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Keeping it simple

Jan 17 2013 10:42
A Fin24 user wants to start a simple business, but still keep his job. He writes:

I want to start my own business while I am still keeping my job, a simple business that won't need me to be hands on.

So the only thing that is on top of my mind is a business related to property. But I don't know where to start.

Please help!

Business development consultant Anton Ressel responds:

Without knowing what sort of startup capital you have to invest it is difficult to advise you of the wisdom of getting into property, or any other new business venture for that matter.

What I can say is that you will struggle to raise outside finance for a business that you are not going to be involved with in a hands-on capacity - banks and investors do not like speculative or risky ventures as a rule, even less so if they are not being managed by the owner/fundee.

If your intention is to generate a passive income, you might be just as well served by looking at some form of high-yield unit trusts or similar investment vehicle.

Alternatively, you may consider investing in an existing business that is ticking over but requires a cash injection - this way you can act as a board member but do not need to be operationally involved.

*Share your experience of setting up your own business, or simply ask a question. Our business panel can put you on the right path.

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