Ideas advice required

[twcullen]

Any help would be appreciated. I am in my early 30's and desperate to work for myself. At present I work in the flooring industry in sales I have done so for the past 10 years and have had enough I can't stand it! In my spare time for the past 4 years I have bought, improved and sold property with some success, I now have a nice large home (with a 50% mortgage)and a lovely 2 year old Porsche (that makes my pratt of a boss sick with envy!) I have a spare 35k that I would like to invest in my future, that will enable me to leave my job with immedate effect and long term provide me with an income. I am getting married next year and before my future wife wants to settle down and have kids I want something sorted! Any ideas what I could do without risking what I have already achived? Thanks in advance!

[ACEparts_com]

Hmmm you want us to tell you a guaranteed way of securing your future without any risk to your past achievements?

In my experience you have to lose everything at least once and risk everything most of the time, so maybe sticking with your job isn't such a bad idea.

[jacobyte]

Fortune favours the brave. Just as long as you have a roof over your head, food and clothing, go for it. Forget the Porker, you will look back on it as insignificant in the grand scheme of things.

[twcullen]

ACEparts_com said:

Hmmm you want us to tell you a guaranteed way of securing your future without any risk to your past achievements?

In my experience you have to lose everything at least once and risk everything most of the time, so maybe sticking with your job isn't such a bad idea.

I have lost it all before 6 years ago I was 40k in debt and lived on a mates sofa!

Thanks for your encouraging advice!

[RichBurley]

Part time training/ sales consultancy?

It worked for Dave Brent, and he was hopeless; I'm sure you could make a good go of it? Years of work in sales means you're used to talking to people so it seems an idea? You might be able to develop it whilst staying in your current job?

[Leftie]

twcullen said:

ACEparts_com said:

Hmmm you want us to tell you a guaranteed way of securing your future without any risk to your past achievements?

In my experience you have to lose everything at least once and risk everything most of the time, so maybe sticking with your job isn't such a bad idea.

I have lost it all before 6 years ago I was 40k in debt and lived on a mates sofa!

Thanks for your encouraging advice!

Divorce by chance?

[freddies_dad]

twcullen said:

Any help would be appreciated. I am in my early 30's and desperate to work for myself. At present I work in the flooring industry in sales I have done so for the past 10 years and have had enough I can't stand it! In my spare time for the past 4 years I have bought, improved and sold property with some success, I now have a nice large home (with a 50% mortgage)and a lovely 2 year old Porsche (that makes my pratt of a boss sick with envy!) I have a spare 35k that I would like to invest in my future, that will enable me to leave my job with immedate effect and long term provide me with an income. I am getting married next year and before my future wife wants to settle down and have kids I want something sorted! Any ideas what I could do without risking what I have already achived? Thanks in advance!

A franchise?

I have to say - you're asking the question that a hell of a lot of people would like the answer to but don't have - which kind of implies that it's a pretty tough question!

[twcullen]

freddies_dad said:

twcullen said:

Any help would be appreciated. I am in my early 30's and desperate to work for myself. At present I work in the flooring industry in sales I have done so for the past 10 years and have had enough I can't stand it! In my spare time for the past 4 years I have bought, improved and sold property with some success, I now have a nice large home (with a 50% mortgage)and a lovely 2 year old Porsche (that makes my pratt of a boss sick with envy!) I have a spare 35k that I would like to invest in my future, that will enable me to leave my job with immedate effect and long term provide me with an income. I am getting married next year and before my future wife wants to settle down and have kids I want something sorted! Any ideas what I could do without risking what I have already achived? Thanks in advance!

A franchise?

I have to say - you're asking the question that a hell of a lot of people would like the answer to but don't have - which kind of implies that it's a pretty tough question!

Yes I know it's a tough one but I am just trying to get a few ideas i.e what experience do people have of franchises? How much would the bank lend me to buy an existing business if I put up my 35k? Web based business any future in them? It's just I seem to be able talk myself out of any idea by being too negative. I really want to leave my job because I hate it but I also don't want to work for anyone else! I am also too young to retire!!

[jconsta6]

AS already said - there is no golden answer, however, I'm just curious that if you have done relatively well with the property, and obviously have some experience in this area - why not continue? I think it's a recognised fact that you are more likely to succeed in your own businees if you already have some experience in that area.

Like others had suggested if you've got a fully paid 2 year old porker I'd sell that get a mondeo, pile the cash in with your other savings and go for the franchise route - subway etc? IF you really can't see a why of progressing the property idea.

As for fortune favouring the brave, there are a lot of people made tons of cash by being bold in business, but there are probably 10000% more who walked away broke thinking "why the hell didn't I just have a nice holiday instead".

I'll admitidly say I've thought I should have had a holiday several times.

Good luck with whichever you choose to pursue.

Cheers,

JC

[skeggysteve]

I assume that the Porsche was paid for by the property development not by selling floors?

If yes, it answers your question. If not, then I don't know!

Two bits of advice:
1. If you are getting married then tell the future wife you want to be self employed - believe me you will need her support.If she doesn't like it ditch the idea or her, your choice.

2. Do it. If it works great. But if it fails at least you will have tried - ask yourself do you want to look back in 20 years time and say I wish I done it?

Good luck with whatever you decide to do.

[M400 NBL]

twcullen said:

I am in my early 30's and desperate to work for myself.

You and me both...and probably a lot more people taht have worked for 15+ years with only inflationary pay rises each year.

I occasionally check out www.businessesforsale.com just in case the perfect business is for sale in or around my area. It would be my dream to own and run a gym...all be it, it would still be work.
I can't stand the fact that the man at the top of my company earns billions (not exagurating) and couldn't give a damn about his employees, only sales and results.

I'm also trying my hand at domaining. There are a number of people that just think up catchy domain names for between £3-£10 and sell them for much more or develop a site and sell for even more...or as I do with most of mine, park them and earn money from clicks from your site. As an example, www.vodka.com sold for $3,000,000. Do a search for "www.vodka.com sells" and see for yourself.

I'm biassed because I wany one myself, but i'd sell the Porker and buy a Noble. Very quick but will leave you with even more cash.

Have you considered buying property at auction? There is still opportunity to make a good profit, although it is getting difficult with so many builders getting in on the act. It used to be developers that bought property, who then employed tradesmen but the tradesmen are buying themselves these days. But this still may be an avenue worth considering, given that you have had success from this in the past.

How soon you should try something new depends on your salary. If you are getting paid a lot of money then probably best not to tell your boss where to stick his job

I was made redundant a little over a year ago. Some of my ex-colleagues didn't want to work for aomeone else. Only one of them still works for himself. The rest earned far less, didn't have company pensions, holidays etc. That's something else worth thinking about.

Best of luck. Would be nice if you let us know how it goes...even if it takes several years

[twcullen]

Thanks for some interesting relies guys! It looks like property might be my best route to take it has proved very fruitful so far and most certainly did pay for my Porker! However with interest rate uncertainty I would'nt want to get stung with a property I could'nt sell in a stale market? Although I am sure most of you would comment that is the risk you take if you want to get ahead! So I guess I should give my self a huge kick up the backside and get on with it!