If you had 100k to start a business, what would you do?

[tooshiny]

I've recently come into some money and for health reasons I need to give up my current job.

Musing with friends what I could do to become self sufficient by using my 100k wisely so I don't have to rush out and find another job.

So, if you had the time, money and the skills, what business would you start that you reckon has a fair chance of success in the next few years?

Our local one closed.

Wow, I go to work and come back to this, loving the ideas!

I do have hobbies but bit worried about ruining them if I try to make money with them. I make all kinds of cosmetics for me and mates, all natural but I don't think the margins would be there to make it profitable if it was still a handmade cottage industry. And I wouldn't want to ruin my fun with starting actual manufacturing!

@StewkeyBlue Loving the idea of retraining as a gas boiler engineer 😂This would totally suit me and be so utterly out of character.

@glassof Kitchen in a trailer is amazing! There would be so much demand for that where I am.

@BadgernTheGarden @ThreePears Niche plants i could do. Fairly green fingered, but no idea what the niche would be!

The most successful small business I can think of is a woman who retraied as a PT and started doing mum and baby classes. Then when the mums all finished their maternity leave they wanted to start running, but were worried about running alone etc. So she started a couch -2- 5k run club, 10 week course. Word of mouth and about 30 people stated on the first night! This was about 9 years ago and she has had a new course every 10 weeks since then! Plus branched out into other run sessions, women only gym sessions etc.

She is such a lovely woman, so approachable that the success might not be replicable with someone else!!

@Crikeyalmighty never heard of this, I will definitely go!

To answer a few questions...

I am 100% comfortable with my ability to assess the health of a business (based on skill and knowledge, not wild over confidence!) but appreciate people calling out where to concentrate, especially from own experiences.

I have access to land which could be left as land or built on. Land is next to an existing rural business so access etc is sorted.

I like this 'boring business' thing, I just worry I'd get too bored!

I could set up very rurally or very urban. I have bases in both.

I was thinking a kind of errands/ companionship/helper service for those who struggle, people with disabilities, those who are elderly, housebound etc. Once carers are in, there seems to be a gap where really only family can step in to sort appointments and ring the hospital and throw away those dead flowers and sort out the remote that isn't working, get the ipad reconnected to the wifi and to just pop in so they see a friendly face when family aren't around. I could offer regular, temporary or adhoc. I could run errands, help with outings where possible. Do all the things children are called upon for their elderly parents but the children are at work and have teenagers at home! Not actually a carer though...

Would any of you have paid for that sort when you were/are helping elderly parents?

My mum’s carer does those tasks you mention, apart from running errands. She does take her out though. She helps around the house with whatever needs doing and is there 2 hours a day. She’s hired through a reputable agency. It costs a lot but not sure how much the carer gets.

I’ve got the opposite problem to you. As an entrepreneur I have so many ideas for new businesses but not enough time to develop them all.

My electrician spent 15 minutes in my apartment for a landlord’s safety check of some sort. £120+VAT. Not bad going for someone who looked to be in his early 20s.

Piece of land somewhere popular with hikers and near a pub a few electric hook ups and water supply - a camp/caravan site. I know one couple who paid almost as much as a hotel room to park their motor home. I thought to myself that the owner of the land was onto a good thing all they had to do was maintain the facilities and have the grass mowed. No cleaning rooms and making beds 😊

There’s probably money to made running parties??

@MaskAndMartini tell me, we can go into business together 😂

Cosmetic making parties I mean.
share your love for the craft.
target groups
Hen parties
Childrens parties
Experience days/evenings could hire space and advertise at garden centres, community groups, leisure centres/spots centres??

Having recently had to hire scaffolding to get some work done on our roof, I'd invest in a scaffolding firm.

If what they charge by the day is anything to go by, they're all multimillionaires.

@Useyourfork sorry, now I get it, this could really work for me! I won't sleep tonight figuring out how I can make it work! Also off to investigate how much insurance would be when working with volatile substances 😉thank you

@AffIt this isn't a bad idea....I agree, rates are insane. Maybe I could be a silent investor...

Buy a cheap flat, do it up and rent it out. Although might not be enough for that!

Something to do with weddings/ events or films. My friend has 2 vintage vehicles that she rents out to weddings for £££. If you have vehicles like that you can also rent to film and tv production companies.
Anything where you own a thing that people will pay to rent for a day/ week etc is good business.
I guess carpet cleaners etc come under this category.

I'd speak to a financial advisor first as well as paying off any debts and boosting my pension. Can you get a remote job first and stick the money in a high interest account first before committing yourself.

If you can’t start a business with 1k then you can’t start a business with 100k.

In my humble opinion as someone who has started two successful businesses.

So I would… put 99k in shares and start thinking and talking to people about ideas.

And everybody comes in and spends less than £5 on one drink and makes it last all day. It would be popular but it wouldn't earn you a penny.

This is really good advice.

I would not start a business that needed premises or is retail, and would also not go anywhere near cafés or hospitality in anyway.

This is really good advice.

I would not start a business that needed premises or is retail, and would also not go anywhere near cafés or hospitality in anyway.

This is really good advice.

I would not start a business that needed premises or is retail, and would also not go anywhere near cafés or hospitality in anyway.

I love the concept of a little wool shop but I doubt it would make any money sadly;

My friend had a children’s clothing and gift store in a lovely touristy town and it became really difficult with rising business rates and rents and rises in minimum wage too.
The landlord then wanted to sell the shop she rented and offered it to her but she declined as she couldn’t afford it and then eventually when it sold the new owners rented her the shop for 12 months on the same rate and then wanted a lot more.
In the meanwhile, Jellycat said she couldn’t sell their toys as she didn’t meet their profile and this accounted for 30-40% of her income and one of the children’s clothing stockists implemented a bigger minimum order and so it became impossible.
She had tonnes of stock too and so she had to make a decision and hold a closing down sale event which was really sad. She is now working for a major supermarket as a team leader and she said it’s much less stressful!
I agree with the buy to let suggestions people always need somewhere to live.

Get in you tube and do rebel business school. I mean do rebel finance too then start your business with most of that cash invested elsewhere.

@tooshiny companies like home instead do this -and a good service it is too - it isn’t at all cheap , but depending where you are based you may be competing . They ‘may’ franchise too- a few do - worth checking out ‘franchises in care sector’ as they will already have the brand and a lot in place .