TheMasterOfMoney
Senior Member
- May 22, 2010
- 824
- 1,460
US$ 50,000 cash
- Thread starter psteve
- Start date
rettaibi
Regular Member
- Jun 25, 2012
- 475
- 838
I am talking about the risk that he might lose the 50k of his dad(even if he gave it to him).
If it was mine I wouldn't care about that money if I lost it, but if it is my dad's money I will keep thinking about what if I did this or that and lose the money.
GiorgioB
Supreme Member
- Feb 28, 2012
- 1,288
- 1,332
You're really lucky, I had to save a few months to start up my operation which only started with about $300. The first step is to create a business plan, as others have said. Just a few tips from me:
- think sustainability: you have 50K now, develop a business model where you can get a steady stream of income, rather than fall for 'get rich quick' schemes
- be a visionary: study your environment and the opportunities present. I have a friend who did that, in my home country they are going to pass a law regulating water treatment in people's homes by 2014. I have a friend who opened a business in that area and he's doing very well, and will continue to do well for the next 4-5 years at least
- do something you love: starting a business is tough. very tough. you've got to work without counting the hours, and in order to do that,; you've got to do something you love. Or else it'll drive you nuts.
Best of luck, and don't get scammed!
- think sustainability: you have 50K now, develop a business model where you can get a steady stream of income, rather than fall for 'get rich quick' schemes
- be a visionary: study your environment and the opportunities present. I have a friend who did that, in my home country they are going to pass a law regulating water treatment in people's homes by 2014. I have a friend who opened a business in that area and he's doing very well, and will continue to do well for the next 4-5 years at least
- do something you love: starting a business is tough. very tough. you've got to work without counting the hours, and in order to do that,; you've got to do something you love. Or else it'll drive you nuts.
Best of luck, and don't get scammed!
parasitus84
Regular Member
- Apr 28, 2011
- 288
- 42
Do not get into invetsing if I can give you a piece of advice. Most of the investors are people who already have/had a successful business and want to invest money to keep themselves occupied. First of all, you have to know what to invest in and you should have a lot of experience to be able to "read" the potential of a business and get familiar with the balance sheet/gross profit and so on. Second of all, people you invest the money in will expect you to help them somehow even if it's a piece of advice now and then. If you've never run a business, how can you advice them? It's also in your interest that the business you pick goes in the right direction. Last but not least, $50.000 is not a lot of money to invest.
The thing is that most of the business people don't wake up one day and think "I'd like to start a business". They see an opportunity and go for it without even realising it's some type of entrepreneurship. But if you still want to do it, then you should find a gap in the market (with a unique USP) first and THEN you can give it a try. Don't listen to people saying: "Oh, you should go into making ice-cream. They sell well". If you know zilch about the ice-cream industry, think twice. Many successful business people say you should stick to what you do best and start from there.
If I were you, I'd go away for a week. Clear your head. It'll give you time to think about your life, your current situation and your future. Going to an inspirational place will give you a lot of new ideas. You'll be surprised!
Wish you the best of luck.
The thing is that most of the business people don't wake up one day and think "I'd like to start a business". They see an opportunity and go for it without even realising it's some type of entrepreneurship. But if you still want to do it, then you should find a gap in the market (with a unique USP) first and THEN you can give it a try. Don't listen to people saying: "Oh, you should go into making ice-cream. They sell well". If you know zilch about the ice-cream industry, think twice. Many successful business people say you should stick to what you do best and start from there.
If I were you, I'd go away for a week. Clear your head. It'll give you time to think about your life, your current situation and your future. Going to an inspirational place will give you a lot of new ideas. You'll be surprised!
Wish you the best of luck.
Its +65 294 8554
BHopkins
Elite Member
- Dec 31, 2010
- 2,609
- 1,753
Whatever you do, do not invest the money in typical places (stock market). You don't have enough experience to get a good ROI. Most professional money managers can't beat typical index funds over a sustained period.
1. Does you dad expect you to pay this back at some point? Does he expect to get a report showing what you're doing, how you're spending his money?
2. I wouldn't spend the money, I would continue your SEO business. Right now you have 3 clients and $1500 gross per month. If you're netting more than 50% you're doing well and can start from there. Outsource some of the work that you do so that you have more time to find clients.
3. Realize that $50k isn't a lot of money and will go fast. If you hire someone, more than half of your money will be gone and you're betting on that person to generate more income than their salary plus your time to hire/train.
4. Do you enjoy your SEO work? If not, maybe you should sell the contracts for those clients and find what you enjoy. This could end in failure because $50k isn't much when starting a business from scratch, but might be a valuable lesson.
Just a few thoughts.
1. Does you dad expect you to pay this back at some point? Does he expect to get a report showing what you're doing, how you're spending his money?
2. I wouldn't spend the money, I would continue your SEO business. Right now you have 3 clients and $1500 gross per month. If you're netting more than 50% you're doing well and can start from there. Outsource some of the work that you do so that you have more time to find clients.
3. Realize that $50k isn't a lot of money and will go fast. If you hire someone, more than half of your money will be gone and you're betting on that person to generate more income than their salary plus your time to hire/train.
4. Do you enjoy your SEO work? If not, maybe you should sell the contracts for those clients and find what you enjoy. This could end in failure because $50k isn't much when starting a business from scratch, but might be a valuable lesson.
Just a few thoughts.
Globalization
Regular Member
- Dec 29, 2012
- 390
- 37
Thats alot of money for your pops to have just thrown at you.
Jeevs
Supreme Member
- Dec 14, 2010
- 1,372
- 1,652
And we are all Jokers out here! Oh just in case someone missed this thread
when I was a kid....I used to tell everyone that Maths was the most worthless subject on this planet...reason? I was really bad in maths.
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Chizz
Regular Member
- Mar 5, 2012
- 246
- 136
Here's my advice. Dont spend any of the money yet. Dont take any advice from people how to SPEND the 50k. As you must have noticed by far, there is nobody that says: Hey man, I've been in the same situtation, here is what I did what was successful.
Instead, start building your plan, and here is where you can take advice from people, because this is something most people on this forum can contribute to.
Instead, start building your plan, and here is where you can take advice from people, because this is something most people on this forum can contribute to.
Hey Psteve,
Well if you already do SEO I would say internet marketing would be the obvious option. If you are going to do more forms of internet marketing I would look at what has the most chance for profit. I know of a very low cost start up for a similar internet marketing avenue to the one you profit from now. There is a good chance your three existing clients would be interested in this option. Send me a message on Skype if you want to know more. kmenk1220
Well if you already do SEO I would say internet marketing would be the obvious option. If you are going to do more forms of internet marketing I would look at what has the most chance for profit. I know of a very low cost start up for a similar internet marketing avenue to the one you profit from now. There is a good chance your three existing clients would be interested in this option. Send me a message on Skype if you want to know more. kmenk1220