Something that you're passionate about. Otherwise what's the point? Just to spend the money? If you don't give it your all it's not going to work out by picking a random business. You'd be better off putting it into property.
Maybe its best to refuse the money until you are a bit more prepared?
Am a little concerned how 'business savvy' your lender is if they are willing to lend someone - who has expressed no interest at all in starting a business - unlimited funds.
It's a close family member who has retired. Has cash. Wants a business. Wants to go in business with me. I run a business already, but it can't be up scaled in a way to increase turn over. It's more niche but has developed my marketing and sales experience enough to impress investor.
They have asked me to bring an idea to the table. With figures and costings which I can do.... If only I could decide on what business!! I'm thinking nursery as I have experience in early years management.
I have ways said if I came into some money that I wanted to invest and make a job from I would open a nursery. Go for nursery. I don't think estate agents is a bad idea but harder perhaps to get off the ground. Yep go for a nursery
Well what's your current business and do you love it?
It's hard work and there is a high failure rate <<bitter experience>> it will be all absorbing and you need to be willing to give yourself over to that so random business for cash is not a good long term idea.
Does it have to be a retail/service business? I find they are highest risk. Could you not look into product based business instead?
My own business is a product retail one however it's a product that can't be mass produce and is a bespoke service. I can't turn over any more than I am -whilst I love it, and it's served it's purpose whilst my kids were tiny, I now have an opportunity.
Selling products is easier, you have assets you're able to actualize etc but it's about finding the right products and buying them and selling them at the right money. Some thing I'm struggling to find!!
Locally, personally I've struggled finding flexible full time nursery care for my children. All nurseries and CM have waiting lists and none could fit both my kids in when I needed them to when I was offered a job.
I know exactly what I would do: set up as an independent funeral director. I have discussed it at length with a friend who is training to be a mortician. She will do the embalming and I will handle the service and family liaison side of things. It's something I always wanted to do and I did look into it once I graduated but it seems to be tricky to get into and very low salary when you start out.
Out of that list would choose nursery (especially as you have some relevant experience in the area), would not think about the other two. Would probably not do it at all personally, especially with family.
have I put that badly! I meant invest in property in a small, sensible way. Depending on how much money is in question, and your expectations. It's possible to invest in property still, keep hold of your initial investment, and make a modest business out of it.
This would free up Op's time to run her existing business whilst making money for her partner.
I was once offered a similar deal, with someone who was impressed with what i did (consultant at tech set up), and really wanted to be part of the whole dot.com thing.
I declined. A year later the dot com bubble hurts, the company went bust,and I was glad I did not lose anyone else's investment.
These deals never come without strings attached. the investor wants a good return on his investment. At the moment, the economy being what it is, there are not many good returns on investments to eb and by saving or investing.
Sounds risky, and unless you can upscale your existing project I would steer clear.
He/She is not giving you money, they want you to earn more money for them, by using their money. Fair enough. But it makes no sense unless you have a good business plan.
Chandon -this person doesn't want to just invest and see return. They were the Ceo of a huge company. They need a project / role too. I wouldn't be doing this alone.
Where there's kids there is cash I guess so if you can't upscale your product then I'd go with your experience.
The absolute best place near us is an excellent idea to copy if you have the right kind of people locally and no good softplays.
Its a playarea tricked out in wooden houses/shops rideons, playtables, small slide and tunnel etc all very nice. NOT softplay hell. Its aimed at under 5s all visible to the circle of squashy sofas and tables surrounding it. They serve Lovely paninis and "proper" food and coffees. Free wifi, reading corner and a couple of nights a week they do a bistro of lovely food so people with no childcare can have a coiples romantic meal whole their children play. They also have space for parties and baby classes. Its always packed and has saved my sanity through 2 toddlers.
They also just opened a gym you can use while the kids play but don't ask me how that works I'm more about the cake and paninis
