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PCT Joe
29-06-2009, 09:12 PM
Im seeking advice from current/ previous business owners about a few things, ill state some things I'd like to know below. If you think you have something useful to add don't hesitate.

Q1: What is you business?!?

Q2: How much did it cost for you to startup(can you please give rough estimates?)

Q3: Which region do you live in?!?

Q4: How much profit(if any) is there in your business?!?

Q5: Do you give yourself an allowence(before profits) for youself(aka a salary/wage)

Q6: Do you employ any workers?

Q7: What price do you pay for utilitys

Q8: How much is your business worth now/how much is the insurance(If any)

Q9: Did your bank require you to have a percentage of the loan amount and if so, how much?!?

Q10: Is it worth getting into the computer industry?

Thankyou all for your help.

P.S you DO NOT have to answer any of this if you think its to personal, or if you just don't want to; after all I can't make you.

Metla
29-06-2009, 09:25 PM
No ones going to give you that info, Go visit a small business accountant and have a chat.

R2x1
29-06-2009, 09:33 PM
Do you want fries with that?

1. Mine.
2. Heaps. (Roughly).
3. My home region.
4. Not enough.
5. Free salt. (I'm worth it.)
6. They wouldn't work in an iron lung.
7. Varies from month to month, but too much.
8. Yes.
9. They wouldn't say.
10. As a what? Designer? Nope.

11. Where're my Gensu knives?

ZapperBoy10647
29-06-2009, 09:34 PM
ROFL @ R2x1

PCT Joe
29-06-2009, 09:36 PM
Yes, I haven't thought about that yet. I have done rough estimates of the start of the business is $120,000 however it could easily grow to $150,000 so I'm trying to be Conservative on my spending for the next while so I can come up with atleast 10% of what is needed before seeing the bank.

johcar
29-06-2009, 09:45 PM
1. Like R2x1, also mine
2. Zilch
3. North of Bluff, south of Cape Reinga
4. Can't say - IRD might be listening.
5. See answer to Q4.
6. Three. Me, myself and I (and we all pay far too much tax!).
7. Far too much.
8. Nothing to anyone other than me.
9. See answer to Q2.
10. Depends on the rarity of (and demand for) your talent.

PS. Why are you living in the sea? Or is that where the treasure is?

Sweep
29-06-2009, 09:46 PM
Based on your location I assume you will need wireless communication and a generator for power.

On the plus side with fishing lines or a net food should not be expensive though so long as you can live on fish.

PCT Joe
29-06-2009, 09:49 PM
Haha, thanks for all the help guys.

@ Johcar is there anyway I can find my actual co-ordinates

Sweep
29-06-2009, 09:52 PM
Try GoogleEarth for your location.

johcar
29-06-2009, 10:05 PM
Try GoogleEarth for your location.

That's what I used.

But I wouldn't recommend getting too detailed with posting the exact coordinates anywhere on the interweb.

Someone could track you down and have their wicked way with you!!

If you're lucky.

PCT Joe
29-06-2009, 10:07 PM
True enough, I'm however too lazy at the moment to download it.

Also I'm already downloading a PSE7 Trial atm.

Poppa John
29-06-2009, 10:34 PM
PCT JOE.

Many, Many years ago I was a self employed industrial maintenance electrician. I lasted 5 years & did very well for myself. I eventually gave it all away, & went back onto wages, as I was sick of working all hours at Industy's beck & call.

Definitely go & see a small buisness accountant. He/She will establish your Rate, profit level, wages (if any at first) expenses, running costs, rent of premises (Home space?) Phone & internet, & etc.

It may cost you one or two hours of their time...but it WILL be worth it. I promise, & good luck. PJ

pctek
30-06-2009, 09:51 AM
Q1: PC Repairs/sales

Q2: nothing when worked from home, opened premises and spent $3000

Q3: Southland

Q4: Haha

Q5: If there is no profit, you can't pay yourself. Simple maths.

Q6: No

Q7: Far too much with premises because they charge you extra for being a business

Q8: More than it was when I had the premises

Q9: Bank? Bank didn't come into it

Q10: Not unless it's a specialised area

wainuitech
30-06-2009, 10:12 AM
Ditto to what Pctek wrote - apart from the location of course.

Theres lots of cowboys about, and many think its a quick easy buck -- you only have to look in the yellow pages - New business advertises, the following year its interesting to see if they are still in business - many are not or if they are then the second year they are gone when the tax man wants his share.

As Poppa John pointed out as well "working all hours at Industy's beck & call" -- it is NOT 9-5.

george12
30-06-2009, 05:22 PM
Im seeking advice from current/ previous business owners about a few things, ill state some things I'd like to know below. If you think you have something useful to add don't hesitate.

Q1: What is you business?!?

Q2: How much did it cost for you to startup(can you please give rough estimates?)

Q3: Which region do you live in?!?

Q4: How much profit(if any) is there in your business?!?

Q5: Do you give yourself an allowence(before profits) for youself(aka a salary/wage)

Q6: Do you employ any workers?

Q7: What price do you pay for utilitys

Q8: How much is your business worth now/how much is the insurance(If any)

Q9: Did your bank require you to have a percentage of the loan amount and if so, how much?!?

Q10: Is it worth getting into the computer industry?

Thankyou all for your help.

P.S you DO NOT have to answer any of this if you think its to personal, or if you just don't want to; after all I can't make you.

Q1: Fixing computers + Ex-lease computer sales
Q2: No significant startup cost, but need at least 10 grand or so available for the latter activity to facilitate buying stock (or a really good credit card and damn quick selling)
Q3: Wellington
Q4: Enough considering it is part time alongside study
Q5: When I was a sole trader I just took all profits as drawings and put personal money back in when required. Currently as a company I am not taking a salary as I don't currently need the money
Q6: No, instead I outsourced the storage of stock and imaging, dispatching, etc to another company when I was overseas and couldn't do it myself. Wouldn't go that route again (in this business), logistics services can become very very expensive.
Q7: Telephone: $50/month or so via Xnet (would be $150 if I was on Telecom though...)
Q8: My business wouldn't be worth much if anything because it relies on my skill, and my customers have a relationship with me, not the business, so selling it would be very difficult
Q9: I didn't ever get a bank loan. Couldn't have if I wanted to due to my young age (started business at age 17 in 2007) and the financial nature of such a business. However, I cheated and got my mother to get a credit card with a large limit which I was an extra cardholder of (allowed under 18), without which I would never have been able to get into the trading side of the business. Obviously no real funding is needed for computer repairs.
Q10: Possibly not. While my business provides a wonderful part time income, I don't feel that I could turn it into an acceptable full time job if I tried. Perhaps somebody better at marketing would find it easier...

woc
02-07-2009, 08:12 PM
1: Computer Sales and Service
2: $8000 including stock
3: Otago / Southland
4: Yes about 20 -30 % of turnover after you cover your operating costs.
ie If you need to earn say $15000 a month to cover your operating costs then for every $1000 over that you should make $200 - $300 profit
Dont expect to make much of a profit for 2 - 3 years. It takes time to build up customer relationships and support.
5: Yes
6: Yes 2
7: Phone / Internet $200 /250 Month - Power $140 Month
8: $50,000 book value - Doesn't include good will.
9: No Don't like banks. Use your own money and don't get into debt.
10: Yes if you are prepared to work hard, Don't want to have any time to your self. Prepared to be blamed for every thing that goes wrong with a computer after you have looked at it.

wainuitech
02-07-2009, 09:25 PM
10: Yes if you are prepared to work hard, Don't want to have any time to your self. Prepared to be blamed for every thing that goes wrong with a computer after you have looked at it. Add to that some peoples mentality - you have to drop everything and fix their PC right now as its more important than other work you may have, they want to pay next to nothing and want it back the same day, no matter how badly damaged the PC may be.


Backups ?? What are they ?? then go all septic if you cant recover their data :waughh:

Digby
03-07-2009, 10:49 AM
Every business is different, so these questions are hard to answer.
Are you asking about one man band service industry ? ? Restaurants ? Online retail ? Mobile Phone providor ?

george12
03-07-2009, 11:27 AM
I think it's focused on the computer business because of the last question.

However your point still applies - that's very very general. Perhaps PCT Joe you could elaborate on what you're thinking of getting into and we can try to give some more specific advice.

PCT Joe
03-07-2009, 04:33 PM
Custom computer building, Computer repairs and upgrades and virus/spyware removals. Pretty much want to do 75% hardware work 25% software work.
Will do backups etc, however this is only an idea.... Is anyone looking for workers?!?

george12
03-07-2009, 05:32 PM
Custom computer building, Computer repairs and upgrades and virus/spyware removals. Pretty much want to do 75% hardware work 25% software work.
Will do backups etc, however this is only an idea.... Is anyone looking for workers?!?

Unfortunately you don't really get to choose what types of work you get in that line of business. You take what comes, generally. Not too many do well enough to get to the hiring stage so it's probably more common in this business to be self employed.

PCT Joe
03-07-2009, 11:31 PM
True, But as I said its what I WANT, I didn't say I would do that.