to do what he'd always wanted to do - buy a pair of bagpipes and learn to play them (each to his own). Anyway, someone asked him to play at their wedding, and he now earns a very lucrative second income by playing at weddings, funerals, Burns Nights and New Year's Eves. This is in addition to his regular Mon-Fri job.

    I'm not, of course, suggesting you copy this, but maybe do a "brainstorm" for ideas for services that are in short supply and big demand (and that you'd enjoy doing). Ask friends / neighbours what they'd pay for / have needed lately that they couldn't or didn't want to do themselves? (I'd definitely second the grass cutting idea - you could also add hedge cutting / taking away all the waste). Or maybe a power jet washer (for driveway/patios) and undercut what the local superstore is charging. Don't forget to set yourself up with a basic website too.

    Good luck.
  • Have a look at the matched betting thread. With £1000 to invest you are going to double your month within 2-3 months if you follow the rules.

    quite simply you open an account with a bookmaker place a bet on a team to win, lay the bet (place a bet on team not to win) where you will make a small loss. you then get a free bet from the bookmaker who you signed up with as a new customer, use this to back and lay and take the profit. from an initial £50 bet and the resulting free bet you should make around £35-£38 after taking into account the small loss on the qualifying bet.
    then you do this process with another bookmaker and so on.
    I've done over 50 bookies.
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