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Anyone own their own business

oz_dude said:
First month so far been slugged with an $83 ebay fee with little traffic lol so may be scrapping that idea for awhile.
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Mate I get the feeling you are not cut out for business, $83 eBay bill and you are considering scrapping the idea.....my eBay bill is bigger than that most months and I don't even run a business, I just sell some old crap around the house, old kids toys, car parts etc etc.

When my missus was running her eBay business we were paying $4000-6000 in ebay fees every month.
 
^^^ Well I just figured why would I pay a $50 subscription fee to ebay plus listing when etsy charges the same listing prices with out the fee and suits my target audience ;). Wow a couple g in ebay fees thats insane what was she selling? Also its cheaper to host my own website then it is to use ebay...
 
I work for the family business (dad & uncle started it thirty years ago).
They still do ten hour days 6 days a week. They work hard but love it. We have 30 employees and have had up to 100. 30 is alot more manageable, but our overheads are still pretty much the same, which brings in profit margin. To pay that amount of people each week is tough, especially when clients don't pay on time or have 45 days to pay. That's 7 weeks of pay before we get money in!

Alot of people think to make heaps of money you need to have your own business. But then it's your assets ie house, car, investments etc that are on the line when things go south. It can be totally out of your control, especially if a builder/client goes broke half way thru a job... (Happened to us twice & cost us LOTS)

Do your research and be prepared to put in lots of time and money to get it moving. The rewards are great but the time spent is heavy. My dad and uncle could work for someone else and probably earn twice as much without the pressure of losing assets, finding work for 30 odd people and finding/chasing $$$ like they do now.
 
taurus said:
I work for the family business (dad & uncle started it thirty years ago).
They still do ten hour days 6 days a week. They work hard but love it. We have 30 employees and have had up to 100. 30 is alot more manageable, but our overheads are still pretty much the same, which brings in profit margin. To pay that amount of people each week is tough, especially when clients don't pay on time or have 45 days to pay. That's 7 weeks of pay before we get money in!

Alot of people think to make heaps of money you need to have your own business. But then it's your assets ie house, car, investments etc that are on the line when things go south. It can be totally out of your control, especially if a builder/client goes broke half way thru a job... (Happened to us twice & cost us LOTS)

Do your research and be prepared to put in lots of time and money to get it moving. The rewards are great but the time spent is heavy. My dad and uncle could work for someone else and probably earn twice as much without the pressure of losing assets, finding work for 30 odd people and finding/chasing $$$ like they do now.
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Hey man cheers for the input. I take it your in the construction business? A very tough industry to be in at the moment but when it booms its great :). If your business is registered as a company your assets actually have limited liability and are protected if the business goes bankrupt, however its only worth setting the business up as a company when you are earning a large amount of money so getting there is tough.

A company I used to work for (making rainwater tanks) went 11 million dollars in debt when rain water sales were booming due to water restrictions etc... as the owner run it into the ground to have it recorded as a loss to benefit his other business's come tax time. He still enjoyed holidays in Hawaii while people lost there jobs. When the company went into receivership the cheeky prick put in a stupid low offer to buy the company back from the banks saying it wasnt worth much cuz it went bankrupt!!!

Anyways I went a bit off track there but my point been is that when your big enough your assets are protected, however it would feel pretty bad not being able to afford to pay your workers...
 
i have an earthmoving/construction business, i do well because im extremely good at it, i would hate to be say 90% good because it would fail for sure, were always just making it through.
i set up my business with no loans, no nothing, i just hoped and worked hard, fuk iv been in the shit but i dont give a fuk if it all comes down il just go back to working for someone else.
i would never rip anyone off but every fukn guy tries to rip me off, its bullshit.
lucky im a monster lol.
 
I work 9-5 at Gym and Fitness and run my own business on weekends for events.

Steve the Bartender

Love running my own business, pity people only want to entertain on Saturdays though otherwise I would do it full-time!
 
oz_dude said:
^^^ Well I just figured why would I pay a $50 subscription fee to ebay plus listing when etsy charges the same listing prices with out the fee and suits my target audience ;). Wow a couple g in ebay fees thats insane what was she selling? Also its cheaper to host my own website then it is to use ebay...
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She was selling make up, perfume and DVD's.

Made plenty of money as well till everyone got greedy and it was not worth doing it any longer.
 
powers said:
by the way i sell nothing on ebay its fukn madness all those fees.
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So what do you do, store all your old crap or just throw it instead of making money off it.

Made heaps of money on eBay over the years, the fees are just part of making the money. It's like you saying stuff putting fuel in my truck and excavator, it"s too expensive, but wondering why you are not making money.

If you are selling stuff eBay is probably the biggest audience out there, so paying a $5 fee for making $100 profit seems like a legit way of making some $$$.

Made $500 this week already selling some rubbish I had lying around my workshop that would usually have been sold for $50 or so (or not at all) if it was not for the large exposure on eBay, so I am happy to pay a few $$ in fees.
 
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example -
Say u have 3 houses which you rent out and are negative geared (not making repayments through rent/council rates/repairs etc) u can use the losses from that to lower any tax u make through the company.

so basically - Your lowering tax on your business by claiming a loss on your houses. So instead of paying 30% tax standard on your business u pay something like 23% for example.

Your accountant can explain this to u as well.


Of course the houses and the company needs to be under the one company/trust which costs a few thousand to setup.
 
Keep in mind with negative gearing that if you get newer properties you can claim for depreciation expense and depending on the property and location, you could end up with paper losses rather than cash losses and end up cash-flow neutral or even positive.
 
harry1970 said:
^^this. Negative gearing is a bit of a con. Nothing replaces shitloads of cash flow.
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Couldn't agree more mate. Hiccup in the market and a bit of time out of work or a slow patch in the business suddenly makes an attractive tax offset a fucking nightmare.

I
 
yeah, 30% of fuck all is still fuck all. Cash flow positive, until the accountant tells me "Harry, it's time to spend some money so the tax man doesn't get it"
 
Fluffy said:
Couldn't agree more mate. Hiccup in the market and a bit of time out of work or a slow patch in the business suddenly makes an attractive tax offset a fucking nightmare.

I
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Correct. I don't disagree.

It does depend on your situation though.
If your working at Woolworths as a casual picking boxes then by all means positive flow it. U never know if u get the sack tommorrow. Same goes with business.
U should save a bit of money to cover for downturns in the economy if you are an established buisness
 
I own/run my own business and wouldn't have it any other way, the stress is 100x what you would expect but I hate being told what to do and treated like shit, so working for myself has been great, plus with a smart accountant you can write off almost anything, and pay little tax, be warned but if business goes south its going to take you with it
 
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