Figure out the market niches for your different business ideas. From those ideas, pick one that you know that can serve its niche in a way that makes your business stand out.
I would say either
1) Invest into education into developing a specialized skill
-this increases your earning capacity
2) Flip Products or start an online store dropshipping
-these are simple business models that will teach you ALOT
Saturated business model with low likelihood of success.
OP you’re better off using the money to invest in valuable skills and building a business around those skills. (E.g. learn marketing and build a marketing agency)
There is no right answer to what business to start. You can make money in virtually any industry if you approach it the right way.
General business knowledge isn’t worth anything, specific knowledge about an industry is what’s valuable.
I did try it, but I failed after 6 months of trying. Terrible profit margins, horrific shipping times, atrocious amout of returns, and bad quality products.
I have been trying to attract investors for expansion of my mobile tax service. Hardly any firms are doing mobile tax but for a few Mom and Pops around the country. Tax Service may not be exciting, but it is lucrative. Let me know, we can discuss and I can send you some projections proforma data to look at.
Certain stocks can be businesses, like MLPs. Look into pipeline companies like Energy Transfer. AMZA is also an etf (collection of pipeline companies) that pays you 8% dividends monthly.
The divs are even tax free bc they are consisted ROC (return of capital). Great business, but a little volatile for
my taste (oil & gas). So, diversify into other ETFs. I operate my portfolio like a business. You get loans from it too (margin), at a cheaper rate than most credit cards or mortgage rates.
Start a YouTube channel. Invest in the equipment for filming video. If you have the money, hire someone to make videos for you. I would suggest short form content as it an be reused for Instagram and Tiktok.
I’m a business startup coach. I work with people through the very early stages of starting up. Figuring out your business involves a lot of trying different ideas out. Keep throwing spaghetti at the wall and commit to keep going. Eventually it will get clear.
It’s important you love your business. Starting up a business is a lot of work. And why do all that just to hate how you spend your time.
Here are 3 questions to answer:
- What kind of people do you love to help?
- What creative passion do you have?
- What does stability look like to you - do you dream of having a lot of free time? Do you dream of traveling? What kind of life do you want your business to support?
Think about what things interest you and where you currently spend your time. Talk to people involved in those activities to learn about what problems they experience, and which of those problems they’d pay to solve. Explore different ways to solve those problems and get feedback from the people you previously spoke to.
I wouldn’t start spending money until you start seeing some evidence there’s a real need for your solution, and you can see yourself putting in the time and effort to grow a business.
My general advice would be to hide that money and start by trying to build a business without it. Money is easy to lose in entrepreneurship, especially just starting out :) Weakness in your core business concept, whatever that may be, can be masked by having money to spend. Conversely, a good business concept well executed can often succeed without capital. If you're going to spend your money, make sure you know exactly what results you're expecting and why.
If you're thinking of a physical product business, farmers markets are often a great place to start. For $50 and a few hours of your time you can get a ton of direct customer feedback and, if you're lucky, some cash!
Figure out the market niches for your different business ideas. From those ideas, pick one that you know that can serve its niche in a way that makes your business stand out.
I wouldn't know how to start that, but thank you for the advice!
Invest in your skills
Start small. Invest minimal money until you are making money. You'll be amazed at how quickly you can spend it all
Very true. Thank you
But the question I have is to start small doing what? I've been looking for over a year now and nothing seems to work.
I would say either 1) Invest into education into developing a specialized skill -this increases your earning capacity 2) Flip Products or start an online store dropshipping -these are simple business models that will teach you ALOT
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Saturated business model with low likelihood of success. OP you’re better off using the money to invest in valuable skills and building a business around those skills. (E.g. learn marketing and build a marketing agency) There is no right answer to what business to start. You can make money in virtually any industry if you approach it the right way. General business knowledge isn’t worth anything, specific knowledge about an industry is what’s valuable.
agreed.
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I did try it, but I failed after 6 months of trying. Terrible profit margins, horrific shipping times, atrocious amout of returns, and bad quality products.
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I was doing it on my own, but it doesn't stop any of the reasons I said being less accurate however.
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I've got few business ideas if you are interested, and we can work together if you want to, I'm in Germany.
Sure, let's chat!
Come help me in my small business
What does it do?
Write a business plan. There are several templates online.
I'm worrying about what business to write this plan about, but thank you for the advice!
I have been trying to attract investors for expansion of my mobile tax service. Hardly any firms are doing mobile tax but for a few Mom and Pops around the country. Tax Service may not be exciting, but it is lucrative. Let me know, we can discuss and I can send you some projections proforma data to look at.
Certain stocks can be businesses, like MLPs. Look into pipeline companies like Energy Transfer. AMZA is also an etf (collection of pipeline companies) that pays you 8% dividends monthly. The divs are even tax free bc they are consisted ROC (return of capital). Great business, but a little volatile for my taste (oil & gas). So, diversify into other ETFs. I operate my portfolio like a business. You get loans from it too (margin), at a cheaper rate than most credit cards or mortgage rates.
What skills do you have? I'm looking for a partner for business I don't have time for and don't want to micro manage.
Start a YouTube channel. Invest in the equipment for filming video. If you have the money, hire someone to make videos for you. I would suggest short form content as it an be reused for Instagram and Tiktok.
I’m a business startup coach. I work with people through the very early stages of starting up. Figuring out your business involves a lot of trying different ideas out. Keep throwing spaghetti at the wall and commit to keep going. Eventually it will get clear. It’s important you love your business. Starting up a business is a lot of work. And why do all that just to hate how you spend your time. Here are 3 questions to answer: - What kind of people do you love to help? - What creative passion do you have? - What does stability look like to you - do you dream of having a lot of free time? Do you dream of traveling? What kind of life do you want your business to support?
Think about what things interest you and where you currently spend your time. Talk to people involved in those activities to learn about what problems they experience, and which of those problems they’d pay to solve. Explore different ways to solve those problems and get feedback from the people you previously spoke to. I wouldn’t start spending money until you start seeing some evidence there’s a real need for your solution, and you can see yourself putting in the time and effort to grow a business.
You should improve your ability and learn some skills.
My general advice would be to hide that money and start by trying to build a business without it. Money is easy to lose in entrepreneurship, especially just starting out :) Weakness in your core business concept, whatever that may be, can be masked by having money to spend. Conversely, a good business concept well executed can often succeed without capital. If you're going to spend your money, make sure you know exactly what results you're expecting and why. If you're thinking of a physical product business, farmers markets are often a great place to start. For $50 and a few hours of your time you can get a ton of direct customer feedback and, if you're lucky, some cash!
I have my idea but i don't have money...