US$ 50,000 cash

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psteve

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Hey Guys,

I know there some of you here who run businesses and make good money.
So, My dad has been asking me about my job and I have been telling him I dont like it and that I would love to open my own business. Yesterday he gave me 50K US dollars cash and told me to start my own business.

I am currently employed and I have a side business, doing seo for 2 years. I have 3 clients I charge them 500 per month and they have signed 6 months contract with my company.

I need ideas, what kind of business should I start?

Thank you so much in advance!!
 
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I think that was a little stupid on your dads part to just give you the money without you having a solid business plan (no offense to you or your dad) but that is a hell of alot of money to just throw out there. You should put it in the bank, keep your job, and take at least a month building a solid business plan before you spend a penny of it. Make your dad proud, don't make him regret it.
 
If you already have 3 clients in your SEO business then why not just build that up? With 50k you could open a small office and hire some staff to expand. Don't blow the 50k in one go and make sure you keep enough reserves to cover rent & salaries (I keep around 3 months cash reserve where possible).

I would have killed to have 50k to get my business going. You've got a massive head start on those of us who only started with a few dollars so you should be able to scale reasonably quickly.

If you don't have any dependants and have low overheads, then consider quitting your job, too. The sense of urgency from that should get your ass into gear. Do NOT spend the $50k paying yourself! $1500 a month should be enough to keep you going in most places (it wouldn't pay my rent in London but it should be enough in most cities) and you'll have $50k to invest in staff and infrastructure. Do it properly from day one (I regret not doing this!) - setup a LLC (if you're in the US) and hire an accountant to get yourself setup properly. This will save you headaches down the line.
 
Good, I hope you succeed with your business mate! :)
 
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meathead1234 said:
If you already have 3 clients in your SEO business then why not just build that up? With 50k you could open a small office and hire some staff to expand. Don't blow the 50k in one go and make sure you keep enough reserves to cover rent & salaries (I keep around 3 months cash reserve where possible).

I would have killed to have 50k to get my business going. You've got a massive head start on those of us who only started with a few dollars so you should be able to scale reasonably quickly.

If you don't have any dependants and have low overheads, then consider quitting your job, too. The sense of urgency from that should get your ass into gear. Do NOT spend the $50k paying yourself! $1500 a month should be enough to keep you going in most places (it wouldn't pay my rent in London but it should be enough in most cities) and you'll have $50k to invest in staff and infrastructure. Do it properly from day one (I regret not doing this!) - setup a LLC (if you're in the US) and hire an accountant to get yourself setup properly. This will save you headaches down the line.
Click to expand...

Solid info from a pro in the business. If I were you I would read and then reread this. Then take action.
 
Well, I could write out my opinions here like others have about managing your funds - but no reason to reiterate.

If you want solid ideas that you can make a return on, pm me your skype and we can chat. Not too interested in partnering because I have capital but I don't mind helping out
 
I personally would not take that risk
Just my 2 cents
 
rettaibi said:
I personally would not take that risk
Just my 2 cents
Click to expand...

What risk? He was given 50k to invest in a business... so that's what he's going to do. Business always involves risks. At least he made the smart move of asking here first.
 
Wow, you are a very lucky young man. I have no idea what I am talking about as I am a 9-5er doing different types of IM to earn some extra money but if I had this opportunity, I would be able to develop my ideas that have been lingering around in my head (haven't been able to get them rolling because I just don't have the capitol)

I agree with others though, start your own LLC and upscale what you are already doing without spending too much of your initial capitol. Start earning more each month and go from there, all while keeping a sizable amount of your initial startup money. Once you reach the point where you are making a solid monthly income and it is sustainable, I would look for some start ups that look very promising and invest. That's just my opinion and these are things that I believe I would do but like I said, I have never done this before and I am talking out of my ass.

I hope that helps :)
 
Yea, I'd get into investing with that kind of money. I don't have that kind of money now but I've been studying the market for awhile now. I'll save up until I learn enough, then give it a shot.

Don't throw your whole pie on one plate.
 
If you are in a risky mood... create a product, hire a $10,000 copywriter for the salespage/funnel, and JV till your balls fall off
 
I wouldn't mind taking it off your hands for you. :p
 
Invest and make more money. Then start a business.

Don't expand your SEO biz. SEO is a joke.

Invest and create something real.
 
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