What work can I do with 100k in the bank?

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oldkingcole

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Ive recently come into some money. With some savings, Ive roughly 100k in the bank. However, I dont have a job (made redundant) and in mid 30s, married with 3 small kids and about 250k owing on mortgage.
I've no problems working 60-70 hours a week but really want to be my own boss so have no problem investing in something that will suit my work ethic. Apart from taxis or logistics (courier?) Im looking for ideas. Anyone got any suggestions? thanks.
 
Hi, in the present economic climate i would let the money do the work for me ( get yourself a good interest rate ). Money is king right now.
 
Sounds like you need to buy into a franchise, look for shows coming up. 100k would go a long way in this day and age and select a business that you are interested in.
 
Hi, in the present economic climate i would let the money do the work for me ( get yourself a good interest rate ). Money is king right now.
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Explain further? Even if I get 10% that means Ive an annual salary of 10k. not enough to live on Im afraid, unless you mean something else like shares/spreads etc in which case Im all open to advice on any shares that you know are going to go up. :p

Sounds like you need to buy into a franchise, look for shows coming up. 100k would go a long way in this day and age and select a business that you are interested in.
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Hadnt thought of that, I had a look at some of the franchise websites out there and fired off some enquiry mails. thanks.
 
krissovo said:
Sounds like you need to buy into a franchise, look for shows coming up. 100k would go a long way in this day and age and select a business that you are interested in.
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Do your homework re the franchisor. I am sure they are good ones, but others can be close to being a con job. I know of a dozen or so people who each spent a large five figure amount on a franchise ( following the franchise show in the RDS some years ago ), and who invested a year or two of their lives, who all failed with that franchise, and lost money.
 
What skills have you? Think beyond the obvious.

My advice is ,go for something that you think will make money as opposed to being something you think you will love, because you won't love it after time. but thats why its called work. Being self employed is hard going and to be any bit successful you will have to make big sacrifices, time with family, friends and kiss goodbye any hobbies for a while.
 
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Beware of investing in any business that you are not experienced in. Do you really want to make expensive mistakes using your own money?
 
I worked in a career for last 15 years, not too bad, pays the salary and I could go back to it and find something easy enough as Ive had offers but reckon to get out of it, nows my chance.
As I said I dont mind working hard but I want to do something that will reward my hard work whether thats making sandwiches, signs or driving.
Ive been reading on pitfalls of franchising today, I can make a judgement call on most of them that I dont know about and some that I do. I narrowed it down to 2 that I seen potential in and asked for more info.
A few years ago I know taxi would have been the first word back, seems the last now. Is there nothing that replaces taxis as something that would reward work after an initial investment?
 
You really need to do your homework if you're thinking about franchising. If you search you'll see a few threads about this. They are not all they are cracked up to be. And do not for a minute believe the "95% of franchises are still around after 5 years" (compared to startups) nonsense.

Best of luck with your decision.
 
Complainer said:
Beware of investing in any business that you are not experienced in. Do you really want to make expensive mistakes using your own money?
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From personal experience this can be quite true. You could get a part-time job in the business you would like to do and suss it out from there.
 
Well you have enough there to do something you really enjoy. Have you thought about investing in some new qualifications or training?
 
Decent enough living to be made from this and you have the capital for start up. Provided you have the patience when dealing with people this could be a good choice as you can pick your hours to a degree.
 
Decent enough living to be made from this and you have the capital for start up. Provided you have the patience when dealing with people this could be a good choice as you can pick your hours to a degree.
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true, true, starting to think about this one. Are there certs one would need to be a DI?
 
Ever thought about getting into the push bike business? For a lot less than 100K you might get a nice little shop started. Reason I mention this is the govt recently introduced a rule in the budget where you get a tax break once every 4 years for the purchase of a bicycle. As irish people love tax breaks I suspect they will soon love cycling too. Or at least purchasing the bike and the gear that goes with it.
 
Kids entertainment? Supply of bouncy castles, that sort of thing? Work out how much people pay to hire how much it costs to buy the initial equipment, an you should be able to figure it out fairly quickly....
 
Forget Bouncy Castles it's over done.
Franchising: Coffee,sanwiches are over done. Believe Snap is succesful.

To be honest knock €90 off the mortgage take the family on a really good holiday and go back to work if as you say you can.

I lost €150K in Franchise and a marriage and still owe a fortune on the house.But I'm back earning a wage. You don't sound like an entrepreneur and there is no easy money in self employement.
 
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