Mar 31 2010, 05:53 PM
QUOTE(liyonglim @ Mar 30 2010, 12:05 AM)
Thank you boringz for the reply. I'm doing fine in my current work. I dont plan to quit me current job to open business. What is in my mind is, i plan to do a side business while keeping my current job. I have a fren who are not working, I'm planning to venture a partnership with him. He will look after the business during the day and i will come after my work.
Thank you again Mr. Jordy, for replying. I guess I understand what are you trying to convey to me. Setting up a business is never an easy matter. I guess one of the most important element is decision making. Like in my situation, I really do not have the guts to quit my currrent job and jump into operating a business. I guess I'll only dare quit my current job if the business i'm running is very much successul. Actually i'm planning to venture into a business which will cost me at least RM300k in about 3 years time from now. So i have a thinking of, why don't i try to run a little business to gain more knowledge before I venture into a higher capital one. I had considered cyber cafe and computer preipheral shops, but after listening to the feedbacks here in lyn forum, I guess I wont be investing into them. Btw Mr. Jordy, what is the amount of money you would suggest to use in the very first business? As well as, could you please suggest how much money should be prepared as cash flow/roll for it? Also, averagely how much nett profit should a business earn perday if the rental is RM3500 (utilities and salary included)? Also, lets say I use RM50,000 to open a business, how long should am I suppose to get my ROI back (considered it is a sound business)? Sorry Mr. Jordy, I'm aint a MBA or finance student, regreted not taking that course.
Liyonglim,Thank you again Mr. Jordy, for replying. I guess I understand what are you trying to convey to me. Setting up a business is never an easy matter. I guess one of the most important element is decision making. Like in my situation, I really do not have the guts to quit my currrent job and jump into operating a business. I guess I'll only dare quit my current job if the business i'm running is very much successul. Actually i'm planning to venture into a business which will cost me at least RM300k in about 3 years time from now. So i have a thinking of, why don't i try to run a little business to gain more knowledge before I venture into a higher capital one. I had considered cyber cafe and computer preipheral shops, but after listening to the feedbacks here in lyn forum, I guess I wont be investing into them. Btw Mr. Jordy, what is the amount of money you would suggest to use in the very first business? As well as, could you please suggest how much money should be prepared as cash flow/roll for it? Also, averagely how much nett profit should a business earn perday if the rental is RM3500 (utilities and salary included)? Also, lets say I use RM50,000 to open a business, how long should am I suppose to get my ROI back (considered it is a sound business)? Sorry Mr. Jordy, I'm aint a MBA or finance student, regreted not taking that course.
I was once just like you, want to do business but not sure which to do & don't date to quit my permanent job to do it.
Typically, based on what I gathered from the business community, there are 3 types of people, maybe you can think which type you fall into & then execute it:
1.) Really don't dare to take the big risk, so just start a small business, could be selling stuff or providing some freelance service after office hours.
2.) Go all out, quit their permanent job & dump a big sum of money to start the business & hope for a fast ROI
3.) Business followers (not many around), where it happens in direct selling or multi level marketing. When a company is popular, eg. e-cosway, they all join it & try to make the most out of it, then later when another company is popular, they switch to it.
For the first 2 types, sometimes it may take more than 1 try to get the right business idea.
I fall into the first type. Did not dare to take the big risk of quiting my permanent job & dumping large sum of money.
However, I tried a couple of areas, like selling mobile prepaid reloads, web sites, web applications & IT consultancy, usually service related as it did not require a big investment.
Finally, I still had to make the big decision, I could more or less estimate I could make a few K a month, but I asked, would that be enough to survive or match my permanent job salary?
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