Any good small business to do with 5k start up cost?

marcus84

Ideally im looking for something to boost income - maybe that my partner could do along side a full time job. Childcare costs are crippling. We have some money to invest but its knowing what to do and how much time we would need to put into it, but would be great if we could find something to cover the costs of childcare and maybe a bit more for saving. We have about 5-6k spare to get something. Need a few sidelines going

lincroft1710

Very similar questions have been asked several times on these boards. The consensus seems to be that there is no magic answer. No guarantee that however much you invest in time and money and whatever you invest in will be profitable. Any "business opportunity" needs thoroughly investigating and possible appraisal by accountant and/or specialist solicitor or other professional, none of whom will come cheap.

One of the key pieces of advice to someone wanting to start their own business has always been "what are you interested in or have knowledge and experience of".

A way to gain income which has been mentioned on these boards is matched betting. I have never tried it personally and would counsel that it can have huge risks, but it can pay dividends. There is a board on here specifically for this which should be read very, very carefully. I am not offering this as a recommendation but just as something that may work short term but must be given due diligence and approached with caution.

Wizzbang

The fact is that nobody sensible is going to give you a good business idea, they will be doing it themselves. There is no fast way to riches, but it's done via hardwork. That includes doing the research on a potential business idea.

jshm2

Depends if you want to go into a franchise for that price, an online trading platform, freelance work, gigs, or food.

The worst advice is "Do what are you interested in, or are passionate about" It's why 95% of startups fail.

What you really want to look at is what markets are available to you and what sort of service/product/platform you can profitably provide.

SamsReturn

jshm2 wrote: »

The worst advice is "Do what are you interested in, or are passionate about" It's why 95% of startups fail.

Sorry, i don't agree with that.
If you're already doing something, perhaps as a hobby. If it's something you enjoy and are good at, you're more likely to be able to make a business out of it.

trailingspouse

Totally agree that you need to see what the gaps are. If there happens to be a gap in the market for someone doing something that you are good at, then you're on to a winner. But the important thing is that there needs to be a gap.

bones85

start a chicken farm

mikep22

SamsReturn wrote: »

Sorry, i don't agree with that.
If you're already doing something, perhaps as a hobby. If it's something you enjoy and are good at, you're more likely to be able to make a business out of it.

I totally agree here. You do need to have a passion and interest about the thing you are doing.

You should still do due diligence in the first place though to ensure what you are thinking of doing is tangible.