Personally i am not sure it is as simple as that, just thinking of an idea, my advice would be to pick something you know about, business can be tough and so just picking at an idea that you may not have expereience in may just be that little more difficult.
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arrrrrrrrrrrrrrggggggggggghhhhhhh

sorry PJM11 but that has to be the most common and annoying question that gets asked of forums like this and I am a member of several. People on this board and boards like this can offer you a massive amount of help and advice about running a business. The one thing we can't tell you is what business to run. We dont know your skills, your hobbies or interests your background experience etc etc etc. As has been said its just not that simple, if it was I could take 7 - 10k every month start a profitable buiness and sell it for a profit, in a couple of years I could retire and relax on my own desert island.

My first advice would be before you even start thinking about a business learn to control your personal finances, you say you have around 7 - 10k so when someone says around 7k it is considered to be 6 to 8k and around 10k is 9 - 11k so potentially you have somewhere between 6 and 11k. Thats almost a 100% variance between your lowest figure and your highest if you dont know how much you have before you start a business what hope have you got of controlling the finances of any business you do start.

Before anysays I'm being harsh , yes I am, better for me to be harsh now than for reality to be harsh when they have already invested their hard earned cash.

PJM11 please think long and hard about this then address the following things
1) work out how much of your savings you can invest in any company and how much you need to keep to live on whilst youget the company into profit.
2) work out what you are good at, dont start up in sales related business if you hate selling
3) think about the type of business, are you happy selling to joe public or do you prefer building relationships with a few business customers that will influence the type of business you should think about.
4) Buy or Startup? do you know enough to get the business up and running from scratch or do you want to buy an existing business lean how to run your own business and who knows maybe sell it and start another from scratch in later years
5) Independent or franchise? independent you do as you want, franchise you follow their model but its tried and tested and you have their support
6) is there a hobby you have that could be converted into a business or you could buy a business that relates to your hobby.

Just remember you are putting your life savings into this business and it will be what you eat sleep and breathe for the next few years at least so you have to be interested in it.
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Richard How FIAP MAPM
How Associates - Programme Management Consultants
Quality Web Hosting
Photography Forum
Tourist Guide to Newport Pagnell

Thank you both for your advice and i will use your feedback in a constructive way once again thank you both

no problem at all PJM11 and I'm glad you didnt take offence at my slight rant its just so frustrating seeing people dive in with rose tinted glasses on and no real idea as to what they want to do and before they know it their hard saved nest egg isgone and their business fails. I would rather give you the reality check now whilst you are still holding your cash. Please don't be put off as running your on business is very rewarding but also very hard work. Go for it but go for it with your eyes wide open
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Richard How FIAP MAPM
How Associates - Programme Management Consultants
Quality Web Hosting
Photography Forum
Tourist Guide to Newport Pagnell

Hi PJM11.

I would be interested to chat with you to find out what skills and experience you have as I am looking for a new project and would be interested to share ideas. Please email me: mikeymac27@gmail.com or add me on skype: md.innovations

Hi all

like PJM11 i am also new to this site but i have the opposite problem to PJM11. i have too many ideas without having so much as a cent to my name to put all these wonderful ideas into practice. so for the moment i remain a wage slave.

what i would like to know is where to find investors/business partners willing to invest 70 000 pounds. because....

i have been to the development bank in my country (Namibia, that's in Africa) and they've taken a look at my business plan, smiled, complimented me on having composed such an excellent business plan, smiled and then told me that they do not offer any loan (without exception) without the owner/owners not having a 30% down payment of the total loan required. now i don't know about the rest of you but for me 30% of 670 000 pounds is not chicken feed for me.

so alas, i am (for now) forced to take a step back and approach the same problem (start-up) from a different point of view.

PS(i only just found out that an idea i had for a business, i still have the business plan, is actually a business already existing in the uk!!!!!!! and here i was thinking that the idea was unique to me only. how is it that some1 else had the exact same idea i did - although i must admit mine is a bit better)

Hi I have a business and am seeking an investor who can have a 40% stake in the company for £4500 I am currently turning over 10 k per month with a net profit of £3200 the reason I am seeking investment is to expand into larger regions of the uk and start of Europe, this is a very profitable business & not only am I just seeking cash but someone who can actually have hands on experience within the business because at the moment there are not enough hours in the day.

Many thanks

I agree with the above. A business plan is in order here. You must assess what it is that you want to do, your goals in the field, etc. I think you should take a considerable amount of time to think this over and come up with a solid business plan. I suggest a business that you feel confident, comfortable, and excited to be a part of.
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http://www.whitemedia.com/

I have come to this post rather late!

However, Richard makes some great points. The idea of setting up a business may sound like a great idea, but starting, running, running, running and building your business takes enormous effort, determination and sheer self belief. If you are going to do so, you need to have a passion for what you are doing.

So my question to PJM11 - what are you passionate about? What are your goals? What do you want to achieve? Have you set up in business since your post in June? If so, how is it going?

As for Mikey26, Ou Kali and PhilRog - different post entirely, but can see why you raised it here!
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Kind regards

Paul

www.startuprevolution.co.uk
Get your business moving!

Hi,
I think I joined the party a bit late too! But have you looked into wholesale domains? The domain industry is massive and you can start up a reseller account for little to no outlay to start up with. You can personalise it as much as you want, by creating a storefront or designing your own site, but its a great way to get a new business going.
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Jess
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www.domainbox.com

Hi there

My general advice:

If you are lacking the idea then choose something that you first and foremost are passionate about (this wil ensure your committment to it) and something that has a market (to ensure you have a business to be passionate about!). Once these bits are decided, everything else will follow.. and must be well set out in a business plan.

If you have no funding, having a well set out business plan will provide any lender you approach with the reassurance that you are serious and committed to the venture!

Let us know what you want to do and we'll help you get closer to that goal.

www.reviewmybusinessplan.com

getstarted@reviewmybusinessplan.com

my I just say having read several of them, what utter rubbish many of your posts are "review my business plan"

"If you have no funding, having a well set out business plan will provide any lender you approach with the reassurance that you are serious and committed to the venture!"

Utter tosh. If you have no funding the banks wont touch you with a long pole.

Please if you dont know what you are on about, dont post rubbish on the forum.
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James Smith
Chartered Accountant
www.jamesesmith.co.uk

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

Firstly.. James Smith..

Being a member of the ICAEW, as you claim to be, I'd suggest keeping up the professionalism of the Institute rather than diverging from the topic of this forum by embarking on unfounded attacks and disrupting the conversation thread.

On behalf of James I apologise to the rest of the forum participants for this unprofessional interuption.

Going back to point of this thread and PJM11's query, I still feel that you should choose something that you are passionate about and something that has a market to improve the chances of success of your venture.

Any idea's that you have, make a quick plan to check how you will use your investment, if it will be enough to get it off the ground or if you will require further funding.


All the best

www.reviewmybusinessplan.com

getstarted@reviewmybusinessplan.com

The minimum amount of time you're going to spend on a business is 5 years right so whatever you do, it must surely be something you're passionate about or at least interested in.

Jim Collins believes that good companies usually have:

1) Passion for the product or market
2) Are or at least aspire to be best in class
3) Have a good economic engine i.e a good business model
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