Plan B for those too Lazy to make their own Plan B

[lukemg]

Chap next door started his magic Plan B, it was going well so he packed in work, bit further along, missus packs in her work to do Plan B as well.
2 years later, house is up for sale and he is moving in with his in-laws....
He is a bellend but don't wish bad on him, market just got more competitive/bigger people moved into it and squeezed them out, so go for it but have a note of caution.
I prefer having other businesses working for me so Plan B is very low maintenance share investments, regular automatic investment and compound interest does the rest...

[DimPrawn]

Or just buy a dozen BTL properties leveraged to the hilt on min deposit, in 20 years time, when the sucker tenant slaves have paid off the debt, sell dozen properties and retire filthy rich without a care in the world.

Simples!

[tomtomagain]

Chap next door started his magic Plan B, it was going well so he packed in work, bit further along, missus packs in her work to do Plan B as well.
2 years later, house is up for sale and he is moving in with his in-laws....
He is a bellend but don't wish bad on him, market just got more competitive/bigger people moved into it and squeezed them out, so go for it but have a note of caution.
I prefer having other businesses working for me so Plan B is very low maintenance share investments, regular automatic investment and compound interest does the rest...

Running any company carries a degree of risk and it is definitely not something one should undertake lightly.

At least 50% of companies fail within the first 5 years.

[minestrone]

Getting a plan B to plan A is without doubt the hardest thing I have ever done, it is humiliating at times when you are pitching and the audience is not interested but you just have to get back up. Telling yourself the audience is wrong and you are right for a couple of years takes courage.

Kerching.

[DimPrawn]

Getting a plan B to plan A is without doubt the hardest thing I have ever done, it is humiliating at times when you are pitching and the audience is not interested but you just have to get back up. Telling yourself the audience is wrong and you are right for a couple of years takes courage.

Kerching.

[minestrone]

Getting a business partner who can talk the talk is the best advice I can give for a plan B.

Align yourself with someone who knows the industry. You tap out the code, they do the deals, make the connections.

[minestrone]

Just watch out for scratches on the graphite grey...

[SueEllen]

Getting a business partner who can talk the talk is the best advice I can give for a plan B.

Align yourself with someone who knows the industry. You tap out the code, they do the deals, make the connections.

This ^^^

I've met people with good ideas who have actually taken the time to turn them into a business.

Unfortunately marketing, PR and getting their product generally known has been a poor after thought......

[d000hg]

The slightly depressing thing I find about the internet is that whenever I think I have a bright idea, after a bit of googling I often find that someone else has sort of come up with something similar already.

I tend to get the opposite... I have a bright idea and then a year or two later I see someone else launching the same thing and doing quite well

[BrilloPad]

Or just buy a dozen BTL properties leveraged to the hilt on min deposit, in 20 years time, when the sucker tenant slaves have paid off the debt, sell dozen properties and retire filthy rich without a care in the world.

Simples!

In 20 years the smallest bedsir in Dewsbury will be £10m. The children and grand children will have to work their lives to pay off the debt.