What do I have to do with $ 100,000 for a living? Should I start my own business or buy or invest in a franchise? Should I keep it invested?

Updated on : December 3, 2021 by Logan Wright



What do I have to do with $ 100,000 for a living? Should I start my own business or buy or invest in a franchise? Should I keep it invested?

What you might be thinking about in your shoes: Most new businesses fail. What does that say?

One thing says you have to agree to fail. Are you okay with being a 50-year-old ex-attorney with no emergency fund, with a big mortgage, and a failed Metro? One who hasn't seen his wife and daughter in the last 2 years because he was spending 90 hours a week at their now-closed restaurant? For some people, the answer is, "Hell yeah!" Because they know they can get out of that hole and because the trip will be worth it.

Another thing it says is that you should probably start a business

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What you might be thinking about in your shoes: Most new businesses fail. What does that say?

One thing says you have to agree to fail. Are you okay with being a 50-year-old ex-attorney with no emergency fund, with a big mortgage, and a failed Metro? One who hasn't seen his wife and daughter in the last 2 years because he was spending 90 hours a week at their now-closed restaurant? For some people, the answer is, "Hell yeah!" Because they know they can get out of that hole and because the trip will be worth it.

Another thing he says is that you should probably start a business where you have an unfair advantage. Is there any reason your Metro will be a much safer bet than all the other restaurant chains opening near it this year? If not, is there any other business you can start where you do? For example, how about being a lawyer in private practice? Or how about a business that you are selling to companies like the one you are working for now?

He also says that if you want to be successful, you have to be too prepared. Subway kindly provides a franchise FAQ that explains that it takes between $ 125 and 250,000 to start a Subway. And that's not counting paying your bills in the meantime. Could you survive on $ 100k? Maybe. But it is a much bigger bet.



I didn't mean to offend, but you sound like a guy running away from something. The successful entrepreneurs I know were all running towards something. Fame, glory, fortune, changing the world. They were hungry. You don't sound hungry, you sound tired.

If I were in your place, I would spend some of that emergency money taking a 3-month vacation somewhere cheap, like a small beach town in Mexico. Don't do a lot of anything for as long as you can bear it, and then don't do anything else of nothing. Empty your mind and your days until your heart screams: Enough of this! Let's make something happen!

When you have that feeling, then you know what business to start. And if you return to a day job, you will do so with a clear head and a steady heart.

The answers so far I do not personally recommend.

I started my business out of necessity, because I did not have (or at that time did not see any) other options, and it has been an uphill climb because I had no guide, no compass and, most importantly, I had no idea what was to come. , just enthusiasm and the optimism of potential success.

So here are my two cents if you are going to bet your bank and don't have access to any more cash infusion ...

(1) Buy a calendar (not the one on your iPhone, the one with actual pages ... Remember that thing? Do I think they are still available? Somewhere?)

(2) Now on a dai

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The answers so far I do not personally recommend.

I started my business out of necessity, because I did not have (or at that time did not see any) other options, and it has been an uphill climb because I had no guide, no compass and, most importantly, I had no idea what was to come. , just enthusiasm and the optimism of potential success.

So here are my two cents if you are going to bet your bank and don't have access to any more cash infusion ...

(1) Buy a calendar (not the one on your iPhone, the one with actual pages ... Remember that thing? Do I think they are still available? Somewhere?)

(2) Now, daily or in each daily block, enter how much of your $ 100,000 will be spent on your business idea until you make your first sale.

(3) Then delay your first sale for a week ... Then another. It will give you an idea of ​​your consumption rate and more importantly a fresh perspective on how far your savings will go, and the point here is that it WILL ALL GO if you start a new business!

After looking at that calendar, you can ask yourself the real question: Are you prepared to endure the pains of such effort? Bearing in mind that there is NO guarantee of success.

I always tell people to be wary of the success stories of Facebook and Apple startups as they are the lucky singularities (which is why they are considered legends): things came together at the right time for them (I mean that Steve Jobs is hailed as a demigod). god, but Steve Wozniak actually built on his hit, but he's an afterthought), and this is the case with just about every mega-hit. This is not guaranteed at all ... Instead, focus more on the history of Amazon, an intentional startup, and the time and money it takes to make a profit.

It may be successful OR it may not.

With your family situation, I think this is a point to seriously consider ... Look before you jump. and if you do ... may fortune embrace your journey!

Good luck!

You will need more than 100k (assuming USD) for a subway franchise. I'm not sure if this applies to you, but also remember that when you quit smoking you will have to support your daughter, your wife, and yourself.

100,000 USD to start a business is a lot of money (for most industries). I assume, based on the way you framed the question, that you have no experience in starting (entrepreneurial) companies. And don't have an idea of ​​a concept or product that will change the world.

There are many ways with an initial investment of less than 5k that you can start a business. If you like the law (the field), but no ne

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You will need more than 100k (assuming USD) for a subway franchise. I'm not sure if this applies to you, but also remember that when you quit smoking you will have to support your daughter, your wife, and yourself.

100,000 USD to start a business is a lot of money (for most industries). I assume, based on the way you framed the question, that you have no experience in starting (entrepreneurial) companies. And don't have an idea of ​​a concept or product that will change the world.

There are many ways with an initial investment of less than 5k that you can start a business. If you like law (the field), but not necessarily legal work. It is easy to start a law firm. You just need motivation and learn to be a good (charming) salesperson.

I can give you a free tip if you want to send me a private message. It never hurts to have lawyers as friends. I would also like to know what type of law and where you practice. I may be able to hire you to edit the Terms of Service for our new website.

How about this. Keep your day job, work harder at it, pay off the big mortgage, spend less, let the emergency fund grow. Get comfortable with a much lower income. Find something you can do in the evenings and on the weekends to add a little cash flow. Do that for 6 months to test if you can make money and test yourself to see if it really is something that you would spend your nights and weekends on AND all the rest of the time you have doing.

If you think that after 6 months of doing that alongside your day job, enough to trade your day job for more of that job, then you are on your way to being your own man and running away.

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How about this. Keep your day job, work harder at it, pay off the big mortgage, spend less, let the emergency fund grow. Get comfortable with a much lower income. Find something you can do in the evenings and on the weekends to add a little cash flow. Do that for 6 months to test if you can make money and test yourself to see if it really is something that you would spend your nights and weekends on AND all the rest of the time you have doing.

If you think that after 6 months of doing that alongside your day job, enough to trade your day job for more of that job, then you are on your way to being your own man and running your own business.

What kind of return did you expect to get from your savings? 100% per year? Most big investors would be happy with 7% and that's when the stock market soared. That's $ 7000 a year, will that cover your mortgage?

So don't think there is an easier way to get rich quick ... And stay rich.

A2A.
From the point of view of a cautious person, who played it safe all his years on the job, and who didn't consider $ 100,000 a lot of money if that's all he has, at his age to get a new job It is quite difficult if you are looking for a job in the Netherlands, have a wife, a daughter, a big mortgage, isn't your idea just a kind of dream because you are not happy with your current job?
You think about doing something totally different, without having knowledge or experience in that field, wouldn't that be a recipe for failure? So what? No job, no money, maybe a lot of debt, a family

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A2A.
From the point of view of a cautious person, who played it safe all his years on the job, and who didn't consider $ 100,000 a lot of money if that's all he has, at his age to get a new job It is quite difficult if you are looking for a job in the Netherlands, have a wife, a daughter, a big mortgage, isn't your idea just a kind of dream because you are not happy with your current job?
You think about doing something totally different, without having knowledge or experience in that field, wouldn't that be a recipe for failure? So what? No job, no money, maybe a lot of debt, a family to take care of, a big mortgage, your daughter couldn't get a higher education because of all this?
It's not like I'm alone without all these responsibilities.
It is better to find another place or another function to work as a lawyer.
Wishing all the best, all the wisdom, luck and courage you need!

A low-cost franchise where your investment covers fees, licenses, inventory, marketing, and living expenses for a time would be a good option. Develop a comprehensive business plan, expect downtime when expenses exceed profits, don't cover expenses, and align alternative sources of funds before you need them. Another aspect would be to make this decision in the long term. Look for companies that support franchisees and share their values. You may also want to research your exit strategy. If the business doesn't work, can you sell your franchise? Why would someone buy you instead of

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A low-cost franchise where your investment covers fees, licenses, inventory, marketing, and living expenses for a time would be a good option. Develop a comprehensive business plan, expect downtime when expenses exceed profits, don't cover expenses, and align alternative sources of funds before you need them. Another aspect would be to make this decision in the long term. Look for companies that support franchisees and share their values. You may also want to research your exit strategy. If the business doesn't work, can you sell your franchise? Why would someone buy from you rather than from the company itself? I heard that a Chick-fil-A franchise is cheap, but it has an intense sorting process. They look for people who share their ideology. What if your health or nutritional needs change in the future? How much control do you have over what your company sells?

Franchises are called buying a job.

Subway is the cheapest known franchise. The company estimates that the initial cost of a traditional store is $ 116 thousand dollars, 188 thousand typical, 263 thousand luxury. Non-traditional stores within another business cost a minimum of 80K. Assuming you run the store yourself without salary, the net profit would be 40-50 thousand, depending on the location. Most of the owners have 2-3 stores.
Metro franchise capital requirements

A McDonald's costs a million dollars and the conscience doesn't bother selling unhealthy food. The gain is approximately 200K.

You could buy an old motel (probably from a guy named Patel)

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Franchises are called buying a job.

Subway is the cheapest known franchise. The company estimates that the initial cost of a traditional store is $ 116 thousand dollars, 188 thousand typical, 263 thousand luxury. Non-traditional stores within another business cost a minimum of 80K. Assuming you run the store yourself without salary, the net profit would be 40-50 thousand, depending on the location. Most of the owners have 2-3 stores.
Metro franchise capital requirements

A McDonald's costs a million dollars and the conscience doesn't bother selling unhealthy food. The gain is approximately 200K.

You could buy an old motel (probably a guy named Patel) and live in it. The estimated profit is half of what you say in the profit and loss that the seller shows you.

Invest that $ 100,000 in a house or two in South Africa near a university or a nice neighborhood, and expect a return of $ 10,000 to $ 22,000 every year. Having a company to take care of it, paying them a certain amount to manage it ... is risky, but you have to take the risk of being above average eventually ... it may not work the first time, but it will always work if you keep it tough.

Your best bet would be to do something related to being a lawyer but for yourself. There is a reason for his high salary as a lawyer and the relatively low wages of ice cream workers.

Take advantage of a wide range of business concepts by doing something that already makes a lot of money. From the lack of need to test a hypothesis, to competitive advantage and supply / demand ratios.

Don't use your emergency fund !!! That's for emergencies.

Instead why not make something cheap, like 10,000, like an app, if you want. Or start a small business with $ 15,000 (like a small coffee kiosk).

Start small and minimal and build.

As advice. Don't quit your job yet. One hundred thousand right now and anywhere else in the world is not a lot of money. Basically ot is not enough for any business. If you think about a franchise, it would probably cost around 300 to 500 thousand and still the return on investment will take a long time.

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