I have 50,000 dollars and would like to start my own business any suggestions?

Answer 1

Invest it in me!

Answer 2

With $50,000, you could leverage that into about $167,000 worth of liabilities. So, you can look at businesses that are going to need that much or less assets and working capital. That gives you a generic limit for startup expenses.

Another generic limit is what you're interested in doing and don't mind learning. Something you don't mind sticking to for long periods of time. Possibly you could leverage your education or background.

Another generic limit is your predisposition to risk. If you are not too worried about things all the time, you may want to be more entrepreneurial (creating something new from something old). If you are predisposed to worry, you could be more managerial (taking an old business line and extending it, say a landscaping or plumbing company).

So that gives you a ballpark idea of where you're going to perform rather well.

Next, get yourself some focus. Invest $20 of that in the Art of the Start by Guy Kawasaki (Apple's Marketing guy for the first 20 years and the founder of garage.com) Spend some time at garage.com and get the basics down: your mantra, your meaning, business model, just the simplest stuff. Then get going on that.

Finally, pick up The Effective Executive and possibly the new Effective Executive's Journal (the book is a classic, the journal is newly published to assist you with your commitments to yourself). This will keep you focused long-term.

This is the MOST sound approach I'd give to anyone, based on personal experience and what really works out there.

Good luck

PS, DO NOT, under any circumstances, start with a business plan. It's a falacy they teach in the business schools and banks, but I've literally watched good ideas waste away because that document is NOT what makes you successful. You will write one, and it won't be long, but you've got at least three iterations of practical experience before a business plan will do you any good whatsoever. Stick to Guy's advice, and you'll be safe on this issue.

I went through 4 years of undergrad training, hearing that I need a business plan first, then 2 years of graduate-level training with the same message. Then they brought Larry H. Miller (owns the Utah Jazz, about 40 car dealerships, some other sports teams, quite a bit of real estate, and other things) in at the end of my MBA program. He gives the same advice--a business plan is not the same thing as a business. Start with a business, create the plan when the banks need it.

Answer 3

Think of all your interests & ask yourself if any of those could be expanded into a business. Just keep in mind...what's your expertise? What are your interests? What could you imagine yourself doing?

By researching the prospect of starting your own business -- what it entails, what you need to know, helpful hints, etc -- you'll feel better prepared to take that plunge.

I found some book titles that are relevant to your specific question:

* 101 Internet Businesses You Can Start from Home by Susan Sweeney
* The Best Home Businesses for the 21st Century by Paul Edwards
* Selling Online: How to Become a Successful E-Commerce Merchant by Jim Carroll
* I Could Do Anything If I Only Knew What It Was: How to Discover What You Really Want and How to Get It by Barbara Sher
* I Don't Know What I Want, But I Know It's Not This: A Step-by-Step Guide to Finding Gratifying Work by Julie Jansen
* The Best Internet Businesses You Can Start by Marian Betancourt
* The Shoestring Entrepreneur's Guide to Internet Start-Ups by Robert Spiegel
* Making a Living Without a Job : Winning Ways For Creating Work That You Love by Barbara Winter

I also posted some article links in the source box.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 4

It depends. What are you good at? What interests you? What is a talent?

It is good to take a business course. A lot of new businesses fail because people think it will be easy and don't have enough experience. I read somewhere that 60% of new business fail in the first year...

Google "Starting your own business" or take books out at the library. I need to know what your interests are before I gave an opinion. You can do anything from opening a strip club to opening a restaurant. There's so many ideas and you're lucky to have that money to invest! Good for you!

Answer 5

I currently work 40 hours a week and go to school part-time. So when I heard about the Mary Kay opportunity I said it wasn’t for me, even though I desperately needed the money. After trying the products and seeing what they did for my skin, I started telling my friends about it. I thought: I’m telling people about it anyway, why not make money for it?? Then I found out that there’s no pressure, no deadlines, no quotas, no bosses. I could work it when I felt like it, and not at all when I didn’t feel like it. Hearing that it was named by The Wall Street Journal as “the company with more women millionaires than any other” made me excited too. You make 50% of everything you sell and it’s money in your pocket, so no waiting for a paycheck. And the money you make grows over time!

Most people, especially women, are not acknowledged in their career. Recognition is so important to this company that consultants are rewarded with great prizes (diamonds, cars, etc.) for every little achievement. Doesn’t it feel wonderful to be appreciated?

Mary Kay’s philosophy is: God first, family second, career third. She wanted to make women look beautiful physically and financially too. The fact that the Mary Kay skin care and cosmetic line has been the #1 selling since 1993 (without advertisement) shows how these products sell themselves. The demand is so high and there aren’t enough people to service this need!

This is why this opportunity is perfect for sharp, positive women. You can find out more and see if this opportunity is for you by taking the Life Can Be Good quiz (you must be 18 or older): http://www.marykay.com/adina_k/startabusiness/lifecanbegood/default.aspx

Answer 6

I'd suggest deciding what you want to accomplish first....security, passion, self determination etc. Then visit sba.gov for free help in making your business plan. Entreprenuer magazine has good articles on deciding if you've got what it takes to be a business owner and also business mini plans for $59 to $99 in a wide variety of fields. Somewhere to start. Whatever you decide, do it for the passion not the monetary rewards. That way you'll persist at it, eventually get good at it and then receive recognition and reward as a final result. Too many people go into business to make a lot of money and then hate what they do after 90 days.

Answer 7

Start A Business With 50000 Dollars

Answer 8

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Answer 9

You need to have a business plan first!! Depending on the "business" you want to start $50,000 may not be enough or too much! Do research as will the business has a potential growth, buyers, or just a trendy thing!! FYI the majority of new foods or restaurant businesses fail within the 1st year!!

Answer 10

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Answer 11

Not now. Wait until after the month of August is over, then ask me again.

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