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Forums > Social Chat > Great turmoil on Planet Magnus

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Magnus


member
Location: Bath, UK

Total posts: 279
Posted:Another post looking for help and guidance, I'm afraid...

I hate my job. I really hate it. I used to love it, but a combination of too much annoying work, and general disrespect and disinterest from the boss, and I really want outta here.

Easy, just quit, you might say. Unfortunately, I have a mortgage... two, in fact, though they are both on the same flat. I also have debts, and spending habits that mean I only just about break even from month to month.

Thing is, I think I could start a business. I've got lots of ideas and just need a few months off in which to put them into action.

I also have approximately a year's salary of equity in my flat. That is, I could sell my flat, pay off the mortgage, pay off all my debts, and be left with enough money to survive for a year without any income.

I'm thinking, that if I can't build up a business to the point where it could pay my salary in a year, then I might as well give up forever - rent all my life and work in a soulless job for someone else.

It also might be a mistake to get off the housing ladder. The only reason I can do this in the first place is that my flat has nearly doubled in value in the 2 1/2 years that I've had it.

I ask people for advice, and they talk about business plans, and ask me where I'd get my customers. I clearly haven't thought about these things enough - I'm just putting it down to faith. Is that enough?


Magnus... pay it forward

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bender
GOLD Member since Nov 2001

still can't believe it's not butter
Location: Melbourne, Australia

Total posts: 6979
Posted:remember that regardless of whatever path you take mate, that all you ultimately need to be happy is you.

Laugh Often, Smile Much, Post lolcats Always

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flid
BRONZE Member since Aug 2002

flid

Carpal \'Tunnel
Location: Warwickshire

Total posts: 3136
Posted:am i right in thinking that you already have a business/non profit venture? Perhaps you could build on that and see if it can make some money whilst you continue your current job, and if it makes any money then move to that full time when time suits?

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TheBovrilMonkey
SILVER Member since Sep 2001

TheBovrilMonkey

Liquid Cow
Location: High Wycombe, England

Total posts: 2629
Posted:If there's ever a good time to get off the housing ladder, it's now - the market won't keep rising forever and it's bound to crash sooner or later.
Selling now means that you get a whole load of spare cash for a while, with a good chance of buying a flat for a lot less money in the future.

Before you do anything though, work out a business plan and find out if it's likely to float, or at least find out as much as you can about getting it off the ground, so you have fewer nasty surprises along the line.

As a story of inspiration, a mate of mine quit his job and sold his flat, using the money to move to New Zealand and kayak lots. Somewhere along the line, he met a woman he's now married to


But there's no sense crying over every mistake. You just keep on trying till you run out of cake.

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Flower fairy
BRONZE Member since Mar 2003

member
Location: London

Total posts: 98
Posted:I think you should go for it.. As Bovril monkey says it is a good time to sell your house at the moment and if you arnt happy life is too short to stay stuck in a rut forever. Even if your business did fail then at least you will have tryed and learned valuable lessons from your mistakes. This is what life is all about.
No regrets!!

Good luck man



some people take a walk in the rain and others just get wet

Smiling is infectious. Please pass this on.

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Pink...?
BRONZE Member since Apr 2002

Pink...?

Mistress of Pink...Multicoloured
Location: Over There

Total posts: 6140
Posted:I would say do what would make you happy - like Bender said happiness is the key

Never pick up a duck in a dungeon...

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Pele
BRONZE Member since Dec 2000

Pele

the henna lady
Location: WNY, USA

Total posts: 6193
Posted:Hmmm...alright....

If you want to sell your flat, and right now it seems like a good idea then do so. However, I wouldn't quit the job just yet. Selling the flat will give you an extra cushion to sit on, and that is always nice and it will get you out of debt, which is even better. There is nothing wrong with that.

However, a business plan is essential to creating a successful business. There is alot that goes into creating a business that most people do not know about and even the most simple home businesses often cost a few thousand to get off the ground. Most of them do not turn a supporting profit within the first year, or first 3 for that matter. A goal is to normally break even and cover all costs within the first year or two and turn a profit after that. So, to assume that you will be making a profit to live on immediately is an unrealistic goal. To try to make a profit to live on within the first 5 is more realistic. Remember, all costs must be covered before you can take money out for yourself.

In setting up a business plan the initial steps I recommend are this...

Check out your neighborhood within a few Kilometer radius to see what your competition is. If it is a unique idea, then you have a better chance. If you want to open a deli, and there are ten in that radius, then there is a good chance it will not.

After this buy books. Read as much as you can about setting up your own business. There are idiot's/dummies guides which are good and so many other indespensible resources. Also check and see if there is a Small Business Administration in your area. They are a tremendous help as well.

Next get all the info you can from the government on tax info, licensing and insurance info,etc. Create a list of everything you will possibly need to start. This could be from renting a space, to operating a home business costs (and be very careful on the home business thing, there are some places that have ordinances against this). Tabulate all of the costs per week, month and year. This way you have an idea what you will be facing.

This is the beginning to planning it out but it is well worth it my friend. Ideas and excitement and goals are great but in this day with such competition in most fields of business, having a well thought out game plan is the best way to reach your goals.

Just know this, at first you might have to work a *real* part time job while you launch your business, but with enough hard work, a well thought out plan, and passion I am sure you will do well!

Good luck!


Pele
Higher, higher burning fire...making music like a choir
"Oooh look! A pub!" -exclaimed after recovering from a stupid fall
"And for the decadence of art, nothing beats a roaring fire." -TMK

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Charles
BRONZE Member since Jun 2001

Charles

Corporate Circus Arts Entertainer
Location: Auckland

Total posts: 3989
Posted:don't forget to make your business plan as flexible as possible, as well as having a large portion of money left over for the business AS WELL AS living costs.

Soemtimes it can take 2-4 years for a brand new business to become profitable...not through any fault of the entrepenuer, just the way the world works sometimes.

BUT please think about your reasons for wanting to do this. Take some time over this please and try to look objectively at it.

Do you want to set up this business because you HATE your job?

Or because you WANT to set up this business?

The two reasons feel VERY simlar to each other but are a world apart.

Imagine, after 6 months, you find you hate the business just as much as the job? Because there are apsects of the job that you hated which are the same in your new busienss, such as time spent per day, lack of social time etc etc.

There's nothing wrong with doing what makes you happy, as long is ACTUALLY MAKES YOU HAPPY. And you won't really know that until you do it!


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Kat
BRONZE Member since Dec 2000

Kat

Pooh-Bah
Location: London

Total posts: 2211
Posted:Last night I was watching that program No going Back - A year in Tuscany about the couple that upped sticks with little money in the bank and bought a dream place in Italy. They were really quite lucky but they seemed to have no idea what they were getting themselves into.

I reiterate - you will need to have a business plan, thoroughly investigate if your business plan is viable and be prepared to work very very hard. You will most likely be investing a helluva lot of time and energy, so make sure this is something you really want to do. You will be more tied to a business than you ever will be to a house, so if you want to head off like Bovrils friend kayaking in NZ, you'll find you are tied to the business.

You've got the faith, now go out and find the know how and sit down and ask yourself are you willing to dedicate your time and money to working to make your plan a success.

Whatever path you choose, I wish you every success


Come faeries, take me out of this dull world, for I would ride with you upon the wind and dance upon the mountains like a flame.

- W B Yeats

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Kat
BRONZE Member since Dec 2000

Kat

Pooh-Bah
Location: London

Total posts: 2211
Posted:Plus, my sister recommended this book to me

Rich Dad Poor Dad

The one thing that I learned in my Marketing Management Class is that if you ever want to really succeed financially, then start your own business. Remember though, hard work, nobody pays for your holidays, or when you are sick or your pay packet when you have done badly one month. Asess the risks and the benefits and if you are still keen - GO FOR IT!!


Come faeries, take me out of this dull world, for I would ride with you upon the wind and dance upon the mountains like a flame.

- W B Yeats

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funkymonky


funkymonky

member
Location: oxford

Total posts: 192
Posted:stop e if i'm wrong, but has anyone actually asked what the business plans include.......? like... what are you thinking of making/ servicing/ providing/ selling?

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Kat
BRONZE Member since Dec 2000

Kat

Pooh-Bah
Location: London

Total posts: 2211
Posted:Well Magnus may not want to share his ideas on the net where they can be ripped off. The idea may be sound, but putting faith in ideas alone really is not a good plan!

Come faeries, take me out of this dull world, for I would ride with you upon the wind and dance upon the mountains like a flame.

- W B Yeats

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Magnus


member
Location: Bath, UK

Total posts: 279
Posted:I think a good idea shouldn't need to be top secret for it to work - particularly if you are the right person to do it.

My plan is to put two ads in local papers.

Firstly, "Got a VAN? Want to put it to work?"

Secondly, "Need stuff hauled?"

Just kidding, although I have a friend making a healthy profit from doing exactly that...

Well, I already sell Broadband, offering on-site help to set it up. I hope to spend more time on that.

I also want to do PC support, several people have asked me already, and I think there is a market.

Finally website hosting - I think I have a fairly unique spin on this and a model that could allow it to grow huge.

So hopefully a combination of the above. I've also got a couple of other ideas to follow up. I think I could also find some part-time work to fill in the gaps.

Thanks all for your advice, I spoke to my parents last night and they said to go for it.

The thing about a business plan, is that they are made up - the important thing, as you've all said, is to make sure you've thought about everything.


Magnus... pay it forward

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DrJon
BRONZE Member since Aug 2002

member
Location: Bath, UK

Total posts: 17
Posted:Everything Charles says is true. Don't be afraid of change.

If you have positive equity then selling or renting your flat is just a hassle, not an excuse for inaction.

If you have a REALLY GOOD business idea, then you will be able to get finance for it and make it happen.

If your job sucks, leave.


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mech
BRONZE Member since Jun 2003

mech

Carpal \'Tunnel
Location: "In your ear"

Total posts: 6207
Posted:i can give you onepeice of advice, it really helped me when setting up mine......

i went to a bank and got a biz start up pack from them, andit details lots of teh steps you need to take, twas really usefull

just a bit of techie help there, i thought about doingit then did the company for real for about 6months along side my normal lif eto see hwat would happen and it workedso its still going!

and its making money!

life is ok!


ONLY do a jobfor as longas you like it, dont kill your self tomake others happy all dayby working for them!

later days


Step (el-nombrie)

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Matthew B-M


Matthew B-M

Lemon-Aware Devilstick-wielding Operative
Location: East London Wilds

Total posts: 605
Posted:quote:
If your job sucks, leave.
I find this amusing in context. :-)

Magnus: I'd be inclined to agree with DrJon though (shock horror!).


Luv 'n' Lemons
purity :: clarity :: balance

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