50k will probably get you through a year and a half, a small business at times can take longer to show anything substantial in terms or returns, if you end up having to keep pushing your savings into it, you might end up finding yourself on the streets within months. My advice, live off of the money while you take the time to gain a strategic skill that could land you much better opportunities in the future. Heck, if you live alone and are not a homeowner, move to Phuket or Bali where $50k will give you more time and then work on yourself... A coding skill, marketing skill, Social Media management skill, there are a lot of skills which can land you a great job or help you become your own boss.
this post was submitted on 25 Nov 2023
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Here are my thoughts. Happy to have a discussion if you wish. Just DM please. I am in the PNW/PST time zone.
Digital Marketing Agency: Start a digital marketing agency offering services such as social media management, search engine optimization (SEO), content creation, and online advertising. With minimal overhead costs, you can operate remotely and gradually expand your client base.
Mobile Food Business: Launch a mobile food business, such as a food truck or a catering service. Specialize in a niche cuisine or offer unique food items to stand out. This business allows flexibility and the potential to reach different locations and events.
E-commerce Store: Create an online store selling niche products or handmade goods. With platforms like Shopify or Etsy, you can easily set up an e-commerce store. Invest in quality product images, effective marketing, and customer service to build a loyal customer base.
Home Renovation Services: Start a home renovation business, focusing on smaller projects like kitchen or bathroom renovations. Offer budget-friendly solutions, and as your business grows, you can expand into larger projects.
Fitness Coaching or Personal Training: If you have expertise in fitness, consider starting a personal training or fitness coaching business. You can offer virtual or in-person sessions, create workout plans, and provide nutritional guidance. Keep initial costs low by using existing public spaces or conducting online sessions.
Remember to conduct thorough market research, create a solid business plan, and leverage online tools and resources to optimize your startup costs.
Another option is to get a well-paid job.
I don’t want a job
In that case, don't get one. It was a suggestion that works for many and is easier than making good money from a business.