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Thread: Let me step into the dragons Den

  1. #11
    Diamond Member wynn's Avatar
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    Quote Originally Posted by BIGGS View Post
    what would the best sort of business registration option for this be? considering the fact that it would hopefully grow in the future
    Put your head down and go for it, keep your day job and use your personal contacts and social media to start the ball rolling.

    Sole prop 'Biggs' trading as 'Big Fish' to start, if it takes off you can then do the registration thing (Big Fish Pty Ltd) and register for VAT if you have to but don't incur the unnecessary expenses to start, shoe string to test the water and do the research, find out what other aquarium owners are looking for and fill the demand.

    The only reason to form a Co when you start is to put a layer between your private life and the business if you intend incurring debt but most suppliers and finance houses require personal liability anyway so it don't help much.

    Of course you can go big but you will also probably go bust without the necessary research.

    They say the butterflies in the stomach when you start the business is addictive!
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at
    http://www.smashwords.com/books/view/332256

  2. #12
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    @reuphk - Thank you for the great advice and very kind words, in-fact I do not like the centre idea..I am about improvement, and my plans would not work in a mall environment.
    @DaveA - I am grateful for the way God has looked after me so far, no doubt about that, but I am not designed to work for someone, I have proven to myself that I can but for how long I do not know yet. I need the freedom, I need the space to do my own things, a career for me needs to be more challenging than this.

    @Blurock, thank you for the advice, yes I wish not be hasty. thank you

    @wynn - thank you again man. 'BIGGS' trading as "Big Fish" .... LOVE IT...

    I really do appreciate all the advice you guys are giving me, thank you all. This life is temporary, it is a shame to waste our time here. working for a boss is not a waste of time, it is good for some, and not for others, I wish not to offend anyone with the things I say and if I do, it is not intentional and I apologise. everyone's design is different, everyone thinks differently. me wanting to start a business has lot more to do with just making money, its a personal thing, its the challenge, its the possibilities that come with it, I am however not in a dream world, bills still need to be paid, dogs still need to be fed, so I'm not about to walk away from my job, this false security has a hold one me.

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  4. #13
    Gold Member Houses4Rent's Avatar
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    Stay a well paid GM for a while and use your payslips to start a side business by buying buy to let property. Manage it yourself at the beginning so you can learn the ropes. Once you have a few you can use an agent if you want. Many are useless though.
    That is a nice side line business and pension plan builder. Drop any contributions to RA's and other paper assets and pump all into property. You send the tenant to work to pay your asset off. I cannot get much better/more passive.
    Houses4Rent
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    Coming from a small retail back ground - and on your initial ideas:

    The pet industry is tough - especially as most supermarkets stock pet food - which would be nice repeat business for the pet shops. Don't really no enough about the industry to comment - but look at all the competition (including vets) before making up your mind. Personally, going online (bidorbuy works well) would probably give you a good feel for the market. Can you breed marine fish?

    Convenience stores - well that just tough - low margins, long hours, very public, shop lifters.

    If you like food how about ether a food trailer and take it to events or cheaper yet, get a spot at a weekend food market. Low overheads and low capital requirements (without the trailer), you do not need to give up your job - if it works combine the two ie food trailer in a business district monday to friday and market on the weekends. From what you have said, I would go this route (weekend craft market for a year or so) - and put your money you have into an ETF and start letting other people make you money.

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    Diamond Member wynn's Avatar
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    http://www.academyofsmall.business/b...f73a09b425156c

    There you go! a free business start up course that you don't have to leave your day job for!
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at
    http://www.smashwords.com/books/view/332256

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    Quote Originally Posted by BIGGS View Post
    Thank you all so very much for the feedback and advice.
    @IanF, yes I understand what you're saying, and I am certainly a 24/7 person, if im not working, then something else but im not sleeping, it is my curse. I am a mechanical engineer, offer me an aquarium store or pet store making R30000 per month and offer me a Senior Engineer position offering R40000 per month, I will be in that aquarium store faster than you can say Fish.
    I tend to be a bit more pessimistic / realistic Have you done the maths on running a shop where you intend to come out with R30k a month? Keeping in mind that rent in a retail centre could be around R20k, then a shop assistant (you can't be there the whole time) - that's another R10k, then insurance, security, bank fees, accountant fees .... soon you're up to another R10k.

    So your business needs to generate R70k a month - that's gross profit, not sales. I don't know what the aquarium market margins are like, but lets assume you make a 100% mark up on your products. Can you sell R140k worth of fish / aquariums every month?

    I don't know the answer, but you'll need to.

    I think traditional retail is a tough market.

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    Why did you study mechanical engineering in the first place? Don't you want to use this hard earned skill?

  9. #18
    Diamond Member wynn's Avatar
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    As promised here is the link to the first of the FREE!!!!! webinars on business start up.

    http://www.academyofsmall.business/b...e00a305a617cb7
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at
    http://www.smashwords.com/books/view/332256

  10. #19
    Diamond Member wynn's Avatar
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    Here is the next link it lists the first and second webinar

    https://vl219.infusionsoft.com/app/l...795b4df0f089d3
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at
    http://www.smashwords.com/books/view/332256

  11. #20
    Diamond Member wynn's Avatar
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    Here is the link to the third webinar

    http://www.academyofsmall.business/b...4c9b47499d1eb3
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at
    http://www.smashwords.com/books/view/332256

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