If you had £15k to start a business...

buttercrinkle · 2022-01-10T20:53:46+00:00

What business would you start?! I like the idea of leasing a pub, but feel it's probably more work than it's worth

Original poster

buttercrinkle · 10/01/2022 21:11

Shamelessly bumping.

To add more context, I am really sick of my job and want to go self employed. I have one DS who has just turned 3. No idea where to start though!

OP posts:

Morechocmorechoc · 10/01/2022 21:40

15k these days, risky as anything. Maybe daydream but I wouldn't quit my day job. Most businesses go bust in 1st year, ones which succeed lose money for the first two.

FernandaVasquez · 27/10/2023 08:44

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Ifailed · 27/10/2023 08:49

I don't think you can realistically start a business which involves leasing property for only £15k, especially if you are providing a physical product.

CalistoNoSolo · 27/10/2023 09:20

Invest the money and get a job you enjoy. Running a pub is relentless, exhausting, not a great roi and you need very good staff. Running your own business is also relentless and exhausting and unless you love it and you're willing to back it even when everything turns to shit, it will fail.

CalistoNoSolo · 27/10/2023 09:21

Also, leasing a pub is a fools game. You'll still be working for The Man, just in a slightly different way.

frenchcroissonts · 27/10/2023 09:24

Stay away from hospitality! It's so much work, so many moving parts you need to consider. Licensing, staff, increasing prices, business rates, rent etc etc. it's full on!

SleepingisanArt · 27/10/2023 09:25

@FernandaVasquez No way is running a cafe (or restaurant) easy. The hours are much longer than the opening hours, customers want everything for nothing, will buy one coffee and stay for hours and the costs for staff, rent, utilities and ingredients are high. Plus you need enough working capital to cover those costs until you are profitable, which could take years. My advice is in the current climate to stay away from hospitality.

OP You'd need to start a business from home which has very few upfront costs because £15k will be used very quickly. Don't expect an easy life either! We've owned (and sold) several businesses and they can (and usually do) consume every waking hour. In the early days of a new business now - it's all we talk about, we eat at strange times, don't sleep properly and know that it could be like this for a year before we are satisfied it's heading in the right direction.

DelilahBucket · 27/10/2023 09:31

Your reason for wanting to be self employed is very short sighted. The grass is not greener. Being self employed is the hardest job you could ever do, worse with a three year old to take into consideration. The first few years are relentless. You certainly couldn't start a business and earn a regular income to pay your bills on £15k, so what would you do for income in the interim? You'd need at least two years cover realistically.
Can you use the money to retrain into a new career?

Nemareus · 27/10/2023 09:34

Ai training courses. Easy to set up, in demand, growth area. Everyone’s selling goods- sell services.
For extra money - niche it.

AI consulting for business
network with other businesses so you can help provide any set up needed.
website/blog with relevant info, flyers to local businesses with lots of business models of how it can help them/ save them money etc. Online courses.

Get a freelancer to do your website/AdWords etc. Attend events. Network. Fashion yourself as an expert. Take every course you can. Etc

Nemareus · 27/10/2023 09:35

DelilahBucket · 27/10/2023 09:31

Your reason for wanting to be self employed is very short sighted. The grass is not greener. Being self employed is the hardest job you could ever do, worse with a three year old to take into consideration. The first few years are relentless. You certainly couldn't start a business and earn a regular income to pay your bills on £15k, so what would you do for income in the interim? You'd need at least two years cover realistically.
Can you use the money to retrain into a new career?

This is great advice. When you do get popular, you want to keep getting offered work so you end up doing 70 hour weeks and getting exhausted.

Perfect28 · 27/10/2023 09:36

Your business should be something you feel passionate about and there is a market for, not what some random online tells you they would do

Nemareus · 27/10/2023 09:36

In fact there are lots of jobs for freelancers- asking them to write AI courses that someone else will then sell for profit- so you can outsource that too!

Somertime · 27/10/2023 09:53

Once you have an idea for a business, your local Council may have Grants fir start ups. In Wales they do grants for 1 - 2k depending on needs.
But yes, a start up from home would be more realistic. What skills or passions do you have that are marketable?

dontgobaconmyheart · 27/10/2023 10:05

I would job hunt to be honest, rather than risk the loss of 15k capital. There's no need to stay in a job you hate when there are other jobs out there. I appreciate it may not be as appealing but it's certainly more realistic and if that 15k is your only pot of savings then risking it is daft unless the ROI is guaranteed and worthwhile. If that were easy to come by, everyone would do it.

If you've no specialism or viable market-tested product to sell then self employment is not likely to produce much or any income, particularly in the early years of the business. The 15k will be swallowed up on living expenses where you've no longer got a salary or lost on a bad business decision.

I'd job hunt, pit the 15k in a high yield saver account and investigate the affordability of retraining in the meantime.