Future business ideas for a contractor

[pastalista]

Care needed

Having just started contracting (LTD CO), I feel more motivated to come up with an idea and start something compared to when I was a permie. Making money for someone else just didn't give any kick! The missus is going to qualify as an Actuary soon, I've been pushing her to find me a niche in the Insurance and Investments world.

Care is required in how the money from a Co a/c is invested in a new business though. I did it a few years ago (my limited invested in another company in the music business) and although my accountant had 7 meetings with HMRC after which they agreed, in writing that it was a "legitimate business", when it came to it, they decided that it was "actually a hobby" and I couldn't use the investment as a loss (which is what it had sadly become) thus resulting in a large and unexpected tax and VAT bill (couldn't reclaim as I had been led to believe).

No amount of argument would sway them and despite showing them the letter and threatening legal action, they wouldn't budge. I guess they don't have to worry about who pays their legal bills so why should they care?

I don't mean to bring the mood down as investing in something else so that I am not entirely reliant on one business is something very dear to me. I just wanted to issue the warning.

Pastalista

[amyth]

Now that is what I want to do but it's finding something that is the massive problem.
I have the funds so if anybody's got the idea let me know

Having just started contracting (LTD CO), I feel more motivated to come up with an idea and start something compared to when I was a permie. Making money for someone else just didn't give any kick! The missus is going to qualify as an Actuary soon, I've been pushing her to find me a niche in the Insurance and Investments world.

[prozak]

Now that is what I want to do but it's finding something that is the massive problem.
I have the funds so if anybody's got the idea let me know

sailing is my passion and where I would most like to head to....

Not much money in it though which is why i've not made the jump yet.... also very capital intensive if you are wanting to have your own yachts.

[prozak]

XXX is always a good idea, just like the oldest profession it's not going anywhere anytime soon...


Massage parlour for disabled, just like the ones Berlin, perhaps?

hahaha....

[RichardCranium]

As it is clearly American, does it involve being super-positive about all the lovely challenges that come one's way? Is it possible to smile your way to success? Are we "turning that frown upside down"?

I don't remember killing myself when I read it some years ago, so I don't think so.

A hyped-up review: JobHuntersBible.com: What Color Is Your Parachute?

Although it is predominantly a book on how to get a permie job, it is useful in helping you work what you want to do.

From another review: Bookshelf - The 2009 Job Hunting in Hard Times Edition of What Color Is Your Parachute?

Huge pluses for me about the book are the very helpful exercises and worksheets available to help you figure out exactly who you are, who you want to be, what turns you on, what you’re good at, and not, what your mission is, and how to go about realizing it.

[pastalista]

Borrow "What Color (sic) Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers" from the library. Or buy it.

As it is clearly American, does it involve being super-positive about all the lovely challenges that come one's way? Is it possible to smile your way to success? Are we "turning that frown upside down"?

I think we'd all like to make money doing something we love but is it practical in most cases? I have had a business idea hanging around for the last 4 years but getting a) the money and b) the time to get it off the ground (given that Hector took all the money I had - or at least defending myself against him did) has proved impossible.

I wish you luck finding something and hope that whatever it is, it makes you happy and wealthy in equal measure.

Pastalista

[xchaotic]

I've often thought of a free/cheap xxx portal (xxx being my expertise) using open source software.....

XXX is always a good idea, just like the oldest profession it's not going anywhere anytime soon...

Another alternative is to start a niche consulting practice....

Massage parlour for disabled, just like the ones Berlin, perhaps?

[RichardCranium]

Borrow "What Color (sic) Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers" from the library. Or buy it.

[Gaz_M]

IN theory you could use the funds for anything.

The LTD company can own many other businesses in many different sectors as far as I know.

It depends whether you want to continue the company as a trading company - i.e. invest in your current or new businesses - or move it to an investment company.

Note: I think there are issues if it becomes a pure non-property investment company. Called a Closed Investment Company I think.... can't remember what the problems are though as I have never intended on going that route.

Personally my plan is to start up another business in something I am more passionate about using the retained earnings in my LTD Co.

Now that is what I want to do but it's finding something that is the massive problem.
I have the funds so if anybody's got the idea let me know

[prozak]

Thank you both for your answers... I was really thinking something IT related.

Something where a lot of cash gives you a tactical advantage. Maybe buying a server farm, employing a load of consultants for a government or multi national company contract…

How about software services instead of servers. Hardware is pure commodities.

I've often thought of a free/cheap xxx portal (xxx being my expertise) using open source software..... the business plan being to get loads of sme customers and then get acquired by someone big.

Another alternative is to start a niche consulting practice....

[castoff101]

Thank you both for your answers... I was really thinking something IT related.

Something where a lot of cash gives you a tactical advantage. Maybe buying a server farm, employing a load of consultants for a government or multi national company contract…

[prozak]

IN theory you could use the funds for anything.

The LTD company can own many other businesses in many different sectors as far as I know.

It depends whether you want to continue the company as a trading company - i.e. invest in your current or new businesses - or move it to an investment company.

Note: I think there are issues if it becomes a pure non-property investment company. Called a Closed Investment Company I think.... can't remember what the problems are though as I have never intended on going that route.

Personally my plan is to start up another business in something I am more passionate about using the retained earnings in my LTD Co.

[Moscow Mule]

Buy a fleet of classic cars and rent them out.

Make yourself redundant and blow the lot on plumber training.

Retire.

[castoff101]

Hi all

I have been contracting for a number of years now and in theory could have built up a reasonable sum in the company coffers.

I was wondering what future use I could use these funds for, to expand the business to the next stage... what ever that may be.

I was thinking what use the capital could be for future investment, and for financial security to gain larger IT contracts, maybe employing teams of contractors?

Thoughts anybody?

Thanks