[AMA] I'm a small business owner - Ask Me Anything!

justinh93 on 10/10/2017 - 18:09
Last edited 12/10/2017 - 10:40 by 1 other user

Hi Ozbargainers!

I've noticed a few threads about starting out restaurants and other businesses, given how much this community has helped my businesses I thought I would start an AMA to see if I can help anyone who has questions about starting or running a business.

A little background: We started our business career with an e-commerce store Gameology about 5 years ago and since then, have also spent the last 2 years with ventures in the hospitality industry Pokéd. Both businesses are still in their growth phases, and continue to provide us with lessons every day.

Prior to starting the businesses, I used to be an accountant, and my business partners also come from professional backgrounds; specifically, dentistry and management consulting. My intention here is not to provide advice (financial or otherwise), but to see if any of our stories or experiences may provide an interesting perspective on a problem or question you might have.

Cheers,

Justin

Feel free to connect with us on Linkedin, we would love to see what exciting things you are up to. Justin, Sam and John

Come say hi to me in person at our new store opening in 2 weeks! Happy to talk through any ideas you may have!

Follow our lessons and see if/when we make it.

Introduce Yourself

closed Comments

  • Pantagonist on 13/10/2017 - 19:55
    +1

    Do you see yourselves committing to one industry long term or are you more interested in following the entrepreneur path of getting businesses started and then selling them on?

    Your parents are obviously very supportive of the path you're taking. Did you have to do much convincing to get them on board with the idea of you staying at home rent / living expenses free while you build your business(es)? Have they given you a deadline to work towards? Are you planning to share your profits with them when they start coming in?

    • justinh93 on 14/10/2017 - 09:31

      Hi Nomadesque,

      My dream would be to continue to own parts of our businesses whilst selling parts of it to release capital. I don't mind committing to one industry long term if I love what I am doing, but we are always coming up with our new ideas and the execution of a new idea is always the most exciting part. Ideally, we keep our feet in the industries we have built up a strong team in. I think building a team who share your vision and are hungry and trustworthy is the most valuable part of our businesses.

      All our parents are immigrants and they are very supportive. I am pretty sure they would definitely preferred if we had of stayed in our jobs but at the same time they want to see us happy. There is no deadline but there is the pressures that 'you say you are doing great, but where is the money to prove it'. 100%, we will make sure that all our parents are able to retire comfortably before we buy nice things for ourselves.

      Justin

    • samk92 on 14/10/2017 - 18:02

      Hi Nomadesque,

      I concur with Justin's comments below. I really enjoyed the exposure to different industries while I was working in management consulting. That's something I'm eager to continue in business as well.

      Our parents deserve the credit for putting us in a position to experiment in business. That said, I negotiated a 12 month timeline with my parents. The deal was simple: I have 12 months to ensure my asset position remains the same or get better, otherwise I have to go back to work.

      This has probably made me more cautious (which I think is a good thing).

      Hope that answers your very insightful questions.
      Sam

      • Pantagonist on 15/10/2017 - 18:55

        Thank you both for taking the time to reply. You're taking the road less travelled and its great that you've got supportive people around you.

        Kind of wish my parents were open to helping me towards working for myself 20 years ago but I got there myself in the end.

        Best of luck with your ventures!

  • Word on 13/10/2017 - 20:08
    +1

    team Jacob or team Edward?

    • justinh93 on 13/10/2017 - 20:09
      +1

      100% jacob

      • samk92 on 13/10/2017 - 20:52

        Jacob Lund Fisker is my hero.

  • kiitos on 13/10/2017 - 23:30

    How do you host your websites and e-commerce?

    • justinh93 on 14/10/2017 - 09:09
      +1

      Hi Kiltos,

      We host our website through shopify and squarespace.

      Justin

  • ASTROBOY18 on 13/10/2017 - 23:50
    +1

    Hey Justinh93,

    I just went to try it out yday after reading this thread. I must say, I didn't expect it to be that tasty, it's a great product and the service was awesome too.

    I went in, wasn't sure about what i wanted and as i hadn't been served yet, I was just about to leave to get my usual banh mi until the guy behind the counter caught me on the way out and spoke to me about how delicious the food tastes and that i should give it a go.

    I thought why not, got the hawaiian one (i think its the most popular?) and loved it. This was yday. Today i went in and got the lava chilli one.

    Both were fantastic. Told my office about you guys. Good luck with the rest of your business and keep up the good work.

    • justinh93 on 14/10/2017 - 09:11

      Hey Astroboy,

      Thank you for giving us a go! I am really glad you like it. Can you please let me know which store you went to?

      I would love to share your feedback with the team and get them a little something!

      Justin

      • ASTROBOY18 on 14/10/2017 - 11:56
        +1

        Hey, it's the store on little lonsdale st. Great work mate, I think between yourselves and other established brands, the defining difference is definately the service for me.

      • serpserpserp on 14/10/2017 - 21:15
        +1

        I'd like to say that having people out in the queues like you did when you opened up the one near little Collins & exhibition st was a good idea. I always walked in there and almost walked out because it was so hectic but having someone hand me a menu and talk me through it was a spot on idea.

        I get a feel that you guys are trying to emulate the operational styling of GYG (which is a great model to work off as its a top business and the founder is a great bloke), in saying this do you plan to launch an app and do online advance ordering? I think that'd be a great addition to the service you have and seems like something that wouldn't be too difficult to integrate into your set up now.

  • Zen on 14/10/2017 - 00:47
    +1

    Hey Justin, Sam & John.

    Thanks for jumping out in the open and be so willing to share your experiences with the rest of the world. One of the most lonely thing I find being an entrepreneur aka small business owner is not having a network of people that you can bounce things off with.

    As a small business owner myself as a Wedding/Portrait & Commercial Photographer and recently a new venture in retail StationHaus with my wife specializing in home decor, kids fashion & handmade items.

    I'd like to exchange notes on a few things.

    FYI I've done my research and currently running a Shopify (e-commerce) + VendHQ (POS) combo, however e-com not exactly live yet so can't really comment on how well its functioning.

    • I notice you have chosen Shopify as your e-commerce platform of choice, have you experiment with others in the past or plan to migrate to something else in the near future? Is there an integration solution that you use for Shopify and your retail store & warehouse inventory?

    • What POS system did you guys decided on for Gameology & Poked? And how did you draw to that conclusion?

    • How did you determine which social media platform you choose to market on for which of the businesses and why? And what naughty things did you do on @pokedau on twitter causing your suspension?

    • Are you guys currently in a mastermind group or something similar?

    • justinh93 on 14/10/2017 - 09:23

      Hi Zen,

      Congratulations on your businesses! They look awesome!

      1. We had spent a bit of money preparing a migration to Neeto, but in the end Shopify was just too good. There are heaps of developers working on Shopify apps so it will get better and better. There is off the shelf solutions like Veeqo, but if you utilise the Shopify POS you should be able to manage it through that and it will be way cheaper.

      2. We use Shopify for Gameology and Abacus for Pokéd. I think you should look at using the Shopify POS?

      3. We only use Facebook and Instagram. Thank you for bringing this to my attention, I don't think I have logged into it since it was created.

      4. No we are not, a few of my friends are in the the Entrepreneurs Organisation, but thats a bit to expensive for us at the moment. We tend to bounce ideas off each other.

      Please let me know if you have any other questions.

      Justin

    • samk92 on 14/10/2017 - 18:07

      Hi Zen,

      Your businesses look very interesting. I really like your website design for both of them.

      On your last question: One thing we've found is that the more time we spend in business, the more our networks have built and the more interesting people we've had the opportunity to meet.
      There's an instant sense of community and shared experience when you meet a fellow business owner. You know the other person can empathize with your own problems and successes.

      We try and keep in contact with other business owners and use them as advisors and mentors.

      Sam

  • Omitsukasa on 14/10/2017 - 10:26

    How much did it cost to lease a small kiosk area in Chadstone for your ice cream venture?

  • PAPower on 14/10/2017 - 20:32

    Hi Justin,

    How far did you go in your accounting career? Were you a CA/CPA when you dropped out?

    Did you have a back up plan if Gametology did not success?

    Cheers!

    • justinh93 on 03/11/2017 - 22:37

      Hi PaPower,

      Not very far, I had only spent 2 years at PwC.

      I would have been gone back to accounting if it didn't work out.

  • railspider on 14/10/2017 - 21:11

    Hi Justin & Co,

    Great AMA thanks for sharing.

    Are any of you guys still working your day jobs, or are you full-time working on your businesses? Do any of you work shifts at Poked?

    • 86boy on 19/10/2017 - 17:12

      I am still working full-time as a dentist.
      Sam is part time with his management consulting.
      Justin has gone full time on Poked.

      None of us work shifts - there's plenty of other work for us to do as there is!

  • Hogg on 16/10/2017 - 05:31

    Hey Justin,

    How did you find someone or where did you advertise to sell your scroll ice cream business?

    I've always been curious when hearing about people selling their businesses how they manage to find buyers.

  • FattyHope on 23/10/2017 - 15:23

    I have to design a boardgame for school, is it possible for you guys your create a board for my english assignment because apparently from my teacher it is legal for us to do it, I just need to show her my design as a draft

    • justinh93 on 03/11/2017 - 22:35

      Hi Jayjayau,

      Are you asking us to do your homework for you?

      If you create a board game, we would be happy to sell it for you!

      Justin

  • bluedufflecoat on 03/11/2017 - 22:34

    I've been to two poked shops. Thought the one near my old work was best - Healey's Lane. Unfortunately, I've changed jobs and I'm now down St Kilda Road. Can you look into opening a shop there?

    • justinh93 on 03/11/2017 - 22:38

      oh no! I remember you have been supporting us from the start.

      We are looking at a number of different locations. Which company do you work for? I'd love to know where most of your co-workers go for lunch.

      • bluedufflecoat on 03/11/2017 - 22:41

        Yeah. I really love Poked. Not just saying that. Used to go at last once a week.

        My office is near Commercial Road, so people would tend to eat around there and I suspect a bit north of there. It is also very near the Alfred Hospital.

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