Want to start a business but don't know what sector

One More Toy

I'd really like to own my own business, I'm from the finance sector and aged 30

Problem is I can't think of any business that I could be successful in

Does anyone have any ideas eg. Stable businesses or new trends?

It'd really help my brainstorming!

Thanks so much

Die Hard 2019

One More Toy wrote: »

I'd really like to own my own business, I'm from the finance sector and aged 30

Problem is I can't think of any business that I could be successful in

Does anyone have any ideas eg. Stable businesses or new trends?

It'd really help my brainstorming!

Thanks so much

Ryan from Ryan's world is only 8 and has 35,000,000,000 YouTube views and 25 million subs probably made 35 million dollars off that so if he can do it you should be able to do better.

jimmii

Die Hard 2019 wrote: »

Ryan from Ryan's world is only 8 and has 35,000,000,000 YouTube views and 25 million subs probably made 35 million dollars off that so if he can do it you should be able to do better.

The 30,000,000 other YouTube channels probably think the same too!

OP: Having said that its definitely a viable option these days. With some good content, a little bit of investment and some serious graft you can probably grow a channel to the level to produce a reasonable income inside about a year. Until you're hitting 50k views/day you aren't really making anything so you need to stick at it.

jimmii

One More Toy wrote: »

I'd really like to own my own business, I'm from the finance sector and aged 30

Problem is I can't think of any business that I could be successful in

Does anyone have any ideas eg. Stable businesses or new trends?

It'd really help my brainstorming!

Thanks so much

Do you want customer facing with a physical location or be sat at home on the computer?

What interests do you have that you see others making money from these days?

One More Toy

jimmii wrote: »

Do you want customer facing with a physical location or be sat at home on the computer?

What interests do you have that you see others making money from these days?

I'm a pretty good investor when it comes to stocks {yes we're in a bull market and everything is up but I've made 100+ percent gains on several stocks)

But I'm not fond of day trading or the like - I'm more buy and hold

I like green energy for some reason? Maybe I should invest in an eii fund instead

One More Toy

jimmii wrote: »

The 30,000,000 other YouTube channels probably think the same too!

OP: Having said that its definitely a viable option these days. With some good content, a little bit of investment and some serious graft you can probably grow a channel to the level to produce a reasonable income inside about a year. Until you're hitting 50k views/day you aren't really making anything so you need to stick at it.

A good friend of mine makes 20euro a month on his YouTube passively, beer money I suppose!

jimmii

One More Toy wrote: »

A good friend of mine makes 20euro a month on his YouTube passively, beer money I suppose!

I would imagine 90% of monetized accounts are doing that. So long as it's something fun its money for nothing!

jimmii

One More Toy wrote: »

I'm a pretty good investor when it comes to stocks {yes we're in a bull market and everything is up but I've made 100+ percent gains on several stocks)

But I'm not fond of day trading or the like - I'm more buy and hold

I like green energy for some reason? Maybe I should invest in an eii fund instead

I'm the same day trading doesn't appeal to me at all much rather long term stuff.

It's good to have something in stocks but you need that day to day too.

Was thinking more general stuff that you aren't currently making money from whether it be sports, books, film, languages anything like that.

One More Toy

jimmii wrote: »

I'm the same day trading doesn't appeal to me at all much rather long term stuff.

It's good to have something in stocks but you need that day to day too.

Was thinking more general stuff that you aren't currently making money from whether it be sports, books, film, languages anything like that.

Nothing like that I'm afraid I'm pretty boring!

One More Toy

Bumping this for more ideas

One More Toy

Bumping again!

Forge83

One More Toy wrote: »

Bumping again!

What do you enjoy doing in life?
What are you good at?
What businesses relate to either of these.

One More Toy

Forge83 wrote: »

What do you enjoy doing in life?
What are you good at?
What businesses relate to either of these.

I'm not sure I'm good at anything except excel sheets!

I like dealing with people

Forge83

One More Toy wrote: »

I'm not sure I'm good at anything except excel sheets!

I like dealing with people

An Excel training business.

Springfields

Lots of people struggle with budgeting / daily / weekly / monthly finances....build excel templates and see them at a reasonable price..build in the formula and design in such a.way anyone can use them.
Could have different scenarios: single income no dependants saving for a mortgage, family with 1 income, couple with 2 income and mortgage...loads of different variations ..you can consult with people and made bespoke templates..

Advertise on social media...

neris

One More Toy wrote: »

A good friend of mine makes 20euro a month on his YouTube passively, beer money I suppose!

must be a light drinker

BailMeOut

Become an Independent Financial Adviser. There is a shortage of people who offer these services in Ireland and the fact that less that 1/3 of our workforce have any plans for retirement clearly shows that there is a need.

If you do this sell hours and not products and you'd help people put plans together to secure future spending (example playing for kids college) or securing retirement (example pension). Pensions rules in Ireland are very generous there are not enough people helping to take advance of them.

easypazz

One More Toy wrote: »

Bumping this for more ideas

One More Toy wrote: »

Bumping again!

Do you honestly think somebody is going to say, here you go, here is a business model that will make you successful?

The fact you even think that this is how to start your own business shows this ain't gonna happen for you.

One More Toy

easypazz wrote: »

Do you honestly think somebody is going to say, here you go, here is a business model that will make you successful?

The fact you even think that this is how to start your own business shows this ain't gonna happen for you.

No I wasn't, I was just looking for ideas to assist in my brainstorming

ironclaw

There is a company here in Toronto and all they do is advise Millenials (Myself included) as to how to plan for the future financially. They look at your income, give you a plan and then schedule some follow up meetings. I think the initial consultation is about $250 and a 15 min phone call a few months after is $60.

They started as a single person and I think they now have a team of 6+. If you offered the service remotely and after hours (6pm to 10pm, and weekends) you would likely make a mint. It's a very automat-able business as really you just need a skeleton plan for an individual and then adjust it accordingly.

One More Toy

ironclaw wrote: »

There is a company here in Toronto and all they do is advise Millenials (Myself included) as to how to plan for the future financially. They look at your income, give you a plan and then schedule some follow up meetings. I think the initial consultation is about $250 and a 15 min phone call a few months after is $60.

They started as a single person and I think they now have a team of 6+. If you offered the service remotely and after hours (6pm to 10pm, and weekends) you would likely make a mint. It's a very automat-able business as really you just need a skeleton plan for an individual and then adjust it accordingly.

Thanks - that's something I could definitely do as I advise friends and family already

pedroeibar1

One More Toy wrote: »

Thanks - that's something I could definitely do as I advise friends and family already

I was a bit lost here..... but now I know.

You have no idea of what to do, you consider €20 a month beer money and you post her looking for (and expect to receive gratis) a business model that will make you successful.

pedroeibar1

BailMeOut wrote: »

Become an Independent Financial Adviser. There is a shortage of people who offer these services in Ireland and the fact that less that 1/3 of our workforce have any plans for retirement clearly shows that there is a need.

If you do this sell hours and not products and you'd help people put plans together to secure future spending (example playing for kids college) or securing retirement (example pension). Pensions rules in Ireland are very generous there are not enough people helping to take advance of them.

Have you any idea of what you are talking about?

easypazz

ironclaw wrote: »

There is a company here in Toronto and all they do is advise Millenials (Myself included) as to how to plan for the future financially. They look at your income, give you a plan and then schedule some follow up meetings. I think the initial consultation is about $250 and a 15 min phone call a few months after is $60.

They started as a single person and I think they now have a team of 6+. If you offered the service remotely and after hours (6pm to 10pm, and weekends) you would likely make a mint. It's a very automat-able business as really you just need a skeleton plan for an individual and then adjust it accordingly.

All he needs is enough fools to part with $250 for a 15 minute phone call.

AndrewJRenko

One More Toy wrote: »

Thanks - that's something I could definitely do as I advise friends and family already

But can you persuade people to pay for it?

What would you be offering that I couldn't get for free by posting a query here on boards.ie?

StupidLikeAFox

AndrewJRenko wrote: »

But can you persuade people to pay for it?

What would you be offering that I couldn't get for free by posting a query here on boards.ie?

Synergy?

oceanman

pedroeibar1 wrote: »

I was a bit lost here..... but now I know.

You have no idea of what to do, you consider €20 a month beer money and you post her looking for (and expect to receive gratis) a business model that will make you successful.

the op is simply asking for ideas and suggestions from people...where is the harm in that?

BailMeOut

pedroeibar1 wrote: »

Have you any idea of what you are talking about?

I absolutely do! Why do you ask?

ironclaw

easypazz wrote: »

All he needs is enough fools to part with $250 for a 15 minute phone call.

I consider fools those that part with €100 on a night out on the beer as they perceive it as value. Value is relative.

My gf got her finances in order through them and she is already 'up' about $3k on her savings after 6 months and they let her know of tax credits/savings accounts that apply to her.

So for $250, she got her monies worth and she declined the follow-up call as she didn't need it.

marieholmfan

What is your definition of success?

pedroeibar1

BailMeOut wrote: »

I absolutely do! Why do you ask?

Ask? Because anyone who knows anything about the financial advice industry would know about compliance and the regulatory process, and as a result would not make an ill-informed statement about 'becoming a financial advisor'.

BailMeOut

pedroeibar1 wrote: »

Ask? Because anyone who knows anything about the financial advice industry would know about compliance and the regulatory process, and as a result would not make an ill-informed statement about 'becoming a financial advisor'.

The OP is looking for ideas and none of us know what he is capable of. Anyone can be anything they want to be if they really want it. What has regulatory and compliance to do with it as if others can study, train and get the requirements why not the OP?

The ignorance in this country when it comes to financial planning is scary and nobody seems to be tapping this market. I work in financial service (on the tech side) so am somewhat savy but I cringe when I hear that well eduacated good friends and family have no plans, have tiny or no pensions, have never bought stock in any company or have no plans to pay for kids college.

pedroeibar1

BailMeOut wrote: »

Anyone can be anything they want to be if they really want it.

Nonsense.

BailMeOut wrote: »

What has regulatory and compliance to do with it............The ignorance in this country when it comes to financial planning is scary and nobody seems to be tapping this market. I work in financial service (on the tech side) so am somewhat savy....

That really summarises why some advice proffered on this forum should be seriously questioned.

If, as you say, you work in financial services, next time at the coffee machine/ photocopier ask one of the outdoor staff about compliance and regulatory matters. Without qualifications and a long training period in a starter job, the OP has no hope of being approved by the CBI. Thankfully.

Ireland is no different to other markets when it comes to financial planning. The principal reasons for that are because many Irish people (a) do not trust those selling (mis-selling?) financial products; (b) the level of fees/commissions charged are perceived as excessive; (c) basic financial ignorance and a fear/reluctance to admit it.

Any person that writes “ Want to start a business but don't know what sector” has no hope of succeeding at any idea suggested by another.

BailMeOut

pedroeibar1 wrote: »

the OP has no hope of being approved by the CBI.

Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

We have all seen people who made dramatic career changes into new things and have become quite successful.

jimmii

BailMeOut wrote: »

Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

We have all seen people who made dramatic career changes into new things and have become quite successful.

Still it shouldnt be underestimated that for the average person getting into the industry properly would be pretty difficult. Granted OP sounds like their financial knowledge is probably better than the average person but at the same time it isn't a business you can open up tomorrow very easily.

jimmii

One More Toy wrote: »

No I wasn't, I was just looking for ideas to assist in my brainstorming

With no interests and no skills makes it hard to suggest much! Presumably at the weekends you don't just sit at home playing with spreadsheets? What sort of stuff do you normally do at the weekend?

Would you explore trading more? On etoro you could become a copied trader if you have a decent provable track record. It's hard to make much from it (the top traders are clearing 6 figures just in reward payments) but the $500/month level isn't that hard to get to if you put the time in.

https://www.etoro.com/customer-service/help/886382132/popular-investor-level-requirements-and-benefits/

Not an amount to live from but gets you some of the way. A few moderate earners does the job as well as one big one.

pedroeibar1

BailMeOut wrote: »

Again you know nothing about the OP and what he is capable of. He could if he put his mind be a really great in this space (or may not). He asked a broad question looking for ideas and I suggested an idea which may spark something.

We have all seen people who made dramatic career changes into new things and have become quite successful.

Have you read the opening post? He wants to start a business. It is daft to suggest he starts an investment brokerage.
Other than reading several of his sixty-odd posts in the investment forum (many of which I disagree with) you are correct that I know nothing about the OP. But I do know about regulation and compliance in the FS sector. Do you? Do you know what an ‘IQ’ is?

Bandara

pedroeibar1 wrote: »

Have you read the opening post? He wants to start a business. It is daft to suggest he starts an investment brokerage.
Other than reading several of his sixty-odd posts in the investment forum (many of which I disagree with) you are correct that I know nothing about the OP. But I do know about regulation and compliance in the FS sector. Do you? Do you know what an ‘IQ’ is?

That’s that show on the telly with Stephen Fry on in played in reverse isn’t it ?

pedroeibar1

Bandara wrote: »

That’s that show on the telly with Stephen Fry on in played in reverse isn’t it ?

:D If only.
Anyone with any knowledge of the FS sector would not have advised the OP to set up a financial advisory business, no hope of getting approved.

FWIW, the IQ is the Individual Questionnaire, an online form hated by all in the regulated FS sector. Every position of any authority or a change of job/role requires its completion before the position can be ratified. Thirteen pages of questions, with lots of attachments required, such as Police Checks, copy qualifications, degrees/diplomas, details of past jobs/dates/positions held, experience, etc.

Blame Neary and the Quinns!

Liamo57

My advice to you is dont touch business with a bargepole if you dont even know what you want to do. My wife and all my children are in business and I had a few businesses in my time. You need a great work ethic for starters and business is 7 days not five.

mariopepper

Stable businesses is the best option as for me. When you don't have enough experience you should do what you can learn. Just try to make small business like sallerman or smth like that and then you we'll see the prospect