I quit today! Back into business, $56000 to invest + $75000 from a friend willing to chip in. Open to all suggestions Thanks

Aerith-Waifu on 17/09/2017 - 02:07
Last edited 18/09/2017 - 21:40

Hi Guys:

I quit my job. https://www.ozbargain.com.au/node/325061?page=2#comment-4997…

And I feel GREAT!!! I honestly have not felt this good for a long time.

I am going back into business. And I am willing to risk my entire savings of $56000. A friend of mine is also in a similar position who is willing to chip in $75000 if we have settled on an idea. (full involvement for me and part involvement for him)

So far the suggestions I had from others are (either joking or seriously):

Put it all on the Red (No thank you)
Get to know the head bikies (errrrr…………..)
Put it all on the Eagles (No thank you and they just lost tonight)
Invest all in LEGO and Envelops (Ok but wont generate cash for a few years)
Open a massage business (Maybe, Would $130k be enough to do one?)
Start an online business selling stuffs from China/Vietnam (eBay? Fees too high and postage too expensive within Australia, not so keen on this idea)
Go to food fairs and sell some food (Its workable but there is only few each work, dont think its enough to make a living out of it)
Buy an ice cream business (I doubt you can buy an ice cream business for less than $300k these days and we only have around $130k in capital)
Start a boutique food business specialising in few things, small shop front, lots of traffic, takeaway etc (I like this idea)

I would like to hear business owners and people working for others. Please kindly share what types of business you work for, what made the business tick and what made it going down hill. (Please do not name the business, just the types of business for privacy reasons)

Thank you all!

PS: Some good advice from everyone already, thanks heaps and keep it coming.

Please kindly share the types of industry you are in. Is the business doing good, or not so good?

UPDATE: Thanks for all the comments and suggestions below. Much appreciated.

Today I received a call from my management indicating they are happy to put me on the casual shifts, hours are not long, 4 hours per shift doing maybe 20 hours a week, and the pay will be $25 an hour + bonus (Which was never the case when I was working for them part time, this is a much needed confident boost for me and I believe its a step in the right direction. With this casual hours in mind at least I would have some income coming in while I decide on what do to. Thank you all and keep the comments coming. I will do more reply later. Thanks again. What a great community we have:)

Poll Options

  • 304
    You are mad!
  • 7
    I am with you but I won't risk it at your age.
  • 48
    Food is the way to go, we all have to eat.
  • 27
    Others (please write in comments if choosing others)
Financial

Comments

    • Aerith-Waifu on 22/09/2017 - 15:41

      How do i get started on this one?

  • ggrant on 22/09/2017 - 06:21
    +1

    I think you're not as bad as some people have assumed, or your friend wouldn't be willing to chip in $75000.
    How about return to Uni or tech college. Always good to meet happening people, and improve work prospects?

    Business wise, the convenience of home deliveries, of groceries from Aldi, library books, 2nd hand car parts, bunnings or restaurants etc seems a possible for good growth prospects (maybe). Best wishes.

    Finally, surfing, bumming, travelling for a while.

    • Aerith-Waifu on 22/09/2017 - 15:42
      +1

      I work as a casual now, so I have some money coming in. I think based on the money I have, maybe its better if I start with a service focused business instead of going all out and drag my friend down. He has money but he wants to change, I dont have money but I also want to change. So the desire to change is in all of us.

      • FreezingQLD on 23/09/2017 - 09:23

        This is the motivation you need. To change, but it is really depending on how desperate or how eager?? It also defines how you conquer the difficulties. Thinking"I run my own business and use some not so busy time to work as casual or I might be able to take day off here and there because i own my business" it does not work. At least before you have 3 to 5 full time guys working for you.

        It all come down to the following in order:
        What you are good at?
        What you are interested in?
        What you have done/studied and not dislike?
        What you can afford?

        cheers,
        Sean

        • Aerith-Waifu on 23/09/2017 - 22:20

          Thanks for that, those questions I ask myself alot as well. at the end of the day. Its gotta be something i can enjoy. Otherwise I be back to where i left.

  • magikz on 27/09/2017 - 14:37

    Will give you props for taking on all this advice from people. Just remember everyone is opinionated to different degrees and what they think will work may not work despite their level of confidence in trying to convince you otherwise. This advice included.

    It's really opening my eyes to the traditional line of thought as to how much it takes to start a traditional business. I think 130k is a lot of money, and even that's not enough for anything proper. When I used to do it, I was doing phone accessories for all the popular phones. Lots of competition but lots of demand too, just make your prices a bit better than the next person selling the same thing on eBay and match their keywords. In the first year I made about $10k profit. Whilst not enough to feed yourself, it's incredibly low risk. I just got tired of the game and I work full time now and want to spend my spare time on other things. Easy entry, easy exit.

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