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Stay-at-home dad with a $100k budget to start a side business while parenting. What business do you recommend?

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Jun 9, 2019
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Curious what you folks would do in my situation.

I'm 34, background in online marketing, renewables, consumer products, fund raising and living in NYC. I started several businesses before but not in this scenario.

The business should have the aim to run profitably without me in the future.

Shoot!
 
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Boychamp

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Curious what you folks would do in my situation.

I'm 34, background in online marketing, renewables, consumer products, fund raising and living in NYC. I started several businesses before but not in this scenario.

The business should have the aim to run profitably without me in the future.

Shoot!

Man, I mean I feel as if there's a million options. With your background and situation though, it sounds like building an online store would be ideal. In terms of what to sell, well that part would be on you (seems like you might have experience here though). Starting with drop shipping might be a decent place to start then move towards building your own brand if things work out which can end up being pretty automated and self sufficient.
 

LightHouse

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Any formidable answer in this thread would be completely worthless. We might as well just recommend some penny stock, because essentially that's what you are asking for.

We don't really know you, your skills, or what drives you. No one here will be able to make a valid recommendation for what you should do to grow your wealth.

There are a lot of businesses fully laid out on this forum that you can research yourself. start with the gold threads or whatever is in the insiders area.
 

NMdad

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Any formidable answer in this thread would be completely worthless. We might as well just recommend some penny stock, because essentially that's what you are asking for.

We don't really know you, your skills, or what drives you. No one here will be able to make a valid recommendation for what you should do to grow your wealth.

There are a lot of businesses fully laid out on this forum that you can research yourself. start with the gold threads or whatever is in the insiders area.
Agree. And look deeper into the industries you've already worked in: most people want to jump ship and do something in a completely different industry than their day-job, while there's gold right under their feet solving problems in a niche they already know.
 

ZCP

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do some due diligence. maybe look to purchase a small business and run it.
put some goals together and some direction. what is your why?
then do a skills / inventory assessment and some market research.
where all of those roads cross could be your first trial run.

if all that sounds too hard, invest in mutual funds and hope.
 

The Abundant Man

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JAJT

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The problem is that choosing a business to start isn't at all like picking the best brand of bicycle or breed of dog. With those things you can give a few criteria, a budget, and enthusiasts can lead you down a few possible paths that make sense for you.

In business - it doesn't work like that at all.

Asking what business you should start might as well be asking what kind of girl you should marry.

In both questions, the more specific the answers are, the more likely they are to be incorrect for you. And while the vaguest answers are the most frustrating to hear - they are also the ones most likely to be correct.

A business is a passion that you will be spending every day with, working on for hours non-stop, for years and years. You'll be adding your own personal flair to it at every step and it will be growing organically out of your efforts. It's simply impossible for anyone else on this planet to help you.

That being said - it's a LOT easier to help you evaluate a business you're interested in once you get started down a path. But it's up to you to pick the path.

Also, with $100k, there's not a hell of a lot you couldn't start so it's probably best to ignore the financial aspect at first and instead focus on what you can see yourself pouring your heart and soul into for years as a first step.
 

AgainstAllOdds

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What about buying a business? @Greg R has an amazing progress thread on a business he bought. He did it while working a full time job, so you still have time to be a parent.b

Not to go against your point, but the business @Greg R bought was absolute trash when he bought it and would be worthless if he let it operate the same way as when he acquired it.

Greg was the difference. Him acquiring the business just helped him streamline his focus and cut down on the 3 months that it would've taken him to develop a product.
 

Greg R

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Not to go against your point, but the business @Greg R bought was absolute trash when he bought it and would be worthless if he let it operate the same way as when he acquired it.

Greg was the difference. Him acquiring the business just helped him streamline his focus and cut down on the 3 months that it would've taken him to develop a product.
@AgainstAllOdds that might be exactly what this dude needs .......
I saw this post this morning and was hesitant to respond...

What is the motivation here? To make money? Or do you think you will find really joy in business that you're not getting elsewhere?

If you've started several business already, you should know what to do.

There are plently of Fastlaners here who can grow your bank roll and know exactly what to do with $100k. The thing is, not a single Fastlaner here can properly tell YOU what you should do with it, because they are not you.
 

MJ DeMarco

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awsamro

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I like this questions.... I'm in a similar situation. I have enough savings to last me for a couple of years and I do not know what to do. Right now I work my a$$ off as a mortgage broker. I sell a lot but I also work a lot and I know it's not sustainable. I do not know what fast lane path to embrace. Shall I learn to code or shall I learn to license products or shall I learn how to build a shopify store or shall I build a youtube channel. I want a path that has an ending where I do not have to work any more. I know MJ thinks that it's the wrong selfish motive... buy hey, it's the truth.... If i dig deep and ask myself what I desire, I basically desire the ability to do nothing. I don't really care how many people I help or if I'm useful to society. If I had money I would not work another day of my life. I would spend my time with my aging parents, raising my kids, teaching them stuff, hanging out, learning things, reading philosophy..... I wouldn't do another thing that is work related... Any path that will get me there I will embrace. I don't have to love it. I will love the result it brings. I am going to take a sabatical as soon as I find a fast lane path that I can invest my time in......... So I like this question...
 

Tourmaline

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@awsamro I wouldn't call focusing on your family and raising your kids doing nothing by any means.

I don't think MJ would say it's wrong either, hence the chapter about earning enough money to drop into municipal bonds that you can live off of forever.

I'm still striving to get out of the slowlane, but it seems like you have skill as a mortgage broker. So leveraging that into a fastlane business seems like the way to go?
 

awsamro

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@awsamro I wouldn't call focusing on your family and raising your kids doing nothing by any means.

I don't think MJ would say it's wrong either, hence the chapter about earning enough money to drop into municipal bonds that you can live off of forever.

I'm still striving to get out of the slowlane, but it seems like you have skill as a mortgage broker. So leveraging that into a fastlane business seems like the way to go?
How? I think my strength is sales.. I love meeting new people and getting them to like me and trust me as fast as possible. I also love catering my presentaitons to different personality types and different cultures and get a kick from connecting with people. I was thinking of becoming a sales trainer or personal development trainer in the Arab world... But it seems like a lot of work still haha... doesn't seem like a fastlane.
 

Tourmaline

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The fastlane is a lot of work. It's not get rich easy.

However you have scale and magnitude on your side, instead of being tied to your time, which leads you to real wealth.

How is your duty to figure out. I'm not in the broker industry so I can't really tell you. From a far it seems like brokerage or real estate firm, making a system out of it, and franchising it may be possible. But there are likely other things that can be done too, but you need to be an insider to know what.

However, if your strength is sales, you can likely leverage that in almost any market or industry. Which one? That's up to you. The niche I chose is one I love and can envision myself working in and with for the rest of my life. I'd love to be able to have the full vertical of this industry, and to work with the consumers that want these products. That's what made me decide this niche over any others.

Of course I'm not rich yet, so.........................all my words come with much salt. ;)
 

awsamro

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The fastlane is a lot of work. It's not get rich easy.

However you have scale and magnitude on your side, instead of being tied to your time, which leads you to real wealth.

How is your duty to figure out. I'm not in the broker industry so I can't really tell you. From a far it seems like brokerage or real estate firm, making a system out of it, and franchising it may be possible. But there are likely other things that can be done too, but you need to be an insider to know what.

However, if your strength is sales, you can likely leverage that in almost any market or industry. Which one? That's up to you. The niche I chose is one I love and can envision myself working in and with for the rest of my life. I'd love to be able to have the full vertical of this industry, and to work with the consumers that want these products. That's what made me decide this niche over any others.

Of course I'm not rich yet, so.........................all my words come with much salt. ;)
I'm not looking for quick or easy. I work hard and don't mind that. It's just that currently my path is not leading to time freedom - I have to keep selling to keep making money. I don't mind working on something that I do not love it if will lead to freedom. What is your niche?
 

Tourmaline

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My niche is crystals. Hence the name :smile2:
 

gClaw

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Curious what you folks would do in my situation.

I'm 34, background in online marketing, renewables, consumer products, fund raising and living in NYC. I started several businesses before but not in this scenario.

The business should have the aim to run profitably without me in the future.

Shoot!
Creative teal estate investing.
Curious what you folks would do in my situation.

I'm 34, background in online marketing, renewables, consumer products, fund raising and living in NYC. I started several businesses before but not in this scenario.

The business should have the aim to run profitably without me in the future.

Shoot!
Build a creative real estate investing business and put systems in place so you're 'working' on your business maybe 3 hrs a day & going scuba diving the rest of it because you can. Seriously, one year from today that could realistically be happening for you if you stayed off the couch and paid your dues (and a good coach/mentor whose already paved the road and for you w/ experience) you definitely could multi-multiply that initial $100k you have in seed money with real estate. True story.

That's what I'd anyways if I was in your shoes.

Best wishes in whatever endeavor you choose to do.

Just do something. Take action. And be consistent.
 

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