€20,000 to Start a Business

pipelaser

Im a Civil Engineer,
Company has gone into liqudation, ive no business skills but a bit of cop on with money issues and rates.
No kids, no mortgage.
€20,000 im willing to gamble on setting up anything!
Any ideas from anyone on what to set up or invest in?
Or will i wait two years in the current climate?
Thinking Barber Shop or Late night drink delivery service.

shoutman

Best time to start a business is right now.

You will be getting so much off your start up costs.

As for your two ideas, unless you know of somewhere that is seriously lacking in a barber shop I wouldn't recommend it unless you have some serious scissor skills, which I doubt you have given your above post.

Also a late night drink delivery service doesn't sound like a runner, surely if this kind of thing was a good idea (which I don't think it really is) then off licenses would just go and do it themselves.

I don't mean to be so negative I'm just trying to be realistic.

Why don't you try and tell us a bit more about yourself, what are your interests what are your passions. If you are going to go working for yourself you might as well try to do it in an area that at least interests you.

Working in a barber shop would not be my idea of a good time....

Sabre0001

Sounds like he's more willing to take a gamble on some upstart...OP I'm sorry, but it sounds like a case of "more money than sense". I wouldn't state that you're willing to go for anything - a sure fire way of losing money! Why not gamble it (literally) if that's your approach.

gypsy777

go travelling for a few years....india, thailand...bit of oz... come back with 12k and see how things stand...

pipelaser

Sabre0001 wrote: »

Why not gamble it (literally) if that's your approach.

OP here,
I dont mean gamble, bad choice of words, i mean invest.
Im well able to get up in the morning and push myself working through a weekend or whatever it takes. My main passion is seeing a good return on money, not into flashy cars or clothes, just a bit of honest to God work. Thing is i dont know much outside of construction but there is literally nothing out there.
Just wondering if there is a whole lot i could do with €20,000, has anyone started from zero with such a small sum?

Sorry its vague, just lookin for some opinions on it.

shoutman

Without trying to sound smart, you can start up a business with next to zero capital, it really all depends on what you are doing.

gypsy777

gypsy777 wrote: »

go travelling for a few years....india, thailand...bit of oz... come back with 12k and see how things stand...

8k for 3 years travelling? I don't think so. Unless you are living in a cave eating fish you caught yourself.

swanvill

Hey TheEntrepreneur,
Don't knock cave fishing until you have tried it

Thanks for the laugh

Bandara

Deleted User wrote: »

8k for 3 years travelling? I don't think so. Unless you are living in a cave eating fish you caught yourself.

I'm well up for a bit of tropical cave living....

"Honey....I'm home....."

Northernsoul

sorry to tell you buddy but that type of service was practicaly made illegal in the new Irish alcohol code of pratice from Dec 1st...

Unsupervised self-service purchases of alcohol are not to be permitted. In the case of ‘online’
purchases of alcohol products, it is a requirement that the customer pays for alcohol
at the time of placing the order. Payment on delivery of alcohol products is an offence
under licensing law. Moreover, the control systems in place for delivering alcohol
products purchased and paid for in advance must include a verification mechanism to
ensure that alcohol is not being sold and delivered to persons under 18 years of age.

Dabko

Stick said 20k on chelsea to win on saturday away to newcastle at 1.77 at betfair.

Thats a 15,400 tax free profit for 90 minutes of someone elses work!:D

Darragh29

Here's my advice OP. Stick your 20K in the bank or credit union and don't touch it. You don't need money to start a business right now. All you need is a good idea and a bit of determination.

Darragh29

Northernsoul wrote: »

sorry to tell you buddy but that type of service was practicaly made illegal in the new Irish alcohol code of pratice from Dec 1st...

Unsupervised self-service purchases of alcohol are not to be permitted. In the case of ‘online’
purchases of alcohol products, it is a requirement that the customer pays for alcohol
at the time of placing the order. Payment on delivery of alcohol products is an offence
under licensing law.

You better to go up to Louis Walsh and tell him to take them beer vending machines out of his hotel on the Naas Road!

D.W

If I were you I'd approach local banks and see if they have any properties they are stuck with that you could buy with your 20k. You never know they might be glad to take your money in return for a house?

shoutman

D.W. I think the op is looking to get something that will make him money in order to live off it.

I don't think buying a house and renting it out will get him to where he wants to be.

D.W

shoutman wrote: »

D.W. I think the op is looking to get something that will make him money in order to live off it.

I don't think buying a house and renting it out will get him to where he wants to be.

Point noted but he would get no better return anywhere for his money than a house for 20k IMO. Of course I'm not even suggesting banks would dispose of mortages for that but you never know and I have heard of a few people contemplating going this route. Its not nice to gain at someone else's expense for sure but banks are pretty desperate right now. It was just a suggestion more than a serious call really and just may be worth having a look at.

PCPhoto

I have a number of ideas for start up businesses - which I believe are going to be successful (in time !!!) ....I just don't have the time to get them off the ground (at the moment) ....already have websites registered and some of the equipment in storage for one of the ideas.

gerry87

What about looking for someone with the idea who needs money and go in with them, instead of trying to come up with something.

shoutman

PCPhoto wrote: »

I have a number of ideas for start up businesses - which I believe are going to be successful (in time !!!) ....I just don't have the time to get them off the ground (at the moment) ....already have websites registered and some of the equipment in storage for one of the ideas.

Fair play...

shaner

I started contracting as a Sole Trader in 2006. Literally spent about 50 euro on it. That bought business cards and a new shirt. The rest I earned myself.

Before I started I wrote down a list of all the things I thought I'd "need". To be honest, offering services you can start off really small and make great things from it. It will be a lot tougher now than it was back then but I'd suggest sitting on 18k of the 20. Putting it in a credit union maybe and using 2k to purchase a computer and some software (possibly put it into accountants fees are whatever too) and let it roll from there.

That's probably the lowest risk thing you could do in my opinion and still have the potential for a decent return.

dunnedeclan

Get a good book on it. Do an enterprise course. If your intrested il give you a hand. Stay away from stocks and dont speculate or dream. Your money can run allot faster than you can when it wants.


Ive a working business for sale btw if your interested. I put it up on ebay because ive another project that takes less time while im in college.

Heres the ebay link. I duno if its what your looking for.

http://cgi.ebay.ie/Elite-Outfits-For-Sale_W0QQitemZ320356552202QQcmdZViewItemQQptZUK_B_I_Business_for_Sale_CV?hash=item320356552202&_trksid=p3911.c0.m14&_trkparms=72%3A1301|66%3A2|65%3A12|39%3A1|240%3A1318

Atlas_IRL

dunnedeclan wrote: »

Get a good book on it. Do an enterprise course. If your intrested il give you a hand. Stay away from stocks and dont speculate or dream. Your money can run allot faster than you can when it wants.


Ive a working business for sale btw if your interested. I put it up on ebay because ive another project that takes less time while im in college.

Heres the ebay link. I duno if its what your looking for.

http://cgi.ebay.ie/Elite-Outfits-For-Sale_W0QQitemZ320356552202QQcmdZViewItemQQptZUK_B_I_Business_for_Sale_CV?hash=item320356552202&_trksid=p3911.c0.m14&_trkparms=72%3A1301|66%3A2|65%3A12|39%3A1|240%3A1318

Can you explain the do an enterprise course bit please?

Also where you really making what you said in the ebay link? Why would you sell for 500 if you where turning over 2k a month.

MrMatisse

Business with a turnover of 2k a month for sale for 500?

Sounds like a scam or quite possibly a scamola

Ebay is full of this rubbish.

byrne0f56789

Use the 20,000 to tide you over personally and start your own business doing something you really love to do. The trick to be successful in business is to stay in the game long enough to learn from your mistakes. You are not going to be "right first time". I wouldn't recommend investing in someone else's company. Start one yourself with someone you know. Remember your time is your investment in your start up.

Bandara

dunnedeclan wrote: »

Get a good book on it. Do an enterprise course. If your intrested il give you a hand. Stay away from stocks and dont speculate or dream. Your money can run allot faster than you can when it wants.


Ive a working business for sale btw if your interested. I put it up on ebay because ive another project that takes less time while im in college.

Heres the ebay link. I duno if its what your looking for.

http://cgi.ebay.ie/Elite-Outfits-For-Sale_W0QQitemZ320356552202QQcmdZViewItemQQptZUK_B_I_Business_for_Sale_CV?hash=item320356552202&_trksid=p3911.c0.m14&_trkparms=72%3A1301|66%3A2|65%3A12|39%3A1|240%3A1318

LOL

That is the funniest sh!t I've read in years.....

"Welcome to Elite Outfits, The untimate online fancy dress store. Here we offer the best of replica brand name clothses for your perfect costume."

"clothses"

are you Golum?

murphaph

Hammertime wrote: »

"Welcome to Elite Outfits, The untimate online fancy dress store. Here we offer the best of replica brand name clothses for your perfect costume."

That's also a criminal offence called counterfeiting. Mr. Dunne is offering to sell an illegal business! :rolleyes:

Dabko

Dabko wrote: »

Stick said 20k on chelsea to win on saturday away to newcastle at 1.77 at betfair.

Thats a 15,400 tax free profit for 90 minutes of someone elses work!:D

Chelsea 2 - Newcastle 0. 15,400 profit! For more financial advice contact me anytime:D:D:D

callaway92

Dabko wrote: »

Chelsea 2 - Newcastle 0. 15,400 profit! For more financial advice contact me anytime:D:D:D

congratulations...You got what everyone else in the world also said right

MB74

Well you could take the logical approach to something like that and start with a blank sheet of paper, write down what you are good at, what you can do and where you have some experience. Include all related industry / jobs.

Next write down your contact list, people you know in different positions in different industries. This list can be the make or break of someone starting out.

Next match one list with the other, this should narrow down your search a bit. Of course you will have to weigh up entry costs, industry performance and risk.

At least it might be a way to start your decision process, it might stimulate the old grey matter! You are the only person who will decide what you will do, the rest of us are only taking a stab in the dark.

Best of luck.

AARRRGH

Personally I would not rush into anything. Or, at most, I'd set up a website with a little bit of the money (e.g. < 1k) and slowly build that up over time.

I would also consider the travelling idea. 12 months travelling the world will not only be great fun but it'll give you loads of ideas on potential businesses back in Ireland.

But whatever you decide to do, don't invest the 20k until you have seriously investigated and researched your potential to make any of it back. Odds are you will lose it all.

Darragh29

I've an idea for a business and I'll be launching it at the end of next week. I'll post it up here at the end of the week and you folks can tell me what you all think of it. The OP could have come up with this idea, anyone could have, there is certainly nothing special about me that led to me coming up with this idea, you just have to think outside the box I think. I'll also happily let you all know how it is going after launching it next week, whether it is a success or a failure. Either way, I'm not putting much money into this start up, so if it doesn't be the big success that I think it will be, no big loss.

It's a web based business that will be selling online to throughout Ireland. Very simple idea, but the point I'm making is that anyone here can come up with an idea and be trading within a fortnight, especially when it comes to the selling through the internet. And you don't need 20K or even 2K.

Atlas_IRL

Thats great Darragh, would really help a lot of people here that are thinking of doing the same but dont know how to start, fair play!

stepbar

D.W wrote: »

If I were you I'd approach local banks and see if they have any properties they are stuck with that you could buy with your 20k. You never know they might be glad to take your money in return for a house?

D.W wrote: »

Point noted but he would get no better return anywhere for his money than a house for 20k IMO. Of course I'm not even suggesting banks would dispose of mortages for that but you never know and I have heard of a few people contemplating going this route. Its not nice to gain at someone else's expense for sure but banks are pretty desperate right now. It was just a suggestion more than a serious call really and just may be worth having a look at.

With no income how would he pay the mortgage? BTW it's the people who are stuck with the properties, technically not the banks (for Data protection reasons no bank is going to let you know what mortgages are in bother).

dunnedeclan wrote: »

Get a good book on it. Do an enterprise course. If your intrested il give you a hand. Stay away from stocks and dont speculate or dream. Your money can run allot faster than you can when it wants.


Ive a working business for sale btw if your interested. I put it up on ebay because ive another project that takes less time while im in college.

Heres the ebay link. I duno if its what your looking for.

http://cgi.ebay.ie/Elite-Outfits-For-Sale_W0QQitemZ320356552202QQcmdZViewItemQQptZUK_B_I_Business_for_Sale_CV?hash=item320356552202&_trksid=p3911.c0.m14&_trkparms=72%3A1301|66%3A2|65%3A12|39%3A1|240%3A1318

This business is highly dubious and it's highly questionable if the goods on sale are real. You'd be advised to close it down before your done for something illegal.

Axwell

stepbar wrote: »

This business is highly dubious and it's highly questionable if the goods on sale are real. You'd be advised to close it down before your done for something illegal.

Where does it say the goods are real, it says replica brand clothing clearly on the site.

stepbar

Axwell wrote: »

Where does it say the goods are real, it says replica brand clothing clearly on the site.

"Real" as in not counterfeit. I'd be highly dubious of goods coming from China at the prices listed on the website. I'd be 99% sure that it's counterfeit.

Axwell

stepbar wrote: »

"Real" as in not counterfeit. I'd be highly dubious of goods coming from China at the prices listed on the website. I'd be 99% sure that it's counterfeit.

It cleary states they are replicas, i.e. not real..im not sure on your differentiation between replica and counterfit, ive yet to see a "legit" replica of items such as these. They are either real or not and obviously from the wording on the sites its pretty clear they arent the real deal but replicas i.e. copies.

Darragh29

Darragh29 wrote: »

I've an idea for a business and I'll be launching it at the end of next week. I'll post it up here at the end of the week and you folks can tell me what you all think of it. The OP could have come up with this idea, anyone could have, there is certainly nothing special about me that led to me coming up with this idea, you just have to think outside the box I think. I'll also happily let you all know how it is going after launching it next week, whether it is a success or a failure. Either way, I'm not putting much money into this start up, so if it doesn't be the big success that I think it will be, no big loss.

It's a web based business that will be selling online to throughout Ireland. Very simple idea, but the point I'm making is that anyone here can come up with an idea and be trading within a fortnight, especially when it comes to the selling through the internet. And you don't need 20K or even 2K.

Good man, I'm going to be doing the same, in fact, I'll be PM'ing you in the future about it for your advice.

the_irish_lad

Would you believe i actually bought runners from this eliteoutfits dude? He used to advertise in my college. Not getting the whole 2000€ profit thing tho. Theres a small smell of brown of it. :P

delllat

the_irish_lad wrote: »

Would you believe i actually bought runners from this eliteoutfits dude? He used to advertise in my college. Not getting the whole 2000€ profit thing tho. Theres a small smell of brown of it. :P

in case he hadnt noticed anyone operating a site like that would be liable to prosecution

the_irish_lad

So are the people on Meath street in Dublin but it wont stop us going there to save a pretty penny. When i got my runners, they had came from china and the website takes pay pal only so its hard to call who would be liabale sence its hard to call who handles the money. I dont know, as i dont know the law that well. Does anyone know if dropshipping is illegal? That what it seems to be.

cabla

the_irish_lad wrote: »

So are the people on Meath street in Dublin but it wont stop us going there to save a pretty penny. When i got my runners, they had came from china and the website takes pay pal only so its hard to call who would be liabale sence its hard to call who handles the money. I dont know, as i dont know the law that well. Does anyone know if dropshipping is illegal? That what it seems to be.

Dropshipping I doubt is illegal. Why would it be, unless you are selling illegal items.

OP some banks are offering up to 7% interest. Stick it in there for a while. Dont invest now, terrible time, and you would only be looking at like 4-5% back, max. Banks need money, so thats why its so high.

Oracle

You could set up your own business in engineering or a related activity. That would cost you very little if you worked from home. Off the top of my head, one thing building related that is or will be in demand, are BER certs. These are needed if you want to sell or rent any building now. Another niche market could be the home improvement sector. Maybe partner with local architects and small builders. Another area could be the reports and certifications. For example, fire safety, health and safety, structural reports for buildings etc .... they still need to be done.

leitrim lad

on that last comment , ignore it, and run away from civil engineering, or anything in construction for about 5 more years, thats if you are considering setting up a civil engineering or similar firm,
i have 3 civil engineering firms of my own all still trading as normal, and there will be no liqiudation here but we just have no work, the same goes for my plant hire companies and quarries.
you can start a business with no capital, i did and made it even more successful than if i had money, to begin with , my advise is to leave your money securely in the bank and use it as colateral, to set up a viable business,
your an engineer so go into something to do with electricity, that is something that will always be needed, design something or many things that create renuable energy
and get in with the likes of airtricity, and crh they used to own aitrtricity, they would invest in you if you could design profitable reneuable energy resources for them ,thats the way forward, not marking out a bridge or where a gully is going

the_irish_lad

I agree with him. Its the only way. BER certs are in demand and so are the places to get training to issue them. Its the dying glow of the property boom. Energy is a go go. Look to the states for ideas. If you use your head you will do it. They have deadly developments in the pipeline.

Your local Enterprise boards will help you along aswell. They do start your own business courses for like 50€. They will teach you the ropes fairly quickly.

They also offer grants to get you allong to save you putting your hand in your pocket.

Axwell

the_irish_lad wrote: »

I agree with him. Its the only way. BER certs are in demand and so are the places to get training to issue them.

The amount of people jumping on that band wagon is crazy, singing up to courses to be able to give out BER certs, the country is flooded with them. Renewable energy might be the way forward and worth investing in but the amount of people after enrolling and setting up websites offering certs is just madness.

Darragh29

Axwell wrote: »

The amount of people jumping on that band wagon is crazy, singing up to courses to be able to give out BER certs, the country is flooded with them. Renewable energy might be the way forward and worth investing in but the amount of people after enrolling and setting up websites offering certs is just madness.

Couldn't agree more, it's the next taxi industry I think... I'm always amazed at the sheep like mentality in Ireland when it comes to these things. Someone gets a notion that an investment property is the way to go, next thing every second person in the country wants an investment property. Same with becoming unemployed, now it's either a taxi or a BER certification business.

I think this is one of the biggest problems we now have in Ireland, we don't have the confidence or whatever it is, to come up with an idea and just implement it. We always seem to go for the populist safe bet. It's only now that things are so bad in the taxi game that people are starting to scratch their head looking for an alternative and are turning to BER certification.

I think the most enjoyable part of starting up is dreaming up something new and innovative. I just wouldn't bother with it at all if I was just following the crowd. Don't get me wrong, I've had ideas that ultimately failed, but I still came up with something different afterwards and eventually made it work. Failure is usually part of the experience when it comes to these things and I think people try to avoid that by turning to something popular and proven. I think if you haven't failed, you simply haven't tried!

Darragh29

Atlas_IRL wrote: »

Thats great Darragh, would really help a lot of people here that are thinking of doing the same but dont know how to start, fair play!

I've a new business I'm launching at the end of the month, it's a retail website for selling online in Ireland, I'll post the link to the website tomorrow when I have the domain registered and we'll see how it goes for the first three months... I'd be interested to know what folks think of the idea and you can of course buy online if the product interests anyone!

So you can see a business start up happening on the thread now from the very beginning and I'm not putting a load of money into this so we'll see how this develops. I'll post here every day on the progress made and the success or otherwise of the concept... Fingers crossed, here goes!!! :D:D

EDIT: Also, it is my intention to sell the business as soon as possible, so if it interests anyone, just drop me a PM!

leitrim lad

will it be on a similar back ground to say ebay darragh,
as in can you bid for stuff or is it a set price or both,

Darragh29

leitrim lad wrote: »

will it be on a similar back ground to say ebay darragh,
as in can you bid for stuff or is it a set price or both,

It'll be a fixed price range of products, you buy online today and receive the goods to your door nationwide within 48 hours. I think this is an excellent idea in a recession, but we'll see what the thoughts are on it when I post it up here next week. I want to get the domain registered before I throw it up here, after that, you'll be able to check out the website and see what the product is and how much it costs, etc.

leitrim lad

i hope it works out for you ,i like the 48 hour thing ,i know i have often waited 3-4 weeks for stuff i bought on ebay,

good luck with it

leitrim lad

Axwell

Darragh29 wrote: »

It'll be a fixed price range of products, you buy online today and receive the goods to your door nationwide within 48 hours. I think this is an excellent idea in a recession, but we'll see what the thoughts are on it when I post it up here next week. I want to get the domain registered before I throw it up here, after that, you'll be able to check out the website and see what the product is and how much it costs, etc.

Any progress on this Darragh,sent you a pm also still waiting on a reply? Expecting to be able to see something at this stage..Im sure have been down this path before with another idea you were supposed to be posting up on here a while ago