Selling a business for £100k to start something different.
My biggest fear is blowing this on random ideas, I want to use it to build something that can properly scale and create long term income. Hopefully much more than I was making before.
What would you do?
Posted by mxllard1
4 Comments
Put it into the market until you come across your next endeavor
Don’t rush. Take the time to let new possibilities, new ideas mature until they feel valuable enough to invest some money in.
100k is not enough to generate money on its owne.
You need several millions before you should even consider this mindset, instead do what you want to do anyways, and then use the money you have to support it.
I could start learning copywriting or codding with 0£, but with 100k I can access better education and learn faster. I can start a Coaching business with almost no money, but 100k allows me to hire someone who supports me in setting up the legal stuff.
In general, everything below several millions should be used to learn more skills imo. The money won’t make you rich on it’s owne and its not enough to make a really meaningful impact for any business idea or opportunity. Skills are the highest leverage for generating money in general, 100k is not enough to hire world class talents, but it’s certainly enough to learn from high level people.
The best way to not blow money on ideas is to be realistic about what you have experience in and what you don’t. A new industry that you don’t have experience in will cost you more since you’ll be learning as you go. So ask yourself what skills and experience you already have, and what knowledge you have that might already give you a foot in the door