Budget Business challenge 2018/19

[bazza white]

It happened a few years ago but dont think it did last year.

I know we are a bit late starting so we will use the financial year so you have a 6 week headstart/planning

Either

Business £100 or business £250 the choice is yours. (shall we have one set budget or change the ones selected £200 maybe. )


anyone up for it. Name the rules you want.

[ymwoods]

Sounds interesting but I must have missed this previous years.

I take it the rules are you start with £100/£250 and then try to turn the biggest profit from this by the end of the next financial year? All legal, taxes etc paid?

[Shrimper]

sounds good I'm in!

[Frankthered]

Is this a slow burner or is there genuinely little interest?

I have an idea of something I could try - possibly been done before, but hey ...

[pharmvrs]

I’m still thinking of an idea that isn’t directly related to my existing business.... could maybe do a spin off-still healthcare related though.

I’ve got my thinking cap on-maybe others have too?

[Frimley111R]

I did the first one I think back in 2012. If it helps, these were the rough rules:

"So that we can generate as diverse a type of businesses as possible the rules will be minimal but should:

1. Not involve just gambling the money as this is not in the spirit/is not the intention of this thread
2. Not be part of your normal day job, it should be something new but it can be in the same industry
3. Be something you do on your own, i.e. do not join with others to pool your money
4. Not involve selling something you already own

The challenge is £XXX per business/idea therefore if you have 3 ideas you can try all of them as long as you stick to the £100 budget for each one.

That’s about it but if there are any other obvious points to add above from later posters I will add them in here.

In line with posters on here the challenge will start on <Date> and finish on <Date>.

As this is a fairly informal challenge there is no requirement to have you results verified. If you say that you generated X by doing Y then that's good enough."

[silobass]

pharmvrs said:

I’m still thinking of an idea that isn’t directly related to my existing business.... could maybe do a spin off-still healthcare related though.

I’ve got my thinking cap on-maybe others have too?

Sure have, the longer the thread drags out the better I've been thinking for ages prior to this and still can't come up with anything separate I'd like to do.

Will be up for it anyway. I've also never set up a company before (our accountant did it for us before) so pointers on the best/cheapest way to do it for the challenge would be appreciated.

[droopsnoot]

Frankthered said:

Is this a slow burner or is there genuinely little interest?

I'm interested, have time, but just can't think of anything great. Though I have got one thought, not likely to turn into a scalable business, and not likely to win "largest turnover" award.

[ymwoods]

I'm in

[A205GTI]

Go on then!

[enjo]

I stuck £200 in crypto currencies in Jan as a bit of an experiment. Today I'm back in the green for the first time so I can keep you updated with that if you like?

[bazza white]

Ill update the thread after.


Would £200 be a better option for all.


Bitcoin isnt really in the spirit. No share trading, betting or FX just keep it to product or services in a business sense or would people prefer a £200 any and which way.

I have an idea but whether its doable or not is a different story.


Are we happy with a april - march trading year. 6 weeks to come up with ideas then.

[ymwoods]

Yeah i'm good with that, been looking for an excuse to do some hand made car waxes

Does it count if I only sell them to you lot?

[sammc123]

I'm in! Got a few idea's already I've been toying with so will be excited for this one Maybe we can do a spreadsheet of some sort we can update each monthly to see how everyone is getting on? Shared on google drive or something of the kind.

[Sunnyone]

I’m in, I’ve an idea or two and a few spare hours a week.

[Frimley111R]

bazza white said:

Ill update the thread after.


Would £200 be a better option for all.


Bitcoin isnt really in the spirit. No share trading, betting or FX just keep it to product or services in a business sense or would people prefer a £200 any and which way.

I have an idea but whether its doable or not is a different story.


Are we happy with a april - march trading year. 6 weeks to come up with ideas then.

Hope you don't mind some input from me on this but I'd recommend not making it a year. Interest wanes and yo have to keep the tread alive a long time. Keep it to 3-6 months. It forces people to do it now not get around to it sometime.

£200 is a good amount to start with as even £100 makes many things hard to start.

Yes, Bitcoin is currency trading/gambling and not building a business.