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re: 40K to start working for yourself-WWYD?
Posted on 9/24/15 at 9:53 am to AUjim
Posted on 9/24/15 at 9:53 am to AUjim
quote:
Assume this hypothetical family could totally live off of spouses income for 18 months.
Okay - is $40k enough to get into one of those independent vending machine routes? I mean, it isn't enough to franchise anything. $40k of inventory is nothing, so you're not going to be able to sell anything in volume.
Does the hypothetical person have a craft or trade, such as building cabinets, furniture, etc.? At the high end, custom level, that can still be lucrative. You will need to build a network of contacts to get to customers who want custom cabinets/furniture built.
A web based retail shop might work if you can acquire/produce specialized items with a steady demand - you can at least keep the overhead low with such a model.
I know it is common sense, but you have to find a market that is underserviced and develop the skills and experience to operate within that market.
Otherwise, you're going to be really scrapping for customers in a bloated/saturated market (think personal injury lawyers - the guys at the top are making a fortune, by spending a fortune on advertising - and that's a profession requiring extensive education, licensing, etc.)
This post was edited on 9/24/15 at 9:54 am
Posted on 9/24/15 at 10:17 am to Ace Midnight
What about things like selling insurance or real estate? I certainly don't intend to imply that either are easy money and don't require hard work, or that any person off the street could be successful in either, but there are a few things that are very attractive about them. It seems 40K and another household income could provide some freedom for a while to get started in sustaining one of these paths-
Experience with insurance has been on the consumer commercial side, not selling.
More knowledgeable about real estate than anything (although that might not be saying much). Have had some success with a couple investment properties, and I know the market, just have to learn the actual hard parts-contracts/deeds/etc....
Experience with insurance has been on the consumer commercial side, not selling.
More knowledgeable about real estate than anything (although that might not be saying much). Have had some success with a couple investment properties, and I know the market, just have to learn the actual hard parts-contracts/deeds/etc....
This post was edited on 9/24/15 at 10:18 am
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