Month: May 2015

I have no real skills but I have ~$200,000 and want to start a business. What should I do?

Answer by Ryan Wardell:

If you want to start a successful business but don't have any of the necessary skills, the highest ROI you can get from the $200,000 is to invest in yourself.

Here's an idea.

1. Move somewhere cheap, but with good internet access and modern amenities. Chiang Mai in Thailand is great, but there are many other locations you could choose. Check out nomad list.

2. Once you're there, you can live very comfortably for $2,000 a month. So your $200,000 will enable you to live there for nearly 10 YEARS without having to work.

3. Take a year off to re-skill in something that is more transferable to business.

Sales
Marketing
Design
Software development if you want to do tech stuff.

If you have no distractions you can learn a LOT in a year with nothing but a laptop and a wifi connection.

I used to think the billion dollar Silicon Valley startup thing was the only business worth starting.

But as I've gotten older and a bit more experienced, I've come to realise that there is a lot of value in small, simple cashflow businesses that generate $1,000 or more per month and pretty much run themselves.

So consider starting a few of these first before you try to change the world.

I have no real skills but I have ~$200,000 and want to start a business. What should I do?

Advertisements

Why is food so expensive in theatres?

Answer by Franklin Veaux:

When I managed a theater back in the 90s, we made no money at all on ticket sales. Not one cent. Every penny of ticket sales went to the distributor.

That means we actually lost money on people who bought a ticket but didn't buy concessions. All the money we made–all the money to pay for the building, pay employees, pay for the projection equipment and electricity, everything–had to come from the concession sales.

Why is food so expensive in theatres?