Business ideas

Cooperate life is not for me I really want to get out of this rat race. I have saved up 20k what could be a good business idea to invest in and what do you foresee the yearly revenue to be?

Reply 1

Blinkr

TSR Community Staff

Original post by Anonymous

Cooperate life is not for me I really want to get out of this rat race. I have saved up 20k what could be a good business idea to invest in and what do you foresee the yearly revenue to be?

It’s great that you’re considering becoming an entrepreneur and investing in your own business! With £20k saved up, you have a really solid starting point. The key to success in business isn’t just about the idea—it’s about thorough research, planning and networking.

Have a brainstorm about potential ideas/industries you like and/or think have a gap in the market that you could fill. From this develop your understanding of your market and your potential competitors (what are they doing well and what are areas they could improve that you could address in your business), and find a strong unique selling point (USP) that sets you apart. Effective marketing and promotion are crucial too - work out if this is something you would want to learn and implement yourself or whether you want to think about seeing if anyone else wants to join you in your business adventures as a partner. It’s also worth finding a mentor or networking with experienced business people who can offer advice and insights - time and time again successful people say that fostering these relationships and learning from others is the thing that makes them stand apart. Check out business podcasts, books, and videos to learn from others' experiences and challenges. Good luck with your venture!

Reply 2

Anonymous #2

Original post by Anonymous

Cooperate life is not for me I really want to get out of this rat race. I have saved up 20k what could be a good business idea to invest in and what do you foresee the yearly revenue to be?

I think these are things that you need to research yourself i.e. a lot of due diligence.

The thing you would need to bear in mind is that no-one has a perfect magical crystal ball, and anyone saying anything is guaranteed should be heavily scrutinised.

Whilst I can offer a long list of ideas that you can start with little to no money, let alone with anything up to 20k (£?$?), you still need to do your own due diligence on them and again nothing is guaranteed. Markets change all the time, and what worked well under specific conditions once before might not work as well in the present or the future.

Also, just because it's a profitable idea it doesn't mean you're suitable to handle it e.g. you might not have the background in the industry to make the right judgement calls

There is also a wide range of strategies to get out of the "rat race". However, you should ask yourself the following questions:

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What would you then do when you get out of the rat race?

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Why do you want to retire this early?

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Who would you meet once you get there? Your social circle would be different

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When everybody else is working, you won't be should you decide not to do anything afterwards. Are you able to handle that?

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What do you actually want out of life?

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What are your life goals? It makes sense to get out of the rat race for some people (e.g. more time raising a lot of kids, spending more time going into charity work, supplement your income because the job you want to do pay terribly), but for many people it doesn't