I quit today! Back into business, $56000 to invest + $75000 from a friend willing to chip in. Open to all suggestions Thanks

Hi Guys:

I quit my job. https://www.ozbargain.com.au/node/325061?page=2#comment-4997...

And I feel GREAT!!! I honestly have not felt this good for a long time.

I am going back into business. And I am willing to risk my entire savings of $56000. A friend of mine is also in a similar position who is willing to chip in $75000 if we have settled on an idea. (full involvement for me and part involvement for him)

So far the suggestions I had from others are (either joking or seriously):

Put it all on the Red (No thank you)
Get to know the head bikies (errrrr…………..)
Put it all on the Eagles (No thank you and they just lost tonight)
Invest all in LEGO and Envelops (Ok but wont generate cash for a few years)
Open a massage business (Maybe, Would $130k be enough to do one?)
Start an online business selling stuffs from China/Vietnam (eBay? Fees too high and postage too expensive within Australia, not so keen on this idea)
Go to food fairs and sell some food (Its workable but there is only few each work, dont think its enough to make a living out of it)
Buy an ice cream business (I doubt you can buy an ice cream business for less than $300k these days and we only have around $130k in capital)
Start a boutique food business specialising in few things, small shop front, lots of traffic, takeaway etc (I like this idea)

I would like to hear business owners and people working for others. Please kindly share what types of business you work for, what made the business tick and what made it going down hill. (Please do not name the business, just the types of business for privacy reasons)

Thank you all!

PS: Some good advice from everyone already, thanks heaps and keep it coming.

Please kindly share the types of industry you are in. Is the business doing good, or not so good?


UPDATE: Thanks for all the comments and suggestions below. Much appreciated.

Today I received a call from my management indicating they are happy to put me on the casual shifts, hours are not long, 4 hours per shift doing maybe 20 hours a week, and the pay will be $25 an hour + bonus (Which was never the case when I was working for them part time, this is a much needed confident boost for me and I believe its a step in the right direction. With this casual hours in mind at least I would have some income coming in while I decide on what do to. Thank you all and keep the comments coming. I will do more reply later. Thanks again. What a great community we have:)

Poll Options

  • 295
    You are mad!
  • 7
    I am with you but I won't risk it at your age.
  • 46
    Food is the way to go, we all have to eat.
  • 27
    Others (please write in comments if choosing others)

Comments

  • +97 votes

    start a religion

    • +21 votes

      The Synagogue of OzBargain.

    • +7 votes

      Nah, You should check out Crypto-currency, even just for a few weeks to increase your capital. Buy in now at $3600USD before it's $4000+ next weekend. Bitcoin is where it's at, I've made thousands off it this year already, no business needed. I also invested $500 of btc into a Crypto called ark about a week ago and sold at over double my investment. Same with OMG (OmiseGo), I bought it when I heard news they were implementing it into Mcdonalds in Thailand and sold at almost 100% profit a week or so later. If I had the money you had to play with on Bittrex I'd be laughing right now rolling in the cash lol.

      • +10 votes

        You have to be careful. Only invest what you are prepared to lose. Because of China banning ICO, and subsequent plans of closing some exchanges, the cybercurrency market has taken a beating. Having said that, prices are low, and if you invest wisely, there is money to be made.

      •  

        Agree here good time to buy with China recently banning it it's way down and will bounce back.

      • +8 votes

        There's a lucrative investment at the casino called roulette that lets you double your money EVERY MINUTE, holy shit get on that now!

      • +3 votes

        Btc was 3.7k a few days ago. Now its nearly 5k a coin!.. I think its too volatile to put so much money into it in the hopes of living off it right away. Hope im wrong. I would love for cryptocurrencies to go further. Long term it will but short term the price is too bouncy.

      • +3 votes

        Cryptos proliferate on everyone's dream of getting rich for free. When you read some random on the internet saying you should get in because they made 100% in a weekend, that's a reason to stay far away.

      • +1 vote

        what freakatronic says. when some guy (guys now) on the internet are pouring money and making double off just jumping onto any new crypto you know that specualation is high. geat technology - speculative investment. whole heap of crypto nerds who come out to defend it alway swho hadn't seen a single stock ni their life prior to it, all into it because of the whole anti fiat/government is screwing us over theory. would beware. fine if your out the door first… given you quit your joba nd this is a do or die live savings - ask yourself what sort of risk management you want. in other words stay clear of crypto 'punting' aka speculating, aka gambling.

        • -1 vote

          Is it speculation that in the last 7 years bitcoin has had an increase in value at an average of about 0.05% per day, that's about 180% a year, good luck getting that in a bank or even in a 'solid' investment like gold: https://www.investing.com/currencies/btc-usd-historical-data
          Additionally, how is 7years of data speculative? It's fact, aka as truth. Why would people like Jamie Dimon (ceo of Jp Morgan) be constantly putting it down if it is something that doesn't threaten he's business? He's actually getting sued because he's firm made large buys on btc after he spoke badly about it in the media with speculation that he only talks negative to lower prices so he can buy in.

          You probably also think that every dollar in your bank account is actually sitting their physically in a vault for you too, yes? The fact is probably 90% of currency is digital already, yet you pay a third party to store it and move it around, essentially making the money not yours. You know what happened in the depression? Banks couldn't pay up and people were left with nothing. Why not handle your own money without storage fees? Why not get into a currency that doesn't inflate and actually increases in value due to a strict supply maximum of only 27million bitcoins. You can say what you want but I guarantee if you had the option to go back in time a couple of years, one of the things you would do to capitalize on the situation is you would buy bitcoin. I can also guarantee that speculation is not fact, and the fact is, bitcoin has been around for years, every time it catches heat whether it be Jamie D or China regulation, USA Regulation, A hard fork (bitcoin cash), anything negative that comes at it, it recovers, no problems. Is it speculation that multi billions of dollars have been spent on hardware and infrastructure for bitcoin mining? Have you heard of Bitmain/Antpool? Have you heard of Genesis Mining? How about John Mcafee who also has a bitcoin mining operation. Are companies like Visa speculation? Why can I get a visa partnered debit card to spend my bitcoin with? Is it speculation that over several hundred million dollars are traded on pairs like usd/btc and jpy/btc every day? That sort of money does not get traded on speculation. Fact: Bitcoin is a currency, one which is far better than Fiat and a big part of the reason it is doing so well is because of this. The entire blockchain/ledger of transactions is public for anyone to see, if that doesn't scream trust than stick with your bank and it's undisclosed tracing of physical funds.
          Can I ask, when does this speculation end? Bitcoin has been around 8+years. Huge companies are jumping on board and have already been on board for years. There are several Massive companies accepting it as payment and my source for this is old, meaning there are probably several more accepting it as payment now and the fact you can get debit cards like coinjar swipe and literally spend bitcoin anywhere that accepts eftpos makes this list tiny: http://www.ebay.com/gds/100-Companies-That-Accept-Bitcoins-A...

          Businesses sometimes charge a credit card surcharge because banks charge them to accept payments. What do you know, accepting bitcoin both saves the business transaction fees and also offers a store of increasing value rather than an inflated currency that is always worth less than it was when you got it.
          With names such as Ethereum making huge moves in the technology space, it's not all about currency either, most the people that buy Eth do it for the investment, not to use as currrency. If you did the research, you'd know that there are already several huge companies, including investment banks that are implementing blockchain technology which originated from bitcoin which is far from speculation: http://www.businessinsider.com/blockchain-technology-banking...

          As of right now, the total Market cap is $145 billion dollars. Apple, the most profitable tech company in the world have about 200billion in usable funds. This means not even apple could buy up all the crypto currencies in the world, not even bitcoin alone at it's current 70billion value. https://coinmarketcap.com/
          Keep in mind as demand rises, so does price so if a purchase that large was ever put on an order book on an exchange, the price would skyrocket from such a ludicrous buy wall with anyone with half a brain, increasing their asking price to double or more. Even a 100,000 dollar buy on an exchange like Bitfinex would probably push prices up when people saw the demand/value at that price. I really don't see any facts to your arguments. Just opinion and what does that mean to strangers without any facts to back it up? Are you all just that butthurt that you feel like you've missed out? There's solid analysts predicting at least 10-20k by next year with some predicting 50-100k+ by 2020 so you still have plenty of time. Im not saying to anyone to dump there life savings in, but damn, your an idiot if you've kept 100% of your money in the bank earning a measily 2% interest or something over the last year. when you could have done 400% plus this year alone on bitcoin. Diversify your money people! Also on another note, it may be worth doing your research before down talking crypto like you all have. There are people a hundred times smarter than me and you that live and breathe success that are already heavily invested in Bitcoin or have sung it praises. To mention a Few of them: Richard Branson, Bill Gates, Ashton Kutcher, Warren Buffet (2nd richest man in the world), even the large investment firm of The Rothchilds Family who are more involved with Fiat than anyone and they're even investing in it and the list goes on and on and on. Ultimately, please just do your research before talking shit about one of the most important inventions of this century.

          Yes I do realize there are scam ico's around and many stupid cryptocurrencies like dentist coin haha, but you deserve to loose your money if you invest in something like that. Like with any investment, do your research before investing or writing anything off. Make sure it solves a real world problem like bitcoin does with inflation and decentralizing control/power over the money supply and the data/records of it all with a public ledger. I think most people can agree, especially in Australia, prices on anything and everything are increasing massively compared to wages which is a problem that needs fixing. On a final note, did you guys know the actual government of Australia has added bitcoin to their portfolio of investments? All of it's just speculation and a gamble though, yeah? LMAO. Be honest, would you have the same opinion if you bought it 3 years ago at $200 levels with an increase of value over 2000% as of right now? How can you not see the value? 3 years ago you could get bitcoin that cheap, 3 years ago, 1 dollar also bought you less than it does now. Increase my value or decrease it? Doesn't take a genius to figure out what is the better currency and if your still against it than please get your head checked.

        • -1 vote

          @Tythefly86: I also had to add this, If anyone actually listened to me and bought in a 3600usd on my original comment, you would have had to wait a couple more days after the weekend i mentioned but we are currently sitting at $4200usd, You would be thanking me by now just like my mother is who made $5000AU in the last 10days because of bitcoin and my tip to buy in. You can buy the lows and sell the highs to make even more than the 400% or so its increased in value this year too. I've been swing trading it all year and have bought it several times under $2900usd and sold at $4000usd+, highest sell at 4680usd with my latest buying at 3600 (cos we will unlikely see sub $3000 anymore and I missed the $3000 buy in because it happened about 2-3am my time and literally had such a huge rally you had about 30minutes to buy it that low before it shot back up to $3600 and I was fast asleep.

          Keep in mind I am not even a technical analyst, I didn't do economics in uni or anything business related, I actually dropped out of uni/exercise science and became a personal trainer and now am a machine operator. The only thing giving me a slight edge is I was always good with math and probability in school. What I'm trying to say is, you don't have to be a genius, If I can easily pick the highs and lows by watching volume and trend lines and obvious buy/sell walls, without any official technical analysis training than mostly anyone can do it too. The price is so volatile that you'd be hard pressed to lose much money unless you panic sell which is where the smart people make their buys st for your loss or if you bought at an all time high which is just stupid and you deserve to lose money. Every time bitcoin has had a significant downtrend, it has recovered back to support levels and relatively quickly too. Like i said, the day it went to $3000, it was there less than an hour, that's how much support there is for cheap prices when comparing to all time highs. If you buy in at those critical support prices, it's almost impossible to lose money, or at least any significant amount lol. And if your smart and use a stop loss on your order, you will never lose more than what you stipulate. For example, everytime I buy, i look for at least a 10-20% gain, sometimes more depending on moving averages, volumes, etc but i put a stop loss in at 5% so if price goes to 5% lower than what I payed, than it will auto sell and stop my loss at 5%. Rarely ever happens tho, just put your buys in at a buy wall so you know u have plenty of support.

          I mainly mention this in response to the last comment statement: "in other words stay clear of crypto 'punting' aka speculating, aka gambling."
          Maths and probability is not gambling and people like this make it sound like you could lose all your money when that is definitely not the case if you have half a brain. The most I have ever lost on a trade is 5% and it was on a $2000 trade. that's $100 loss, big deal! Look up a few quick tutorials for the exchange you want to use and make a stop loss on all trades. Simple.

        •  

          @Tythefly86:

          All these people have no idea now that BTC is almost at $10k

    •  

      Based on Eneloops

    • +6 votes

      1) move to developing country with 130k.
      2) retire
      3) start religion
      4) profit

  • +44 votes

    So let me get this straight. Not only do you not know what kind of business to start, you also don't know what factors lead to a successful business. As soon as your Kickstarter project is up, I'll throw in my life's savings :-P

    • +11 votes

      Start a boutique food business specialising in few things, small shop front, lots of traffic, takeaway etc (I like this idea)

      I like this one above. I am turning 40 soon, $56000 isn't going to do me much as no bank will lent me the money to buy a house, not with my income. If I don't start now, I will never start. Worst come to worst, I go to Sydney and Melbourne to look for work if this business fails. But I have to try.

      • +42 votes

        Should you not have figured most of this out before you quit your job?

        • +39 votes

          Honestly, no.

          Its become so bad, I am mentally breaking down at work, its like someone have their hands on my heart, and punching it. I cant think of anything while working. If I dont quit, I will become suicidal. Not sure if you have this feeling or not. But I certainly did.

          So no, i didnt figure it out before I quit as I am not in a state of mind to think anything.

        • +41 votes

          @house2015:

          You should get some assistance with your life challenges before diving head first into a new business buddy.

          These are real health issues you should share with your GP. They can give you a referral to a psychologist and help you to apply for some free or discounted sessions through Medicare. 👍

        • +2 votes

          @Scrooge McDuck: Agreed, I've also contemplated starting my own businesss but talked myself out due to all the potential stress involved

        • +7 votes

          @house2015: RU OK dude? I heard Lifeline Australia 13 11 14 may help should you need it.

        • +5 votes

          @khued: lifeline helped me get out of some rough times and still do definitely worth a recommendation

        •  

          @house2015: Just a heads up, running your own business and not having a steady wage income stream is potentially way more stressful than working for someone for cash

        •  

          @house2015: I feel you. I used to work Retail. Life-sucking it was. Good luck mate!

        •  

          @sahh: Professional comment syntax & grammar reviewer ? And than you came across to many illiterates like me ? ;-)

        • +9 votes

          @house2015:

          Mate I know exactly what you're saying and feeling. I quit 4 months ago and I recommend opening up an e commerce business. find a good 3pl company and manage everything from your computer. The way to make good money is to have an online business that works around the clock for you. Your friend and yourself have a pretty big starting budget and could kick something off with around 20 to 30k
          With a low risk because if things don't work out you can always sell them for what you got them for (not to be negative)

          A lot of people will be quick to tell you that you're mad and a lot of them will give you good advice as in "don't start something that you haven't worked in the field in for a while to grasp the do" and donts". But also remember people always have to had started from somewhere, there is always someone that has done something that no one else has done before.
          The best thing you can do is always talk to people to and you'll constantly be learning. (Learn from other people's mistakes to save you time and stop you from burning out of drive constantly being interrupted with unnecessary hiccups)

          If you'd like a bit of guidance or help in what order to do everything please feel free to contact me directly

          Remember small steps are better than none.

        • +4 votes

          @khued: Was not ok, totally ok now:) thanks for asking:)

        •  

          @house2015: I voted for "Food is the way to go, we all have to eat." All the best mate!

        •  

          @house2015: PM you mate, did you get it?

        • -5 votes

          @Scrooge McDuck:

          Pathway to death if they went to a psychiatrist. No offence.

          If one is taking medication and inside they still know that they aren't succeeding in life. No amount of medication is going to make them change their mind. That is why people usually only heal with time and changing their mindset which will usually result in quitting their job and pursuing other employment opportunities anyway. This is clouded and masked in the statistics. Almost everyone knows about this.

          Every time I see someone mention psychiatry or anything related. I have to mention that is a fake pseudoscience which causes more harm than anything. The only thing it helps with is creating a bridge and keeping the person alive if they were stuck and unable to quit their job, in that it buys them time. That's when medication would help the person decide when it is time for them to take on something that they can keep going with for the rest of their life.

          If one quits their job and they don't become suicidal anymore, then is that a chemical imbalance? Lol… I mean, come on use your common sense people… Almost 90% of cases will involve something similar to this. Ask around about how people have stopped taking SSRIs and why; they will explain their own personal reasoning if you get in there deep enough.

          As long as the OP has a strong family support base, they should be fine. No psychs needed.

          Good on the OP for taking the biggest step to improving their mental health.

          Very rarely are people actually in the other circumstance where there is something wrong with them. In which case quitting their job would not even be relevant.

        • +1 vote

          @house2015:

          Mate, you did the right thing.

          Don't worry about it. You've got your whole family and friends behind you. That's better than most people.

        •  

          @VPNWasteOfCash:

          If one quits their job and they don't become suicidal anymore, then is that a chemical imbalance? Lol

          This may be temporarily. Because not being able to cope with stress is a thing and it is a chemical imbalance.

          Quitting the job reduces stress so he is not depressed anymore but very soon other things will start to stress him out again and BAM! this cycle all over again. But this time, he wont have savings to fall back upon.

          I strongly disagree with the "Quit your job if its making you suffer" attitude, because unless you planned it out you can actually be suffering more. Make it more of a "Quit your job because you have a better plan" then we can go from there. But OP seems like he did it without even planning

          That is just simply the recipe for disaster.

        • +1 vote

          @Patricka: thanks for that, I will remember these words.

        •  

          @house2015:

          I just want to add my 2c what what others have already said here. If you have trouble dealing with stress, then I think you need to seriously consider whether running your own small business is the right thing for you. I can't think of too many more stressful activities you could undertake… maybe a cycling holiday through Syria, but that's about it.

          For the sake of your own mental health, you may be better off finding a different job rather than starting your own business.

        •  

          @VPNWasteOfCash:

          Are you the one sending me the Scientology DVDs?

        •  

          @house2015: Just stay healthy and remember some times it will be stressful and hard but always remember not to take it out on anyone around you. And also love the come up you hopefully only have to do it once 👌🏾

        •  

          @PuppieWayne: Hi yes, i replied today. sorry too many messages yours must slip through

        •  

          @house2015: A few tips from me based on your original post and this comment that I am replying to:

          1. If work created so much pain then at first you should look into what exactly caused that pain, especially now while you have less responsibilities. The best business people have a tremendous amount of self awareness.

          2. There are business people who have people working for them, and then there are business people who really have just bought themselves a job (that they call a business). Which one are you? It's important to recognise the difference as they require two completely different approaches and certainly will result in different types of business to look at starting.

        •  

          @Patricka: Thanks for that. Your advice is much valued.

        •  

          @ssyl9: Thanks for the comments, although its true I am honestly feeling very good. For a long time my brain has been stopped thinking, I lived like a zombie. Now with this job out of the way my brain cell has been active all day. Not only that, many ideas now comes to my mind. But your comments is valid for sure.

      • +2 votes

        It's really funny , people in business would love to get back to security of 9-5 day job , while people in 9-5 day job would love the freedom of BYO business ??!!! false optimism / hope ?? :)

  • +4 votes

    Do a takeaway food business - my syggestion is to research a very successful model interstate or other suburb, and just replicate it. But really analyse why that take away shop is so successful. A few things I have learnt are;

    1. Quality of food - does it taste nice
    2. Price - most successful places I frequent you can get a meal for $10-$15
    3. Edit:
    4. Demographic - aka a pizza/kebab shop in an arab area - chinese shop in an asian area - a takeaway shop in a business district
    5. Location - probably the most important, I have seen great tasting and priced shops sitting empty because nobody is bothered to make the trip or its such a big hassle

    Also, with your friend, Im not saying it is a bad idea. But this friend, has to be a very good friend. Like very good, because the way I see it - $50k or $100k is not a big jump in capital, but is a big jump in the future of this thing kicks off. That $50k might not be worth the difference of opinion, time, effort, working hours etc.

    Thirdly be confident, I have seen many people leave the job market and start their own. Whilst not all have started earning hundreds of thousands, all of them have earnt a survivable income, that is successful itself as it then allows you to try some other business while that business supports you day to day.

    •  

      Thank you for your input at this hour. Very much appreciated. Can I ask are you in the same industry? If so, do you think $100k will be enough for the fit out of a small take away shop?

      • +1 vote

        Not in the industry but I have thought this for myself. Also regarding fitout, get creative and save money, things like cooking equipment is hard to save money on, but furniture and design you can save. I have been to some very average fitout restaurants, some even quite disgusting, that make a killing with nice food at cheap prices. Really put the emphasis on your food, trial and error and experiementing. Fitout is a by product.

        •  

          Thanks, I normally use AirTask if I need something done, if this goes to plan, I will mostly likely to get someone from AirTask. thanks for the advice. again, much appreciated.

    •  

      I know him a long time actually, great guy, we have set up a structure below:

      Money to be disputed by the hours worked times percentage of money putting in. To be honest. I be happy with first year return of $30k each

      • +4 votes

        I be happy with first year return of $30k each

        Based on your capital of $131,000, profit of $60,000 means that the business would have a 49% return.
        That sort of return would seem to be overly optimistic.

        • +1 vote

          Thanks for pointing that out. I think its doable if the business is set up right. Like the carpet cleaning business someone mentioned, $10k to set it up. All labour work. Marketing is the big ask though.

        •  

          @house2015: I think you should not expect ANY return for the next 2 years. It sounds hard, but it takes a lot for something to start up and get known.

        •  

          You need to draw out wages before working out your ROI.

        •  

          You are correct, the estimation is high. But I am certain I can do it if I did the first step right.

      • +3 votes

        Money to be disputed by …

        Freudian slip?

    • +8 votes

      Food business , mehhh - low margin and very high costs ( fittings, super crazy high labour costs especially weeekend and public holiday up to $40 per hour $!*#% really sick, high cost compliances, high public indemnity insurances $2000-3000 per year , high foot traffic equal to high rents, too Much competition, councils , gst , food costs, very long hours to shop and prepare ( what u don't see jobs ) , lots of hours doing rostering and bookkeeping for government , high turn over labour hiring and cost , inspection by councils very 3 Months , fair work and ato breathing on your neck , and at the end your $56000 +++ would be evaporated with no return , etc —- proof: Look at how many "cash only " signs hahahhaa )
      Australia is not the place to do business , look at how many small businesses are closing downs and how many also moved their business to singapore or BALi ( low cost business places ) , etc : google, Facebook, and other high margin business to pay as little tax and labour cost as possible !!! All in all, all of the best luck in future …

      • +2 votes

        Agree, very tough to make money selling food from a small shop. You'll also be renting, which means that your landlord will have access your financials. If you do well, your rent will increase accordingly.

        Only way to do this is to be good at it and have a great product.

      • +2 votes

        This is very truth. I could easily break down all the cost. In return, you might work $10 per hour, 80 hours per week.

        In addition to the above comment,

        If advertise on these popular sites:
        - Group coupon (never advertise so not sure how much they will charge on commission)
        - Menulog (14% + GST)
        - EatNow (at least 12% + GST)
        - Uber Eat (someone said 35%, not sure including GST or not)

        These marketing and advertising are good for customers but not the shop owner. No idea how could the shop still alive.

        Let's say
        Menulog order
        2 x pizza $17 + delivery $5 = $22

        Menulog charges(14%) = $3.08 (+GST, but claim back, so not add up here)
        GST =22/11 = $2
        Driver cost = $5-$6 per order (let's say outsource per order)
        food cost (min) = $4, $2 per pizza
        Pizza box = 50 cents to $1

        Total cost at the moment: $3.08+$2+$5+$4+$1 = $15.08

        All you have is $6.92
        Haven't calcuated the labour cost for preparing and making pizza, utilties, rent, etc.

        Takeaway shop is not that easy.

    • +3 votes

      As someone who owns a successful food business, your most important factors other than product/marketing/image are the rent amount and the location.
      Stay away from Westfield shopping centres. Try and negotiate the lease to the absolute death. Don't go into a franchise unless the location is perfect (like an Airport or extremely busy business centre) and even then, you MUST negotiate the fees as best you can.
      It's extremely demanding, so you better be very, very energetic and be prepared to have no days off for the first 6 months at least. You'll have to learn MYOB, rostering software, and hire good and reliable staff.

      To me, reading your comments above makes me think you should try an ecommerce business first.

    •  

      Can someone start a chicken snitty burger place in Hobart? these guys down here have no clue.

    •  

      'Quality of food - does it taste nice'

      Genius.

  • +6 votes

    Thing with Bikies is that they are a common-wealth setup. You take your considerable cash, and your mates, and trade it in for a patch and a LAMS bike, and work your way up from there. Your secondary option of Pimp may need Bikie connections though, maybe diversify?

  • +7 votes

    Congrats, mate! Wish I had the guts but I'd love to do my own thing too.

  •  

    What's your friends trade?

    •  

      He does house planning. But he hates it as it's really high pressure job but pay is ok

      • +11 votes

        "According to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within the first three years of starting"

        Based on this, and the amount of capital you have….I would seriously suggest not jumping into anything too quick, as attractive as that seems. You should branch out and do the research, get the relevant advice etc etc.

        If I had to pick something safe, I would say stick with your trades and what you're good at, but put your own spin on things to make the jobs you used to do more enjoyable.

        If I had to pick something risky, I would say research Cryptocurrency day trading. A stack of money to be made, and even more to be lossed.

        • +1 vote

          Yes, I am aware the risks of starting. But with the job i just quit, i dont see any upside in the next 5 years. I can go back to glass painting, but its bad for my health and its not something I would reconsider.

          Cryptocurrency is something I am not so familiar with. But I will have a look anyway. Thanks for sharing.

        • +2 votes

          @house2015:
          Please do not drop everything in to crypto currency even if you think you truly understand this market.
          Lots of money to be made if you are on board with the theory, but do some research before you go nuts. It would be better for you to lose say 5000 than the whole lump sum in a year. and if you don't lose it, then you will be better equipped to decide whether to invest more.

  • Top