Im losing my mojo!

[techie]

Will it be B2B to B2C? If B2B, do you have the right network to tap into? Or if its B2C, have your numbers included a sizable marketing budget?

Also the exit strategy, how long do you plan on doing the business for and will you be running it in a way to sell off to someone else in the future or will buy stock, sell for profit a few times and shut down? Will the money you make be greater than the capital growth of your IPs?

Have you done the market research for these products? Possibly an online campaign where you pay people to get their thoughts on the products you're looking to sell will give you some insight. Heaps of paid survey sites out there that you could tap into.

Can you buy some stock (a small amount) and try some test sales to see if the sales are hot?

 

[danel]

I am an importer of products, have been doing this for 30 years.If you want to wholesale its a hard game. Everyone is an importer, its easy now online, every second person has been to China, or is going. If you have a brand or exclusivity this may save you, but beware. It looks easy but look at the good and the bad. Best wishes

 

[BayView]

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

Surely all these examples we hear of folks who own a chain of various shops/businesses must do it to expand?

Look at people who own say; half a dozen 7-11's or Macca's etc...

Surely they aren't using only their own property to fund the business purchasing?

We used some of our PPoR to fund the workshop, and at the end of this year we are looking to get another valuation (I'm hoping for a bit of a rise since build), and if the val comes in favourably I will start going shopping.

Dunno about buying another business though; I think unless you are looking at $1mill plus pricepoint you can't get them managed and still get a decent pay-day out of them without having to work in it full-time yerself. You're basically just buying a job for less than $1mill I reckon.

I don't mind to work hard; but the idea is to buy in and then be able to choose your workday workload...not become a prisoner in it.

My passion (I've finally realised) is only for renovating; reckon it'll be a buy/reno/sell scenario...and/or subdiv and sell.

More at the higher end though....I've done a few renos now, and found the best bang for the buck is in that end of the market, and the work is not a lot more (and can be less) than a piddly Mr.Average home price-point.

 

[Truly Exotic]

Bv, the difference between these people and you is that they have chosen a very safe and systems based operations that can be fully managed, so even though they are quite exposed, their risk factor is lower

The good thing about your situation is that you've full control of your busienss, you can dice and mix at your own choice, which also means higher chance of capital gains!

 

[AAA]

Am I losing my mojo???
Have I become complaceant?

Hi TMNT, well done on your success and bounce back mate! good on ya.

I don't think you are losing your mojo.
In fact you are probably better at assessing risk and better chance of achieving bigger success now. The fact that you are asking this question, maybe you need to think it through again. I would work through

1) What are you trying to achieve by getting into this business?
2) If it is successful, how much will you make?
3) Worst case scenario, how much would you lose?
4) Is there any way you can mitigate the worst case scenario?

I would only consider it if point 2 is multiple times current situation and satisfied I can live with the mitigated worst case scenario.

 

[kathryn d]

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

He died earlier this year, from complications due to diabetes (heart attack) ...March 2014

sad story

 

[kingchevy]

I don't think you loosing any Mojo your just getting smarter and analyzing things better. I think you already know the answer don't risk more than you can afford to lose.

 

[luckyone]

Do you need to do this? I mean it sounds like you are very financially sound at the moment, so why risk all that? What will you get out of this venture? If it's just money, is it worth all of the stress?

As another poster said, can you somehow just risk the initial $400K without risking everything else?

 

[Deltaberry]

Hanging around more successful friends is good. If your friend buys buildings on Pitt St and builds 50 storey buildings, you'd feel more motivated. If your friend is content in his government job, you'll feel content too.

 

[Redom]

Hanging around more successful friends is good. If your friend buys buildings on Pitt St and builds 50 storey buildings, you'd feel more motivated. If your friend is content in his government job, you'll feel content too.

Haha then i need to 'Ctrl A, Ctrl Del' most of my friends.

Agree with this though, hanging around people that inspire you can be a powerful source of motivation and knowledge. Haha that probably explains why im addicted to SS.

As an aside, hadnt seen this thread before. TMNT, as someone in my early/mid 20s giving it a go - i really respect that youve gotten up again on multiple occasions. Its all in the mindset.

I wouldnt call your story complacent at all...the fact you think it could be is pretty cool too!

 

[Deltaberry]

Haha then i need to 'Ctrl A, Ctrl Del' most of my friends.

Agree with this though, hanging around people that inspire you can be a powerful source of motivation and knowledge. Haha that probably explains why im addicted to SS.

As an aside, hadnt seen this thread before. TMNT, as someone in my early/mid 20s giving it a go - i really respect that youve gotten up again on multiple occasions. Its all in the mindset.

I wouldnt call your story complacent at all...the fact you think it could be is pretty cool too!

Haha not saying you choose your friends on that basis.

But very easy to get into a complacent circle.