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Started By
Message
40K to start working for yourself-WWYD?
Posted on 9/24/15 at 9:27 am
Posted on 9/24/15 at 9:27 am
Hypothetically, maybe theoretically, totally asking for a friend.
You're just burned out. Tired of doing what you're doing and tired of working for someone else. You've got 40K in cash to start and need to turn that into a lifetime of earnings.
Could you do it? If so, how?
You're just burned out. Tired of doing what you're doing and tired of working for someone else. You've got 40K in cash to start and need to turn that into a lifetime of earnings.
Could you do it? If so, how?
5
Posted on 9/24/15 at 9:29 am to AUjim
There are so many factors in this. With a family to support depending on your wife's job, I don't think 40k is near enough unless you had some great business plan and a group of investors.
Posted on 9/24/15 at 9:46 am to AUjim
Could easily be done with $0.01. Success is when hard work meets preparation.
What do you want to do? Are you passionate about it? Do you already posses knowledge on and of it?
In college I had no scholarships and no financial help from my family. I did have an abundance of tools and a working knowledge of how to fix things. I was a handiman all throughout school. If I didn't work I didn't eat. But I loved what I did and I still get phone calls from people I worked for or their friends asking me to come do work.
What do you want to do? Are you passionate about it? Do you already posses knowledge on and of it?
In college I had no scholarships and no financial help from my family. I did have an abundance of tools and a working knowledge of how to fix things. I was a handiman all throughout school. If I didn't work I didn't eat. But I loved what I did and I still get phone calls from people I worked for or their friends asking me to come do work.
Posted on 9/24/15 at 9:48 am to AUjim
quote:
You've got 40K in cash to start and need to turn that into a lifetime of earnings.
That's nothing if you have any living expenses - you're going to be more stressed out over those factors and it will be difficult to focus on growing your business.
Businesses fail in the first year because they are under capitalized. It varies wildly based on your overhead and the cost of a specific business, but I would say a person seeking to start his/her own business needs - AT A MINIMUM - 1 year of personal living expenses, PLUS 1 year of expected overhead costs of the business. Again, this can vary slightly, but I do not think $40,000 is sufficient capital to start any significant going concern. Perhaps if you are going to continue working and use the $40k to build a part-time business or a "for profit" hobby up to something upon which one can live - maybe.
(FTR - I had a business fail, largely because of undercapitalization - and I had slightly more than $40k to start with).
Posted on 9/27/15 at 6:35 pm to AUjim
I started my business with a $40k job so yes, with the right work ethic and contacts it can be done. Best of luck to your hypothetical friend.
Posted on 9/29/15 at 11:41 am to AUjim
There are a lot of businesses for sale, and some offer owner financing. If you found the right one who would work with you for 40K down then you could potentially walk into an existing business that is already cash-flowing. There are a lot of crappy businesses for sale too though, so do your homework on why the business is for sale if you go that route.
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