Starting A Business Advice :o

[Jcb33]

...... Actualy im not that young now its what having a LONG break does you get older! Also you have no idea how much i make in a month.....

[headbrace]

Well, I imagine you have just turned 18, hence getting the inheritance. (And the fact that your D.O.B is in the profile)

As has been said before, the pc business would almost certainly not yield very much, certainly in the first few years.

Have a look at the Investing section of www.fool.co.uk , perhaps the Stock Market would be the best idea, it usually gives the best returns over a longer period of time.

[DaBeeeenster]

...... Actualy im not that young now its what having a LONG break does you get older! Also you have no idea how much i make in a month.....

How much do you make in a month?

[Jcb33]

Well i know that any business i start wont make much if any profit in the first few years but im wiling to put every bit of my time into it to make it a success however on your advice about computer industry im going to try and think of other posibilties dont realy want to waste money !

[5lab]

Would you give a mortgage to a person as young as JCB, with no big income (afaik) to cover the mortgage if the rent didn't come in.

Those figures are laughable too tbh, House i'm renting at the moment is £695 a month rent, cost of the house is £150K, first year of mortgage would be over £800.

Depends on where you live, but £1000 a month is in a decent area where house prices would cost you a load.

TiG

i was goign on brighton prices - £1000 a month for a 3 bed place is pretty cheap - yer normal student hole, which would cost in the region of £150k to buy.

£800/month was a consirvitive estimate. if you had £30k to put down on a £150k property (as this situation may suggest), then on a 25 year mortgauge you'd be paying £525/month mortgauge, according to the hsbc mortgauge calculator -> https://hsss.hsbc.co.uk/bankinguk/mo...tgageindex.jsp

i would have thought that the house price:monthly rent ratio is roughly the same everywhere in the country, but i may be wrong.

in this situation, you could clearly earn £400 a month to start with (assuming an income of £1000), which would only rise as time went on (due to rent increasing but mortgauge staying the same), and you'd have a house worth a lotta cash at teh end of it. thus a sensible investment. maybe not for an 18 yr old, but it'd be a sensible idea for many people

[ikonia]

I think being older than 18 would be a good start to start a business

[Jcb33]

Ok i dont need remarks about my age so unless you are actualy going to help ikonia please dont post

[Jcb33]

Also on that note richard branson started when he was 15

[Matt1eD]

And Sir Alan Sugar was earning more than his dad at 13!

I haven't read all of these but those that I did expressed some good points. Internet businesses with hardware and stuff are hard to sell at such low prices with a good guarantee. Start local like Nana. (www.rogerkallaway.com).

Make sure you check out www.businesslink.gov.uk. It gives advice on the legal and practical side of starting a business. They have a booklet aswell.

[Rave]

You could look into a franchise business of some sort.

[Swafe]

Theres always Subway, they must be cheap to set up, in Manchester last night I spotted 12.... 6 on the same road

[directhex]

want a business? try this for size:

fast food curry

genius!

go in, and order the Meal Deal - Keema Burger with Bhaji, Mango Kulfi, and a Coke, all for just £3.50

[Zak33]

www.businesslink.gov.uk

Make sure WHATEVER YOU DO....do it right.

You'll need to register as Self Employed within 3 months of starting, with Inland Revenue. You'll need to start keeping receipts for EVERYTHING you buy....everything.....and I mean EVERYTHING. Then give them to your accountant...(you'll need one of those too if you get busy....sensible money for a Self Assessment Return done by an accountant is about £150 plus vat) .

But whatever you do......cut costs EVERYWHERE you can. Down size your car, dont blow money you'll never get back, and work your ass off

[Matt1eD]

Yup, keep the Inland Revenue happy. My link (same as Zak's) is a great guide to all that stuff, but read it all well. It may seem alot, but it'll pay off in the future.

[KBeee]

i was goign on brighton prices - £1000 a month for a 3 bed place is pretty cheap - yer normal student hole, which would cost in the region of £150k to buy.

£800/month was a consirvitive estimate. if you had £30k to put down on a £150k property (as this situation may suggest), then on a 25 year mortgauge you'd be paying £525/month mortgauge, according to the hsbc mortgauge calculator -> https://hsss.hsbc.co.uk/bankinguk/mo...tgageindex.jsp

i would have thought that the house price:monthly rent ratio is roughly the same everywhere in the country, but i may be wrong.

in this situation, you could clearly earn £400 a month to start with (assuming an income of £1000), which would only rise as time went on (due to rent increasing but mortgauge staying the same), and you'd have a house worth a lotta cash at teh end of it. thus a sensible investment. maybe not for an 18 yr old, but it'd be a sensible idea for many people

So... 30k on a 150k property... where does the other 120k come from?
At the normal 3X your annual income that means you have to earn 40k p.a. to qualify for a loan

[KBeee]

The trouble with computer hardware selling is that the Big Boys have already got it sown up. If you can buy your processors in batches of 1000 you're in with a chance. But even niche markets are prone to failure - think of the specialist overclocking stores in the UK that have gone bust (usually 3 months after I've bought stuff from them that goes wrong! Bloody Antec power supplies...)
Remember that people that are interested in overclocking/water cooling etc. are probably already au fait with hardware, and are really only looking for the cheapest prices for the parts they want. Joe sixpack isn't interested in buying a 3 GHz P4 overclocked to 3.2 GHz at £1000 when they can buy a Dell 3.2 GHz P4 for £900, even if you've got a grafix card inside that's 2 steps above the Dell. And then you have to talk to Micro$oft....
Gawd - sounds like a nightmare to me lol