Reader’s question:
“I have one million dollars, where can I find new business ideas to invest in?”
John replies:
What a great problem to have! If I had a spare million dollars I wouldn’t invest in new business ideas though. Why? Well, as I’ve said before, business ideas are cheap, for example this site is full of free business ideas and business opportunities, it’s the passion, energy, determination and skill to implement them that are the difference between success and failure. In light of that I’d be looking for previously successful entrepreneurs or an new entrepreneur with a good, experienced team to invest in. When I found the right team to invest in then I’d expect them to have a good business idea by default.
So where do you find the entrepreneurs to invest in? Well, I’d suggest you get started by finding a local group of Business Angel’s to network with. You should also talk to both accountants and commercial lawyers that you respect, they’re likely to know of entrepreneurs looking for funding and will probably be familiar with their past work.
There are also a number of Business Angel networks online, a quick look on Google should present you with a number of options, once registered you will have access to entrepreneurs and their business ideas.
You may also find a suitable business by browsing the trade press and websites that cover businesses for sale. You might find a business you like that is already mature, presenting an opportunity with a lower return but less risk.
Finally there is of course nothing to stop you advertising the fact that you’re looking for entrepreneurs to invest in, either by advertising on a site like this with a targeted audience or through local media. You could even arrange your own Dragon’s Den style event and invite budding entrepreneurs to attend.
It should go without saying that you should only be investing money that you are prepared to commit for the medium to long term and can afford to lose.
Asking John:
Do you have a business question you would like me to answer? If so you can Ask John or you can enquire about using me as a business coach.
This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
A million isnt that huge a sum really, so you need a good return to make it worth while. My business would benefit from 1mil so invest it with me.
It depends on your business really, if you’re in the mortgage business $1M isn’t going to go far, but to launch say a magazine it’ll go further.
Howeer I believe the expected ROI should be based on risk, not the amount invested.
In regards to this thread. I have been involved in a north american business for about 5 years now. And they are seeking more money for growth. I am not to sure who it was that was looking to invest the one million dollars but I would be glad to give you the information needed and contact info to set up a meeting with the owner. Thanks For your time . If you would like more info feel free to email me . Duron950@hotmail.com
Thank you.
Jay,
It’s a question I get emailed to be several times a month. Good luck with your search for investment.
Yes thank you. If anyone is looking they know who to contact. thanks again
Jay
What do I get if I deposit a million dollars in my saving account?
Sam,
You’ll get interest at the rate the bank offers currently most offer in the region of 5-7% and you’ll be taxed on that interest.
If you’ve got a million dollars to invest you’re almost certainly better off investing it than having it in a deposit account - but where you invest it is entirely up to you and your attitude to risk.