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Help needed in sorting out my head!

Discussion in 'Business & Startup Investing' started by Triu, 3rd Aug, 2007.

  1. Triu

    Triu Well-Known Member

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    Hi everyone well it is quite annoying when your confused and can't make up your mind!

    I need a kick in the arse also - Need some guideance from everyone to help me sort out my head.

    Okay current situation married with lovely wife who wants to buy a business together with me, but may not have enough money yet to do so. At the moment in a govt job where pay is okay for a public servant but need more cashflow to build net wealth and like a challenge.

    I desparately want to leave and run my own business with wife but might not have enough money. I need ideas of how i can start my own business from home selling small items. But who do i talk to about first targeting a market and who can help with marketing for myself from home.

    I also have an interest in the health industry and Finance industry so further study maybe required. But what job could i do? My main concern is really getting more cashflow quickly because i don't earn enough to really build on my netwealth.

    current situation 1 PPOR value $500k debt $239K 1 IP current value with $380k with debt of $329K with LOC of $80k set against it to cover shortfall in rent etc.

    Supporting wife and family on 1 income is stressful any help or ideas for business would be appreciated. Especially in the marketing area how to do it or who to contact.

    Thanks getting kinda desparate need some ideas and kickin!
     
  2. coopranos

    coopranos Well-Known Member

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    Didnt get any ideas from all the business start up books you have read lately?
     
  3. crc_error

    crc_error The Rule of 72

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  4. Triu

    Triu Well-Known Member

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    Which books would they be? Have not read any regarding business start up! I want to purchase a going concern if i can with proven profits. Otherwise i will have to start part time from home and then build up.

    Any ideas on books i should read?

    thanks
     
  5. Tropo

    Tropo Well-Known Member

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    Triu .... You Made My Day (and weekend as well) ::D :D
    Have a good one !! :p
     
  6. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Last edited: 17th Sep, 2016
  7. Simon

    Simon Well-Known Member

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    You got to be kidding me....

    MLM Durian Liqueceutical?

    Associating yourself with this racket doesn't do your cred much good.
     
  8. Rob G.

    Rob G. Well-Known Member

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    Don't want to pour cold water ... AND I AM NOT A FINANCIAL PLANNER ... but ...

    Better make the family business a long term objective.

    You really need a secure income source or a large pile of equity to live off wile you make the transition - even if you start a small business requiring little capital investment.

    Probably the biggest asset you own at the moment is your future cash flow from a secure, if boring, job.

    Better salute the boss & fish for a promotion while at the same time investigating a micro-business that your wife can devote time to. That way you can afford a few failures as you learn your way, and hopefully make other investments to grow equity for the time when you make the big jump.

    (I have been accused of being ultra-conservative with financials.)

    Cheers,

    Rob
     
  9. coopranos

    coopranos Well-Known Member

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    My fault, just assumed if it was something you were actually pretty passionate about you would have done some serious reading on the topic.
    Perhaps work out what sort of business you want to get into before you start working specifics like this. Any good business startup book will tell you the terrible statistics associated with new business startups. It will also tell you your odds can be significantly improved if you are passionate about the sort of goods/services the business is involved in. If you dont even know what you are passionate about, you are probably setting yourself up nicely to fit into the bad statistics most business startup books will discuss.
    If it is not something you are passionate about, chances are all you will be doing is replacing your 38 hour a week, low responsibility, average income job for a 100 hour a week, total responsibility, average variable income job. Ask anyone who has purchased a franchise and they will probably tell you something similar.

    A trip down to your local Borders business section will show you hundreds of books to choose from. THe one Sim recommended is supposedly very good...
     
  10. coopranos

    coopranos Well-Known Member

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    bwahaha his many previous completely ignorant posts alerted you to his cred already??!!
     
  11. nitro-nige

    nitro-nige Well-Known Member

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    Try business.gov.au home page for a start. I think there a state versions of this site too.
    Australian Bureau of Statistics might help find out your potential market.

    If you can spare the time, keep your day job and start a small business part time. That way you can learn the business ropes without 'risking the farm'.
     
  12. crc_error

    crc_error The Rule of 72

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    whats wrong with it? Heaps of women do well selling tupperware, shampoo,
    Lingerie, makeup, Avon etc and do well out of it.. Good cash business with low entry point.. obviously its not for everyone but can add a couple hundred dollars into the monthly budget.. In the US, these type of things are very common.

    Another thing to consider is a ebay business.. if you can get/make something which will sell..
     
  13. coopranos

    coopranos Well-Known Member

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    Just out of interest, do you have evidence for such a statement or just make this up?
    Also, just out of interest, how have you calculated this amount of "a couple hundred dollars a month"? Something else you plucked from your proverbial?
     
  14. nitro-nige

    nitro-nige Well-Known Member

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    Another option for assistance is an industry association. ie a retail industry association may be able to help you with a business plan and market research.
     
  15. Triu

    Triu Well-Known Member

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    Thanks Guys well went to the broker and he said bad luck not enough equity even though i could of geared up to 90% and risk everything it was not worth it.

    So i have decided to sit tight and buy more properties or even more shares for that matter. Also have decided that i like finance so much that i will be studying for my mortgage brokers licence plus Advanced Diploma in Financial Markets.

    Then hopefully start up something part time until i get enough equity to have my own business with the wife.

    Thanks alot everyone great to get all the ideas and positive feedback. I like it when everyone is brutally honest makes me look at myself again and put the plan into action.

    thanks again love this site!
     
  16. The Stig

    The Stig Well-Known Member

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    Got any follow up to this Triu?
    Gone inot a business yet?
     
  17. TROM

    TROM Active Member

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    Hey the Stig are you the driver on the show TopGear! great driver...:)

    Well the news is that i got a new job with higher income so that kind of helped me and now looking at trying to purchase small business with freehold with the business. So this year is looking good so far. will keep you all posted!:D
     
  18. The Stig

    The Stig Well-Known Member

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    No I am not that Stig LOL. But I like his driving and image LOL!!

    What sort of profit are you expecting from a business in a % ?