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Thread: To go start new business or work for someone else?

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    To go start new business or work for someone else?

    Im wondering if any of you guys can offer me some advice.


    Currently im 21, working full time as a financial clerk and studying accouting part time through Unisa.

    Now an opportunity has come up and i can get a carwash business. . . which means profits.

    What would be better:
    1. Staying at my job and work for < R10k for the next 3 years atleat.
    or
    2. Take over the business whilst continuing with my studies and building up the business with the aim of accumulating capital and exploring more ventures?

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    Site Caretaker Dave A's Avatar
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    Whatever work you're going to do at the carwash, can you hire it done for less than R10k per month?

    First prize would be to keep the job, buy the carwash and hire the daily work done, and finish your studies.
    The trouble with opportunity is it normally comes dressed up as work.

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    Definately option 2

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    Cool

    Thanks for the reply Dave,

    You see, currelntly the business shows a profit of about R150k annually with about 10employees situated in a shopping complex.

    So the million buck question is this: Can the business be be run and expanded to the point where I can use it as a starting point for greater things whilst giving me greater growth then i would receive in a job?

    Hiring people to run it for me while keeping me job is definitely the best option, i agree. The situation however is that there is NO control mechanisms in place.

    All cash is received is cold hard cash and payments are the same. All vehicles that come to get washed has to be recorded by the manager/supervisor.

    Hence, it would be fairly easy for such an individual to commit fraud by simply not writing the cars onto the ledger and id never know about it, the only hint being the suspiciously deleted supplies.

    How can I install a control system to ensure every vehicle is booked and how much chemicals/water is used for each?

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    Site Caretaker Dave A's Avatar
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    The problem of every cash business. I'm not too sure what the answer might be, but there must be one. Maybe someone here has ideas.
    The trouble with opportunity is it normally comes dressed up as work.

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    The problem is cash. How about introducing receipts with numbers. Somehow insist on customers retaining their receipts by running promotions. Five washes you get one free wash. Five washes you get a gift voucher. After every now and then do spot checks on receipts. Maybe someone out there can modify this idea or come up with better idea.

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    Dave A (17-Oct-09)

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    I support emganwini, a monthly customer appreciation will also be good. Customers who patronised most based on record will be rewarded. Let your customers know about your promotions however, paste it visibly where the notice cannot be missed. This will prevent excuses that some customers were not aware.

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    Hi travincal

    Basically you get 4 types of business people in life.

    Employee
    Self Employed
    Investor
    Business man

    Of all these people only 2 have the chance to ever become wealthy. This is very important to know,
    The Employee and self employed person will continue his life either battling to survive or just living comfortably.

    The Investor and Business Man are the only 2 that has a chance to realy become wealthy.

    What differentiates the struggling group and the wealthy group is simple.

    The Business Man and the Investor never work IN their own businesses. They work ON it.

    A further very important point to make is that very few entrepreneurs succeed from a point where there is no financial stability. Starting a business is best when you are starting it from a point where you have very little financial worries.

    A further important point to make is this. Do you foresee that this business can be turned into making a larger profit soon? Can this business be run without your involvement to make a larger profit? What is the true growth potential of this business?

    I must add that I am not a supporter of the high risk, high return theory. So I do business from the principle that it MUST support Low Risk but have a high return.

    Resigning your full-time job and then go and work IN your own business pushes the risk factor over the line imo. Dave's first answer said it all, you must employ someone else and keep your day job, imo this business might cause you to fall in the category of people that has a hard time to become wealthy by forcing you to stay.

    Investigate if there is any computerised way to monitor the use of the car wash, eg a clocking mechanism that register cars as they move through the bay perhaps something they need to drive over etc. Then if it is possible to budget the use of products and consumables per carwash. (This has to be possible if you calculate your price per car) This will enable you to continue with your day job. If there is no way to do this, chances are that this is not the opportunity that you are looking for.

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    Always have surprise visits. check the cars standing and check the list this way your manager will never know when you arrive

    the receipt for a free wash is a great idea

    plus get someone to work for you that's an advantage to the business and trustworthy not any one is thieves

    You study in accounting so you'll be doing the books if sales drop then there is questions to be ask.

    Never stop studying it is always something to fall back on if somethings don't work out

    Where we live is a famous shopping mall with a car wash and I know of a few guys that made offers in the millions for it

    Just remember a business does not survive on its own its people that make a business survive

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    Yea here is some gr8 ideas.

    Maybe i could be possible that to electronically mobilize the equipment?
    eg. Customer pays for service A, the receipt number is typed into a monitor/pad and the device allows only the programmed amount of water preprogrammed for service A.

    Roelof, I agree with what your saying. We received business tuition from a guy also teach your theories (Robert Kyosaki, Trump, ect...) but there is some holes.

    1. Employee - Finds jobs, works arse off for a few pennies (like me)

    2. self-employed - works on own terms, but heavy frustration and market fluctuations may be a concern.

    3. Investor - Great place to be, IF you have a considerable pool of capital to invest.

    4. Business man (or venture capitalist) - Best place to be, but once again requires massive resources to implement.

    Hence people turn to other strategies like MLM as an escape. Most people however, will never reach these levels, so Herbalife can relax.

    Lastly, this is the only im considering taking this carwash. To use it as a vehicle to greater opportunities. Otherwise, will I ever be able to achieve "financial freedom" working as a clerk?

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