What business to start for extra income and future prospects?

Discussion in 'Words of Wisdom' started by ndtrader, Dec 27, 2016.

  1. ndtrader

    ndtrader Member

    Joined:
    May 15, 2016
    Messages:
    60
    Likes Received:
    25
    Trophy Points:
    18
    This thread maybe a little off topic, but just wanted to try anyway since I have received amazing advice from TJ members on all topics :)

    If you were starting a business as of today, which one would you start and why? I want to get some ideas for my 33yr old, unmarried cousin who is stuck in a call center job. He had to drop out of school after 11th class due to a family situation, and has been doing odd jobs since then. He is not interested in stock trading for some reason. He is however very bright, and given right training and support will certainly do well.

    He initially wants to set up a business part-time and once the business starts growing, he would like to go full-time. I was wondering if TJ folks can give some advice on what businesses might be profitable, and how to get going.

    He has 2 ideas himself: 1)importing LED bulbs from China and selling them here for a small profit 2)entering the diamond polishing/exporting business based in Surat/Mumbai. The diamond business is a little tricky, since it requires a fair amount of investment and is difficult to do part-time, so he is in two minds.

    Many thanks in advance folks !
     
  2. travi

    travi Well-Known Member

    Joined:
    Jul 30, 2016
    Messages:
    2,480
    Likes Received:
    4,127
    Trophy Points:
    113
    Location:
    Trading Nirvana
    Has he considered going to part-time school/college, evening classes, correspondence education, other training canters etc to find or sharpen a skill?

    Bcos just like an Engineer, Doctor, Lawyer or another pro comes to the Trading Rink and gets beaten up (first timers), the same happens when one starts a business that he/she isn't thoroughly familiar with. Its only later that one finds holes and plugs them.
     
    Suppa, Trader987 and ndtrader like this.
  3. vijkris

    vijkris Well-Known Member

    Joined:
    Mar 4, 2013
    Messages:
    3,719
    Likes Received:
    7,954
    Trophy Points:
    113
    Location:
    hyderabad
    Apart from business, if he is interested in 9 to 5 jobs then read below:

    Is it possible for him to learn some courses like Tally, Typewriting, Shorthand etc. ?
    I am presently learning Typewriting and simultaneously teaching Spoken English in the same institute .
    All the students there have aim of getting govt. jobs and it seems typewriting is an important skill.
    Even Tally is useful in most of the offices, specially useful for preparing invoice etc. (I may be wrong regarding Tally, but junior accountant post can be offered for tally skills.)

    The Shorthand teacher works in ISRO and according to him starting salary for shorthand stenographers is 30,000 pm in any Central Govt.
     
    ndtrader likes this.
  4. newuser_RK

    newuser_RK Well-Known Member

    Joined:
    Jan 9, 2012
    Messages:
    469
    Likes Received:
    439
    Trophy Points:
    63
    Government servants are usually over paid and unless this cousin is from reserved quota its almost impossible to break in...he can learn computer science via niit and use those skills in job market...
    Import electronics from China and sell online

    Sent from my AO5510 using Tapatalk
     
    ndtrader likes this.
  5. ndtrader

    ndtrader Member

    Joined:
    May 15, 2016
    Messages:
    60
    Likes Received:
    25
    Trophy Points:
    18
    Thanks a lot for your advice. He has tried taking open school exams multiple times, but he bails out before the exams every time - he is much more allergic to exams than people usually are :)

    For now he is set on doing business, and not any IT courses etc. He does make decent money (25k per month) in his current job, so I don't think he will want to go for a government or other similar paying jobs.

    If you have any further advice on this, please do share. Maybe you want to share experiences/advice of any relative or friend who is a businessman? Please feel free. Thanks again.
     
  6. vijkris

    vijkris Well-Known Member

    Joined:
    Mar 4, 2013
    Messages:
    3,719
    Likes Received:
    7,954
    Trophy Points:
    113
    Location:
    hyderabad
    ndtrader and suri112000 like this.

  7. kisna

    kisna Active Member

    Joined:
    Oct 29, 2015
    Messages:
    170
    Likes Received:
    96
    Trophy Points:
    28
    Location:
    Chennai
    wht is age limit?
     
  8. vijkris

    vijkris Well-Known Member

    Joined:
    Mar 4, 2013
    Messages:
    3,719
    Likes Received:
    7,954
    Trophy Points:
    113
    Location:
    hyderabad
    i didn ask. Will ask him and let you know.
     
    kisna likes this.
  9. ndtrader

    ndtrader Member

    Joined:
    May 15, 2016
    Messages:
    60
    Likes Received:
    25
    Trophy Points:
    18
    vijkris likes this.
Loading...

Share This Page