What to do with $10,000 ?

Hmmm. It is possible to spend $1,000 on advertising and make only $500 in sales. If that happens for a few months in a row you'll soon learn that a good idea is not enough on its own. "Ah!" I hear you say, "But I've already seen that $20 can make me $100." True, and you may well find that such figures don't always scale. If they did I'd invest $20K tomorrow and you and me could split the resulting $100K next week. Or you'd have taken a $20K loan from somewhere else by now!

There are a lot of people here in DP with great ideas. But it's not just a great idea that will make you the money but some financial savvy too.

 

i wouldn't take out a loan until i knew exactly what i was doing, everyone makes mistakes in the beginning. The more money you invest the more money those mistakes are gonna cost you.

 

i would start a really good website with the 10k

 

Invest it for god's sake. Put it to your investment fund, long term just like cool says, it's important to grow that money.

 

YA right ..you know you're coding those websites when you dont see your boss around!! come on be honest ...lol

 

I am a management consultant and have helped over a thousand clients worldwide on their business plans in the past dozen years. As you might imagine, I have seen a LOT of business ideas and models....the prior recommendations of many that you have a business plan are the right path.

However....

The first thing you need is to do a quick compass check to see if that path is even going the right direction!

Do a quickie Excel and play around with ideas...if you buy a website, what is your business model? How much can you REALLY charge for what products and services? How do those prices compare to what REAL customers would be willing to really pay? What is a reasonable ramp up time frame for the world to find you and start paying you real dollars for what services and products? What are the direct, incremental costs you would have with each product or service sold? What's left over is your gross margin BEFORE your payroll costs, general operating costs and profit. Worry about all that stuff but AFTER you get your revenue model working. Until you get that part working on the back of an envelope, you won't know if you are wasting your time, energy and your investor's money going down the wrong trail.

The other part to decide is if you will have genuine passion for a business like that with those kinds of products and services. If not, find a different trail that leads to passion. You already have a job you don't like.

If all those parts make sense, you can benefit from a real business plan. Either way, best of luck with your new venutre!

Robert

 

making money online is hard not as easy as some people claim it to be..
it takes some hard work, a good idea that you can turn into a great one, plenty of late night sleep..some people are happy to have that money in the bank earning say 3.67%, put inflation at 2.9%, earning is less than 1% or none at all. Don't quit your job if it's good pay.

yes I have to agree with many here, start with a business plan and follow it thru. make adjustment when needed. more than 70% of business owners fail the first five years because they didn't follow thru or something.

 

since the 10,000 isnt yours i wouldnt even consider doing this and quitting your day job.