I have 70,000 cash and 2 MBA's with no clue! What type of business should I start??? I want to make MONEY!!!

Question

I am taking the buy-out Ford is offering. I will have 70,000 cash after taxes. I want a business that I can open relatively quick, replace my current income of 70,000 per year, and enjoy what I do. No vague answers please. I am seeking uniqueness. Please, no answers like "sell food" or "change oil". Thank you

Answer 1

Hi,

This is actually an interesting question to think about, but ultimately I don't feel that anyone could tell you the type of business you should own. That is completely dependent upon you. Before I go into the specifics things for you to consider, I am also an MBA so please don't write me off as just a random uneducated guy sharing personal opinion.

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Starting Capital
You mentioned that you have $70k per year because of a buy-out. This is actually not a huge amount to start a full-time business if you are a person with family responsibilities. Since $70k reflects your previous income, and the only money you have to invest is the money from the buy-out, I can deduce that your annual spend is about $70k per year. If you look at in these terms, you really need to find a job which you can invest $70k and receive a 100% ROI each year. Like I said, the finances will be pretty tight.

Venture Selection
There are a wide variety of ventures open to you. There are some franchises that you can start for this amount, and they also offer financing which will allow you to leverage your $70k which will lower the ROI requirement from the previous section. (Although, I obviously don't have to tell you that this will also increase the risk of starting a business.) Franchises are great if you are good at executing and looking for a set pattern, structure of earning money. Some people love them, but others feel like they just spent their savings to buy a job that they can't leave.

If you are more creative, you may consider starting your own company. Whether that be consulting, publishing, or window washing. You merely determine what you want to do, and then concentrate on finding customers to pay you. After you find enough customers to work 20 hours per week, then hire some one to do that work and go back to drumming up more business. I know several very successfuly entrepenuers who started out this way.

Alternatively, you could purchase an existing business. I think this is the worst option for you. When you purchase an established business, you are often taking over something that you don't fully understand. Poor decisions can result in lost sales which will substantially lower the value of the business. Additionally, the person selling the business probably understood it quite well, so they probably maximized the short-term profits to get top dollar from the sale.

Finally, while you are deciding what type of business to start. You definitely want to ask yourself a few questions:

1. What do I want to spend my life doing?
2. How much money do I want to earn?
3. How much time am I willing to invest?
4. How much risk am I comfortable with?

After that just make a list of your options and talk it over with your family. This decision could impact the rest of your life so it is not something to be taken lightly.

Good Luck,

Leo

Answer 2

Save your 70,000 and start a Affiliate Marketing business. The concept is similar to Amazon the earning potential is unlimited. You would have the backing of a 30 year partnership access to successful business leaders that have made there businesses work. It is where the next group of millionaires are coming from. Experts predict that by the year 2010 80% of all consumer spending is going to be done on-line wouldn't it be nice if you had something in place to capitalize on that trend.

Answer 3

1.Hire an degreed Registered nurse (B.S.N)., start a hospice nursing agency. Many people with no hospice or nursing experience are owners of hospice agencies. If this business would be in the U.S., the profits are enormous. Look into it.
2. Start an employment agency . . .international. MANY blue-collar working class people in the U.S. are interested in overseas employment but lack the skills to pursue contacts. MANY nations are seeking employees who have trade skills and can teach those skills as well as teach some English.
3. Consider opening a small business in Thailand or Mexico to make your start-up cash go farther.
4. Consider franchise. Not buying one, but selling them. Hire a retired qualified educator to create a series of one page lessons/activities/presentations for nursing home residents. Franchise the program to educators for $5000 -$10,000.
5. There is a wonderful franchise to buy within your range, $5000-$25,000 initial investment for those ceramics shops where people and children can come in and make ceramics. They are booming.
6. A maid service company. You have the right amount for start-up, and the demographics indicate an ENORMOUS market in place and anticipated to explode with aging babyboomers. You need the right population density numbers, though.

Answer 4

Come up with a safe idea to have vending machines that take debit cards. It sounds dumb, but think about how many times you wanted a soda or food, but you didnt have a one dollar bill on you. Happens all the time, if you could someone go off that idea, I think you could make some money.


Or go around to places that sell cars, but dont have a website, and tell them that you will sell their cars on ebay/autotrader ect. for a fee. You take the pictures, put them on the sites and get a cut of what they sell for. Thats what I do and I make about 100,000 a year and I am only 21 years old.

Answer 5

Call this guy in Milwaukee his name is Ivan Solo. He started Express Self Service Portrait Studio. He has no inventory, nothing on the shelves,He doesn't even need a camera. I think it is very unique. He told me that he was going to be the McDonalds of the portrait business.He also told me that one does not have to be a photographer. Call him you have nothing to loose (414) 384 - 4535 ask for Ivan Solo. Tell him an internet buddy told you.

Answer 6

You can franchise or start something fresh and new. I highly recommend Entrepreneur Magazine. They are extremely helpful in all aspects from beginning to end. They also have forms available that can help you focus on a specific idea.