What would you do if you had 10k and no business idea yet

[PureA]

It's so easy to fall in the trap of spending money because you have it (in business terms).

Oh I have 10k, let me get the PREMIUM business cards, and a new $60 stapler? Why not!

Act as if you have $500, when you REALLY (like actually, you aren't kidding yourself) need the cash, then double down on something that you are pretty sure is going to work out.

Honestly starting with $500 will build you into a far better businessman then starting with $10k, additonally it will kickstart good frugal habits which you can carry with you the whole way.

Good luck.

 

[TheDillon__]

$10,000 and no ideas

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

 

[inputchip]

Buy an insider subscription and execute the killer idea @MJ DeMarco posted a couple days back.

 

[The-J]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

 

[Argue]

I agree with @ZCP. Turn $1,000 into $2,000. Multiply your money.

First
Learn the basics (assuming you don't know them):

• You can find beginner courses (some for free) on Udemy.com.
• Spend two weeks learning the basics for each category.
• Learning the basics will help you communicate your ideas clearly.
• Lastly, you can execute on an MVP.

Second
Turn $X.XX to $XX.XX. There are several ways. You could start in e-commerce.

• The skills you learn will help guide you on executing your idea.
• If you have trouble in one area, outsource.
• Don't chase money, chase needs.
• You start developing ideas on how to help people.
• You can start in arbitrage.

Third
Make your money work for you.

• By now, you understand the markets.
• You can buy more inventory to get more profit for e-commerce.
• You can buy more real estate.
• You can hire more freelancers for your digital marketing agency.
• You can buy many items on Craigslist to flip.
• Cliche, but anything is possible.

Side-note: Read this GOLD.

 

[ZCP]

Turn $1k into $2k. Find a way.

 

[TheDillon__]

Thanks for your reply Dillon, what are two books you would recommend me?

Generally? Meditations by Marcus Aurelius and The Millionaire Fastlane by our guy MJ.

In terms of business - that's not for me to decide.

Are you going to learn how to program and build a tech MVP? Maybe I'd recommend a few programming books from O'reilly.

Are you going to be pitching to investors? Probably some books on how to tighten your pitch and be confident when speaking.

Want to sell the best vegan pudding on the market? I'd recommend a recipe book and a book on starting a food business.

Find your path, find the right material.
I said `2 books` as a benchmark to educate oneself without getting caught in the loop of endless research in spite of action.

 

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[ZCP]

I really like this honestly.
I'm sitting on $1000 right now that I could throw into something.
I'm interested to see the outcome of what would happen if I dedicated every dollar of that money to the goal of doubling it!

You will learn more than any $1k spent on a 'class' or 'course'. You also just might identify a market for something bigger.

Challenge: start a $1k to $2k thread and post your process ...... link it here and we'll come over and try to help .....

 

[JoelM]

Would you invest into crypto? Would you just leave it for execution of future business ideas? Would you invest it into travelling?

Every time I hear someone mentioning crypto currency a red flag comes to mind.
Some people believe that traveling the world is a good investment. Not me.
I would not even think about the stock market.
Keep saving it and get educated. The opportunity will come.
And that’s what I have don’t in the past year and now the opportunity came to me. Then the execution comes.

 

[DrunkFish]

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

I 100% agree with this.
I bought myself a good laptop and made sure i had a decently reliable car.
Then try to find out some type of business/service you can offer with lowish overhead.
Then keep the money and just use it for expenses when you need it or for when something else comes up, like medical or car issues.

Buy a few books, maybe buy some ACTUAL training on an industry you're going to get into, etc

 

[ZCP]

Nothing, because 10k is nothing.

Why risk your only capital you have on extremely risky investments than will tie away your money for a potentially long time.

Only invest in your start up if you are REALLY SURE you will recoup it.

So how do you get anywhere if you never take a risk?

 

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[TheDillon__]

@ZCP Done and done.

EXECUTION - The Double My Money Thread: $1k to $2k.

 

[Envision]

Id househack my first property and eliminate my rent expense.

 

[Argue]

I agree with @ZCP. Turn $1,000 into $2,000. Multiply your money.

First
I suggest learning the basics (assuming you don't know them):

• You can find beginner courses (some for free) on Udemy.com.
• Spend two weeks learning the basics for each category.
• Learning the basics will help you communicate your ideas clearly.
• Lastly, you can execute on an MVP.

Second
Turn $X.XX to $XX.XX. There are several ways. You could start in e-commerce.

• The skills you learn will help guide you on executing your idea.
• If you have trouble in one area, outsource.
• Don't chase money, chase needs.
• You start developing ideas on how to help people.
• You can start in arbitrage.

Third
Make your money work for you.

• By now, you understand the markets.
• You can buy more inventory to get more profit for e-commerce.
• You can buy more real estate.
• You can hire more freelancers for your digital marketing agency.
• You can buy many items on Craigslist to flip.
• Cliche, but anything is possible.

Side-note: Read this GOLD.

Learn the basics. I’m not saying become an expert. Just learn enough so you can understand how a business works, whether that’s offline or online. Learning these skills is better than doing NOTHING. Take 2 weeks to learn the basics. No harm, no foul.

Imagine you want to build a website. But, you don’t have any knowledge on HTML/CSS. How can you communicate with a web developer if you don’t know the basics?

Imagine outsourcing graphic design for your ads. How can you communicate with your graphic designer if you don’t have knowledge of the basics?

Saying things like I want my site to be the best, have lots of colors, big buttons, more HD etc is a nightmare. If you learn the basics, outsource the work, you and the freelancer communicate better.

Freelancers HATE when a client is unable to communicate their idea in the right words.

Every business consists of marketing, copywriting, coding/programming, or graphic design. This is FACT.

 

[NanoDrake]

Hey Alex!

Honestly I wouldn't do nothing of the above
Let me detail further: if you have studied the crypto market and you can BURN 3K, then, go ahead and do it, you must invest money that you are prepared to loose.

Investing in a business idea it's always great but, to it looks like it's not something solid, and especially at 18 are you sure you have mastered some very basic skills to make yourself as successful as possible?

If I had 10K, I would evaluate my best shots: what can I do with these that allows me an aggressive strategy? (you are 18, not 65) can i invest them in a local student operated delivery to old people in the city during the summer? or I know jack about these operations so I should go for crypto?

Personally I would go travel, because for me travel resembles everything I want from the entrepreneurship life: challanges, self discover, meeting new people and places... and this is what I ask you: do you know yourself so well that you know how far can you go?

 

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[WJK]

Care to eloborate?

I've been in the real estate business for 42 years. I routinely invest my cash flow in residential rental rehabs, or buying trust deeds (mortgages). $10,000 won't even come close to doing either.

I didn't like the listed choices. I have played monopoly with real money all my adult life. I take calculated risks. I don't play the game unless the odds are in my favor, and the projected return on my investment dollars is worth taking that risk.

 

[Argue]

I've been in the real estate business for 42 years. I routinely invest my cash flow in residential rental rehabs, or buying trust deeds (mortgages). $10,000 won't even come close to doing either.

I didn't like the listed choices. I have played monopoly with real money all my adult life. I take calculated risks. I don't play the game unless the odds are in my favor, and the projected return on my investment dollars is worth taking that risk.

Sorry @WJK, I misinterpreted your previous post. I thought it was directed at my post.

Your previous post is regarding the poll. My bad lol.

 

[Action Mike]

First off congratulations and good job having the mindset at 18 to use the money for investing instead of blowing on having fun like 99% of 18 year olds would do!

One thing to always keep in mind, money is a tool, it won’t make you successful. Imagine you have a tool box full of the best wood working tools available. Fred see’s the box and thinks sweet, I am going to make an awesome dresser, Fred has never used wood working tools in his life and has not spent any time learning how to use the tools or what it takes to build a great dresser. Fred rushes in and starts working away, loses interest because he isn’t committed to what he is doing, goes back and muddles around and finally finishes his “dresser” and is left with a worthless pile of ugly wood.

Joe on the other hand takes the time to learn how to wood work, Joe understands the time and commitment that it will take to make the best dresser he is capable of and commits to it with everything he has. Joe takes the tool box and makes a beautiful dresser in half the time it took Fred to make his disaster.

The real value is your skills, knowledge and most important willingness and ability to take action. The money can speed that process up if it is used correctly.

IMO I would not spend any money on Crypto, especially with only 10k in the bank. If you are absolutely dead set on it and no one can talk any sense into you then I would not spend more than a few % of the total money saved. Or even better yet go out and find some jobs you can do, flip stuff on Germanys version of Craigslist and bank an additional 500-1,000 and use that to buy Crypto. When buying stocks and crypto never spend more than you can lose and not blink an eye unless you have a serious amount of experience with it and know beyond the shadow of a doubt what to expect. Even then trying to outsmart the markets is a losing game.

As far as coming up with ideas for a business. One thing you need to do is figure out what you like and what you are good at and try to capitalize on that, get out and try different ideas even for a month or two to see how adept you are, try a sales job, try coding, try writing copy, try whatever you think is interesting and see how it goes. You really need to dip your feet in the waters of life just don’t waste too much time on things that don’t move you closer to the goal of having a business.

Another thing that I like doing is get an audio book such as The Millionaire Fastlane and go for a nice walk in a nice area and think deeply as you listen. The act of walking in a nice environment helps start your creative juices. Use your phone and take notes as you have ideas, I have several pages of ideas, most end up being not so great once you go back and read them later but the act of writing them down and reviewing later has really helped me focus better.

IMO, if I were in your shoes I would keep as much as possible in the bank for the time being, maybe 100-200 of fun money if you want. Start working jobs in sales, marketing, learn coding writing, etc. while living with my parents rent free. I use the money form the odd jobs on books/audio books to learn more and learn the right mindset, DDALL listed a ton of great books to start with in the thread linked below.

https://www.thefastlaneforum.com/community/threads/the-chronicles-of-ddall-a-progress-execution-thread-damn-3mg-700knet.52939/

Take additional money earned and set up a budget to make sure day to day necessary expenses are taken care of and save the rest adding to the ~10k in the bank. With only 10k don’t worry about interest or getting returns at this point, save it like your beautiful gold plated tools in the tool box so when you are ready to use them they are there and will help you build something great

 

[Alex Nolte]

Hi I hope I chose the right category.

I hope you are all doing great on your entrepreneurial journey!

So I'm turning 18 on thursday and I already know that I will get 10 thousand euros from my generous grandparents. I'm still going to high school and I'll graduate on the 22 of june (a levels) and thererfore school takes up a lot of time atm.

My question would be, what YOU would do if you were 18, lived at home and had no well developed business idea yet but +10k on your bank account from one day to another. Would you invest into crypto? Would you just leave it for execution of future business ideas? Would you invest it into travelling?

In my freetime I'm currently learning everything about crypto because my plan was to (wisely) invest around 30% of the money into the cryptomarket (some riskier coins with a bigger upside, and some safer coins with a smaller upside).

After my A levels I'll have one year where I just work here and there (income will be around 1000€ a month) until I start with my apprenticeship in the commercial area. I want to use that year to really focus on myself and my personal development. And I could use that year to work on my business ideas, which like I said aren't very well developed yet.

In my poll everyone of you has three selectable respones so you can pick several categories if you would spread the money across them.

Thanks to everyone who's up on this forum everyday to provide value to other people! I appreciate you!

 

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[JoelM]

But why? Yes there are a lot of ponzi schemes and scams out there but what is the problem with currencies that are deflationary, digital and can be traded anonymously.
Thanks for your reply btw Joel

That’s just me. First, I would not invest in something I don’t know. I don’t care about learning investment in its bubble market. I remember when I was excited about trading penny stocks. Crypto currency seems pretty much of the same. One day you can lose 30% or more. Is like trading a triple leveraged etf on steroids.

 

[NanoDrake]

Yes I am, I think some currencies have great potential.


Thats what I was thinking as well and planning on doing in the "gap year"


Any countries you can recommend? Thailand particularly attracts me at the moment.

Well, I've been all around in SE.A and Thailand defo got more touristy...Philippines and Vietnam are still my go to but I would totally go to China and Japan, the future

Otherwise I would go central america and Colombia,

 

[Deleted52409]

A lot of guys on here will tell you that you should to pursue an online business idea. As if anyone can JUST become a programmer/graphic designer/copywriter/etc...

That's not to say you can't achieve it. YOU CAN!!!! But it's better to discover your strengths and weaknesses before committing to anything.

I was in your very same situation 6 months ago. I ended up dabbling with multiple different ideas until I finally found a low capital business idea that I knew I would be passionate enough to commit to.

And guess what? It's not even internet related!!!!

Definitely take some time to discover what interests you and figure out what you are good at before you begin taking any major risks!!

 

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[cottonbuds]

"In my freetime I'm currently learning everything about crypto because my plan was to (wisely) invest around 30% of the money into the cryptomarket"

On what basis you think that investing 30% of the money your grandparents gave you into a crypto currency is a wise idea? How are you valuing crypto currencies? or you playing Russian roulette?

I am in a similar boat as you with regards to not having a business idea so I cannot advise u much but I will try and share some resources that I found useful.

1. Book: Tinker Toys by Michael Michalko - I liked this book as it helped me think of ways of putting spins on existing ideas.

2. Book: Making It by Chris Lefteri - This book helped me understand the different manufacturing techniques available today so I could think of ideas that suit my financial situation.

3. I plan on reading this book called The Business Idea Factory by Andrii Sedniev as I like the concept of the book.

Do share what you have learnt etc. We all have a common goal.

 

[Parker fields]

Buy an insider subscription and execute the killer idea @MJ DeMarco posted a couple days back.

Which one?

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

This. One of the hardest things to do besides make money, is to hold onto it. Setup yourself up by learning, watching, and dabbling in things without investing first. When you do find something, but aren't sure, give it the due diligence before you jump head first.

 

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[cottonbuds]

I see the potential and think its a better way to hold on to my money. I know that 7k in my bank account will be worth less at the end of the year, while my 3k in crypto will very very likely be worth more.

Thanks for the book recommendations! Added them to my "to read" list

Bro this is a baseless statement. How do you justify this? You have some valuation method for crypto currencies? Your 3k in crypto can be worth $0 in the next week right?

I personally feel you don't have enough money to put into 3k into a crypto currency that you don't know anything about.

A good laptop I can second. It can help you learn a lot of stuff.

You welcome on the book recommendations. Pass it on

 

[Dmorr]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

I agree. The 10,000 needs to be in a safe place and you need to live as if you didn't have it. I would read "Psyco-cybernetics" by Maxwell Maltz. It's not about business. It's about yourself, your conscious and sub-conscious mind. It relates to business. If you are in the right place mentally you will find a place for the money and you will know it when you find it.

 

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[Argue]

None of the above...

Care to eloborate?

 

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[ZCP]

......
Why risk your only capital you have on extremely risky investments than will tie away your money for a potentially long time.
......

So you gave him the 'crab tank' answer. What would be your 'positive direction' answer?

 

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[TheDillon__]

Turn $1k into $2k. Find a way.

I really like this honestly.

I'm sitting on $1000 right now that I could throw into something.

I'm interested to see the outcome of what would happen if I dedicated every dollar of that money to the goal of doubling it!

 

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[Alex Nolte]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

Just took a glimpse, great thread thanks man