Business ideas?

I will soon be made redundant from my employment position and am in the midst of weighing up my options.

I have some neg geared properties so thats an issue,
Anyhow, I've read too much Kiyosaki and my mindset tells me that working for money is not the way to go.
I'm leaning towards buying a franchise that someone else can run to start with while I do minimal work but take the profits.

I've also thought about just taking an easy job for the mean time such as cleaning, as its not hard and I wouldn't mind it too much.
But in the long run I'm going to need some cash-flow, and I have no qualifications. I don't want to go to school to get any because I don';t want to "work" for money, I want it to work for me.

What are some other ways I may not have thought of for cash flow with minimal effort?

My plan is to travel within a few years and so far my investments are taking care of that for me but I have a golden opportunity now where I can do something else. I just don';t know what yet..
 
I'm leaning towards buying a franchise that someone else can run to start with while I do minimal work but take the profits.

When you find the holy grail, please share.

Most people I know who have gone into (or are in) business for themselves are working harder and longer hours than ever before, at least in the earlier years.
Marg
 
amen to that, marg. i've been at it three years and i'm finally getting my sunday back.

get another stream of income. however, to do this, you must invest capital.
 
Thats what I thought.. :D

It looks as though I'll just keep being an employee whenever I need some cash, as my goal is to live life. My investments should give me the option of doing whatever for the most part later on down the line. After all, thats why I bought them in the first place.
I've just gotta keep on buying whenever I can afford to do so.

I think the thing that rings true most to me is this
People can work all their lives and be in the same position they were 50 years before at retirement age. I don't want that.
 
No worries in doing that JIT.

I got to thinking of alternative ways to create cashflow after hearing of a Family members friend who has now retired and bought into 1/10th of a major nightclub. He makes big $$'s

If I could replicate that on a smaller scale and possibly do it over and over again then.. you see the picture.
 
Yeah if you buy a franchise, hiring someone to do the hard work for you wont pay off, they wont have the drive and passion you will thats for sure.

I've just started my own business fortunately whilst holding on to my current Job, its no walk in the park. I'm now on average working harder and longer hours each week. But it can be done, Hard work will need to be done though, no easy way out really.
 
I have studied much, have many qualifications, worked much for money and will be there at the auction if the bank repos your IPs.
In the meantime I have no time I have to wake up by in the mornings, while you work to pay interest.
 
What are some other ways I may not have thought of for cash flow with minimal effort?

My plan is to travel within a few years and so far my investments are taking care of that for me but I have a golden opportunity now where I can do something else. I just don';t know what yet..

Is there any reason why you don't want to put in maximum effort, rather than minimum effort?
In the few years before you plan to travel, you could build up a great business which will give you your financial freedom, but it will take more than just minimal effort.

You also say:
I've also thought about just taking an easy job for the mean time such as cleaning, as its not hard and I wouldn't mind it too much.

What is wrong with a hard and difficult job, the experience gained ensures growth and determination and only makes you stronger.

Don't wish things were easier, wish you were better.
 
Some ideas for you:

Renovate - This might be too much work for you though!

Buy an Internet Business - You will need to research before buying anything but there is quite a few profitable websites that don't cost too much.

Get some education - Go do a course on something that you think could help you start a business, like take a business or marketing course.

hope that helps.
 
Anyhow, I've read too much Kiyosaki and my mindset tells me that working for money is not the way to go.

But in the long run I'm going to need some cash-flow, and I have no qualifications. I don't want to go to school to get any because I don';t want to "work" for money, I want it to work for me.

..

This is a bit contradictory.......Even though Kiyosaki does use the phrase 'don't "work" for money, let money work for you' he does promote getting an education (not a traditional education however). You may need to invest in some learnings / courses in order to make that next step.

Cheers,

F
 
I know u probably dont want to hear it ........but many a decent mlm will outdo most foodie frans.

the difference is that when u invest 300 to 500 k on a food fran u have to make it work, vs most mlms at 500 bucks max will be a hobby or experiment.

ta
rolf
 
Research the Franchise idea

Franchises make the Franchisor rich not the franchisee. Franchisees are people who own the business but have no say in how to run it (= no freedom) and you have to pay for the changes to the way of doing business (that you may disagree with).

Due diligence is a word often used on the Forum and I highly recommend if you go down this road - get an accountant to run you through the p&l and balance sheet and tell you in layman terms that you will earn +-$20000 for 16hours a day with and without a manager for your $75000+ investment.

If you were going to do the abovementioned that would most likely result in a loss. I would pay down my loans and turn my IP's into positively geared IP's and live off that pocket money whilst backpacking around Europe and America whilst the dollar is so good and then turn to India and Asia when it turns.

Have fun what ever you do.
 
I got to thinking of alternative ways to create cashflow after hearing of a Family members friend who has now retired and bought into 1/10th of a major nightclub. He makes big $$'s

If I could replicate that on a smaller scale and possibly do it over and over again then.. you see the picture.

That's not so much getting into business, IMO, that's investing in shares. It's just a private company with a limited number of investors, instead of one freely traded by anyone on the asx.

Not that there's anything wrong with that, either. It's a strategy that I'm rather fond of, as well. But, there is a massive difference in assessing the potential returns - and just as importantly, the potential risk - in such an exercise compared to those in starting a new business or buying a franchise.

The other thought to consider is that a regular paycheque is often helpful when applying for finance. Getting into a new business may conflict a little with your aggressive property-buying plans for a good year or two.
 
My plan is to travel within a few years and so far my investments are taking care of that for me but I have a golden opportunity now where I can do something else. I just don';t know what yet..

Work with the end in mind :) If your plan is to travel...start (or purchase) a business that "requires;)" you to travel (to trade shows, to visit suppliers/customers etc)

Also with the end plan in view....how much $$ do you NEED?? if you only NEED say $100 a week to fund your CF- IP's then work backwards from there.
(if a chosen biz has a 5% nett profit then you only need to turn over about $2000pw or 100K pa)

Good luck :)
 
Lol, I'm getting a little tired of reading your posts mate.. Is there an ignore button around here? So far I've never read anything good from you whatsoever, I don't even understand what you're trying to say here?

You will be at the auction if the bank repossess my properties? What makes you think that will ever happen? I have backup plans in place if the worst case happens and I can't get a job, just like every other investor in the world should have. And anyway, with a mindset like that as if you've got the capital to buy them :rolleyes:

In the meantime, I have no time. What is that? Me neither mate, thats why I'm working on ways to work less, and earn more. Do you understand this post?

While "I" work to pay interest? I'll have you know that my holdings are neutral after depreciation benefits and - gearing, smarty pants ;)

Now please, go humbug someone else because I sure don't want any more vomit from you on mine.

I have studied much, have many qualifications, worked much for money and will be there at the auction if the bank repos your IPs.
In the meantime I have no time I have to wake up by in the mornings, while you work to pay interest.
 
Cheers and good advice.

I would like around $60,000 for me and $60,000 PA for the missus.

If I keep working for the next few years that should be quite easy to achieve depending on what the market does so I'm not too worried about it but would like to get a business or two up and running.

If I sold up today I'd receive a tidy profit that would allow me to do whatever for 3-5 years. So I've heard of bigger "problems"

Work with the end in mind :) If your plan is to travel...start (or purchase) a business that "requires;)" you to travel (to trade shows, to visit suppliers/customers etc)

Also with the end plan in view....how much $$ do you NEED?? if you only NEED say $100 a week to fund your CF- IP's then work backwards from there.
(if a chosen biz has a 5% nett profit then you only need to turn over about $2000pw or 100K pa)

Good luck :)
 
Top