Hi fellow Ozbargainers.
Reaching out to you all for your expert advice and opinions.
Currently I am working in electricity industry and looking to start my own business.
As mentioned in title, want to gradually transiton to business dont want to leave my current work place as soon as business starts.
I have some savings around 150k which I am willing to invest in it.
What kind of business I can start searching on.
FOOD/service/logistics etc.
Thanks in advance.
Business Advice Needed. Gradual Transition from Job to Business
Comments
I beg to differ; that level of command of grammar is perfectly suited to food delivery.
..and likely might actually correlate positively to the
qualityauthenticity of food too..
More particularly Op needs to do thier own reseach
This one is like finding a needle in a haystack
What kind of business I can start searching on.
You normally start off with a business idea based on your experience or passions, create a business plan to check it's viability and go from there.
What kind of business I can start searching on.
Um, maybe… just keep your current job.
A word of advice. Gradual doesn’t work. You’re either in. Or you’re out.
How do you plan to go into business without the business?
Tornado potato food van.
Currently I am working in electricity industry and looking to start my own business.
And
What kind of business I can start searching on.
FOOD/service/logistics etcGenerally most people that branch out from a payg role to trying to run their own business would normally use their strengths and skills from their previous job. Why are you not looking at business plan ideas that at least leverage your existing experience?
electric cooktop
I have some savings around 150k which I am willing to invest in it.
…
What kind of business I can start searching on.I wonder how many scammers have DM'd the OP.
In what areas do you have experience or even an interest?
I'm all for employing staff/experts to guide me but I think you have to have some basic concept/experience to begin with.
Ie, I think it might be very hard to operate a food based business if you had no real idea of what could or should be happening.
Perhaps do some research on what franchises that interest you and may be available? They usually come with a fair bit of training and support.
How can you privatise the skills and resources you already have access to in your electric stuff?
You should start a book distribution, and then gradually add more and more products. Could call it something like “Amazon jungle”
The "electricity industry" can be from a PCB repair techy to a 660KV design engineer to a project manager….
First figure out how you can be made redundant and therefore get a redundancy payout, but if you cannot then the $150 will not be enough.
Second figure out what you love, not like, that some or all of your elec skills can be used in a different job and apply for them to get the experience before setting up your own company,.
Third in a few years go to TAFE and learn how to create a business plan and then do some accounting courses so your business does not go like Erraring is going up down then left then bailout then still going then life support then ….
could also be selling light globes at bunnings
How about the door person directing people to the light aisle?
Could be the person who opens the door at beacon lighting
@drfuzzy: Imagine being the dude who changes the lightbulbs at beacon lighting.
Business idea for OP
I have some savings around 150k which I am willing to invest in it.
Is this all your money/assets? If so I wouldn't be putting into a risky business.
YOLO 150k on black
Go to the ATO benchmarks check them all and find the one that makes the best margins then go from there. LOL
Talk to someone you know (and trust) who runs a successful business, and ask if they need $100-150K in exchange for a reasonable share in the business.
Seriously. If you don't even know what to do, chances are you don't know how to run a business either, which is not an easy feat. This would also let you gradually leave your job as the business is already running with or without you. You can learn the business working with them and part your ways in the future if the partnership doesn't work out.
If you have to ask these questions you shouldn't start a business.
You don't need $150k start up capital to start a business. But you do need industry expertise and a bit of canny, and it seems you have neither.
If you were going to start a business you should be using your existing knowledge and networks rather than going into something you know nothing about. Makes no sense.
Plenty of people get an ABN and start doing contracting work - whether you do that in conjunction with your main job depends on the terms of your employment agreement.
The earning ceiling and flexibility (with hours and working conditions) are much better in self-employment, but the peaks are also much harder/more stressful - you are made to earn your keep.
I like being self-employed and being able to do 15 hours a week or 50 hours a week depending on my choice. I like being able to hire and fire clients and charge what I feel like charging with no regard to what my employer might think is reasonable. However to get to that stage you have to put in the hard yards.
I have done this in the past. Having your own business sounds like fun but the level of stress goes through the roof. My advice would be to keep your job, upskill and look for higher paying job. If you are a licensed electrician, there is a lot of demand for small jobs and after hours work you can pick up. If you want to get into a business regardless, stay away from food businesses.
If you want to pay me as a consultant to assist you, I can provide my bsb and account details. Let’s start with a $150,000 retainer fee.
Doing business is not easy. I started a business in 2019 and it’s been a lonely place in the early days, but now things are looking up. 99% of businesses die in the first 3 years. It is always cheaper to buy a business that’s been operating for some time as you will avoid this early phase. My advice is to start your business while you’re in a job, and once the income from your business exceeds your salary, you switch to full-time business. The best thing about business is you are never redundant—there is no superior 'god boss' that will fire you.
Every customer is 'your boss' and finishing up every job with a satisfied customer should be your ultimate goal. If people don't see it this way then they probably deserve to fail as a business.
ill help you invest it.
feel free to transfer it to me
Import a bunch of random Ali express ‘hot sell’ item landfill, mark it up 420.69% then chuck a few ozadvertisment posts up here
I understand all 7 references you made here.
Having your own business (especially a franchise) is not the way to reduce your working hours or stress levels.. in actual fact it will be a 7 day a week never ending list of things to do or catch up on.Having a job guarantees an income regardless of effort.(Unless contracting) Owning a business is not a path to get rich quick
australia.businessesforsale.com
They probably provide enough filters to find just what you're looking for
Use your $150k to buy a franchise. They'll hold your hand all the way.
Sometimes through to bankruptcy
yep, most of them will hold your hand while rifling through your wallet with the other hand. Do your research carefully, especially on franchises, speak with other franchisees before plonking money down. I think the scary thing here though is he doesn't even know what sort of business he wants to go into, needs to stop and think what he would like to do as any start up business, especially a franchise, will require huge time commitments and if it is something you don't like then you are on a fast track to failure or misery (or both).
You can quit your job. Take the $150k, plus the equity in your home plus the equity in your mother's home (as guarantor for a loan) and you'll have enough for a really good established business.
Source: Sold a business to someone who tried this. It didn't end well for them.
Good deal! At least for you.
To be honest it sounds like you have no clue, no offence intended.
If you are going to pursue this I would suggest you may want to start a business that at least leverages your qualifications and experiences and interests.Also you don't need $150k in capital to get started. Depends on what you want to do. If you're going to start manufacturing something you might need a great deal more (or a great deal less if you're going to outsource that to some place in China for instance). Look into business loans so you're not risking all of your own capital. You will need and should have a solid business plan. You may need almost no initial capital if you're going into something like consulting.
If $150k is the sum total or a majority of your assets I would not dump it all into a business, especially one you have no experience in.
You may be better off putting that $150k into ETFs (after setting aside a rainy day fund and maxxing out your concessional super contributions), continuing in your employment and just make regular investments into the ETFs.OP is AWOL.
The "Chicken and Egg" dilemma, in the context of business experience is a challenge, but many successful entrepreneurs did not have prior experience before launching their businesses.
It's important to recognise that almost exclusively the individuals on platforms like OzBargain are primarily wage earners and ultimately can only offer biased perspectives when it comes to entrepreneurship.
From your initial post, it's clear that you're committed to dedicating yourself fully in your business. This seems to be misinterpreted by others sadly, as there is a lot of tall poppy syndrome that occurs on this forum. Failure in business only comes from being half-assed about it and continuing with your salaried position.
It is like playing video games, if you want to be the best at it and make money from it you don't go around working at McDonalds and then mowing your neighbour's lawn on the weekend. This also applies to those who get high WAM scores at university, but sadly that is ignored by our society as most human resource teams only want to hire those who are just like them, mediocre at best… Graduate programs ultimately do not hire the best individuals, but this ultimately gives startups like my own the best opportunity to poach these valuable individuals.
TLDR: You need the Andrew Tate mindset.
Returning from that side rant:
You have the opportunity to start any business you choose. Contact wholesalers who can supply your products. I estimate that you have enough capital to sustain your business for at least 12 months. This will give you a sense of whether this is a lifestyle that you wish to pursue long-term. If you're committed to it, then you stand to earn a lot more than your average OzBargainer who is stuck in the rut.Allocate $50k for the first year's rent, which will leave you with approximately $100k for product.
You literally have a whole spectrum of business opportunities available to you. You are at that sweet spot. If you want to take less risks, then go with something like a lawnmowing business, but that would merely be like swapping one form of salaried work for another similar type of hard labour, which I don't believe was your intention.
As long as you have enough funds for groceries, paying bills and a place to sleep, everything is good.
How old are you? Do you have a family? These are other considerations but I think you are around 29 just by taking a stab in the dark.
It is like playing video games, if you want to be the best at it and make money from it you don't go around working at McDonalds and then mowing your neighbour's lawn on the weekend.
I wouldn't have picked the average gamer as the sort to mows lawn.
Is Amway still a thing?
Tupperware ?
No longer in Australia unfortunately:(
A good starting point would be to brush up on basic English grammar, e.g. difference between "advise" and "advice".