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Author Topic: Development of a Business  (Read 271 times)

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Online Trenchcoat

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Development of a Business
« on: January 13, 2021, 03:12:33 PM »
I thought this isn't a bad topic to bring up. These days a lot of businesses can be created and developed remotely mostly on or over the internet. That means a greater ability for western guys to spend time abroad in the FSU and elsewhere. Now I hats a big bonus for anyone looking for a FSW as working remotely means no longer will a guy have to jump back and forth on little short trips and hope he can make it work.

So for some they will be able to work remotely by their Employer allowing it, many having to at the moment due to the virus and possibly post vaccine also. Others are starting up online businesses, some after being laid off from their place of work. Some of these businesses will work out some won't. Some may even be judged ill-conceived ideas or lacking in effort, thought or resources put in to make them work.

So I thought it would be useful to discuss how to develop a business here as many are no doubt at it at the moment. A successful online business can be a great asset in searching for a FSW. Downsides exist too such as a lot of time input meaning that in either running a business, or trying to and remote working meaning you're not on holiday either.

I know Japs on here has got a business off the ground but after a fair bit of time and a drain on finances as I understand it and perhaps a fair bit of labour intensity to it.

So to such a situation or similar the question might be asked if you happen to have a good business idea at what point do you set aside doing it just yourself and instead bring in a partner, team or even just extra help specialist or not to try to advance the business? Is it better to seek doing this at some point rather than just try to push on yourself with something that might as a result just stay a small concern when instead you could have a small part of a much larger outfit and potentially do less work but gain more money as a result?
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Offline Davo

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Re: Development of a Business
« Reply #1 on: January 13, 2021, 05:52:11 PM »
Iím not discouraging you to start your own business trench, but be prepared to put a lot of hours in and make very little money for the first few years. Also unless you have a brilliant business idea thatís easy to attract investors, youíll probably need to borrow money to get it off the ground.

I quit my job, borrowed 120k, developed some good products that I manufactured myself and marketed through a web site. My products sold, but I struggled as a one man show to do everything. Often I spent more time on the phone and email with customers than it took to produce the product they were buying. I charged $60 and hour ($20 less than other businesses in my area due to lower overheads) but was earning less the $30 when I took into account the time dealing with customers. Eventually I had to find another job and run my business part time.

I kept my business afloat by producing just one product for a local business and not producing any of my own. I was basically just paying down my business loan and not drawing a wage.

A couple of years ago I approached my one and only customer with a proposal. I offered to take on any new product he has and developed them for manufacturing for free, and then produce them still for $60 and hour (now $40 and hour less than local competitors). If he sold the business, I own the manufacturing rights, jigs, fixtures, models and programs for all of the products Iíve developed for free. He jumped at that proposal.

Iím now producing over 50 products for him and currently have another 50 sitting in my workshop to prepare for manufacturing. Heís very happy with the quality of my work and Iíve slowly increased my labour costs to where Iím charging $150 an hour for some products.

We have a very good business partnership where heís offered to finance the purchase of equipment to quadruple my output of products to match his rapidly expanding business. Heís purchased land to set up a bigger warehouse and manufacturing workshop and has offered me a place there to run my business as a separate entity. On top of that I have approximately 50 of my own products that Iíll start to bring into production. My business partner has offered to market and sell them from his online platform, deal with customers and handle the shipping side of things for a small percentage per item sold. Itís an ideal situation that has cured the problem I had when I first started my business.... Heís good handling customer relations and my skills are in production of products.

To take my business from where it was 2 years ago, to where it is today took 100ís of hours earning $0. Often Iím working 14-16 hour days, because I have needed to work a 2nd job during the relaunch of the business and still do. Iíve basically had to put things like a social life and dating on hold because thereís not time to do both in the initial phase of starting up a successful business. No woman would tolerate the hours I work.

My advice is just like my advice with FSU dating. You have to work hard to make $$$ with your current job to finance or borrow for your business idea and then work even harder when you start your own business. Even a small business loan will be very hard to get on your current income in this climate. Lenders generally also want to see a business model that includes projected profits that comes from sound research. Starting a business is not and easy task, which is why many fail in the first year.




« Last Edit: January 13, 2021, 07:27:30 PM by Davo »

Offline ML

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Re: Development of a Business
« Reply #2 on: January 13, 2021, 08:17:12 PM »
Yes, I have seen several small businesses develop following path that Davo laid out.

Sad thing is, once the business becomes profitable there is a call to increase taxes on the wealthy to pay their fair (unfair) share.

So Davo's taxes will be distributed to those who sat at home watching TV.
Winston Churchill.  ďThe best argument against democracy is a five-minute conversation with the average voter.Ē

Offline I/O

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Re: Development of a Business
« Reply #3 on: January 14, 2021, 12:17:13 AM »
TC, portable businesses tend to have very high risks, low percentage success rates and be very labour intensive, at least in the start up phases...

Offline japtats

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Re: Development of a Business
« Reply #4 on: January 14, 2021, 07:17:49 AM »
Opening a business is hard , my first business failed, this one is doing good , but it took a lot of work and a lot of self belief .

Beothius says people have dreams , but only a few actually stick at it and take action.i remember a girl I dated , was in hospital, ruptured ovary , my fault , she expected me to come to the hospital.  I visited once , she was angry with me , I never took a break from my work , even when I had a fever as I was on heavy medication.

I dumped her quickly and went back to work , when my ex fiance broke up with me I cried , went back to work 20mins later . My ex fiance wanted us to start again a week later , I focused on my work , grew my business , saw her in December, my business was making peanuts , but growing , but I was closed off to her , my focus was on the business and she knew this .

A girl I dated in Ukraine jokes that I don't need a baby , I have one already , my work . I think there needs to be some type of obsession to get something up and running, and then to continue it . Obsession I think comes with passion and a deep love , more than money.

Find something you enjoy , try and making a business out of it and be ready to work crazy hours , for little returns. Many fail due to poor work ethic , I overtook many businesses by simply outworking them, it was easy , big teams , and they cannot compete .
« Last Edit: January 14, 2021, 07:29:15 AM by japtats »

Online Trenchcoat

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Re: Development of a Business
« Reply #5 on: January 14, 2021, 09:49:35 AM »

Find something you enjoy , try and making a business out of it and be ready to work crazy hours , for little returns. Many fail due to poor work ethic , I overtook many businesses by simply outworking them, it was easy , big teams , and they cannot compete .

Lol, yep when I was in Uni etc I worked by myself when I could and often would outwork those working in teams :) Now though Idk I don't really fancy the idea of putting in long hours, I don't really fancy the idea of banging away on a computer constantly. I don't really want to put in the long hours, while work can take your mind of stuff it can get a bit lonely and isolating if not getting out and about in reasonably equal doses I think. I'm kind of working on a remote business (not really launched it as yet) I think it's a good enough idea but uncertain how far I could take it money wise. Odds are at best it would be somewhere between extra beer money and a top up on any other income. Possibly at a push I might get some sort of a living wage out of it. To be honest I don't really want it to take over my life as you have found Japs that it can have a negative aspect when women or even family don't realise that you have to put concerns or their wants aside and focus entirely on the business to get it anywhere. I think if the returns did not match the hours input then that could demoralise me somewhat.

For the moment I'll plod along and see how it goes. I've not invested a lot of money in so it really just seeing how much go there may be in it to start with. My own thoughts on this  is that I may need to get other involvement to take it the extra distance beyond my own DIY effort.
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Online Trenchcoat

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Re: Development of a Business
« Reply #6 on: January 14, 2021, 10:00:57 AM »
Iím not discouraging you to start your own business trench, but be prepared to put a lot of hours in and make very little money for the first few years. Also unless you have a brilliant business idea thatís easy to attract investors, youíll probably need to borrow money to get it off the ground.

I quit my job, borrowed 120k, developed some good products that I manufactured myself and marketed through a web site. My products sold, but I struggled as a one man show to do everything. Often I spent more time on the phone and email with customers than it took to produce the product they were buying. I charged $60 and hour ($20 less than other businesses in my area due to lower overheads) but was earning less the $30 when I took into account the time dealing with customers. Eventually I had to find another job and run my business part time.

I kept my business afloat by producing just one product for a local business and not producing any of my own. I was basically just paying down my business loan and not drawing a wage.

A couple of years ago I approached my one and only customer with a proposal. I offered to take on any new product he has and developed them for manufacturing for free, and then produce them still for $60 and hour (now $40 and hour less than local competitors). If he sold the business, I own the manufacturing rights, jigs, fixtures, models and programs for all of the products Iíve developed for free. He jumped at that proposal.

Iím now producing over 50 products for him and currently have another 50 sitting in my workshop to prepare for manufacturing. Heís very happy with the quality of my work and Iíve slowly increased my labour costs to where Iím charging $150 an hour for some products.

We have a very good business partnership where heís offered to finance the purchase of equipment to quadruple my output of products to match his rapidly expanding business. Heís purchased land to set up a bigger warehouse and manufacturing workshop and has offered me a place there to run my business as a separate entity. On top of that I have approximately 50 of my own products that Iíll start to bring into production. My business partner has offered to market and sell them from his online platform, deal with customers and handle the shipping side of things for a small percentage per item sold. Itís an ideal situation that has cured the problem I had when I first started my business.... Heís good handling customer relations and my skills are in production of products.

To take my business from where it was 2 years ago, to where it is today took 100ís of hours earning $0. Often Iím working 14-16 hour days, because I have needed to work a 2nd job during the relaunch of the business and still do. Iíve basically had to put things like a social life and dating on hold because thereís not time to do both in the initial phase of starting up a successful business. No woman would tolerate the hours I work.

My advice is just like my advice with FSU dating. You have to work hard to make $$$ with your current job to finance or borrow for your business idea and then work even harder when you start your own business. Even a small business loan will be very hard to get on your current income in this climate. Lenders generally also want to see a business model that includes projected profits that comes from sound research. Starting a business is not and easy task, which is why many fail in the first year.

Wow Davo 120k I don't think I would want to borrow that for a business. If it didn't work out then that is a lot of money down the toilet. I would kind of be feeling like I had dropped myself in it and had to try and fight to get back the money I put in. Being held to working long hours would probably make me feel even worse. Good for you that it came through for you with linking up with the business you were supplying. Did you ever feat that putting in the 120k that you would not get it back and end up in a worse situation?

I think to both manufacturer and market etc your own products through your own website must have been hard going. A website alone can take a lot of effort to get noticed. Myself I don't think a lot of long hours with an uncertain outcome would be for me. I don't mind giving something a punt for not too great a sacrifice for an uncertain outcome but I don't think I would want to put in a lot of money and hours for an uncertain outcome. I could do that, it fail and be in a worse place than I was before, doesn't make logical sense to me.
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