If you inherited £100 how would you ensure you received a reasonable return over a one year period?
[Car washing service]
It really depends on how much time or opportunity cost you would like to put to receive a good return.
100 pounds obviously is not enough to bet on any financial markets.
If you put aside the opportunity cost of time spent, with only 100 pounds,
- I would just go to the Poundland, buying cleaning tools for about 20 pounds.
- Print washing advertisement A4 posters for 20 pounds.
- Go to the Car parking, put the ad on the windows of dirty and good cars.
Wait for the phone call with 60 pounds and trying to survive before receiving the first phone call.
My advantage is cheap, quick and visiting service, each service will just cost them 5 pounds.
After 50 times’ hard work, I can upgrade my gears and go to London (I am currently based in Brighton), and provide better service. Of course, there are more cars in London and I am going to charge 10pounds per service.
Quick and visiting service is still my advantages.
If it works, I am going to go further and recruiting people to work with me. I will contact the clients and distribute the works. Every transaction will go through PayPal which is easier to manage. 70% of the revenue goes to the employee.
If it goes well, I will make an App called CarWash, which just works like Deliveroo, but my App delivers the car washing service. Costumers order services online, providing the location and parking time of the day. Our registered employee who is close to the location will go there and wash…
According to Transport of London, there are 2.56 million cars in London. Let’s give a conservative estimate that every car wash once per month. An estimate of 1000 transactions per month for a startup company is about right. A gross profit of £3000 per month, which is considerable for a poor little guy starting from just £100.
Of course, it will be continuing to expand under the huge potential demands of the market.