Your 100k idea

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Mrclueless wrote: »

I have a friend who is an engineer. He thinks maybe we combine our funds purchase land with planning permission already in place. Demolish and rebuild. Sell. Any thoughts ?

I thought for a second there this had promise...

Not the worst idea, better than leaving it in the bank, but I'd be more interested in a project requiring developing rather than demolishing (expensive) and rebuilding (very expensive).

Graham

Mrclueless wrote: »

- I treat people. That's all the experience I have. Can't open a clinic unfortunately - would need more cash

I can imagine how that would limit your options, it's not like people who treat people ever buy/use/order/send/receive/test/communicate/read/investigate/record/employ/contract/sub-contract/spend/invoice or account for anything in the course of their work.

experiMental

A simple 100K idea is buying an existing business and running it to make 100K profit : http://www.businessesforsale.ie/

Any idea that deals with making something new is going to have some caveats, so if you are focused on making a profit with as little risk as possible, buy an existing business and expand it.

greenfield21

I know very little about entrepreneurship but maybe u should take it easy, take a step back and become knowledgeable in lots of areas that interest you. Then take it down to more detail and see if you can make money of it. I'm a big dreamer and I know how hard it is try and invest and make the big money.

Mrclueless

Graham wrote: »

I can imagine how that would limit your options, it's not like people who treat people ever buy/use/order/send/receive/test/communicate/read/investigate/record/employ/contract/sub-contract/spend/invoice or account for anything in the course of their work.

I am a surgeon who specializes in TMJ disorders. I just don't see it. But any suggestions are welcome! =D

greenfield21 wrote: »

I know very little about entrepreneurship but maybe u should take it easy, take a step back and become knowledgeable in lots of areas that interest you. Then take it down to more detail and see if you can make money of it. I'm a big dreamer and I know how hard it is try and invest and make the big money.

Yea I agree. That's kind of what I'm trying to do here. No harm seeing what people think. Never know next big idea could be on here! =D

Mrclueless

experiMental wrote: »

A simple 100K idea is buying an existing business and running it to make 100K profit :

Any idea that deals with making something new is going to have some caveats, so if you are focused on making a profit with as little risk as possible, buy an existing business and expand it.

Had a look there. Sounds great! I'll look into it some more thanks !

drunkmonkey

I'd start a VR company in what you know in healthcare, there's a world of potential there. I wouldn't be putting in 100k I'd be trying to get as many grants as possible.
Maybe spend 2k on research and the toys you need, good PC, oculus, imagination.

deathtocaptcha

How about a medical practice app platform aimed at GPs? so patients can book appointments, get reminders and confirm appointments, pay bills etc...

if it were me, i'd try to stick to an industry I know and could improve... if you're just looking to invest and take a hands-off approach, the chances are you'll blow through that cash quickly if you invest in startups or individuals.... you'd just be better off investing in stocks & shares...

antoinolachtnai

Taking into account your profession, you need to be careful that you can actually devote the time to this that is required for a business that is managing 100k of capital. Even to understand a sector other than your own sufficiently well so that you can feel comfortable putting 100k of your own money in it is a big ask. The time might be better spent actually making money in your profession.

I suppose the traditional thing for medics to invest in in Ireland is healthcare facilities. This is how the Blackrock clinic got off the ground. It is worth reading up on the story. There is a lot to be said for it. It is a sector you know and understand and you have contacts.

The professional organisations and allied companies may offer investment opportunities. The big advantage of these is that the investment will suit your tax and income situation. All I will say is that just because someone shares your profession does not mean you should necessarily trust him with all your hard earned cash and just because you save tax does not mean you are guaranteed to make money. You need to evaluate these investments as carefully as anything else you come across. And no doubt you will get a few messages arising from this thread.

100k isn't a bad amount to start off with. The deal with a medical facility investment is usually that there are a number of investors, who all put in money and perhaps commit to future investment, and may structure the whole thing with a pension. The company then borrows from the bank or the vendor or some sort of investment company to purchase a property or a machine or whatever it is. (This is called 'leverage'.) This means that a few people like yourself can benefit from a pool of capital of a few million euros. There is professional management of one sort or another. It goes without saying that you have to be reasonably certain that the enterprise will have access to a steady stream of business once you get going and this usually means that you have the contacts so that you are able to deal with the insurers from the outset (in Dublin or at a push the other cities) or better still the HSE.

However, all that is a hard enough to achieve. Healthcare facilities are not a sure-fire winner. Beacon has failed to imitate Blackrock's success and the massive investment at SVPH hasn't contributed much to congestion on the Rock Road either. I have in-depth knowledge of one other crossover type medical facility which is doing something genuinely novel and involved an investment of a few hundred thousand euros. It is a great idea, but it has been a struggle to get it into profit. (It doesn't benefit from insurance payments or have any HSE contracts.)

Because of the leverage these investments can be fairly risky. You need to understand this. In practice it means that even if the investment goes south, you may still be obliged to continue to pay into it.

I know of a group of Irish professionals who in the 90s began investing in inventions that they came up with as they went about their work (their work involved long periods of inactivity when they had to remain alert, but were able to discuss and brainstorm to pass the time). They invested a fair bit of money in these brilliant ideas (which mostly weren't related to their line of work). Some of them were good enough ideas, but they really weren't set up to commit the time to really ever make money out of them. They lost all their money as far as i know, though I suppose they had good fun for a while.

Another simple option to consider is whether you will need to invest in your own practice at some stage. I have little idea what your practice entails but you might at some stage want the money to buy and equip a private suite at a hospital for example. You might also invest in yourself, in stuff like courses or a career break for training.

A significant property venture? You could do it, but you'd need a lot more money (probably from the bank) and you would need to structure the deal very carefully. Property development is a risky business even for people who know what they are doing.

If I were you, I would read a lot about people in similar position to yourself who have made a success of investing or business. I would say, the surgeon Joseph Sheehan is probably the special genius for this sort of thing. And I suppose there will be opportunities as people of Mr Sheehan's vintage need to cash out their investments to retire.

pedronomix

OP has yet to demonstrate that he has any business acumen or experience. Being a jawbone sawbones may well produce the 100k in surplus cash but having no idea as to what to do with it is a clear indicator to do nothing to risk it. The odds are hugely stacked against him, a steady modest income from a secure investment even in prize bonds would make more sense than a new business venture. It is a nice sum but no hill of beans in the terms of a base for a new investor.

Mrclueless

Mrclueless wrote: »

I have a friend who is an engineer. He thinks maybe we combine our funds purchase land with planning permission already in place. Demolish and rebuild. Sell. Any thoughts ?

Real estate development is extremely high risk and painful. Very easy to lose your investment. Planning permission is only the start, you need building permits after that and you need to be very very hands on with management of the construction on a daily basis watching everyone like a hawk and going through every detail with a fine tooth comb to make a profit.
An easier thing to do would be to identify a property that is undervalued and in need of cosmetic repair but not structural repair, and in the right location that it has a high resale potential. This way is far less risk and much less complex. If you make a success of the first one then you can rinse and repeat, whereas building from scratch without the experience is a minefield and a full time profession.

Mrclueless

Deleted User wrote: »

Real estate development is extremely high risk and painful. Very easy to lose your investment. Planning permission is only the start, you need building permits after that and you need to be very very hands on with management of the construction on a daily basis watching everyone like a hawk and going through every detail with a fine tooth comb to make a profit.
An easier thing to do would be to identify a property that is undervalued and in need of cosmetic repair but not structural repair, and in the right location that it has a high resale potential. This way is far less risk and much less complex. If you make a success of the first one then you can rinse and repeat, whereas building from scratch without the experience is a minefield and a full time profession.

Thanks for the input!

Where would I begin searching for these derelict buildings? Any source bar the obvious daft.ie etc?

Mrclueless

pedronomix wrote: »

OP has yet to demonstrate that he has any business acumen or experience. Being a jawbone sawbones may well produce the 100k in surplus cash but having no idea as to what to do with it is a clear indicator to do nothing to risk it. The odds are hugely stacked against him, a steady modest income from a secure investment even in prize bonds would make more sense than a new business venture. It is a nice sum but no hill of beans in the terms of a base for a new investor.

I'm looking more to "make a break" . I don't mind losing the money if it was an honest attempt at an idea if you know what I mean. Calculated risks are what excite me. I don't know much about investing but I get the impression it results in slow returns with no future potential for growth. Correct me if I'm wrong!

Thanks for the input! =D

Johnny_Fontane

I'd look at starting a healthcare recruitment company. 100k will get you great setup. Systems will cost you probably 10-15k (decent recruitment databases aren't cheap but well worth it). You can rent offices pretty cheap, depending where you are. Get a decent website designed, an Irish jobs and jobs. ie subscription.

Most importantly, you will need to find someone who has some experience in recruiting within healthcare. This is easy enough, all the big agencies like cpl, Morgan McKinley, hays etc have the odd decent person. Generally these will be younger late 20s generation earning probably 100k annually (say 350k in fees) that are looking to do their own thing but don't have the cash.

You should have plenty of colleagues in the industry who can get you 'in', so you can prove yourself as a recruitment company and one decent client will get you off to the races. If you are able to hire another strong director to go from the start, you could easily turn over 250k in your first full year. Remember, costs in recruitment companies are much lower as a service company and if you do it right, hire the right people, you could build a very successful business.

Mrclueless

Mrclueless wrote: »

Thanks for the input!

Where would I begin searching for these derelict buildings? Any source bar the obvious daft.ie etc?

Keep your eyes open for houses that have been up for sale for a while and look a bit run down. Avoid using estate agents, and find the owners and make them lowball offers direct, don't jump at the first thing that looks good. 100K probably is not realistic in Ireland to do this because the areas you'll find things for that price are most likely hard to resell. But if you can get a banks help and up your price range to 200K your options become a lot better and you'll find places in much more desirable areas. And if you do go in this direction, your engineer mate better be on top of his game and know what is structural and what is cosmetic!

experiMental

deathtocaptcha wrote: »

How about a medical practice app platform aimed at GPs? so patients can book appointments, get reminders and confirm appointments, pay bills etc...

drunkmonkey wrote:

I'd start a VR company in what you know in healthcare, there's a world of potential there. I wouldn't be putting in 100k I'd be trying to get as many grants as possible.

There are lots of smart people in the world who are doing those things. In fact, I have worked on a medical practice app platform before, and it's one of the easier apps that one can build.

If you are even looking into VR company, you'd be competing against someone else in another part of the world.

If you want a return on investment, act as an investor-consultant for projects like those. You can join investment funds dedicated to healthcare tech, like here : http://www.healthfounders.com/

However, from my experience in working in health tech, I have found that there were too many regulatory costs and issues. You have to be really dedicated to your product if you want to succeed. Passive interest in a business wouldn't be enough, even with good industry knowledge. The reward will only come in at least five years.

lcwill

Tattoo removal - get yourself one of these: http://www.cynosure.com/product/picosure/ and you are in business.

I am actually serious. I contacted the company enquiring about buying one. A background in healthcare would be just right.

Mrclueless

lcwill wrote: »

Tattoo removal - get yourself one of these: and you are in business.

I am actually serious. I contacted the company enquiring about buying one. A background in healthcare would be just right.

Hey thanks for the suggestion! That sounds interesting. Is there a large demand for tatoo removal in dublin?

Sorry I've been away guys, work is really intense at the moment and it seems like it will be for the next few months =(

But I'll be back as soon as I can not giving up on this thread =D.

Also happy new year everybody! =D

Mick Murdock

This will be one of the major growth industries in the next 10/20/ years I think. I'm not sure I'd enjoy the job itself but it sure as hell will be successful if got into early. I believe it's quite a long and painful process which obviously is costly and perhaps a barrier for people but I haven't kept up to date with the latest technologies.

There is no shortage of people with horrendous tattoos out there. Many will live to regret them for all sorts of reasons. Employment, new relationships being two of the major ones.

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Mick Murdock wrote: »

This will be one of the major growth industries...

There is no shortage of people with horrendous tattoos out there. Many will live to regret them for all sorts of reasons...

sobering up is another :-)

newacc2015

OP you are surgeon. So I presume you are a doctor. Can you do fillers or anti-wrinkle injections like Botox? Or mild chemical peels. Generally the most profitable industries, are the ones with the most barriers to entry. Not everyone can do fillers by law. But anyone can set up a shop to sell cheap Chinese plastic goods.

I imagine the margin on these products is pretty great. You would only have to lease a room or two in a surgery. I know my local GP surgeon has a Doctor doing these procedures on a Thursday only. I know the Morrison Chambers in Dublin 2 has a fair amount of dentists doing fillers and botox.

I would consider a commercial unit also. You can get industrial units with yields of around 8-10%. I would ones in Glasnevin Industrial Estate or Barrow Road as they are close to the Broombridge Commuter/ Luas station. This area will probably be converted into residential units in a decade or two. It is an excellent location and the units are pretty sturdy. Commercial leases are far better than residential, as the laws arent totally in favour of the tenant.

Andrea B.

In relation to the tattoo suggestion: if OP's e100k is a core criteria, I would see that mentioned unit (googled used one at 180k)and business / insurance outlay etc. pushing things to a much higher level than 100k?

pedroeibar1

I have my doubts on the genuineness of this topic/OP. I know a few surgeons and I could never imagine one of them posting here for investment advice.:rolleyes:;):p

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pedroeibar1 wrote: »

I have my doubts on the genuineness of this topic/OP. I know a few surgeons and I could never imagine one of them posting here for investment advice.:rolleyes:;):p

I work with consultants/surgeons. Some you'd wonder who tied their shoe laces for them that morning, others are very entrepreneurial.

pedroeibar1

Avatar MIA wrote: »

I work with consultants/surgeons. Some you'd wonder who tied their shoe laces for them that morning, others are very entrepreneurial.

Not convinced. Newbie poster. Go read the posts by OP. Do they indicate they were written by a person who had 600 points in the LC, followed by five years for medicine, followed by a residency of about the same to become a surgeon, followed by a period of specialisation to become a TMJ surgeon? Minimum 12 years of training? Do you know how much these people earn?

Why would a person with that background / earning potential waste time renovating a €100k property or consider setting up for tattoo removal? Naaaah!:rolleyes:

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pedroeibar1 wrote: »

Not convinced. Newbie poster. Go read the posts by OP. Do they indicate they were written by a person who had 600 points in the LC, followed by five years for medicine, followed by a residency of about the same to become a surgeon, followed by a period of specialisation to become a TMJ surgeon? Minimum 12 years of training? Do you know how much these people earn?

Why would a person with that background / earning potential waste time renovating a €100k property or consider setting up for tattoo removal? Naaaah!:rolleyes:

Do I know how much they earn. Yes. Private and public.

Again, academic ability and specialisation doesn't necessarily make someone an all rounder.

I spoke to a doctor lately so teaches empathy to new doctors. Some very funny, if a little scary at times, stories.

TL/DR academic ability simply means someone is academic.