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Shahanshah's Avatar
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Default 04-07-2017, 06:15 PM

A sole trader of what? What research have you done? What is your business plan, your business model?


Know Thyself.

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(#12)
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dan300's Avatar
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Default 04-07-2017, 08:38 PM

Initially I wanted to start off by selling stuff on Amazon but I felt that although the traffic is already there, the business is still Amazon & will never be your own. You're just a store/merchant on Amazon.

So it's going to be an online dropshipping business & I've decided on the website building platform I'll be using, Shopify. And the products will most likely come from Aliexpress.

The biggest obstacle has been deciding the market to get into. I read an article the other day that suggested that, rather than trying to figure out what products to sell, instead find an audience.

Products can come & go, but an audience will always be there. So that made me go back to the drawing board in a way.

I need to contact Shopify & Aliexpress & find out if everything can be done with a debit card. If not I'll have to get a credit card (something I'm hoping I don't need to do).

I'm buying a new laptop tomorrow or Thursday, so I can get stuck into it a lot more than I have (I've been multitasking at work, juggling work & research). As soon as I decide/figure out the audience/products, I'll start writing a business plan.

The next 2 months will be spent engrossed in it. I was thinking of setting a launch date, so I'll be forced to get a move on.


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Default 26-07-2017, 11:56 PM

Just finished reading..

Internet Riches: The Simple Money-Making Secrets of Online Millionaires

Pretty informative book and I picked up quite a few tips from it. But then again I've picked up dozens and dozens of similar tips from various sources over the last few months.

I'm now feeling a little analysis paralysis from all the business related reading I'm constantly doing.

I already know what I need to do, what I want to to do, how I'm going to do it, and the eCommerce host that I'm going to do it with.

Now the only thing I'm gunna focus on regarding all this is narrowing down and deciding on the target market/audience/niche.

That's the biggest obstacle and most important next step.

No more fucking reading required for the time being.


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Default 19-08-2017, 06:36 PM

I read somewhere that Kiyosaki has a habit of either telling lies or over-exaggerating. Rich Dad, Poor Dad not being an exception. I'm not much of a reader so I've not read it, however said chapter 1 anecdote sounds fable-like.

It sort of reminds me of Donald Trump. The self-titled self-made billionaire who received a "small loan" of $14 million in 1975 from his father, millionaire property magnate Fred Trump. I think the "loan" is still outstanding today, which basically made it free. This is one of many "loans" he received, including $3.5 million in casino chips Fred made to help his sons failing casino pay the rent, later being called out as illegal!
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Default 19-08-2017, 08:22 PM

Quote:
Originally Posted by dan300 View Post
True plenty of the big shot tycoons we all know, usually started out breaking rules. I'd bet Alan Sugar didn't do things completely by the book when he started out selling car ariels from the boot of his car.

It's not how I'm planning to start out though. I'm gunna make sure everything's done right. One of the first things I'll need to do is register as a sole trader.
Baron Sugar used a telephone box as an office. He employed his mate to sit outside and take calls for him and prevent people from using it apparently.

I very much doubt he paid tax at 16!

Also you don't actually need to register anything as a sole trader. So long as you're registered for tax, there's nothing else you need to do. You're supposed to declare everything you make, but all which is under 12k (including other income) is tax free. Tax is calculated on everything you earn. For NI, you can top up whenever you like.

Last edited by ephemeris; 19-08-2017 at 08:25 PM.
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Default 07-09-2017, 11:36 PM

Quote:
Originally Posted by ephemeris View Post
I read somewhere that Kiyosaki has a habit of either telling lies or over-exaggerating. Rich Dad, Poor Dad not being an exception. I'm not much of a reader so I've not read it, however said chapter 1 anecdote sounds fable-like.

It sort of reminds me of Donald Trump. The self-titled self-made billionaire who received a "small loan" of $14 million in 1975 from his father, millionaire property magnate Fred Trump. I think the "loan" is still outstanding today, which basically made it free. This is one of many "loans" he received, including $3.5 million in casino chips Fred made to help his sons failing casino pay the rent, later being called out as illegal!
I was intrigued by the opening chapter. And although I wasn't so harsh as yourself and Kowalski about it, I am of course pretty sure that some of it was written for the purpose of a good story... I mean, he was what 9 years old I think? He "quoted" very many, and some lengthy anecdotes, phrases and conversations in that chapter. I highly doubt that when he wrote that book 50 years later he could remember all that stuff word for word.

Having said that, I haven't actually read any more of that book yet. Just the first chapter but at least when I do I can pick up where I left off easily.

As for Trump, I remember that clip clearly about the small loan from his dad. Except it was only 1 million, not 14.

I know, the poor fuck only got a $1 million loan. Tragic.

NOTE: From what I hear though, or the odd tweet I see, Trump is apparently doing something good, or Americans are happy with him, or something? I wouldn't know anything as I don't follow politics or the international news.


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Default 08-09-2017, 12:05 AM

Quote:
Originally Posted by ephemeris View Post
Also you don't actually need to register anything as a sole trader. So long as you're registered for tax, there's nothing else you need to do. You're supposed to declare everything you make, but all which is under 12k (including other income) is tax free. Tax is calculated on everything you earn. For NI, you can top up whenever you like.
My accountant (a lady friend I met on a paid clinical trial 2 months ago, but who will be my accountant) gave me some advice on starting out, sole-tradership and limited company's etc. This is stuff I learned about in business school 8 years ago but, that was 8 years ago so I'm not gunna lie to myself and say I GOT THIS. I'd prefer to pay a professional and not only that, but when I do need her, she's not a random stranger that I don't know.

As for registering as a sole trader, I'd prefer to do that. To me it feels better than simply quietly making some extra money on the side. It'll encourage me mentally. To be officially self employed (even if on the side) is a step towards becoming a full time entrepreneur.

I believe I'm an entrepreneur anyway even though I haven't launched anything yet. I have the mind, the drive, the focus, the vision, the dedication, the belief, the want, the need, the obsession.

Yea ok I know that all sounds cheesy and cliche etc. But in simple terms I'm a businessman at heart, and I will pursue that shit until I'm successful.


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Default 08-09-2017, 12:43 AM

I read Richard Branson's Like a Virgin. I had read about 15 chapters before yesterday (it's written in 3/4 page chapters) and then when I found out yesterday was international #ReadABookDay a decided to sit down and finish the whole book.

I have no major comprehensive book review or anything like that. Just that it was a decent read in regards to how business is done. Or rather, how he and Virgin group done/does business.

Which, as I'd kinda known but it didn't really register, was that they have always did things better by spotting competitors faults and building an entire business that was ultimately superior than competitors from the offset such as Virgin airlines - their super friendly cabin crew went above and beyond for their passengers and with a smile, something others didn't - air trips were mundane and unpleasant.

There was also things that were a little more risqué than usual. Like the Kate Moss cocaine "shock story" which Virgin jumped on immediately and hired Kate to star in one of their adverts about "contracts" referring to Virgin mobile, after having lost her modelling "contract". It was quite funny and pretty genius too if we're honest. Someone's loss is another's gain - just like another more recent example when the BBC sacked Clarkson and then Amazon picked him and the other 2 up.

(The Kate Moss thing wasn't in the book that's just me further reminding of Virgins willingness to shock)

Branson's book was definitely worth the read because it gave me a broad understanding of how to think alternatively and creatively. He is a legit entrepreneur yet he prides his success (not solely) on his willingness and ability to do what others aren't doing, even if it means twisting the rules a little bit.

I can't explain it properly how cool of a businessman he is, you'd need to read the book. I'm a big fan now.

I've got 2 more of his books and can't wait to read them. Especially the one called "Screw it, lets do it"


NOTE: Just as I was about to post this there was a news bulletin on my local radio station saying there was a hurricane or something on the British Virgin Islands, where Richard and his Missus lives.


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Shahanshah's Avatar
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Default 09-09-2017, 07:30 PM

Also helps that he was brought up in a family of wealthy business owners and was a mozart of business e.g. as soon as he could talk, he could think business.

Obviously is good to get knowledge from all these successful people but at the end of the day any top tier people are genetic freaks with the right upbringing and a stupid amount of luck.


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dan300's Avatar
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Default 12-09-2017, 08:26 PM

Quote:
Originally Posted by Shahanshah View Post
Also helps that he was brought up in a family of wealthy business owners and was a mozart of business e.g. as soon as he could talk, he could think business.

Obviously is good to get knowledge from all these successful people but at the end of the day any top tier people are genetic freaks with the right upbringing and a stupid amount of luck.
I wasn't aware that he was a silver spoon kid. Lucky cunt. Rags to riches stories are way better.

I like Peter Jones from dragons den. He had millions, lost it, found himself on a mates sofa, clawed his way back and was a millionaire again within 2 years.

Of course, after having already been a millionaire once, I imagine it would have been easier to do the second time around.

Haven't read his story yet but it's one I'm looking forward to.


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