What would YOU do?

5 figures can mean $10,000 or $99,000. There's a very big difference between those two sums and what would be possible with them.

$10,000 isn't much when it comes to starting a proper business.

its around 20k (uk pounds)

so around $30,000

thats a maximum..

i'l put it differently.. whats the best way to start a good ongoing income when you have a budget to play with.. im used to setting up free blogs etc. doesnt have to be a business.. just want a steady income. but this time round i have a budget to start with.

cheers

Five figures... $$,$$$ or ££,£££ ?

I would say slow down and don't go too fast. You're likely only to have this one opportunity. I came in to mid 6 figures ($$) several years ago and made a bad business decision (before the internet was a way to blow it) and damn near ended up living under a bridge.

Take your time and study what you are going to do thoroughly. Find a good adviser and/or mentor or both.

I see posts like this quite often in this forum. People who have a sum of money and believe that because they have some money they will be able to create a sustainable income. It's not the case though.

You sure don't need 30k to start making a consistent income. The reality is if you can't make things work with a much smaller budget then throwing more money at it isn't going to somehow turn your results around -- it just means you have more money to waste.

So my advice would be to look at what skills you have and what you can offer to people and start building a business around that. Start small and grow things gradually. It's obviously handy to have extra money there if you need it when building your business but money alone won't necessarily solve your problem.

There is some good advice here, there is a saying about how you have to spend money to make money, but the truth is more like, "You can spend money in the wrong way or the Right way" If you spend money in the wrong way, nothing will help you achieve the success and sustainable income your interested in developing.

Creating a business requires a lot of thought and planning.

Any real business has a plan and a product.

Products that answer questions and save people time and money are what you really want to deliver.

The number one thing to consider here is do not base your business on a third party.

Well I suggest you're going to a get a lot of conflicting advice from lots of people with what to do with the money.

You say "now, please dont say invest in someone else.." but seriously, how are you going to progress if you don't learn from the real masters. It may not be what you want to hear but my advice would be to concentrate on an area you are interested in and then use some of the money to pay for professional coaching. I've done twice in the past and on both occassions it has been highly profitable.

Neill

Asking what to do with a bunch of money on a forum isn't wise. If you have money to invest, put it in a bank until you have done the research and decided on a viable business and have prepared a business plan. The money is the least important factor if you are clueless about how to spend it.

No one here could give you good advice (although many may pm you with good ideas on how you should unload that cash) on how to spend money when you have limited skills, haven't been successful online thus far, and have no clue as to the kind of business you want.

All the suggestions are great, I'm going to give you a little different scenario.

Find a market that has a need (I know hear this a million times, just bare with me)

-Find something offline, OR online I guess could work to. Lets just say because I'm kind of in a rush we will use a car lot. Call around or stop by to a few, ask detailed questions about what the hardest part about there job is. Dont just ask one or two questions really get down to the nitty gritty and figure out a number of small problems that just make there DAILY routine harder. The more questions you ask the better understanding youll get. DONT just ask what they hate about there job, you have to really sit back and come up with some good probing questions and bring it out of them.

Do this to as many places you can, once you get a common denominator of what they hate the most. Draw up a plan of how you could make some kind of app (online or mobile) preferably online.

Then go back to the people that you had the best conversations or rapport with and just ask them if this is something that would help them out in making there lives and productivity a little better. If you get a solid yes from a couple of these people, then ask if there are any other things within the relm of what you have put together that would make it even better for THEM.

Find a developer and get a price and suggestions if the app could work and all the information you would need as in how long ect.

Once you have that information, TRY to go back and pre-sell this app to the people you have already talked to , offer a discount for a year worth of service if they pre-pay. Be honest with these people in the time frame it would take ect.

This will help with taking any risk. If you cant get a presell but know for sure everyone liked it you could take the risk and then pay to have the app built. Leave out some 'extra' features to keep your cost low at first. Once it's done put it online with a monthly subscription or something, go back and sell it to them. Give them a good price since its not completely finished with all the bells and whistles. Try again to sell a year sub at a good rate. If you can get customers off this go back and have the developer finish the product.

You now have something that you KNOW is in NEED and there is a market for. You already have a residual income from the parties you sold to locally. All you would need to do now is scale up and expand.

This could be used in any market or niche. Just brainstorm and cut your risk as much as possible.

This is my first post here with this account. I have been a member of Warrior in the past but it has been a while and I completely lost all my login info, so I started over (contacted support and everything). Anyway, Hello. :-)

I have been dabbling in internet marketing for a few years and the following lesson was hard won, and it took me a very long time to learn it.

It isn't about the money, it's about the business plan!

I had shiny object syndrome for a long time and dumped a lot of money in various products and blueprints, all of which I followed (at least a little bit).

Finally, I decided to write a business plan. I chose one type of thing to focus on, wrote the plan, have been following it, and now, six years after I started dabbling, I can see that my efforts are finally paying off.

I don't even want to think about where I'd be if I wrote a business plan sooner.

The process of writing the plan forced me to really think about my strengths, weaknesses, and preferences and figure out how to utilize them for my business.

So yes, isn't about the money - it's about having a plan. But it's nice that you don't need to worry about money while you're setting everything up.

I would buy a website that is already generating $1000 to $2000. Take the time to research and find the perfect one.

Improve the site and sell it for more. Repeat the process