If you had 50k to start a business

[beetlers]

What would you do?

I'm due to come into some money and I am considering using it to start a business. I've got a few ideas and am still very much in the early stages of thinking things through and trying to see what will work and what won't. I work in hospitality so will probably end up using my existing skills in one way or another.

I've been talking to friends about it and they've all said such different things, I found it really interesting!

So, what would you do?

I wouldn't without guidance. New startups are money pits and 50k would easily be swallowed up.

Unless you start with drop shipping..

What are your thoughts? I can't see you opening a restaurant with just 50k

I'd have a B&B and get a mortgage to cover it with the 50k.

My thoughts are more based around catering than opening a restaurant.

Guidance wise, I'll get that when I have a clearer idea of what I want to do. Don't worry, I'm not about to blow 50k without proper consideration.

At the moment I'm looking at whats already on offer where I live and trying to think about what I can offer that might make me a bit of money and give me some autonomy.

I would LOVE to run a B&B too, that would play to my strengths and my skills. But alas, we would need to move as nobody wants to visit my local town, and I have two kids at school. I'd even quite like doing all the cooking and the cleaning

I would not open a business during these uncertain Brexit times. Instead, I would either reduce my mortgage, invest the whole lot in premium bonds or buy a cheap property to let up North.

Baltictriangle I know, I'm a bit gutted about the timing of it all, but I'm certainly not doing anything in the next year or so, so will have some time to see how Brexit plays out (initially at least) before making any real changes.

We have thought about reducing our mortgage, we might well do that in the interim and then borrow it back if I come up with a decent enough business plan and things are a little more stable.

What do you do at the moment OP?

Could you explore your new ideas without lashing out too much?

Watching with interest OP to see if any ideas I can borrow! A friend bought a franchise for around 30k that is doing well.

What franchise is that @nessus?

Famous franchises can help you to earn, less famous ones are just very good at hoovering money out of you without offering much.

Honestly - don't do it! I did it with my inheritance, I wish I hadn't and am wracked with guilt over wasting someone elses hard earned money. I may be able to recoup some which will be a blessing but there is nothing wrong with getting a weekly/monthly wage without the added stress of taking work and stress home with you. Use your windfall to study, travel or just enjoy life. I wish I had.

Some sort of community interest company probably involving animals and probably delivering some sort of therapeutic work experience/opportunities to people leaving prison or with severe psychiatric conditions or addictions or otherwise facing obstacles to employment.

Two kids you say?
I'd pay off any debts, then invest in their names for future house deposits etc. Do seek proper financial advice about how to do it tax efficiently.

A soft play centre!

Be very careful and plan properly including targets so you know if it doesn't work out when to stop throwing good money after bad.

After redundancies of £40-£50k a few colleagues started their own businesses with the cash. A hair/massage/nail salon, a butchers, an outdoor activities coach, and two partnered up as life coaches. None of them were still trading after 3 years.

@Topcat2014 one that offers personal care for the elderly in their own home.

I’m currently starting a business on very little, so probably if I had 50k tomorrow I would invest a very small portion and use/invest/save the rest of the money elsewhere, I’d keep a chunk in savings for when the business was successful and extra investment would be wise. That said I’m starting from 0k income, so I don’t need to replace a job, you may not be in the same position?