I want to start my own business. I have quite a lot of cash and no idea what to do!

(52 Posts)
VivaLeBeaver Sat 30-Nov-13 13:33:54

Qualifications I have are degrees, criminology and midwifery. I also have a massage qualification but never worked as a masseur. Did a years training and exam and that's it.

Interests, cycling, yoga (am really crap at it, can't touch my toes), reading, dogs.

Stuff I've done in the past; shop work, office work, farm work, clearing blocked sewers, been a midwife.

Vague ideas I have,

Set up a coffee shop. Worried it would go bust as I see ones opening and closing all the time. Plus I'd have to be at work six days a week 9-5. I'd maybe like something more flexible??

Setting up a dog walking business. Am worried it wouldn't make enough money although my mum knows someone (not in my area) who's done this and is having to take on staff as she's doing so well.

Getting a reflexology qualification and a nail technician qualification and setting my own business up. Again worried there's a lot of people doing this so would it take off?

Buying a jetter, van and some rods and set up a sewer unblocking company. Really not sure, money can be good but its hard, physical work and you spend all day covered in shit.

I've got about 120k cash.

Any thoughts?

duende Sat 30-Nov-13 13:42:18

What is most important to you at the moment? Flexibility.? Work - life balance? Earning potential? Job satisfaction? Potential for development? Is it too be a "lifestyle business" or a scalable business which you can grow?

VivaLeBeaver Sat 30-Nov-13 13:44:21

Another possibility is going to uni for a few years and getting a qualification in order to get me a decent job.

I'd quite like to do a history degree and then teacher training but all the teachers on here seem stressed to the max.

Could do paramedic training? I think I'd like the job but not sure about the working for a large regional ambulance service and maybe finishing shifts two hours late, etc.

I'd quite like to be a train driver but there's never any training jobs near me. They all seem to be based two hours away.

VivaLeBeaver Sat 30-Nov-13 13:47:04

At the minute I'd say work/life balance and job satisfaction.

But ultimately I need to be able to clear at least 1k a month.

I haven't got any plans for running a huge company so lifestyle business is fine. But if for some reason I find a niche market and it takes off and I can employ staff to do all the work then I won't complain. grin

VivaLeBeaver Sat 30-Nov-13 18:48:51

Anyone?

spacegirl81 Sat 30-Nov-13 19:08:15

you could always invest some of it in local businesses smile

FrequentFlyerRandomDent Sat 30-Nov-13 20:00:28

Have you looked at franchises? There is a thread on money saving expert I think on those. You would need much less investment and could benefit from the name/marketing structure.

How about a yoga franchise?

Would you not fancy being an Independent Midwife?
I always thought that sounded fab...

ghostonthecanvas Sat 30-Nov-13 20:04:38

Soap shop. Skincare. Very satisfying work making your own

VivaLeBeaver Sat 30-Nov-13 20:11:01

Couldn't be an independent midwife. Afaik you're no longer allowed to attend a birth without insurance and independents haven't been able to get insurance for years.

I tried making soap once and it didnt turn out well. Guess I could maybe do a course and do candles as well and have a little shop.

Franchise sounds good, will check out MSE, thanks. Not yoga though. I wish I could but I'm quite crap....can't even touch my toes!

ghostonthecanvas Sat 30-Nov-13 20:17:43

Look up melt and pour. Personally prefer this to completely handmade. Hand made is, for me, to hard to use. Doesn't feel as nice. I think there is a market for lovely fragrant things. With gifts. Also with candles look at using gel. Fun. Actually if it is something that appeals as you go over ideas, PM me. Can give you lots of help/ advice if you need it.

thenicknameiwantedisgone Sat 30-Nov-13 20:19:25

Be careful with franchises and research massively before committing. As an accountant I have seen too many people come to me having paid a fortune for something worthless and lost their money.

I would very seriously advise seeing an accountant before committing to anything as apart from whether it is a good investment or not the tax consequences of setting up a franchise business correctly (I.e. Sole trader v limited company) have a massive impact. You can save thousands by doing it the best way.

Franchises aside, think carefully about what you want to do and not doing something for the sake of it. A coffee shop is ridiculously hard work to make money at and I wouldn't advise.

What is missing in your town? What do you actually have a passion for? What are your hobbies, are they scale able? Something you are passionate about has ten times the chance of succeeding as something you're doing because you think you should.

If this is a recent windfall I'd carry on doing what you're doing or get a normal job for a while to give yourself breathing space to consider what is right for YOU.

Good luck!

scarlettsmummy2 Sat 30-Nov-13 20:38:00

I would set up a soft play with attached nice coffee shop and craft area.

headlesslambrini Sat 30-Nov-13 20:51:34

I'm marking my place on here as I am considering a career change.

I would love to be able to build a holiday cottage / village specifically for people with disability / learning difficulties. Full evening entertainment, hydro pools, outdoor activities etc

If you're gonna dream, then dream big is my motto.

VivaLeBeaver Sat 30-Nov-13 20:55:45

Dog walkers/pet sitters are missing in our town. I've been unable to find one for our dog when I've needed one. I love dog walking and do like the idea of it not costing a fortune to get up and running. I'd need insurance, a pet first aid certificate and then some advertising and I'd be good to go.

A friend of mine set up a dog-walking and small furries holiday minding and it's going really well.
I doubt that she clears £1000/month though.

She also seems to spend a lot of time and effort taking poorly piggies to the vet - she has repeatedly been told by their owners on their return 'Oh yes, I know xyz was a problem - did I not mention it?"
She is terrified that something small and cuddly might expire while under her care - stressful at times grin.
The dogwalking has v different stresses...

ChippingInLovesChristmasLights Sat 30-Nov-13 22:26:30

Not teaching - I can't remember the last time I spoke to a happy teacher (gee thanks Gove) and I think it's a terrible job (if you want to be a good teacher) to get a work/life balance.

I think if you are prepared to sink the time and money into it - after a SHED LOAD of research, a really good softplay/cafe is a workable idea - with the view to it being run by staff eventually.

Dog Walking meets the work life balance criteria, but it would be hard to make much money unless you are in a really wealthy area.

TooTiredToBeCreative Sat 30-Nov-13 22:29:06

A friend of mine does dog walking/boarding and clears in excess of 3k a month.

expatinscotland Sat 30-Nov-13 22:36:49

How about maternity nursing for private clients?

expatinscotland Sat 30-Nov-13 22:38:52

Or medical writing?

VivaLeBeaver Sat 30-Nov-13 22:41:45

TooTired, blimey. How many dogs does she walk a day?

Expat, yes I started looking at night nannies/maternity nurses today. But I think the demand for that would be mainly London. Not sure women round here would pay for it. I looked at an agency website today and they charged £14 an hour to the client......so the nurse can't be earning much??

Will have a look at medical writing.

My old independant midwife set up business after she stopped midwifery. She acted as a private antenatal support/breast feeding support. She did workshops in a cafe and it became breast feeding cafe where they held regular breast feeding support, she ran antenatal classes that were nicer than nct and got work in the surestart centres doing it too.

fluffygal Sat 30-Nov-13 22:43:54

Choose something that pays well! Not dog walking, something that could grow and you could have people working for you, more scope for earnings! Or B and b's do well

overthemill Sat 30-Nov-13 22:46:12

coffee shop: a costa franchise would make money I am sure, they seem to in our local big towns. You can get a smaller version of it to put in a soft play area (like leisure centres do).
dog walking: great idea but tremendously hard work

fluffygal Sat 30-Nov-13 22:46:42

Are you any good at public speaking? Could run courses in things you know about.

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