Working for yourself

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chaddblue

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5 Jan 2008
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I know somebody who has worked in the banking industry, for the same bank, since they left school getting on for 30 years ago. She is getting a big wedge of redundancy pay, enough to be able to start up her own little business if she wanted to. Problem is she hasn't got a clue what she could do

She doesn't want to become a self made millionaire or anything, just something to tide her over and something she might enjoy doing and won't mean working 12 hour days 7 days a week

The only thing I can think of is buying and selling, maybe an e-bay business, as this is something she's dabbled in in the past, but more as a hobby and to get rid of stuff she doesn't want

Do any budding entrepeneurs out there have any suggestions?
 
I started my own business last July after spending 16 years making somebody else rich. It's the best thing I've ever done. Apart from having my daughter. The freedom it allows you is amazing and the feeling of waking up in the morning and not having to answer to anybody else all day apart from yourself is pretty bloody fantastic. What I didn't bank on was the intial stress of setting it up, making it work and getting it paying a wage. Somedays I can work 18 hours doing stuff with it, others I can take the day off and bugger off doing what I want. What I would suggest is her finding something she is very good at and seeing if there's a market for it. My choice was pretty safe as it's a trade and people will always require somebody with my set of skills. Where as my sister wants to setup a wedding planning business with no previous experience in the market which I think is more risky, but, with hard work and graft I know she will make it work.

If she's thinking of going down the ebay buying and selling route, I would probably keep a track on current trends, fashions, and what's ''in'' at the moment and see if she can import a shitload of stuff off somewhere like Aliexpress to get her started. I would also suggest she got herself a full time job to guarnatee a wage coming in, and try running the business as a side income for a few months to see if it has legs. Nothing more stressful than having to go and find business to pay your rent that's due in 3 weeks.

Hope it works out for her, I've never been happier with work and more people really should just got for it, 99% of people know what they want to do, want to be their own boss, but it's that final jump into the abyss of working for yourself that stops them. I'm rambling now but hope some of this makes some kind of sense.
 
A good start is to look at an area of commerce attached to something your friend enjoys. then research the production chain of things affiliated with it. This may show an area where they can step in especially if it is related to something learned during their normal working career. I know that is more common sense but still worth noting :-)
Capital, whatever they think they need; triple it to give you a buffer when starting up.
 
Rosler1985 said:
I started my own business last July after spending 16 years making somebody else rich. It's the best thing I've ever done. Apart from having my daughter. The freedom it allows you is amazing and the feeling of waking up in the morning and not having to answer to anybody else all day apart from yourself is pretty bloody fantastic. What I didn't bank on was the intial stress of setting it up, making it work and getting it paying a wage. Somedays I can work 18 hours doing stuff with it, others I can take the day off and bugger off doing what I want. What I would suggest is her finding something she is very good at and seeing if there's a market for it. My choice was pretty safe as it's a trade and people will always require somebody with my set of skills. Where as my sister wants to setup a wedding planning business with no previous experience in the market which I think is more risky, but, with hard work and graft I know she will make it work.

If she's thinking of going down the ebay buying and selling route, I would probably keep a track on current trends, fashions, and what's ''in'' at the moment and see if she can import a shitload of stuff off somewhere like Aliexpress to get her started. I would also suggest she got herself a full time job to guarnatee a wage coming in, and try running the business as a side income for a few months to see if it has legs. Nothing more stressful than having to go and find business to pay your rent that's due in 3 weeks.

Hope it works out for her, I've never been happier with work and more people really should just got for it, 99% of people know what they want to do, want to be their own boss, but it's that final jump into the abyss of working for yourself that stops them. I'm rambling now but hope some of this makes some kind of sense.
Click to expand...

Cheers mate. I'm glad its working out for you

I guess the fact she's losing her job anyway would help her to make the jump and the fact she's getting a big pay off gives her some security and the finances to help set something up

She is pretty clued up and she's a hard worker, so I think she'd have a good chance of making a success of something
 
If I was suddenly unemployed with a wedge I'd spend the time coming up with ideas and a project rather than buying or selling things you don't understand. Going down a route you know nothing about is a sure fire money sink.

Given her past position she might want to consider putting her knowledge and advice for sale. I'm sure many people would pay for the advice of someone who knows their stuff. Look at Martin Lewis, he sold his company for multi-millions and all he does is tell people how to save their money.
 
Sorry to be a dismalll Dave, I would strongly recommended anyone in the later years of their lives approach a financial advisor before embarking on an entrepreneurial path late in their lives. As if you lose money now very little time to set yourself up for retirement.

Just saying.
 
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