Could you run a business?

I'm currently selling my dad's old vinyls on ebay. He's the stock provider, I do the hard work, and we split the profits 50/50. Obviously, it's no Bullshittam International plc - it's not a sustainable business model, but it's made me see how cut out I am for working for myself.

I'd love to start my own business.

Would you? Could you? Have you?

I got made redundant at the end of October 2011.  From the redundancy I invested to become a shareholder in the Master Franchise business of Nandos for The Netherlands, for which I currently help with the financial books and in return get 35% of any profits and an annual salary.

I also started my own business, initially in The Netherlands and looking to open an office over here and with that I have gained the interest from the Angel Investors who wold want 40% of the business - not afraid to lose that much as it would mean I still have the controlling stake and they would provide is the further investment I need for the UK start-up - the business is all to do with sponsorships and linking school and youth projects with the correct sponsorship.  Its still all chicken feed at this moment in time which means I still need to work for a living but means I have very little freetime at weekends but all will come good in the end - well fingers cross it will.

Tip from me would be Alternative Fuel, Gas and Leccy, way to dear.

Yes, I have my own business.

Some little bits of advice I can offer -

Keep a control on all expenditure and know your cash flow.

Know your product or service inside out - before you start up.

Know all you can about your competitors.

Try to find something that gives you an edge - many people call this a unique selling point.

It's hard work and you will go through bad times - so don't stretch your finances too far.

Hope this helps a bit.

doffcocker wrote:I'm currently selling my dad's old vinyls on ebay. He's the stock provider, I do the hard work, and we split the profits 50/50.

How is it going? I have some old vinyl that I would like to sell myself.

Im currently in the process of starting my own company. Im on the verge of redundancy at work due to a pending branch closure. Ive already told them I will take redundancy. I want to make my own money. Ive already bought my web domain and registerd my company name with companies house. Opening a bank account was the toughest bit yet, they want to see full buisiness plans. I should be going live in the next 4 months if all goes according to plan.

Next step is finding a premises and a couple of good staff.

Reebok_Rebel wrote:Im currently in the process of starting my own company. Im on the verge of redundancy at work due to a pending branch closure. Ive already told them I will take redundancy. I want to make my own money. Ive already bought my web domain and registerd my company name with companies house. Opening a bank account was the toughest bit yet, they want to see full buisiness plans. I should be going live in the next 4 months if all goes according to plan.

I wish you good luck.

Natasha Whittam wrote:

Reebok_Rebel wrote:Im currently in the process of starting my own company. Im on the verge of redundancy at work due to a pending branch closure. Ive already told them I will take redundancy. I want to make my own money. Ive already bought my web domain and registerd my company name with companies house. Opening a bank account was the toughest bit yet, they want to see full buisiness plans. I should be going live in the next 4 months if all goes according to plan.

I wish you good luck.

What have you done with natasha?

I hope it works out too, part of my buisiness plan is to branch out to franchise within 5 years and purchase bwfc in 10 years...

I admire anyone who takes the shit side of life (redundancy in your case) and turns it into something positive.

Fair play

xmiles wrote:

doffcocker wrote:I'm currently selling my dad's old vinyls on ebay. He's the stock provider, I do the hard work, and we split the profits 50/50.

How is it going? I have some old vinyl that I would like to sell myself.

The best tip I can offer xmiles is to take care when packaging. We made what is apparently the first mistake in the book when we first started in just using jiffy bag material. Most of the buyers want purpose-made record mailers which eat at your margin but beat having to refund people.

It's tricky having no deck to test them because we can only describe them visually, which maybe knocks some off what people are willing to bid for them, but we've still made as much as £20 on some.

doffcocker wrote:

xmiles wrote:

doffcocker wrote:I'm currently selling my dad's old vinyls on ebay. He's the stock provider, I do the hard work, and we split the profits 50/50.

How is it going? I have some old vinyl that I would like to sell myself.

The best tip I can offer xmiles is to take care when packaging. We made what is apparently the first mistake in the book when we first started in just using jiffy bag material. Most of the buyers want purpose-made record mailers which eat at your margin but beat having to refund people.

It's tricky having no deck to test them because we can only describe them visually, which maybe knocks some off what people are willing to bid for them, but we've still made as much as £20 on some.

Thanks.

Reebok_Rebel wrote:Im currently in the process of starting my own company. Im on the verge of redundancy at work due to a pending branch closure. Ive already told them I will take redundancy. I want to make my own money. Ive already bought my web domain and registerd my company name with companies house. Opening a bank account was the toughest bit yet, they want to see full buisiness plans. I should be going live in the next 4 months if all goes according to plan.

Next step is finding a premises and a couple of good staff.

The very best of luck with your venture Rebel, I truly hope it turns out a success.

As I've said above be very careful of your cash flow and keep costs down as much as you can.

Sounds to me as though you may have a high start up cost (premises, staff, stock, etc) to finance before you even earn your first penny.

Be sure to make sure you have the funds in place to survive until your income starts to flow in.

I'm sure you know this already but no harm in hearing it again from somebody else.