I just borrowed $40,000 and want to start a business. Ideas?

#1
I had a business idea and borrowed money to get it started, but right now it looks like my idea might not work.

So now I have $40,000 that I borrowed from banks and, assuming that I'm right and my original idea won't work, I am looking for other ideas.

I like to play board games and puzzles. I've been into Magic the Gathering for 23 years. I follow politics very closely and consider myself a left wing social justice warrior. I am a licensed CPA but I don't have enough experience to open my own firm and I'm starting to think that it was the wrong career for me because accounting is boring. I like musical theory but I'm not very talented at performing. I really enjoy ballroom dancing and spent 9 months as an instructor at Arthur Murray. I am not very charismatic in person usually. I am an okay writer, but not good enough to make a career of it. I currently own three houses, two of which I am renting out at a tiny profit, and I am interested in eventually acquiring more real estate but I don't think I have enough capital to actually do that. I think I would make a great director for either movies or theater but I have no idea how to hone that skill.

I am paying interest on this money so I can't just give it away.

I don't want to invest it in some other business because I can't make a living off of that.

I am not a rich man so $40k is just about all I'll be able to spare.

That's all. I'm just looking for ideas here. Thanks folks

Edit: since many people have asked or have not realized that there was an idea originally, the idea was to start a futures market on Magic the Gathering cards, letting people buy options for them so they can speculate without actually buying the cards.

I took my time researching and developing a business plan and a schedule of cash flows. I submitted all of it to the bank, which granted my loan.

You can never plan for everything though, and a problem I was unable to foresee came up, rendering my plan unlikely to work.

And the reason I typed that long paragraph talking about myself was to help people come up with ideas related to things I enjoy. It was not intended as a display of relevant skills. But that doesn't seem like it's going to happen, and now it's looking like I will just return the money if my original idea becomes non-viable. So it goes.

Edit 2: I found a way to overcome the obstacle that was in the way of my original idea. So there is no need for a backup plan at this point. Thanks to everyone who had constructive advice for me.
 
#5
Give it back until you get a solid plan/idea, draft a business proposal including how much you need for that particular business idea, then take out a loan in that amount from the bank.

The longer you sit on that money the more likely you're going to dip into it.
 
#12
I hope the interest is based on an APR interest rate, and not a fixed one. I would advise to pay back the bank. You should have thought things through before taking the money. Seems very irresponsible to me.
 
#14
Return it. If your original idea won't work, you're not going to find anything right now asking in random internet forums. Don't put yourself into debt.
 
#18
Pay that back immediately lol

Then take some business courses or something I dunno just learn how bank loans work first before you start another venture.

Or open up a Blockbuster Video franchise because that's probably a better idea than going onto an online video game forum for ideas on how to shape your future.
 
#19
mmmmmm pretty much every business loan I've ever heard of has pretty strict terms and the conditions of the loan are specific to a specific business plan...

so, you may want to go speak to your lender first because you could be in breach of your loan terms for anything other than the original business plan.
 

DietRob

i've been begging for over 5 years.
#24
40k is not a lot to start a business. I would consider just paying back the loan if you are not going to follow thru with the idea you borrowed the money for.

What was that business idea and why is it not feasible anymore?
 
#25
mmmmmm pretty much every business loan I've ever heard of has pretty strict terms and the conditions of the loan are specific to a specific business plan...

so, you may want to go speak to your lender first because you could be in breach of your loan terms for anything other than the original business plan.
Also this^^^
 
#34
You did this in the wrong order, OP.

Idea first then the money. Not the other way around.
Pay off your loans immediately and bail the fuck out Jesus Christ dude.
Return it. Come back to the banks when you have a new business plan.
Sounds like a good scenario to pay that loan back asap.
Well that was fast. I guess that probably is my best bet. It just bums me out to think about going back to a normal 9-5 job again. Thanks guys
 
#39
Well that was fast. I guess that probably is my best bet. It just bums me out to think about going back to a normal 9-5 job again. Thanks guys
Like...what the fuck was the plan when you borrowed it? How did you explain what you were going to do with it in a way someone gave you that money?
 
#41
I would consider returning it. Wait for a real idea rather than having a huge pile of cash burning a hole in your pocket.

Saying that a friend of mine was onto a good mine when he opened up his mobile burger van. He worked a popular market and made around £50k a year for working a Saturday and Sunday morning at the market. Admittedly it was a very popular market but it was easy money.

Mobile food could be a plan, if you get it just right.
 

NervousXtian

Thought Emoji Movie was good. Take that as you will.
#42
This doesn't sound right on so many levels.

If somehow you're not full of shit, then give the money back.. but they would have gone over your business plan pretty heavy before giving the cash.. unless it wasn't a business loan and you took it out against your home or homes.

Also, you're not rich.. but own 3 homes.

I'm a bit perplexed by just about every single line you wrote.
 
#48
I'm not sure of the legality of getting a bank loan for a business plan, and then ditching the plan and using the money for something completely different. The bank probably wouldn't have loaned you the money in the first place if they knew you were going to do this.

Regardless, as somebody with $90k student loan debt, for the love of god, return the money. If you don't have a plan at all, then get a temp job for a year while you figure stuff out. Don't go $40k in debt on a whim.
 
#49
You have all this nice stuff, a 40k debt and no business idea... But you still have the 40k in hand.

Think long and hard about what you can do and what you want to do. If you can't think of something, return the money before you accrue interest. Fuck, return it either way and borrow again later because you still need time to air out the idea and move from idea into plan.

Yea, if you put up one of your 3 houses which I imagine is what the OP did.
Return the money. -_-
 
#50
Well that was fast. I guess that probably is my best bet. It just bums me out to think about going back to a normal 9-5 job again. Thanks guys
I need for you to tell me why you thought it was a good idea to get a huge loan and accrue interest before you had a business idea to use the money on.

It's going to kill me if I don't find out.