Need advice on my options (please)

[dec360]

Hello Thanks for reading and in advance for any advice. :wave:

Current situation:

Current job hours have been cut by 80%, in a way its a blessing so I get more time to work on the FL process. I make enough to get by for all necessities like food rent etc. I have no wife, kids or any other responsibilities other than my job. I have 10-12hrs a day I can invest in some business Idea but no MONEY.

I have a business Idea that is related to what I do now. A big part of this Idea will require an Ipad app and a back end system that will cost about $2-$3k to develop. I dont like to borrow money and I dont know anyone right now that could lend it to me.

I think my options could be:

Option 1:

Using Wordpress Create a couple of websites (I have a few ideas ) that provide value and make the money necessary through them. I think it would take 2 weeks to learn Wordpress and the tools and techniques necessary to make money from them.

Problem with option 1: I have no prior experience in web development or in ebusiness. It will take 6 months to start making the money and to save it.

Option 2:
Partner with the owner of the company I work for.

The company I work for is a small company with about 20 employees. The owner is a nice guy but he is still a business person that is always looking to make money.

My Idea would in a way compete with my current employer but not directly. It would not take current business from my current employer but I would be taking future customers in different areas that he in the future would like to expand to. So I am sure my boss would be very interested in this.

Problem with option 2:

My Boss will want half of all profits from it. I think it would be fair because I would also use some of the resources he already has like, some employees, office, contacts, payroll.

Option 3:
Get another job and save up the money.

Problem with Option 3: It might take me as long as option 1 but at least with option 1 I will gain experience and might keep getting passive income after I put the time in.

What do you guys think? Is there a better way? Is there a way to make better use of the time I have to execute this idea?

As I finish writing this I am leaning more towards option 2. I guess it does help to write things down and look at all the options. But I would still like to know what you guys think.

Again thanks for reading.

 

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[rocksolid]

Ok, so you need about 2-3 thousand dollars. Do you have a family member that can lend you the money? How about a credit card? Do you have anything of value that you can sell on Ebay or take to a pawn shop? Maybe you can post your requirments on elance and see what people can offer and at what cost. It may cost less then you think to get it started and it's free to post on elance. I have some issues with your other options.
Option 1 ) you could do this but it will take you time. I tried to leanr it and it was too far over my head, maybe not the case with you.
Option 2) I would guess since your boss is a business person he may not want to hook up with a guy that will take away future business from him. I know I would not be happy about that, and besides he might tell you he is not interested and then go do the business himself.
Option 3) Getting another job......hmmm........ You could do this. 2-3 thousand would not take very long to earn.

 

[Milenko]

For making money in the short term, 3 is probably your best bet. Learning Wordpress won't take you long but I think you're underestimating how long it will take you to learn the ropes and earn enough money online to make a difference. A worthwhile pursuit but starting from scratch in online marketing is not a short term income solution. 2 seems to have promise but that doesn't seem like a short term solution either. I'm assuming there's a reason you're choosing your idea over partnering with your boss so, if it's just a matter of generating income over the next few months, my advice is to get another job.

 

[dec360]

Ok, so you need about 2-3 thousand dollars. Do you have a family member that can lend you the money? How about a credit card? Do you have anything of value that you can sell on Ebay or take to a pawn shop? Maybe you can post your requirments on elance and see what people can offer and at what cost. It may cost less then you think to get it started and it's free to post on elance. I have some issues with your other options.
Option 1 ) you could do this but it will take you time. I tried to leanr it and it was too far over my head, maybe not the case with you.
Option 2) I would guess since your boss is a business person he may not want to hook up with a guy that will take away future business from him. I know I would not be happy about that, and besides he might tell you he is not interested and then go do the business himself.
Option 3) Getting another job......hmmm........ You could do this. 2-3 thousand would not take very long to earn.

rocksolid,

I did post the job on Odesk and Elance and thats how I came up with 2-3k. From what I have read and comments on this forum I keep hearing its not a good idea to hire contractors outside the US for complex projects and $35-$50hr is the norm for a good programmer.

The only thing I could sell would be my car but I will need a car for the biz since it wont all be online.

I wouldn't take business away from my boss if he partners with me. I would actually bring in a lot more business and he will make good profits. I would have him sign a non-disclosure before I go over my idea with him.

Thanks for your thoughts..

 

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[dec360]

For making money in the short term, 3 is probably your best bet. Learning Wordpress won't take you long but I think you're underestimating how long it will take you to learn the ropes and earn enough money online to make a difference. A worthwhile pursuit but starting from scratch in online marketing is not a short term income solution. 2 seems to have promise but that doesn't seem like a short term solution either. I'm assuming there's a reason you're choosing your idea over partnering with your boss so, if it's just a matter of generating income over the next few months, my advice is to get another job.

Yeah I think you might be right about underestimating the time it will take to learn the ropes of making money online. I just thought that with having 10-12 hours a day and tons of motivation I would have an advantage from the rest and be able to speed up the process. I will check out whats out there in my line of work and go from there.

Thanks for your input