What is the best business to start with a £250,000 budget?

Question

Your help will really be appreciated

Answer 1

You are looking through the wrong end of the telescope. To have any chance in setting up a successful new business you must analyze your own personal skills, look at and understand the needs of the part of the world in which you live and try to identify the level of demand for your product or service. Asking "what can I do with 250,000 thou.?" is a recipe for disaster.
Your first step should be to do two totally honest S.W.A.T. tests, the first for yourself and the second for the business you would like to create. (Strengths, Weaknesses, Opportunities and Threats). After this start to put together some form of business plan and work out what your financial needs will be. Trying to buy a business about which you know little or nothing will never work. To come in against the "big boys" you have to have your own unique selling advantage - the corner shop can't compete against the supermarket on price or range of products but it can stay open 24 hours a day. Whatever you do DON"T be in a hurry, the initial planning and research you put into a business will be re-payed a thousand times over in avoiding problems later on. Over estimate your costs and underestimate your profits and you might just come up with a sensible figure.
Good luck any way, I have had my own business for over thirty years and, despite the grey hairs, I have loved it all.

Answer 2

I think your going to struggle to get an answer you can actually use with this one. The size of the budget you have to start up isn't really where you should be looking first. The first thing you need to figure out is what are you good at? Is there a way of turning your skills into a service that someone would pay for?

If you think that the answer is yes, then you need to know if there is actually any demand for that service in the local area, and if there is has someone already beaten you to it? is someone already running a business similar to the one your considering, is the demand great enough to cover both if you decide to go ahead and start up nearby?

Assuming that you have the skills and enough of a demand for your service then you can go on and look more closely at the start up costs for the business, but you've got a whole lot of work to do before you'll know what you can do with your money.

good luck.

Answer 3

Wow £250,000 to set up a business, that's a lot of money. Have you thought about working from home with the backing of a billion dollar company, that pays a huge percentage of the profits back to the employee.?

How about starting a business for as little as £200? I urge to take a look at this before you decide to invest £250,000 in a business that may fail within the first year. Please email me at [e-mail] and I can send you more information.


Best of luck

Answer 4

Setting up a bookmakers or a betting office would require only about £50k for the initial layout.
Obviously you would not buy the premises, you would have to let them, the items you would need would be:
Screens - Tvs to show the racing, and some sort of pricing system, giving the ability to display the latest odds on a race

Staff - Me, i would do it, i ran a bookies for a long time, i would require 50k a year wage, lol

a safe

Air conditioning

System to take bets, more likely using a computer

Racing posts form sheets

A lot of smaller bookmakers simply use the odds available at a larger chain of betting shops, or use the internet to find the best prices

Obviously, betting liscences, any Fixed Odds Betting Terminals, like roulette machines etc, most importantly you would need to pay someone to do the accounts, and also all the legal stuff

I would suggest having 200k lying round, in case of a customer winning big.

Its high risk, but a lot of money to be made

Answer 5

There are a huge number of businesses you can start with this. What are you interested in? What skills do you have? What opportunities exist in your local area?

Have a look at the US site Entrepreneur.com - they often have lists of business (like 103 businesses with Pets etc) that can be a rich source of ideas.

Or look in Daltons Weekly or businessesforsale.co.uk for ideas and see what is missing locally.