Separate names with a comma.
Discussion in 'Starting a Business' started by Fergal, Apr 29, 2011.
If you were given $1,000 today to start a new business, what business would you start?
i sure will go for trading, get some product directly from manufacturer, and then sell it out
Do you have any particular type of product or industry in mind sigma?
I would go for microcredit. Lend the money to you young entrepreneurs online, there are many of them. Internet is a cheap country, domains costing only $10, design practically free and host only $100/year. With $110 someone can develop his idea online and test himself. To avoid scams I would carry all transaction myself as to be sure the money is being spent on domains and hosts, or even particular softwares like vBulletin.
I would charge a compound interest rate of 10%, better than any bank. So, the borrower can postpone the time of return of the money. If the borrower gives up, the lender gets what remains of the business.
If anyone is interested, I have a very good business related domain which I haven't had time to develop. I will give it to you for development, host included. Whatever you manage to make out of it is yours, what I want back is $100*1.1^n, where n is the number of years you return the money back.
In plain language, to have full ownership of the domain and the business you build with it in the first year you need to pay $110.
Within the second year $121(=100*1.1^2).
Within the third year $133(=100*1.1^3) and so on...
Want to take the challenge? PM me if interested.
I've sometimes considered doing that myself Daftblogger. What procedures would you put in place to ensure that the entrepreneurs paid you back the money owed? The fact that you still own the domain would help, but what if the idea didn't work for them and they had built little value on the domain?
The risk is included in my interest rate. 10% would be the average interest rate I would ask for but it has to be tuned of course. By tuning I mean that it has to be based on your experience with previous borrowers. I'm assuming a risk of 1/11 as a beginning (I'm an optimist by nature). 1 in ten borrowers won't give you the money back or will leave you with a valueless website. In that case, if you were lending $100, an interest rate of 10% would ensure you no loss. As we are experimenting, I would set off with a no-loss mentality, not eager to earn immediately. The interest rate would rise to 40% if it turns out that 1 out of 3 of your initial borrowers didn't give the money back. So, the interest rate really depends on their behavior.
Moreover, I would lend to a closed number of people (3,5,10,20...). This would minimize the risk.
Hope I answered your question.
Not at this moment because it require some time to do research on the market demand and cost. However, recently my friend has a plan on trading, he is now selling e-cigarette online & offline. So far the business is good considered that it is just at the beginning stage for this product.
I would make a posting buisness on the web, it'll bring in quite a lot of profit too in the long term.
do you recently running this business? mind to share more details?
Thanks for explaining that Daftblogger, it sounds like a plan. Good luck with that business sigma.
Wonderkid do you mean that you would provide forum posters to forum owners?
I would like to do some seo/marketing services such link building and submission.
I'm planning to get this kind of business/service coz SEO is very popular this time.
$1,000 can be used to purchase a small number of websites, then develop them and sell them for high P/E ratio.
Best to target niches that have high P/E ratios.
all the best,
Would you need initial investment to start a service like that? If so what would you actually spend the money on?
Sounds like a good approach Stephen, I've noticed that the prices that websites and domains are selling at has fallen in recent times, so now could be a good time to pick up a bargain.
This might sound crazy, but I'd rent some of the finest coders to make a lot of modifications for MyBB, then I would provide them all "free" on my website, later to offer users to become a sponsor. or sell some good plugins as premium ones.
maybe a little more to wait for a good job.
Yep, it seems like the lazy man's way, but in many respects why build a (website/seo/traffic/pr) etc for an unspecified cost when you can pluck a live one right out of the air. I guess the danger is that buyers don't always know how to evaluate asset value and the potential risks. Good business to get into if you have a few quid behind you though.
Fergal I assume you mean an online business? I guess you should pick a business model first. You can try membership sites, or classified ads sitest with a small fee per ad. This is endless.
I've always wanted to star a comedy site, and then I could continue receiving money off of ad revenue. Hopefully I guess, if everything works out.
A lemonade stand, jk, lol.
Probably learn a few more skills for free using the internet, and then sell my services for graphic design, web design, and development. Majority of the money would just go into advertisement. After I get my local businesses' attention, I would advertise in other places and gain more customers.
Sounds good Johnny, you are obviously very passionate about MyBB.
Thanks Casey, I actually wasn't asking to get a business idea for myself, I thought it would be interesting to hear what kinds of businesses members would start, whether that be online or offline.
Sounds good, we could all do with a bit more laughter in our lives.
Sounds good, the only thing that comes to mind is that you could do a lot of that without the initial investment, i.e. even though it would be easier to set it up if you had some investment, you certainly shouldn't let the lack of start up funds stop you from doing it.