nar leave that franchise thing here,, iv had a qwick think about them aswell, but iv allso herd some real horror storys about them like they prommes 2k a week, but it never happend,
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nar leave that franchise thing here,, iv had a qwick think about them aswell, but iv allso herd some real horror storys about them like they prommes 2k a week, but it never happend,
allso what about the shear market??? my grand perents sware buy it, but be prepeard to loose alot of money to make alot aswell,
I've been scientific glass blowing for nearly 20 years and running my own show for nearly 4 years now.
Like others have said it's a roller coaster at times but it levels out once you get momentum. A lot of stress but it's worth it!
It offers a lot of flexibility but you have to be a self starter and stay motivated.
Good customer service is key. Be prompt and deliver what you say you will, when you say you will.
The internet makes owning and running business so much easier these days. Like Rijidij, I'm looking at relocating to a rural environment soon, to cut down on overheads and have a better life style. As most of my business is conducted via email or phone, the internet allows for me to be able to run my business from anywhere really.
We have an air conditioning business on the Northern Beaches of Sydney. Used to have a European trucking business back in the UK which I sold in 2004. In 2006 my wife said why don't we go to Australia? 8 weeks later we had packed a 5 bed house into a 40' container, put 2 dogs into kennels and jumped on a plane (exactly 5 years ago to the day!)
Came on a tourist visa, liked it and decided to stay. Looking for a business was interesting to say the least and took a year. There's a hell of a lot of business brokers out there trying to move on absolute rubbish at idiotic prices. We looked at about 10 different businesses before settling on this one. I wanted something that had nothing to do with trucks (!) and that I thought we could do something with; doubled it so far so not unhappy.
After 20+ years owning a business I think it'd be pretty hard to go back to being an employee.
Personally I'd stay away from franchises; granted there's probably as many good stories as bad but I always think that sooner or later you'll get ****ed off with how much of your hard work goes to someone else.
If I was to do it again with no time pressures then I'd definitely be looking to do something with the internet. Would spend a lot of time looking at what works in the US/UK and hasn't hit here yet.
Good luck :-) Just remember you need to be able to commit to some seriously long hours and hard work for an extended period of time to establish yourself.
Funny you bought this up Stig as I was a light/heavy vehicle/fixed/mobile plant fitter since just after I finished school and ran my own workshop on site for a while but it drove me crazy working under another company and dealing with bloody lease companies so left to drive trucks.In Newman there is a huge hole in the general maintenance side in town and big money gets thrown around so only last week I was talking to my misses about selling the L322 and buying a 130 and again working for myself.Next jan/feb I think it will happen but like the others have said it takes work to work. Pat
If you have a niche market you are onto a winner. I used to live in a small mining town where all the men are away working in the mines earning ridiculous amounts of money, all the qualified tradespeople are subcontracting for the mines and if you need a plumber or sparkie for an emergency job you are looking at days rather than hours. Then they charge $140 an hour. Builders are the same up there. So what can you do when you have a knack for fixing things, a town where you can't get a tradie easilly and there are lots of miner's wives sitting at home with money to spend? Start a handyman business. Niche market and plenty of work around. $40 an hour to weed someone's garden is good work if you can get it. Or $30 to put someone's old washing machine into the back of your wagon and drive it 5 minutes up the road to the dump (which was free) because someone is too lazy to do it themselves.
We moved away after only a few months of running it, there were no real start up costs, I printed my own business cards and spent $30 on advertising and I couldn't keep up with the workload. 18 months later I'm still getting phone calls from people who don't know I've left town.
Niche market, no more needs to be said!
I own a bar in the city and have done so for 9 years, also owned several restaurants etc.
When u own a business, you are not only responsible for yourself but also that of all your staff should you have any.
The paper work is now a nightmare and relentless.
To buy a business, it costs money and banks will be very reluctant to lend against or for it. Be wary, very vary.
If your parents can go security on a business loan make sure they have more than one property as they will not loan against a family pricipal place of residence either anymore. They will not foreclose on a family home as they have in the past. Too much bad press.
Also, make sure cashflow is right. Cashflow is King, always remember that and if you have to carry accounts over for a certain period of time, that is what can send u broke.
Do your homework, read up and educate yourself in book keeking, OHS, cash flows and be wary of market and trend movements.
Do not get greedy and make sure your after sales service is brilliant.
One unhappy customer will tell 10 others and one happy customer will tell 1 other if you are lucky. In other words, its easy to gain a bad reputation than it is too get a bad one.
Know your field and if your are certain after all your homework has been done that you have what it takes, go for it and do not get side tracked.
Do not fall into the category of going out and leasing a new car after you had 3 months of good trade, businesses trade in waves and make sure you have some funds set aside for bad months trade also as there will be some.
Do some small business courses, perhaps ask your current employer to see if you can get more involved in day to day running of current place of employment and see what it takes.
One thing for sure, the 38hr week will be a thing of the past.
In one of my restaurants I had called Citrus, I bought it when it was loosing $2k p/w and did over 100hrs every week and took home $400p/w for the 1st 6 months.
I sold it with a healthy profit after much sweat and tears.
It may well be helpful or be more suited to buy a franchise as a 1st business as there will be support given as part of all Australian franchise agreements.
Just choose the franchise carefully but at the end of the day, allthough you think you are working for yourself, you still have to abide to the franchise agreement 100% or risk loosing it all, plus of course paying the franchise fees etc every months.
A friend has just started up a tyre place where they work out of a warehouse with 3 vans and they come to you whereever you are and fit, repair and balance tyres on the spot.
Great idea, he found it whilst holidaying in the states.
Start up costs so far $200,000.00, return Nil.
Better start saving and equip yourself with knowledge.
Good luck mate, if you really want something, only you can make it happen.:):):)
Great thread!!, alot of experiance on here, we have had a couple of franchises and they have been great, just remember its just a set of proven tools and you still have to run with it. a few disgruntled franchisees ive met have the wrong mindset and really just bought a job and take no responsability really. I dont think the big coffee franchises are a very good deal TBH, you have very little control and they cost a motza. do your due dilligance there are some great ones out there.
a few people talk about the responsabilities of employing people, dont underestimate this.
as to the shear market, we have day traded a bit and if ive learnt anything ( having spent a good few noughts on education over the years) its dont trade with more than you can afford to lose, not that you will lose but the markets are driven by fear and greed and started on rumour. so if if you cant detach yourself and trade with a good plan then the odds are against you really.
just my 2cents
neil
I have had a few business's. The previous business was in telecomunications and I had 30 people working for me......what a hassle. As so many people have said, don't underestimate the challenge of employing people.
I now have a consulting business in Infrared Thermography. It is a bit of a niche market but best of all it is just me. The money is not as good but the hours are great and there is lots of travel invloved.
So the tips I would give:
1. Do something you know about or are good at. If there is something that really interests you but you don't know much about it, get a job with another company for a couple of years and learn all about it. That's what I did.
2. Look after your customers at all cost. Just the little things like turning up on time or calling if you are late makes a huge difference. It is amazing how much work you can pick up via word of mouth.
3. If you are lucky enough to start your own business you might as well do something you enjoy.
yer,, see im not realy set on one job to run yer, but looking how it seems to be in the real world, i do think that the net is the way to go, there seems to be a real market in web site advertizing,