Im losing my mojo!

[TMNT]

Many on here would know a brief history of my past,

did a franchise business when in my early 20s, it bombed bigtime and I went bankrupt (on paper)

I worked by big fat derrier off for a few years and picked myself up

hooked up with a girl, she moved in with me,

gave it another go, I started with a friend a gym business, things were going better then expected

Had my three kids with her, relationship broke down, she got her claws into everything I had, including PPOR (a tiny cheap unit) even the 2nd sheet of my double ply home brand toilet rolls,

I had to sell my share of the business to buy MYSELF out of my own house that I had bought welll before I had met her, essentially, I paid 1.5 times for my own house.......thats another story anyway

since then ive accumulated double digit IPs, this time im a lot careful with women, assets, and legal titles etc. etc.

life is pretty good,

recently, a friend of mine has suggestd we start a business together, Trust is not an issue between us, however, we both need to come up wtih about $400k each, of which I need a loan,

at this point in time, the fact that I have Ips is the only reason stopping me from going ahead with this venture,

im actually scared, that if things go wrong, I will lose any equity or any possession of ips that I have, and dont want to do it. however, if I had no ips, id be doing it right now

Am I losing my mojo???
Have I become complaceant?
Is this natural, since I now have more to lose?
I see and hear people who have kids, mortgage, decent job, everything to lose, in their 30s, 40s, 50s, 60s, give absolutel everything up and give things a go.......
naturally I probably only hear the success stories
but, to me, one wrong turn and you could lose your ips, your PPOR, your wife, your kids, any chance of getting your original job back, stability and our life!!

How do some of you guys take this massive plunge!??!?!?!!?

and please, im not referring to people who start an ebay business on the weekends while doing their full time power job,

im talking about people who leave their job behind with no return, with EVERYTHING at stake

here ends the rant

 

[willair]

Had my three kids with her, relationship broke down, she got her claws into everything I had, including PPOR (a tiny cheap unit) even the 2nd sheet of my double ply home brand toilet rolls,

Maybe if you were to give a rough idea of the Business you intend to start-up or buy into,but when one considers the following sobering statistic the most not all start-up businesses due to bad location,staff,or overpriced, that either shrank or went bust in the first years of trading then sometimes
it's better to stick to what you know rather then end up using cheap dunny paper that stuffs up the Plumbing system again....imho..

 

[paisneil]

Hey

Probably not the answer you want but here goes

First of all hats off to you and your achievements despite the setbacks .......

Each time you had something to bounce back, something that said it's worth it
something that motivated you to turn all the endings into new beginnings
Where did this come from ...... WITHIN

You have to look for the answer in the same place
Inside

Everything else will fall in place once Your inner you says GO

Market analysis
Risk management
Buffer
Pros and cons
Outlook


All the best

 

[alexlee]

Have you talked to a lawyer to see if there are ways to finance the business without putting the properties at risk (except for the 400k)?

 

[Deltaberry]

Many on here would know a brief history of my past,

did a franchise business when in my early 20s, it bombed bigtime and I went bankrupt (on paper)

I worked by big fat derrier off for a few years and picked myself up

hooked up with a girl, she moved in with me,

gave it another go, I started with a friend a gym business, things were going better then expected

Had my three kids with her, relationship broke down, she got her claws into everything I had, including PPOR (a tiny cheap unit) even the 2nd sheet of my double ply home brand toilet rolls,

I had to sell my share of the business to buy MYSELF out of my own house that I had bought welll before I had met her, essentially, I paid 1.5 times for my own house.......thats another story anyway

since then ive accumulated double digit IPs, this time im a lot careful with women, assets, and legal titles etc. etc.

life is pretty good,

recently, a friend of mine has suggestd we start a business together, Trust is not an issue between us, however, we both need to come up wtih about $400k each, of which I need a loan,

at this point in time, the fact that I have Ips is the only reason stopping me from going ahead with this venture,

im actually scared, that if things go wrong, I will lose any equity or any possession of ips that I have, and dont want to do it. however, if I had no ips, id be doing it right now

Am I losing my mojo???
Have I become complaceant?
Is this natural, since I now have more to lose?
I see and hear people who have kids, mortgage, decent job, everything to lose, in their 30s, 40s, 50s, 60s, give absolutel everything up and give things a go.......
naturally I probably only hear the success stories
but, to me, one wrong turn and you could lose your ips, your PPOR, your wife, your kids, any chance of getting your original job back, stability and our life!!

How do some of you guys take this massive plunge!??!?!?!!?

and please, im not referring to people who start an ebay business on the weekends while doing their full time power job,

im talking about people who leave their job behind with no return, with EVERYTHING at stake

here ends the rant

I think that's perfectly normal. When you have nothing, you have nothing to lose.

The more you have, the more important risk management becomes, because you know how it is to make it back.

My and my friends are quite conservative these days. In ventures we go in, say CIP in the CBD which will never go vacant, we gear under 40% usually for example.

Let's throw a hypothetical number out there. If I had $250k passive income, would I risk it all in order to get $1m passive income? Despite being only 28, the answer is probably no. I'd probably just grow it by another $100k slowly. Steady as she goes.

 

[Giuseppe]

Jeez, after all that, I would only risk what I could afford to lose. Nothing more. I'd be working on building that portfolio slowly, but surely.

 

[Lou Reed]

TMNT,my only advice is you only live once...IF the the biz is a goer and you can get a loan,well why not?Life is a gamble right?

 

[turk]

What's the return?

 

[property_girl]

I think you are being wise. You put a lot of blood, sweat and tears into buying your IPs. Tread carefully.

 

[TMNT]

Thanks everyone,

its bring a product in, and sell type of arragement,

some will be imported, some not,

the problem is that to get good prices you need to order a lot, eg $100k,

the model is fine, It wont be easy but the problem I see is currency fluctuations and having stock thats either become old or not popular (its not IT products)

Business SWOTs aside, im trying to tread carefully

there is nothing worse that would kill me inside then to see all my sweat and tears get gobbled up by this venutre, and I to have negative cashflow just to support the business,

my friend also has kids, but is in a bit more finacially stronger position, plus he has balls of steel, which I used to have, but mine seemed to have rusted and shrunk haha

 

[willair]

my friend also has kids, but is in a bit more finacially stronger position, plus he has balls of steel, which I used to have, but mine seemed to have rusted and shrunk haha

They reckon one can go to Thailand and get a new set made of Titanium
for a very low cost price,and never have to worry about rust again..

 

[MTR]

TMNT
This was on a couple of months ago now.

I think you are still better off than this guy

http://jezebel.com/5928322/meet-the-man-with-the-160-lb-scrotum

 

[westminster]

Donatello

I think the difference now is that you would be mortgaging your current business to do another business. You could lose both if it goes pear shaped.

I think importing and currency fluctuations are far too risky for myself. I like to control too much to consider it.

 

[datto]

I remember when I lost my mojo. It was terrible. I couldn't even look at the opposite gender for fear of failure. But with exercise and dieting I was back to normal

Look Tmnt , get yourself in tip top shape (in case you ain't) and get your mental condition in tip top as well. In that state of mind and body you and only you can decide on which path to take.

Faced with a situation like yours, if there is doubt then pull out.

 

[Mr. Fabulous]

Is there a way you can do it that minimises the downside? Are you in a position to use OPM? If you really want to do it, then you will find a way to do it.

 

[beachgurl]

I wouldn't do it. I've becoming more conservative as life goes on.

If you had free money to use then go for it, but to use equity against your properties, I wouldn't take that risk.

Obviously a lot of people on here don't mind a bit of risk so I may be the exception.

 

[TMNT]

I remember when I lost my mojo. It was terrible. I couldn't even look at the opposite gender for fear of failure. But with exercise and dieting I was back to normal

Look Tmnt , get yourself in tip top shape (in case you ain't) and get your mental condition in tip top as well. In that state of mind and body you and only you can decide on which path to take.

Faced with a situation like yours, if there is doubt then pull out.

hey datto,

Im actually at my mentally strongest point in life, as for physical shape, Im a personal trainer!!! as for the women comment, oh yes, been there done that, its amazing how the dating game changes for men from their 20s to 30s,
Im full enjoying my age at the moment

my life is pretty rosey at the moment, kids growing up well, its a comfortable existance,
I am willing to give it another go, but what ive got on the line is whats on my mind

Is there a way you can do it that minimises the downside? Are you in a position to use OPM? If you really want to do it, then you will find a way to do it.

its not really about the business itself, unless I was buying an existing franchise or business that had established turnover, then everything has a risk, and yes I do want to do it, but at what cost though, if I lose everything, I can assure you I wont be saying "oh drat, that didnt work out, but it was worth it!!"

Donatello

I think the difference now is that you would be mortgaging your current business to do another business. You could lose both if it goes pear shaped.

I think importing and currency fluctuations are far too risky for myself. I like to control too much to consider it.

Thanks WM, cheeky bugger

even if currency wasnt involved, its always a risk ,adn yes you are spot on, mortgaging current business to do another, thats why Bayview and his mechanic busienss I think is both a combination of NUTS/ADMIRATION

 

[TMNT]

Have you talked to a lawyer to see if there are ways to finance the business without putting the properties at risk (except for the 400k)?

no, I havent, but I suspect, that even if I could do that, id have to take out equity for the business anyway, so Id still have to pay it all back even if my IPs were safe

 

[antistar]

recently, a friend of mine has suggested we start a business together, Trust is not an issue between us, however, we both need to come up with about $400k each, of which I need a loan,

at this point in time, the fact that I have Ips is the only reason stopping me from going ahead with this venture,

im actually scared, that if things go wrong, I will lose any equity or any possession of ips that I have, and dont want to do it. however, if I had no ips, id be doing it right now

You can try raising capital instead and create business equity for yourself in that way. If its a truly good business model and product you shouldn't have a problem finding lazy money for it (there is plenty of that around). If you believe it will be hard for others to justify the investment you ask for then ask yourself whether it really is a good business in the first place.

Cheers

 

[lizzie]

Can you toss some numbers up here for us to have a gander at?

You've said that you need to order $100k worth of stock initially - yet need to put in $800k ($400k each).

What is the other $700k to be used for?

I'm very much a "grow slowly" person ... have you tested the market with the product or just making the assumption it will work? ... what is the competition? ... do you need a bricks and mortar facility for sales/storage? ... what is your distribution?