What business can you start with 100k? »

I have met a lot of people who have sought advice from me about how to start a business or what business they can venture into to make more money. The question: “What business can I start with 100k (replace 100k with any amount)?” is all too common. People are looking for ways to earn more. Just like you, many people want to make money without much stress. There is a constant search for different ways to earn more. However, where people get it wrong is that they think, they need to start a business to make more money. Let’s take a deeper look.

Money is a reward for value. This is the foundation of every income earned or money made. To make money, you have to provide some sort of value in which people are willing to pay for. Take, for example, you go to buy food at a restaurant. You pay a certain amount in exchange for a plate of food. Let’s say you pay N1,000, what that means is that you believe the value you derived from that plate of food is equivalent to that amount you paid. That is how money is created and circulated – by exchanging value.

It is important to understand this principle. It is the basis for every economic activity. What this means is that to create value for someone, in which they will be willing to pay you, you must solve a problem for them. To find problems, you need to be a keen observer who looks out for problems that can be converted into opportunities for profit. Solving problems is how businesses are formed to address the needs of customers and create value.

For every value you create, there is a trade-off. You’re either exchanging TIME for MONEY (e.g your day job, starting and running a business) or you’re exchanging MONEY for TIME (Investing). Many people who want to earn more think that starting a business is equivalent to investing their money. On the contrary, they are two different things. Starting a business involves you being actively involved in the day to day processes of the business, hence, you’re exchanging time for money. On the other hand, investing is putting your money into a proven business and earning returns from other people’s business.

Consider for a minute as you’re thinking of starting a business, would you have the time, the expertise, experience, and endure all the stress that comes from starting and managing a business? Every business person knows how tough it is to run a business and the associated risks. This is why investing is a better alternative for those who may not be able to endure all the stress involved in running a business. Putting your money in a proven business model and letting the experts run and manage all the processes involved in managing that business crucial to wealth creation.

You may be wondering, how you can invest your money in proven businesses, and how investing can help you to grow your money. The answer is not farfetched. Investing is a skill you need to learn to make the right decisions. Over time, I have advised many individuals and small businesses on ways they could discover investment opportunities, understand investment principles so as not to fall for scams, and how to manage and grow their wealth.

So the question: “What business can I start with 100k?” depends on what you really want. If you intend to take the risk and endure the great effort involved in starting and running a business that you will have to be actively involved in managing, then you can go on and look for problems in your community to solve and find a way to monetize it. If however, you want your money to work for you and grow steadily, while you spend time doing other things, then you should consider investing as the option.

In further articles here, I’ll dive deeper into strategies you can adopt to grow your money and how these strategies have helped hundreds of people make more money and grow their wealth. You can also reach out to me with your questions and I’ll be happy to help.

Email: nathaniel.okwoli@gmail.com Whatsapp: 08111279035