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  #1  
Old January 4, 2017, 09:21 AM
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Shehwar Shehwar is offline
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Default Business Idea?

I'm tired of my 9 to 5 job. Seriously need some financial freedom but I've never been an entrepreneur and always saw my father work and have a safe job and that's probably where it comes from. I'll never ever get rich doing this but always will be ok.

Anyone out there who feels the same? Would seriously consider getting into some sort of business partnership if you have any good ideas? I have a British passport so can access pretty much all the countries and I travel extensively for leisure anyways.

Let me know!
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  #2  
Old January 4, 2017, 10:40 AM
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Austin 3:!6 Austin 3:!6 is offline
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You can still get rich by doing regular 9 - 5 job. Investment investment and investment.

Say your monthly take home is 4k GBP, at-least save 1K from there and invest every month. Start with less risky investments like mutual funds. If you are in UK, try Neil Woodford's funds, Artemis funds, Threadneedle funds etc. But ensure all of them are income driven. Invest 1k every month for 10 months and you have 10k playing in markets. You are getting regular dividends and value will increase year after year.

After 10 months, try to invest yourself in equities. It requires bit research and professional help. For equity investment I would advice invest in a lump sum. So save 1k per month in your saving account and wait for the right moment. Once you have 10K saved, invest all in 1 stock which has less P/E value, cheap, pays good dividents (Must) and good growth potential. Timing of buy is crucial. You need to buy stocks when everyone is selling, like they did after Brexit. (Austin's Tip - Do not diversify. Select 1 stock and put all 10K in it)

Repeat the above step 5 times. That is save for 10 months and invest in 1 stock. So in less than 5 years you will have 50K pounds playing in market and you are getting regular dividends, loyalty bonus etc.

Re - invest all your dividends.

Subsequently if you can save additional 500pounds a month, try day trading in CFDs and Binary options. Very tricky and risky but if you play it right you can earn 5 times more than your monthly salary (4K GBP) with that 500 pounds each month. There are many tutorial videos available in YouTube about day trading.

Do not take any liabilities. No credit card, don't buy house, no car mortgages etc.

If you do all the above diligently and do it with 60% accuracy, by the time of retirement you will be a millionaire


P.S - Dont do day trading without adequate knowledge. Its super risky
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  #3  
Old January 4, 2017, 11:04 AM
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Quote:
Originally Posted by Shehwar
I'm tired of my 9 to 5 job. Seriously need some financial freedom but I've never been an entrepreneur and always saw my father work and have a safe job and that's probably where it comes from. I'll never ever get rich doing this but always will be ok.

Anyone out there who feels the same? Would seriously consider getting into some sort of business partnership if you have any good ideas? I have a British passport so can access pretty much all the countries and I travel extensively for leisure anyways.

Let me know!
I am in the same boat. I am getting tired of my job. I don't know I can keep doing this until I retire. In fact over the last two weekends, I was looking online for another stream of income. But didn't find anything substantial.

Then this week I was talking to one of my coworker. He started to flip houses (buy cheap/renovate/sell high). The turnaround time is usually 6 months. I am going to spend some with him to learn more about the process.

P.S. Investing in stock market is an option for retirement years only. You can't quit your day job and survive by investing on the market.
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  #4  
Old January 4, 2017, 11:54 AM
iDumb iDumb is offline
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Quote:
Originally Posted by Austin 3:!6
Once you have 10K saved, invest all in 1 stock

(Austin's Tip - Do not diversify. Select 1 stock and put all 10K in it)

Do not take any liabilities. No credit card, don't buy house, no car mortgages etc.
That is an interesting approach.

Agree with shehwar.. It is hard to get out of the 9 - 5 mindset when no one in your family or extended family ventured out of this comfort zone. It's all about having a mentor.

Shehwar, I would focus either on online source of income or stay local. I think you are setting yourself up for disaster if you think you can partnar with someone in another country and still able to oversee your brand new business.

I will share a story:

I have a childhood friend who had a food cart business... this is like a very low cost type of business. THey are all over nyc. He was brining in profit of 15K USD a month from just 1 cart and did it for few years but he sold it.. I asked him why? He said 1. he couldn't trust his worker - he thought they were stealing money 2. they would call him in the middle of the night saying they ran out of meat and he had to come and get it for them -they didn't want to walk just 1 block to buy the meat from 24 hour open store. Also they started having some more stricter regulations on those business from the city and he just didn't want to handle them...

there is no easy money in the world.... but you can get lucky sometimes... good luck...

I would love to read about any venture sccessfu; or failed ppl took here.
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  #5  
Old January 4, 2017, 12:08 PM
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Shehwar, all the great business men/women to become rich had to take risk. In life, especially business without taking risk it's hard to become rich in the short term. One can work hard, but that requires time and long term development. It doesn't matter what business plan you have, at some stage in the process you would be required to take some form of risk. Now the risk could be big or it could be small, still hard to avoid it. It's easy for me to say go for it bro, take the risk - but it's not my money and I would definately be scared if it was my hard earned salary. It's all down to you bro! Risk - reward.
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  #6  
Old January 4, 2017, 12:44 PM
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Real estate is not my niche, truly speaking I lost most of my estates in last 3 years but I still think it can be a good profitable venture for me. Probably ancestry has something to play here as we are by generation Talukdar's. I am planning to buy 3 to 4 condos within 2017 and start renting them, the plan is to get to suburbs surrounding busy towns where rents are usually higher. The benefit is after the maintenance, mortgage and tax payment, you still have some dough left to savor.
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  #7  
Old January 4, 2017, 01:03 PM
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Another alternative to flip house is flip cars! One distant relative is into that business right now and he's making quite a good amount money these days. Go to an auction, buy a car for cheap, do some upgrades and conditioning, sell it for more. Start with one car and then gradually go up one by one. Sort of like a dealership but on a significant smaller scale.
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  #8  
Old January 4, 2017, 01:05 PM
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I'm very curious to go into investing as well.

I like all of the suggestions so far.
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  #9  
Old January 4, 2017, 01:10 PM
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Quote:
Originally Posted by Tausif
Another alternative to flip house is flip cars! One distant relative is into that business right now and he's making quite a good amount money these days. Go to an auction, buy a car for cheap, do some upgrades and conditioning, sell it for more. Start with one car and then gradually go up one by one. Sort of like a dealership but on a significant smaller scale.
This is not a bad but I think you need to know your cars and it would help if you are a mechanic. It all comes down to what understand otherwise ppl gonna make u dry..

I agree with sportingbd regarding risk taking. It's usually easier for ppl who already have successful businesses because subsequent loss in a business if any they don't feel .. and usually they get more successs.. one success begets another.. but starting with your job earned money into a business and if God forbid it fails.. it will be very painful...

So always better to start very early and best to have family who are already into it...
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  #10  
Old January 4, 2017, 04:25 PM
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suddenly a leech doesn't seem all too bad, huh guys?
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  #11  
Old January 4, 2017, 07:53 PM
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i too am very keen on starting a business or find other ways of investing. Anyone have other suggestions?
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  #12  
Old January 4, 2017, 09:37 PM
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Quote:
Originally Posted by iDumb
This is not a bad but I think you need to know your cars and it would help if you are a mechanic. It all comes down to what understand otherwise ppl gonna make u dry..
That is true. My relative knows a lot about cars and he upgrades everything himself. So its definitely a plus if you are a mechanic or know about cars. Otherwise make sure you know the correct people.
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  #13  
Old January 5, 2017, 05:33 AM
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Nadim Nadim is offline
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Seems like everyone on the same boat. Started to hate 9-5 jobs too
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  #14  
Old January 5, 2017, 07:51 AM
adamnsu adamnsu is offline
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it all depends on how much investment you want to make and what kind of returns is acceptable to you.

You cant just dive into any business tbh. My friend was in the recokning he could make money just by having money in BD. I tried to stop his obession of thinkign he can make quick money as it was ruining him as a person and "businessman". He ended up being a conman at the end when I left the country. I heard cheated many people along the way.
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  #15  
Old January 5, 2017, 10:28 AM
iDumb iDumb is offline
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popular franchise are always money maker but you need a lot of capital and often times the licence to operate are restricted to one or two individual in a whole city even...


Do what all the other Bangladeshis are doing and are highly successful.

1. Restaurants
2. Grocery shop/Halal meat/supermarket - 2.1 Live chicken, Live Fish, slaughter house
3. Bakery/Specialized Mistir Dokan
4. Franchise - mostly subway, dunkin donuts, popeyes, haagen daaz
5. Construction/General Contractor
6. Street Food cart
7. Cab
8. Tutoring (<--- this is one of the best because has almost zero risks if you got the talent...in NY khan tutorials are banking )..
9. tax preparation
10. RENTAL PROPERTIES - my favorite

I can go on for ever. Hell I can even open up my own practice but i suffer from the same thing as everyone else - lack of motivation and just pure laziness...

you guys wanna give up 9 to 5 job for 24/7 job. I am with you.
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  #16  
Old January 5, 2017, 10:51 AM
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^ I did tutoring when I was in college. Tutored math/chemistry/physics and would charge $30/hr. Simply one of the best job ever.

How about flipping BC? Buy the site for very cheap, renovate the hell outta it (and also unban all members), and then make revenues through ad
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  #17  
Old January 5, 2017, 03:34 PM
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Quote:
Originally Posted by mufi_02
How about flipping BC? Buy the site for very cheap, renovate the hell outta it (and also unban all members), and then make revenues through ad
That will bring a lot of members back, including myself.
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  #18  
Old January 5, 2017, 05:09 PM
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Shehwar Shehwar is offline
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Some really good ideas there folks. Would like to thank all of you so far who contributed. I might start off by learning a bit about online trading then. Seems like the most likely option for me. Wish I was a mechanic though as the car idea sounded pretty good too!
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  #19  
Old January 5, 2017, 06:02 PM
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Mas_UK25 Mas_UK25 is offline
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If you got the time and right people around you, getting into property business is a excellent choice of business to do...

I know quite some people doing real well, good, buying and selling. Basically, buying damaged ones, renovations, then sell. Or rent it out. It's high demand to rent from Bdeshi landlords than going yo agents here.
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  #20  
Old January 6, 2017, 10:18 AM
iDumb iDumb is offline
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welcome back Kabir bhai. Hopefully you participate more often.

When I say tutoring I mean to run it as business. 1 or 2 students aren't gonna cut it. You need to have enough pupil to get multiple classes going...

With tutoring, its all words of mouth... how many ppl from you group was able to get admitted to specialized school or did well in certain exams etc etc...

Ultimate idea is not to do it yourself but hire people to do it for you.

I can tell you that khan tutorial is a multimillion dollars yearly revenue businesss.
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  #21  
Old January 7, 2017, 12:51 PM
iDumb iDumb is offline
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Meanwhile 5 year old makes a million dollar plus a month opening toys in YouTube..started only 2 years ago ..

Opportunities are everywhere ...
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  #22  
Old January 7, 2017, 02:27 PM
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Quote:
Originally Posted by iDumb
welcome back Kabir bhai. Hopefully you participate more often.

When I say tutoring I mean to run it as business. 1 or 2 students aren't gonna cut it. You need to have enough pupil to get multiple classes going...

With tutoring, its all words of mouth... how many ppl from you group was able to get admitted to specialized school or did well in certain exams etc etc...

Ultimate idea is not to do it yourself but hire people to do it for you.

I can tell you that khan tutorial is a multimillion dollars yearly revenue businesss.
Remember Khan went off because both Dr. Khan and his wife were teachers and school administrators + they had talented Bangladeshi students who had the work ethic to pass the exam
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  #23  
Old January 7, 2017, 03:40 PM
Rinan Rinan is online now
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I used to work in retail back in 2011, after my graduation i wanted to start a business but I had no capital, so first thing came on my mind was service-base business where no capital required. I left the job and started recruitment business. I did exceptionally well first few years. I took a small office in Romford.

While doing the recruitment business I used to design website for small organisations. Initially I starred with basic website (CMS based).
I used to call Bengali restaurant and ask them if they have website and told them if they have website their customer can order/book online.
Out of 10 call I got at least 1 client or so. Later I recruited one employee who just needed to find out restaurant number from yell.com and ask them about website as most Bengali restaurant doesn't have own website. I did quite well on that time.
Another business that I stared from 2014 was sellling stuff on eBay.
Selling Ebay and amazon will make things different for you and platform is ready you will just have to use it.
During xmas my selling goes to around 15/20k.
This is just few example. Just think what you are good at. Start your business and be serious about it.
You will be successful.
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  #24  
Old January 7, 2017, 04:14 PM
iDumb iDumb is offline
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Rinan thanks for sharing your story .. I can tell u right now you are an entrepreneur and You have it in you ...

you are right EBay Amazon platform is there u just need to find ur niche and the right product ....
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  #25  
Old January 7, 2017, 04:21 PM
Rinan Rinan is online now
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Quote:
Originally Posted by iDumb
Rinan thanks for sharing your story .. I can tell u right now you are an entrepreneur and You have it in you ...

you are right EBay Amazon platform is there u just need to find ur niche and the right product ....
Welcome Orphy bro,
Yea true about Ebay and amazon. It's a huge oppprtunity for all. You can buy cheap tablet, mobile , drone etc from alibaba and just sell it on eBay with good profit.
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