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Money, Business & Finance Ground >> Business Ideas U can start for $100,000?


9/9/09 5:17 AM
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Joe Ray
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Eventually I want to start my own business but I haven't got a clue what to do.

I'm 28 at the moment and working as an accountant. I'll achieve chartered status in a couple of years. All good but never going to make me obscenely rich.

I know that whatever business I decide to start it is going to have be in an area I am going to have to start learning from scratch. That's fine with me. So right now I'd like to try and think of an area of business I could go into that I can spend the next few years researching and thinking about.

And then when I am 31 or 32 I should have enough knowledge to be able to make a proper go of whatever it is I decide to do.

And if it all fucks up I can go back and work as an accountant until I think of something else.

So OG, what sort of business should I start?

....(also posted on OG)....
9/9/09 9:22 AM
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LiveWire
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 What's your passion?
9/10/09 1:02 PM
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thefightingsheep
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 To give you some flavor for what is out there as far as existing businesses, you can use a site like http://www.bizbuysell.com/buy/ and type in your metro area and price range (0-100,000 in your scenario). 

9/12/09 6:32 AM
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Joe Ray
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My passion?

Not really sure but I realize that I whatever I am going to do is going to have to be something I shall need to spend some time acquiring a level of expertise in as well as being something I find interesting.

I have 3 books on clean and renewable energy technology arriving next week. I'm going to research that field for a while.
9/12/09 7:51 AM
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walbjj
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ummm, why dont u just build up ur client base or buy into a partnership.
it seems like ur spending all this time building up expertise in the accounting field, and then ur going to pack it up to start again. doesnt make sense, unless u hate accounting so much, but that raises the question of why u chose to do it in the first place.

also, u can do so much with accounting, u can try and move into a larger firm with more opportunities and different finance paths rather than the typical accounting grind
9/14/09 4:16 AM
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Joe Ray
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As I said above accounting will never make me rich.

It's a good job and I enjoy it but it is a means to an end ie. running my own firm. That is why I chose to do it
9/14/09 8:34 AM
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walbjj
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i guess ur definition of rich differs to mine. i know tons of accountants, whether they r partners, own their own small practice or r fairly high up at one of the big 4 firms that make a decent living.
i think u trying to start a business in something that u have no idea about that could take u years to come to fruition is more of a risk than sticking at what u already know and grinding away has a greater chance of success
9/14/09 11:49 AM
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LiveWire
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 Walbjj, raises a good question. What is your definition of rich? If I recall correctly, I don't think you're an American, but U.S. Accountants can have very lucrative careers owning their own businesses.
9/14/09 1:30 PM
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Joe Ray
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walbjj -  own their own small practice or r fairly high up at one of the big 4 firms that make a decent living.


Like I said being an accountant will make me a decent living and is something to always be able to fall back on but that is all.

Plus I am not in love with accounting enough to want to do it 14 hours a day 7 days a week which I would have to do if I started my own accounting firm.

i think u trying to start a business in something that u have no idea about that could take u years to come to fruition is more of a risk than sticking at what u already know and grinding away has a greater chance of success


Hence my reason for deciding on something now and putting in the time learning and researching it rather than later.

My definition of rich = Tens of millions at least, enough to stop working and still be able to live in luxury and support your family till the end of your life.
9/16/09 6:06 AM
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walbjj
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oh, so u want to be one of the 1%ers in life. those that are either blessed with talent, skill, invent something that others want or just plain lucky in life.
good luck with that.
sorry for being sarcastic. i can understand u wanting to achieve greatness, and its always a good dream to have. many achieve it, but its a rare breed. but an accountant that has no formal training in the sciences trying to get up to speed by learning thru books is behind the eightball i believe.
anyway, i look forward to u coming back here in 10 years when u make it big
9/16/09 10:50 AM
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Joe Ray
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I posted this same thread on the OG and got much better responses. People were actually offering ideas for businesses.

What I am getting here is: "Stay in your comfort zone. At 28 you are far too old to learn new things. Don't try and be enterprising, you are much better off working in your accountants job than actually taking a risk and trying some business venture that is unrelated to accounting"

If anyone who has had success as an entrepreneur listened to you they would not be successful entrepreneurs.

/End of thread.
9/16/09 3:09 PM
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LiveWire
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 Well let's start in reverse, what did the OG offer up?
9/16/09 7:13 PM
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acm5060
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Joe Ray - how are you getting butt hurt at people's reactions.

you come on here asking how you can turn $100k into $10m. if any of us knew how to do that, do you think we'd be on here f*cking talking to you about it? furthermore, you don't even have the slightest clue about how you're going to attain that. you're looking into renewable energy sources which is a fad right now.

maybe it's time to take a long hard look at yourself. just because you will it doesn't mean it will happen. if that were true, i'd be f*cking some hot supermodel as her sister ate out my a$$.
9/16/09 7:35 PM
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koreviewz
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Make Real Cash From Home, OWNER
 Joe Ray, email me directly and I will give you some suggestions.  Also, if you want some free info, let me know.  It can help with ideas.

In general though, you want to make money in the margins and  build from that.  Mow lawns, consult, etc.  Do something that is easy to start and generate cash flow and use that money to reinvest in something that will create income.

9/17/09 8:26 AM
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walbjj
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lol at responses from the OG. seriously, the OG is good for a read and all, but i seriously doubt any of them have any business acumen.
im not the best person to be giving business advice, hell, ive got a commerce degree, an mba, and i run food retail businesses that our family owns. i try to keep it real when people talk to me about business, its not easy out there, i seen way more people fuck up or basically just scrape buy then ones that are winning, kicking fucking goals and living it up.
for every person that makes something, there are hundreds, thousands more that fail, lose the house, or set themselves back financially 10 years.
no one is saying for u to stay in ur comfort zone. im telling u to CONCENTRATE in your field of expertise. accountancy isnt just preparing tax returns, u can do so much more with it, move into so many different avenues with so many opportunities.

then again, go read ur science books and come up with some new fangled cold fission generator
9/18/09 6:21 PM
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thefightingsheep
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Joe Ray -  My definition of rich = Tens of millions at least, enough to stop working and still be able to live in luxury and support your family till the end of your life.
Give up.  YOu'll never make it and you'll only get frustrated trying.
 
9/19/09 6:11 AM
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walbjj
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i wouldnt say its impossible, but as i mentioned before, that level of wealth is the 1%'s in life. they have something special to offer, and are paid accordingly.
joe ray unfortunately lacks the knowledge or skills atm to reach that level. im not saying he cant or wont, but i give it less than 1% chance of it occurring, sad but true

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