Starting A New Business On Just £1000
Discussion
Hi Everyone,
Whilst I was in work today, the conversation that popped up was 'can you realistically set up a profitable business on just £1000' It got me thinking what you could actually set up on this budget?
I was thinking along the lines of leaflet distribution, other ideas that popped up were working from home ideas such as typing and also selling goods via a website.
If you had just £1000 to set up a business what would you choose to do?
Look forward to hearing your responses!
Whilst I was in work today, the conversation that popped up was 'can you realistically set up a profitable business on just £1000' It got me thinking what you could actually set up on this budget?
I was thinking along the lines of leaflet distribution, other ideas that popped up were working from home ideas such as typing and also selling goods via a website.
If you had just £1000 to set up a business what would you choose to do?
Look forward to hearing your responses!
Are you talking about £1,000 cash or bringing in a combination of cash and other assets worth around £1,000?
I would say that most businesses would require the proprietor to at least have access to a motor car - which they will probably already own and which in most cases will be worth over £1,000.
So, the answer is yes, certain types of businesses can be set up with less than £1,000 worth of cash but that assets introduced by the proprietor(s) to the business will probably exceed £1,000.
In fact, some businesses start up in a negative situatuion in that the business needs to borrow in order to have some working capital on hand.
I would say that most businesses would require the proprietor to at least have access to a motor car - which they will probably already own and which in most cases will be worth over £1,000.
So, the answer is yes, certain types of businesses can be set up with less than £1,000 worth of cash but that assets introduced by the proprietor(s) to the business will probably exceed £1,000.
In fact, some businesses start up in a negative situatuion in that the business needs to borrow in order to have some working capital on hand.
Simpo Two said:
I think 'stuff you already have' isn't included.
In fact I can feel a new column coming on: 'Stuff I have'!!
It certainlty should be included in a new businesses' balance sheet - if only to ensure that the business can claim the relevant Capital Allowances.In fact I can feel a new column coming on: 'Stuff I have'!!
And it does represent part of the "investment" in the new business by the proprietor.
25 years ago I bumped into some Brummies who sold me some premium rate phone numbers for £100 which they advertised in w@nk mags and which generated a monthly cheque. I told them just to buy more numbers for me with the income, and by 1989 I had several PAGES of these numbers!! Wot a laff!! I used to get them to send a monthly cheque along with ad proofs to the CSA, so many of your early w@nking experiences paid for my kid's child support.
I thought making money out of w@nking was hilarious, and whenever asked on forms for my occupation I'd put 'Wan King King'!!
Eventually, of course,(but not before several years of great income had been made) the government wasted the biz by regulatory interference and enforcements (like forcing the w@nkers/customers to enter multi-digit pin numbers to use the premium rate numbers etc). I ended up just giving the numbers back to the Brummies (who remained mates for years). And that was one of the best laughs I've ever had for £100, apart from being a cheap start-up 'business', tho' I can't say it really involved much hard graft on my part.
I thought making money out of w@nking was hilarious, and whenever asked on forms for my occupation I'd put 'Wan King King'!! Eventually, of course,(but not before several years of great income had been made) the government wasted the biz by regulatory interference and enforcements (like forcing the w@nkers/customers to enter multi-digit pin numbers to use the premium rate numbers etc). I ended up just giving the numbers back to the Brummies (who remained mates for years). And that was one of the best laughs I've ever had for £100, apart from being a cheap start-up 'business', tho' I can't say it really involved much hard graft on my part.
Eric Mc said:
Did you ever test your product?
It's always good advice to do so
ha ha ha!!! tbh one of the most hilarious parts were the'inspirational' adsIt's always good advice to do so
......y'know...tiny picture of titty bleachblonde prostitute with caption like...'stick your hot lovepole deep in my steamy sopping lovetube'!! Oh feck!! You'd laugh till you wept!! (unless you were spotty, 14, and alone in your bedroom with all your sister's friends playing David Essex records in the lounge).
BUT: a couple of the numbers was a 'dating agency' called Scotdate which was a wholly interactive phone-based dating agency. It had hundreds and hundreds of 'customers', about 25% of whom were women. A mate and I shagged almost every single one of them. Old ones. Young ones.Big ones. Small ones. Fat ones. Skinny ones. Dog ugly. Really quite pretty. The LOT!! We even shagged 2 x sisters on several occasions, but they completely freaked out when we asked them to swap!! It's probably different now, but back then a 'dating agency' was just a 'shagging agency'. Almost entirely weirdos. and almost entirely hilarious!!
In fact that madness got swapped for a property business which became quite a success and is still going to this day.....
Eric Mc said:
It certainlty should be included in a new businesses' balance sheet - if only to ensure that the business can claim the relevant Capital Allowances.
For accounting purposes absolutely, but I think the angle behind the question was 'Can you start up with £1,000?'. Your personal car may be worth £5,000 but you can't pay suppliers with it.Simpo Two said:
Eric Mc said:
It certainlty should be included in a new businesses' balance sheet - if only to ensure that the business can claim the relevant Capital Allowances.
For accounting purposes absolutely, but I think the angle behind the question was 'Can you start up with £1,000?'. Your personal car may be worth £5,000 but you can't pay suppliers with it.Simpo Two said:
Eric Mc said:
I would say that most businesses would require the proprietor to at least have access to a motor car
Eric Mc said:
You can if you sell it. An asset is an asset - whther its cash, metal or bricks and mortar.
Kaboom - you just sold the car you need You can, although I think that having to buy a cheaper car smacks a little of desperation. For my part I'd just been made redundant so negotiated a decent price for my former company car (as I didn't have a personal car at all).
But really, if you're not prudent enough to have £1,000 savings are you prudent enough to run a business? Call me boring but I'm only happy when I'm in the black - because you never know when the work will dry up.
But really, if you're not prudent enough to have £1,000 savings are you prudent enough to run a business? Call me boring but I'm only happy when I'm in the black - because you never know when the work will dry up.
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