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What business to start for extra income and future prospects?

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  #1  
Old 27th December 2016, 07:33 PM
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Default What business to start for extra income and future prospects?

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 !
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Old 27th December 2016, 08:59 PM
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Default Re: What business to start for extra income and future prospects?

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.
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Old 27th December 2016, 09:10 PM
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Default Re: What business to start for extra income and future prospects?

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.
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Old 27th December 2016, 09:19 PM
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Default Re: What business to start for extra income and future prospects?

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

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Old 28th December 2016, 10:14 AM
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Default Re: What business to start for extra income and future prospects?

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.
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Old 28th December 2016, 06:58 PM
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Default Re: What business to start for extra income and future prospects?

See this video.. He says something about "franchise" business.

https://www.youtube.com/watch?v=JlPYTYq6tLA
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Old 28th December 2016, 08:25 PM
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Default Re: What business to start for extra income and future prospects?

Quote:
Originally Posted by vijkris View Post

The Shorthand teacher works in ISRO and according to him starting salary for shorthand stenographers is 30,000 pm in any Central Govt.
wht is age limit?
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Old 28th December 2016, 08:34 PM
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Default Re: What business to start for extra income and future prospects?

Quote:
Originally Posted by kisna View Post
wht is age limit?
i didn ask. Will ask him and let you know.
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Old 29th December 2016, 08:41 AM
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Default Re: What business to start for extra income and future prospects?

Quote:
Originally Posted by vijkris View Post
See this video.. He says something about "franchise" business.

https://www.youtube.com/watch?v=JlPYTYq6tLA
Franchise is an interesting idea. Certainly will explore. Thanks a lot.
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