To ask what business you would start if you had up to £10k to invest?

[gigi556]

Looking at going self-employed following my mat leave. I have some ideas but interested in others!

Florist

That isn't much for shopfitting, stock and initial bills for retail, so Id buy a franchise or existing business with a proven turnover and established customer base.

How old are you and what are your skills/interests? Where in the country do you live?

Don't do anything to do with retail, not with that kind of sum. Unless you have the marketing skills, you'll lose it right away.

I'd be inclined to invest it in professional training in a solid, if unexciting field. ACCA for instance.

There's also a lot of money out there in coaching, if you have the skills there - I feel that in some areas there's an MLM feel coming into it, but maybe you could be the next Marie Forleo - all you'd need to get started is your iPhone and youtube account!

What do you like to do?

No personal experience of self employment, however in my last job we were all made redundant. (We knew it was coming eventually for months, years even, so no big shocker) The pay outs were good and some of my ex-colleagues subsequently started their own businesses.

One friend had always been a keen gardener. In the run up she took some horticultural courses and after redundancy she became a self employed gardener. She has built up quite a decent customer base - many of them older ladies who feel more comfortable about a woman coming round to do their garden.

Someone else I know became a dog walker and dog sitter.

I’d open a food truck or some kind of food/catering related business.

Slightly jealous that my brother and his partner have just opened their own takeaway back home.

Watching this thread as I'm in a similar boat! Currently I'm considering getting qualified then opening a hypnotherapy practice, though I'm not sure if I'd find it a bit ephemeral and I'm not sure about the market...

I wouldn't have the balls to start a business with such little capital.

Do you have any marketable skills?

£10k will not buy a franchise with a proven turnover or a business with an existing client base (except a failing one).

What skills do you have?

I'm not sure about the market... research the hell out of the market first! If you are not 100% certain, then don't put a moment's investment into it.

Put it into a good bank account and focus on earning money on the side if you're not at. Don't throw money at any random thing

I’d be looking at something that requires minimal start up capital as that probably won’t be enough to set up physical premises or invest in stock. Any sort of self employment where you charge for your time might be good eg bookkeeper, childminder, recruitment consultant etc. You can build any of these up into a proper business over time by recruiting more people to work for you.

I definitely wouldn't do retail as my family had a retail store for many many years which we closed a few years back.

I know that £10k isn't much to invest and it's my absolute maximum. Tbh, I'd prefer to do something with very little upfront capital.

My skills are pretty varied but professionally I have a masters degree in property (though I'm not a qualified surveyor). I have experience and training in sales, marketing and property analysis. I'm an outgoing people person.

My hobbies are gardening, hiking, fitness, cooking, and diy beauty products.

Some ideas I've had are:

• Natural beauty product workshops (don't think this one would make enough income)
• Mum & Baby fitness classes (front runner idea)
• Cafe (would need additional finance and possibly more responsibility than I'm looking for)
• online shop selling t-shirts (not sure if I want the hassle of retail customer relations, ie returns, missing orders, etc)

I really want to make a decent income from it, not just a hobby business. My idea of decent income is £40k+ (I appreciate this won't be instant!)

@astoundedgoat I'm mid thirties on the outskirts of Leeds/Bradford.

I think I have the skills for coaching, but not sure I've got the experience.

Baby fitness could work... but then again I don't think you could earn 40k plus.
Could you be a property development assistant, so help manage building/ renovation projects?

First off you need to take a bit of a reality pill! being self employed and building a business from nothing will take all of your time and all of your energies.

First you need to look critically at your skills and identify where the gaps are. so for example could you do your own tax return or would you have to pay someone to do it for you?

Then you need to make a decision on what type of business you want to run. if you are running one from home, how much space will you need? would it constitute change of use under planning laws? where would you store things?

Then and the most important thing of all, you need a proper, costed, honest business plan. Fail to plan, plan to fail!

Start making contacts now with people like FSB, women in business groups etc. there will be loads in your area and you might get some free advice or support sessions as part of your membership.

but please don't even think of starting a new business without a business plan. so many people do, they pour in time money and energy and they fail.

a business plan will help you to research your market - are you a new type of business in the area or a "me too". it will identify your USP's where your own skill shortages are, what courses you need to go on - like food hygiene, health and safety, resuscitation etc.

Its really, really hard to earn £40K self employed.

usually with business start ups people go for the something they have worked in before or something that they have as a hobby or are passionate about. just not feeling that any of your ideas fit into this.

message me if you want any more help/support.

Dog grooming. But you have to be in an oversubscribed area with waiting lists and be good at it after a years worth of training.

before and after school care

I'd love to see a restaurant chain where all the food served was suitable for diabetics. As in food that won't give sugar spikes and is actually interesting.

I'd put it towards opening a real American style diner. Would need a lot more than that though. I've got it all worked out, even my menus...

I can but dream!

@Sonotcivil I realize running the classes on my own wouldn't earn me big bucks but figure it's scalable as if it's successful you can hire or contract other instructors or open a studio etc.

My skills are more investment than project management. I think if I stay in property I really need to qualify as a surveyor and I can't decide if I want to!

Second here for a food truck/ street food business.

@FoofFighter @Kpo58

Restaurant is bit too big a risk! Big rewards there though. Much of my family is in the biz.

I wouldn't. I prefer an employer to take all the risk and pay me a good salary.

@QuizzlyBear There is a market for hypnotherapy but the size of this market depends where you live!

With £10k and property experience you could consider something like a Ewemove franchise working from home.

Agree retail, just solicitor fees first quarter rent and deposit would swallow most of that.

What about any product design ideas?