The Aussie Pinball Arcade
Aussie Pinball Forums => General Chat - Non Pinball/coin-opp Discussion => Topic started by: Pintoxicated on January 11, 2014, 08:53:04 PM
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Guys,
I have got a major decision to make, I have an opportunity to take a voluntary redundancy (VR) which would give me a nice little payout as well as opening the door to doing something I have always wanted to have a crack at and that is running my own little business (not pinball related) but using my background and knowledge gained in my current and past job which I have been doing for 13 years now.
I am well and truly over the political nonsense that goes on at my work and I am growing very sick and tired of being a puppet, especially when the guy pulling the strings isn't overly kind.
I am torn between leaving a safe government job with a pretty good salary and having a go at something myself. There is a distinct market for what I can offer where I live. The wider Riverina area is currently serviced by a few guys who travel over from the coast, charge a fortune and then disappear.
I don't expect running my own business to be a walk in the park but the carrot of not having to work every weekend in December and January as well as not being able to take any leave in December and January when my kids and most other people for that matter are on holidays, the lure of picking and choosing what and where I do my thing not to mention a chunk off the mortgage is very very enticing.
So what to do? Have a crack and see what happens or die wondering?
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You've just answered the question yourself in your post about ten times over.
Go for it!! ^^^ ^^^ ^^^ ^^^
I start a new job in 4 weeks time. I'm comfortable at my current job but I'm going nowhere. The new job offers so much but is quite a step up from what I'm used to but I'm not going to die wondering!
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So, you think you can run your own business and have weekends off and take two months of the year off?
Good luck with that
Did you want to be your own boss before the issue of redundancy came up?
You will notice that many AP members are their own bosses, most of them started running their business part-time while working for somebody else.
You may be the best in your field, but running a business takes more skills than that
Give it ago, the worst that can happen is that you fail and have to go back to working for somebody else
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So, you think you can run your own business and have weekends off and take two months of the year off?
Good luck with that
Did you want to be your own boss before the issue of redundancy came up?
You will notice that many AP members are their own bosses, most of them started running their business part-time while working for somebody else.
You may be the best in your field, but running a business takes more skills than that
Give it ago, the worst that can happen is that you fail and have to go back to working for somebody else
Not sure where I said I would be having 2 months off a year and not working weekends. At the moment I get 15 weekends off a year, none of which can be taken in December or January. My weekend is Wed and Thu each week. My kids are 10, 8 and 6 and you know what, I want to be able to go and watch them play sport on the weekends as well as actually being involved in their little lives before they become big lives that don't include Mum and Dad.
I have wanted to have a crack at running my own business or a family business for a long time now. The opportunity has never arisen whereas now there are 2 or 3 ventures I can start up and run concurrently, still doing something I enjoy on my own terms and on both sides of the border.
I know there is a great deal involved, running our own super fund which includes holiday house letting has shown me that as well as the need for a good accountant.
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Go for it then !
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a opinion from a person who was given a forced redundancy and still unemployed after 6 months is
- make sure you do some home work fast if you haven't done much
- chat to the proposed clients and see if they would merge to someone that knows their stuff but some potential clients might not like change or are mates with certain people????
- what ever payout you get will last a determined set amount of weeks stated on the payout slip - so don't spend up big too quickly as if you spend the money prior to the determined week period you will get nothing from the Government until the set period is over - I give myself and my wife $10 spending a week as we are getting slim on the budget as we are trying to minimise out desperate period. We know that we can not survive on the Government payment of $450 a fortnight for a family of 2 adults and 2 kids and we will start to go backwards fast in the very near future. Yes I recently got a 3D printer and trying to create a income but I sold a pin to get it and I have only just paid the printer off which is good but nothing major to enjoy ourselves.
- do you need any licences and liability insurances as when under the banner of Government you don't need everything but when you go out on your own you may need certain licences (determined by education etc) or proof that you have done something for a certain period to get that licence and liability insurance could eat into those funds as well.
- I worked in a place of 200 people and had it's share of crap and politics and I thought if they gave out voluntary redundancies I would go for it, but the mining tax changed Newcastle and all the industries etc and now I would prefer the politics verses unemployment.
If you are confident you can get the work go for it, but just make sure you have a solid plan and proposes to give to those clients very soon and don't spend the money too quickly because if it doesn't go to plan things could get a little tight and desperate. Sorry not trying to be negative just experiencing the other side of things where I am not experiencing alot of luck coming my way. So have a solid business plan and a roughed out backup plan
Good luck with it
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Rung a business means dedication, discipline, a great business sense and a shit load of good luck. Been there, done it, miss it but don't think that you'll gain more family time. You may even lose some. But if you think you can do it, then it is very rewarding.
But above all you need a fire in your belly to do whatever it takes and do it no matter what
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Not sure where I said I would be having 2 months off a year and not working weekends. At the moment I get 15 weekends off a year, none of which can be taken in December or January. My weekend is Wed and Thu each week. My kids are 10, 8 and 6 and you know what, I want to be able to go and watch them play sport on the weekends as well as actually being involved in their little lives before they become big lives that don't include Mum and Dad.
I agree that is a major driver to do your own thing and can understand why you want to get out and do your own thing
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I started my own business about 5 years ago, I wouldn't change that decision at all, that said it was very tough particularly early on. Still is now from time to time.
If you are planning on using the redundancy to reduce your mortgage that's a great idea, but make sure you have the option to redraw some of it because (whilst I obviously don't know what type of business u r going into), chances r u will probably need to use some or all of it to support u whilst you build your business.
Pop Bumper Pete asked a good question, did u want to be your own boss before the redundancy came up? This obviously needs to be something u have wanted and thought about for quite some time, your family too needs to be onboard also because it will directly affect them too. The stress of work and money can put a lot of strain on a relationship, plus chances are u may have to compromise on some lifestyle objectives for a while too.
How easy could you find re employment if it didn't work out? That has to be a consideration, particularly if your current employment is quite specialised or unique, particular in your area/location, with few possible alternative employers.
That said, if it's something us have always wanted then go for it. Personally I always wanted to have my own business and I knew if I didn't try I would have always regretted it. That said I put some major personal and family objectives on hold to make sure I could stick it out. Also I knew if I didn't do it soon, the longer I left it the harder it would have been to leave my employer and start. I was on a really good income and pretty cushy job but it didn't do it for me. Plus I worked with heaps of guys that "talked" about starting their own business, but the reality was they had built a lifestyle around a particular income that they could never give up initially to start a business. I didn't want to become like that, so I knew if I was to give it a crack sooner rather than later was the go.
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I took a redundancy in November last year.
I was fortunate that it was a fair whack of money. I'm an electrician and have considered my own business too.
The things I have considered are:
Do I have enough money to support my family if I start my own business?
Is the market favourable to me if I take the money and look for another job or start a business?
What am I going to do with the money if I take it?
I don't know your full situation but I would still say go for it!
You will always wonder if you don't do it.
What's the worst that could happen?
I think most peoples fear is that they will loose everything they own. So what, they're just possessions, you can buy other stuff later.
If you can just learn to let go of the things you own, so that they don't own you, you will find the freedom and courage to do what you want and maybe chase your dream.
Go for it mate. Reach out and take your future with both hands.
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.. opening the door to doing something I have always wanted to have a crack at and that is running my own little business (not pinball related) but using my background and knowledge gained in my current and past job which I have been doing for 13 years now..
..I am well and truly over the political nonsense that goes on at my work and I am growing very sick and tired of being a puppet, especially when the guy pulling the strings isn't overly kind..
..I am torn between leaving a safe government job with a pretty good salary and having a go at something myself..
..I don't expect running my own business to be a walk in the park..
I've snipped the questions you have asked, with your own answers.
You only live once. If what you want to do is something you can give 110% in effort and time to make it work, then you are making the right decision. As long as you are not compromising your family, then you are making the right decision. I spent the last two years of my well paid job thinking about what "I want to do", and the result was more than I expected. What I have learnt is that the hardest step was the first step. But be warned, there is no such thing as "weekends".
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Mate it's always tough making a decision like that but your already asking yourself questions so there is a fair chance its time for a change ;)
Go for it mate I think we all just need that little push
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Speaking as someone looking down the barrel of a forced redundancy in less than 6 months, I have been pondering my future over the last couple of weeks.
The problem I see with starting my own business is that unless it is unique I would be competing with long established businesses, in a town that employs a few thousand manufacturing workers and engineering shops that support these manufacturers, they will all be closing in the near future. The town economy will fall obviously as these companies are the major employers of the region.
I think I will have to travel (probably fly in fly out if I can get it) for work for a few years until my house is paid off and then make a decision down the track when I am in a comfortable position. Very hard decision as I don't want to miss my kids growing up, hopefully I'll find something closer.
The other thing I would have to consider is if being self employed would actually give me more time with my family than fly in/out work, I doubt it, at least for a fair time setting up and establishing the business.
But if you have the vision and are confident you should definitely try for it.
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A horrible decision to make, but PLEASE don't invest all your payout into your own business, coz *if* it doesn't turn out as you dreamt then you have no nest egg to fall back on.
NOW is also the time you need to double check with your bank that you have income protection on your mortgage and/or apply for it while still employed....
Clearly you dont wanna start losing everything after making a poor investment decision with your payout.
IF anything, start looking for the next job already, THEN start doing deeper research & analysis of your dream job.
just my 2c
MM.
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While I was self-employed (as a partner in a very long established firm) for some time, I stepped out five years ago and never looked back. I was lucky because I was given the blessing (and freedom from restriction) to compete against the old firm in the same work, and because of that took little time to re-establish in the new role on my own.
That put me in a relatively safe situation. What you are contemplating Blair is establishing a new business, and with that come a lot of uncertainty. It is a risk, but with risk comes reward too, so it is a decision worth considering.
I agree with Swink's suggestion about surveying some potential clients - I did exactly that before making the step, and while not all immediately came over, now everyone I spoke to are with me. It can be hard to get people to break their relationships in business, even when they are not completely happy with an existing supplier. But if you put yourself out there, I find eventually the chances come up as people have a further unsatisfactory experience with a supplier.
I have also found that potential customers will often give a new player a go for a number of reasons, some just to simply give someone a leg up. I tend to be like that with discretionary suppliers (but not the ones where I have strong friendships with suppliers).
If the opportunity came up to buy a business (which seems a common thing when payouts come), take a lot of care as so often these do not work out, I have seen this too often. Unless it's not a huge outlay, the risk seems rarely worth it.
Very tough decision, but you are a smart guy and I am sure you'll make it work whichever way you go.
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Thanks guys, I was interested to hear if there was a consistent theme of horror stories with VRs.
Anyway, what I am planning on doing is running Boat Licence Courses in both NSW and Vic, basically in the wider Riverina area as well as along the Murray River on the Vic side. So it isn't so much as issue of taking clients from my current employer as we no longer offer boat licence courses in the same way we used to.
Start up costs are minimal - $10-15k should see me up and running. I definitely will not be putting the entire payout into buying an existing business or funding the new business. If everything went horribly pear shaped, there would be enough in the payout to see us through for a good 12 months or more.
Thanks again for the encouragement.......I will know who to blame if things don't work out. *)*
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Thanks guys, I was interested to hear if there was a consistent theme of horror stories with VRs.
Anyway, what I am planning on doing is running Boat Licence Courses in both NSW and Vic, basically in the wider Riverina area as well as along the Murray River on the Vic side. So it isn't so much as issue of taking clients from my current employer as we no longer offer boat licence courses in the same way we used to.
Start up costs are minimal - $10-15k should see me up and running. I definitely will not be putting the entire payout into buying an existing business or funding the new business. If everything went horribly pear shaped, there would be enough in the payout to see us through for a good 12 months or more.
Thanks again for the encouragement.......I will know who to blame if things don't work out. *)*
I was thinking it was something else, thinking government etc.
If there is the demand, go for it, marketing is probably a very important thing there and the good one liability insurance but worth a try and maybe you can couple it with some other boating activity to earn some other dollars when things go quiet.
Not to be discouraging but you might find to capture all your customers you might have to work some weekends to teach those that work full time but it would be great being your own boss.
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Fill ya boots mate!
Take the money and run!
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The other thing to think about is that usually, VR is offered to everyone, and then they either force you into redundancy, and if that does not work in management's favor, then they look at sacking people.
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I have been self employed all my life n run my own businesses, started with fifty bucks n some business cards. At one stage I was turning over millions a year but it took 16 hour days n 7 days a week in a high end/very large profit industry to succeed.
Todays economy is bad. Worst I have seen in 20 plus years. Insurance n public liability n super n various other costs are huge. You will spend less time with family probably for the first few years than u currently do now. Never walk away from a paying gold mine til it turns to a crap silver mine. If u are making decent $$$ now, I say stay n research starting the business part time on the side/spare time to dip your toes in the water first. Refinding employment if things don't work out if u leave could be a major issue in this current economy (it will take a few years to get better). I had a face to face talk with mining magnate Clive Palmer recently and he says things will get worse before better this next few years. (long story, my kid plays with his grand-daughter).
After 20 plus years of running my own business, I have decided to take a high salary job with a global company because I was bored of what I was doing after 20 plus years, but not bored of the money. Now, I will make less (but still great money) and I will have more personal n family time.
Its a hard one Blair, because only you know your savings $$ position and equity position of your property (or properties).
I have always been a go getter n thrown caution to the wind n in your own business the rewards can be huge, but the economy under liberal governments 16 yrs out of 20 years-ish made that a easier decision cause the economy was strong everywhere. The economy now is tough everywhere.
As u get older, u tend to errr on the side of caution. I say keep ya job, research your potential new business, make it work part time n prove it will be a winner, and then, only leave your safe financial position/current job.
You need a good accountant n a business which receives about 30 percent of its gross income in cash form. Never spend the cash on business items, only on personal stuff (and keep the cash business/amounts on the quiet ofcourse), then u might get lucky n have a winner.
One last point I want to make about self employment n gross income n profit margins.
My grandfather told me this when I was apx 16 years of age.
You can sell 100 ice creams a day n make $100, or you can sell the icecream machine for $1000 dollars n make $400 a day.
Always choose high profit margin over high turnover. That has been my success for 20 yrs. Also, only work with the top end of town (aim for rich people who have $$ to spend n don't quibble over pricing) n stick to the high end of the market. If u aim for the general everybody joe blow public segment of the market, they, the consumer will cut ya throat for $2 and u will be battling against ten other companies who have made the mistake of dealing/selling/working with the average $$ person.
Only aim for the rich n work their referrals hard, this way cashflow n profit margins stay high n u get to live well. Hope it works out. Hope it helps.
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You need to work out a realistic business plan
With what you are suggesting, advertising is going to be a large, reoccurring expense
Cost of materials for attendees
Cost of rental for the building you will need
Insurance is a must, but it is not as expensive as some people may be leading you to think
And a weekly income for yourself
As part of a government department, you got paid if you trained one person or a hundred. With your own business you need a constant traffic. How will you go during winter months when your services are not needed as much?
Also, before there were others who could take bookings, answer enquires.
When it is your business, it will be just up to you. You will need to be contactable from earlier than 9.00am until at least 6.00 pm, seven days a week
I think it will be hard for anyone to make this work
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You need to work out a realistic business plan
With what you are suggesting, advertising is going to be a large, reoccurring expense
Cost of materials for attendees
Cost of rental for the building you will need
Insurance is a must, but it is not as expensive as some people may be leading you to think
And a weekly income for yourself
As part of a government department, you got paid if you trained one person or a hundred. With your own business you need a constant traffic. How will you go during winter months when your services are not needed as much?
Also, before there were others who could take bookings, answer enquires.
When it is your business, it will be just up to you. You will need to be contactable from earlier than 9.00am until at least 6.00 pm, seven days a week
I think it will be hard for anyone to make this work
I tend to agree hence why you almost need to have a fishing tour business and ski training etc all rolled into one business to absorb the quiet times.
Though you could have a heap of pinnies (@ $1 a game) in the room next to the training room next to your boat shed and boat hire and a Fish Tales Cafe
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You need to work out a realistic business plan
With what you are suggesting, advertising is going to be a large, reoccurring expense
Cost of materials for attendees
Cost of rental for the building you will need
Insurance is a must, but it is not as expensive as some people may be leading you to think
And a weekly income for yourself
As part of a government department, you got paid if you trained one person or a hundred. With your own business you need a constant traffic. How will you go during winter months when your services are not needed as much?
Also, before there were others who could take bookings, answer enquires.
When it is your business, it will be just up to you. You will need to be contactable from earlier than 9.00am until at least 6.00 pm, seven days a week
I think it will be hard for anyone to make this work
In my current job I answer phone enquiries as well as on water enquiries. My phone is on 24/7 and I am expected to answer it. I typically travel anywhere between 900-1200km's per week the vast majority of which is towing my patrol boat around the country side. Then I conduct on water patrols which inevitably leads to issuing penalty notices i.e. fines for various forms of non compliance. I assess aquatic licence applications and create marine notices (formal documents outlining the closure of waters due to special events) and when they happen I investigate collisions which typically involves several trips down to melbourne during the off season which entails statement taking and formal record of interviews. I am also required to assess development applications which may impact on navigation. Mate if I can't answer phone calls about my own business and administer a web page where all the bookings will happen then I will give the whole shebang away.
Running courses during the winter months will be a challenge but as they say, I will make hay whilst the sunshines in the boating season. I have a few other things I can do during the winter to keep some money rolling in slowly e.g. sales rep for a local PFD manufacturer, drive cruise boats on a Lake nearby and work on my own business.
Yes I will need public liability insurance, yes I will need to pay myself as well as superannuation.
Yes there will be weekend work as well as evening work. That will be my choice and not that of an EBA which dictates I work 37 weekends a year as well as every public holiday. I will be able to conduct 2 or 3 courses over a weekend easily and out of that is the potential to make a months salary at my current pay level during the peak season. A guy that travels over from the coast charges $145 per adult for the licence course, I will be charging $95, it doesn't take long for the word to get around in the country and I am very confident that my courses will be well attended.
I have numerous locations lined up that will not charge me to use their premises.
To start up on water practical style training requires the purchase of a suitable boat so this won't happen this season. I will look into it over winter. Along with that comes additional insurances and the like as well but is there a market for it - absolutely.
Can I do this part time and keep my current job - no. I have tried before and they deem it to be a conflict of interests so it is all or nothing.
So I spose, am I going into this on a whim without any clue at all. No. I have been dreaming of doing it for about 4 or 5 years now and the only way it was ever going to be worth doing was if I got something like a VR. If I walk from work under my own steam I will get a certain amount. If I walk as part of a VR, I stand to get about four (4) times that amount.
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based on all that extra info, I say go with your gut, and its telling me you would rather work for yourself than be unhappy working for others.
the only part I disagree with is charging so much less than the other guy. Charge ten dollars less but do everything in your power to let all potential customers that you offer far superior service n training. A gimmick that works well is always to say that you also receive XYZ at no additional cost which is worth say $45 (but it only costs u say $10 bux).
Keep revenues close to your competitors n throw in a curve ball to get the punters to u instead of the other bloke.
Your experience alone is worth a lot to your new business, promote that like hell. No use being the best at something unless u tell people about it.
We have similar businesses up here on the Gold Coast, most ones u ring go to a call back service or a answr machine. That shits me to tears. Always answer the phone, or redirect it if out of range to someone who can, and u will get the customers. People hate automated ph services or leaving messages.
Sounds like u will be underway in your own business sooner than later.
Your passion for what u do is what will make your money when the clients see your professional n friendly attitude. Then referrals is the most important part of every business that most don't bother with n miss out on massive revenue.
Good luck with it Blair n I reckon you will make it work. ^^^
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There are going to be tuff times ahead for Australia business.
We are going to have the recession that we didn't have imop.
I also have been made redundant as i am in manufacturing
I was the planner for tooling & property maintenance for the site and also the scheduler for the site maintenance / shut coordinator .
Personal usually cut down on training / coarses in bad times..
the nsw government has a retraining program but the money is running out fast .
all i can say is grab the money if you have something else to go to ..
as long service will be a thing of the past in this country
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There are going to be tuff times ahead for Australia business.
We are going to have the recession that we didn't have imop.
I also have been made redundant as i am in manufacturing
I was the planner for tooling & property maintenance for the site and also the scheduler for the site maintenance / shut coordinator .
I agree manufacturing in Australia will be finished inside the next 5 years, most have already moved off shore and the others can not compete unfortunately.
My employer, a multinational aluminum manufacturer will shut its doors within the next 6 months, Fords, Qantas maintenance, have already notified of closure, Shell refinery uncertain future, our town was founded on manufacturing and most have left. These are the few remaining.
Already gone years ago were, International harvester, Pilkingtons glass, rope works, salt works, bhp, many carpet/material mills, and probably many more I can't remember.
I am a maintenance fitter and turner who has had a lot of experience with hydraulics and pneumatics. Hopefully I will find work somewhere, I feel bad for the many unskilled operators in their later years who will really struggle to find work whilst still having to support their families.
The government are not willing to help, but even if they did it could not stop the rapidly downward spiraling manufacturing future in Australia
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I was made redundant on 11th Nov 2011 after 34 years with the same company. Looks like anyone over 50 is going to find it tough in Australian workforce; sad but true. On the positive, I am clear of stress and have lost 15 kg and look 10 years younger since leaving the workforce. Yes, financialy it is tough but my payout was good and I am elligible to some super this year. I was going to do my own IT/computer repair and support business but at my age (54) I have lost the hunger and drive and am more happy to spend quality time with the family and kids.
Pinoffski is right in what he says and I also saw it coming particularly over the past 5 years. The final nail in the Australian business coffin was the carbon tax. Here is a link to an article which quotes some morbid numbers from ASIC in 2012:
The Australian Securities & Investments Commission reports there were 10,632 company collapses for the 12 months to March 1 - averaging 886 a month - with the number of firms being placed in administration more than 12 per cent higher than during the global financial crisis.
http://www.dailytelegraph.com.au/business/companies/australian-securities-investments-commission-reports-record-company-closures-many-blame-carbon-tax/story-fndfr3g3-1226599283585
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Tough decision Blair, Gov't jobs are (well used to be) secure.
You're no dill and I've got no doubt you will do well if you go out on your own.
Its a tough decision for you and the family but I'm sure you'll make the right one.
:2cents:
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Tough decision Blair, Gov't jobs are (well used to be) secure.
You're no dill and I've got no doubt you will do well if you go out on your own.
Its a tough decision for you and the family but I'm sure you'll make the right one.
:2cents:
Agree completely, good luck with whatever you decide Blair!
Jeff
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Sorry if I came across as abrupt
I see many people start up their own business who are completely unprepared for the challenge ahead
I have even seen franchises open in areas that will never work, as the franchisee is not local and believes that they just pay for the name and the money will just roll in
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Seems to me Blair that you have more than enough knowledge in your field to be able to make a living. You have a choice here... stick it out with your job knowing that they eventually want to be rid of you... OR.. take a package and take control of the situation. From what im reading, your job is already on the line.
Running a business doesn't have to be hard.. its what you make it to be. If you do nothing but chase dollars then youll fall over eventually.. enjoy what you do, let it ooze from your skin and the customers will come to you.
I started out on my own some 9 years ago and the business has developed over those years, ive never dictated its direction, just gone with the flow. In that time ive looked at shutting it down on 2 occasions as it just got too tough, but a change in direction saw benefits each time.
I run a small shop with zero staff... kept it simple and small. I answer my own phone, do my own artwork, do my own GST etc... I wouldn't have it any other way. In the last year ive had 4 close associate businesses go bust due to large overheads and I have another closing shop in June as they have been in business 45 years and don't want to ride out this tough time, so will close up while the money still exists... its not easy out there, Australia has been in a strangle hold recession for the last 3+ years.
But.. keep it small, keep it simple and let it grow gradually and youll be OK... now is not the time to make large decisions regarding a business.
Would you be able to sub contract to your old employer? Often its the Super... Holiday pay.. medical etc that make employing people unjustified. you may find a similar level of work but at a better pay and with some amount of freedom.
I disagree with some of the comments.. you are better making $5 than $0.. they all add up to bigger $$,s. If you are busy, then the money will look after itself.. if you are quiet but chasing the big jobs, watch the money piss away fast... you need " bread and butter" work... it pays your overheads and is mostly guaranteed.. this is the back bone of your business.. everything else is cream on the cake.
I pay $900 a year for $20million public liability.. I really only need 10 mil which is about $750, but Westfield shopping insists on $20 mil so I make sure I have it. Its not a huge outlay... you don't need to be paying Super till you are in a position to do so and all the other trappings that suck $$ out of your business... its all crap, even the bank will charge you more because its a business when there clearly is no need to.
When you have established yourself and been trading a few years, set up a family trust, it will minimise your tax.
Most importantly though, ask around for a GOOD accountant... one that works for you not the tax department... is a little creative without being bent etc.
You'll be OK mate... go do it
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Oh yeah
Set yourself up to take credit cards
Customers find it easier to use plastic than to comeback later after they have used an ATM
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Sorry if I came across as abrupt
All good mate, you call a spade a spade.
I won't be able to work in a NSW Govt job for about 16 months. If I do I have to repay part of the payout. The deal is a clean break. In saying that though, I will be leaving on pretty good terms so I would have half a chance at getting another job doing the same in a few years, it would just mean starting over again as far as leave and long service leave goes.
I have thought about a franchise of some sort or buying an existing business but I keep coming back to the thing I know best and that I know I have a good chance of doing ok with.
Thanks again for all the interest and taking the time to comment.
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don't buy any franchise (ever) in my opinion.
its French for restrictive/restrictions on all business practices and a hefty percentage from your gross, n never net income. straight out head office greed n unrealistic practices.
also, people never sell gold mines, they sell tin mines dressed up as gold mines. if it was a real gold mine, u you hire a good manager n a few staff n sit at home for life n collect the royalties. my father was a real estate agent for almost 45 years...in all that time he said every one he sold was overvalued n a doomsday waiting to happen...why would u sell a profitable business ?...no, u sell businesses that are struggling or just breaking even with a set of cooked books...occasionally you get a good one (profitable n people retiring after many years, but a one in a thousand, if the odds are even close to that).
and the few brands that do make money, cost millions to get into.....franchises usually are not a healthy way to own your own business n personal life. Just my opinion...
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don't buy any franchise (ever) in my opinion.
its French for restrictive/restrictions on all business practices and a hefty percentage from your gross, n never net income. straight out head office greed n unrealistic practices.
also, people never sell gold mines, they sell tin mines dressed up as gold mines. if it was a real gold mine, u you hire a good manager n a few staff n sit at home for life n collect the royalties. my father was a real estate agent for almost 45 years...in all that time he said every one he sold was overvalued n a doomsday waiting to happen...why would u sell a profitable business ?...no, u sell businesses that are struggling or just breaking even with a set of cooked books...occasionally you get a good one (profitable n people retiring after many years, but a one in a thousand, if the odds are even close to that).
and the few brands that do make money, cost millions to get into.....franchises usually are not a healthy way to own your own business n personal life. Just my opinion...
You could always open a McDowells
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That's exactly what I kept on coming back to and thinking as far as a franchise goes. You pay for what you get and I don't have that sort of $$$ to throw around. Priority is to leave as much money as possible on the mortgage as redraw and if I happen to spend any large amounts it will be on an asset that I can sell if needs be and get most if not all of my money back on as well as tax breaks and not something that I can't touch such as goodwill.
I actually got my official payout figure today which is a tad more than what I had worked it out at so I let them know that I formally want to apply for the VR. Looks like I might have to work through to the end of April though. The tax concessions are pretty good, I pay full freight on my annual and long service leave they owe me but the other stuff (51 weeks pay) is taxed at next to nothing at about 1.01%. $#$
So as mentioned earlier, if I take the VR, I get close to 5 times as much as what I would if i just resigned tomorrow. At this stage of my life it is simply too hard to knock back.
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No to franchise, if you're serious you will do the time to find your own clients and market. 50 is indeed the magic number and I hear 50-70 weeks of unemployment too on average.
One thing to investigate is (and I forget the acronym) but you can start a business and get the dole for one year. It is not means tested in that you could make $1m+ and still get paid the dole. This can at least act as a little security blanket for you and if you are eligible, take it as there plenty of unworthy people stealing from the gov't. I was going to use this scheme if starting another business.
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Admins have resolved that this thread will now be closed now that members have had time to express their views.