I don't know if they are necessarily "cheap" but don't underestimate how much money there is to be made out of selling second hand products. The margins can be a lot better than selling new if you are good a locating and buying the stock.
Being an employee vs self-employment
- Thread starter gbang
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I don't know if they are necessarily "cheap" but don't underestimate how much money there is to be made out of selling second hand products. The margins can be a lot better than selling new if you are good a locating and buying the stock.
Often it's just something people love. They might not sell much, but presumably enough to pay the rent.
They get to sit and read all day and listen to soft peaceful background music.
There is a network of second hand book dealers through the internet, where you can search for titles available close to you.
Although there's not as many second hand book shops with a physical shop front as there used to be.
Actually my whole business life has been spent in hospitality, that sector that everyone is bagging as an industry where it doesn't pay to be self employed
I know plenty of successful food retailers (and other retailers) who still make a killing in the current market. They're the ones with passion, know their product, have a great product (are consistent in their quality) and offer great customer service.
Employee, I do get to run a business within a business though with incentive options.
In terms of self employment, I would only consider a buy in, I wouldn't start from scratch.
In terms of self employment, I would only consider a buy in, I wouldn't start from scratch.
A Subway franchise can be good if you build a new store. But there's a lot of people who want to do that. You're generally only allowed if you have a track record of running an existing store quite well.
An existing store on a small to medium turnover is no enough to provide a wage for a hands on owner manager. And getting (or training) a good manager can take a while.
Of course there's a lot of other franchises out there. The other big ones cost a lot more to get in. Or there's the possibility of getting in on a smaller franchise with the corresponding higher risk (plus the possibility of a high reward or a total failure- I've seen both).
I'm self employed in the hospitality sector. Started when I was 22 and getting out soon (25 now).
I don't regret being self employed. The positives definitely outweigh the negatives for me. I have learned a lot from this business, from managing cash flow, employees, books, time management etc
Initially I started for the money. Didn't really think about all the stress that would come with it. 70+ hr weeks, paper work on the weekend, workers calling in sick, breaks in during the night, constant equipment failure, 5-6hr night sleeps, no holidays, no paid leave, customers that have woken on the wrong side of the bed etc
hospitality is only for the few, its a hard industry and you really need to find a good business if your buying establish.
If you don't have too many commitments, young family, needy partner then I go ahead. You will learn a lot from it.
I'm lucky that I worked hard and the business kept growing. But I have had enough of it and saved enough for my next venture. Something that would require less time and managing.
I don't regret being self employed. The positives definitely outweigh the negatives for me. I have learned a lot from this business, from managing cash flow, employees, books, time management etc
Initially I started for the money. Didn't really think about all the stress that would come with it. 70+ hr weeks, paper work on the weekend, workers calling in sick, breaks in during the night, constant equipment failure, 5-6hr night sleeps, no holidays, no paid leave, customers that have woken on the wrong side of the bed etc
hospitality is only for the few, its a hard industry and you really need to find a good business if your buying establish.
If you don't have too many commitments, young family, needy partner then I go ahead. You will learn a lot from it.
I'm lucky that I worked hard and the business kept growing. But I have had enough of it and saved enough for my next venture. Something that would require less time and managing.
Self employed here, and wouldn't dream of having a boss again.
I started the business in 2003, the same year I started investing.
The plan is also to work on the business rather than in it, I'm halfway there.
In 2013, my gross rental income exceeded my business profit for the first time.
It won't be long before it (gross rent) exceeds my annual turnover.
The business has been the vehicle that provided fuel to my investing.
Cheers,
dreamgirl
PS, anyone else copping this storm that's kept me awake since 4am?
I started the business in 2003, the same year I started investing.
The plan is also to work on the business rather than in it, I'm halfway there.
In 2013, my gross rental income exceeded my business profit for the first time.
It won't be long before it (gross rent) exceeds my annual turnover.
The business has been the vehicle that provided fuel to my investing.
Cheers,
dreamgirl
PS, anyone else copping this storm that's kept me awake since 4am?
PS, anyone else copping this storm that's kept me awake since 4am?
Is that what it was?
I just recall having a horrible nights sleep, waking up constantly, and couldn't figure out why in the morning.
This perhaps reflects the makeup of the Somersoft forum, as a group which is perhaps more aware of money management than the average ocker.
And high rollers I doubt would spend much of their time on a forum
SS folk are nowhere near the average people, mostly.
Many folk here are professional career types with high incomes, and/or run a business.
Most folk are not that.
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I'm unemployed (full time studies), and was low income while running the business.
But I've never been the average person.
LOL! same here, currently.
I did say that it was "and/or running a business" - which has little to do with average wage or less or more; as you know.
I reckon everyone on SS is in that category.
Perhaps not. I was on low income, not no income ;-)LOL! same here, currently.
Btw it's good that you have posted something on your workshop's Facebook status after a long gap. It's worth while to keep doing.
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