Money help: I REALLY want to start a business in my spare time. - Help.com

What do you with the money you make?

Do you spend it, invest it?
What do you do with it?

You say you like making money.
What I’m asking is, is it about having the money, or having the money to spend!

Well, I would say that there are many homebased businesses out there. Additionally, there are many things that still need to be invented….just look around and think of something that would make people’s lives easier…

Invest in real estate, maybe….?

I want to make money, too….:p

Maybe an invention….then apply for a small business loan to get it started.

Real estate is kinda “iffy,” though…..and if you are buying a property as an investment, you have to put AT LEAST 20% down and usually your interest rate is higher than if it was a primary residence.

I have some real estate, and they were all “primary residences…” I would buy a house and then “move up” into something nicer as my income allowed. The “old” house then became a rental….

Also, a good thing to think about is that if you don’t have at least 20% equity in the house, you have to pay a PMI (Private Mortgage Insurance)….it’s not insurance for YOU, the purchaser….it’s insurance for the lein holder, your bank, as an “in case” you default….they will have made “something” off of you….but really they made all that interest off you; so PMI is just a crock and it’s a pain in the a$$ to have to pay it each month

And with all these savings you want to set aside, what will you do with them?
Save forever, and bequeth them to your children?
Or will you eventually spend the savings?

I do.
And it will become clear once i get an answer ;)

Dougie, I think he’s saving for his business that he wants to build…:)

Ah I see. But what business is that?
See, you aren’t sure what business you want to go into.
What I’m asking is what will you do with the money you make from your business?

Invest it, and make more money, or eventually spend it on something?

What I am getting at, is this…. what spending interests do you have?
I’ll use an example… lets say you are very well off, and you spend a great deal of your disposable income buying cars.

You buy the cars because you enjoy them on some level.

The perfect business for you, to fulfill the desire to do what enjoy as a business.
In the case of my example, cars.

Do you see where I am going with this?

I wasn’t really asking where you plan to be in 60 years, I was asking what you spend your money on now…. the material or leisurely pursuits you enjoy RIGHT NOW.

One of those could easily be a basis for your business.
Make sense now? ;)

mylungsarempt wrote:
So you’re saying I should come out with my own designer brand of vodka?

LOLZ :) !!!!

mylungsarempt wrote:
So you’re saying I should come out with my own designer brand of vodka?

If that’s what you enjoy then yeah!
If its legal to distill vodka in your part of the world ;)

Oh one more idea….
Whatever you choose to do, find a unique way of doing it, that no-one else in your corner does. It will give you a nice niche, and a market edge ;)

market research is essential, you don’t want to open a bike shop if your town already has several. You need to make sure what ever you start there is a need for regardless of the way you do it. If the market is saturated nothing will help you sell the products.

home based is better at first, and if you want to get into selling things yon need to decide is it local only, national or international. Will you use online mediums such as ebay ? how will you advertise you virtual shop given 1000’s of people do the same thing.

if your sticking to local your area, or you just don’t want the hassle of shipping goods abroad / to other counties (states if you in the US) then try to pinpoint a service or good(S) that your area needs.

try to get feed back from family and close friends once you have an idea before you invest 1000’s into it.

I’ve got my own company and I’m doing very well so if you want to ask more questions fire away.

*home based rather than paying for premesis and the such I meant.

do you have a developer lined up to create your store or are you able to do it yourself? do you know the costs of running a website?

do you know the tax implications of a secondary income?

if you want to make somthing is it inline with your local trading / health and safty laws etc, can you source the materials from a reliable source, how long will it take to make as compared to sales price (helps in calculating profits) as your time is money.