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 Working in SG now. Got a biz opportunity in kl., Need advice.

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TSh3ctor83
post Aug 27 2015, 12:03 PM, updated 9y ago

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Hi guys. Im currently working in IT in singapore earning sgd4500.
My uncle who runs a canteen in a university is moving to Uk so hes asking if i wanna take over his business.
Ive seen him run the canteen. During semester break aka low season, the would still earn a profit of around rm1000 perday. On high season the profit could go up to rm3500 perday not including the catering orders.
I would only need to continue running the biz as the staff n all will still be there.
My question is, would it be wise to give up my job here in sg, moreover with th high exchange rate right now. Although th profit of the biz is higher compared to my salary here, ive to give up the confortable n safe life here.
Anyone especially running their own biz could advice?

This post has been edited by h3ctor83: Aug 27 2015, 12:06 PM
mpyw
post Aug 27 2015, 12:06 PM

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high exchange rate is only temporarily, a good biz with stable income does not come by easily.

I would take the biz if what you mentioned is true...
Edisonkim
post Aug 27 2015, 12:08 PM

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my advise stay back on sg seen you ar earning Sgd4500 even you ar earning sgd3000 i also will advise you stay back at sg your working field is IT running a business is different just my opinion
mydurian
post Aug 27 2015, 12:09 PM

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Take leave 1 month, settle the things and hire a manager to look after and update you daily while u at Singapore.
ttan777
post Aug 27 2015, 12:10 PM

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Dangerous. Even a stable business need skill to run. staff control, menu items etc. if you are in food, just maybe you might be alright. You can take over and share with someone that is in this business and you can earn xtra income with assistance.
Just my 2 cent worth
8lackheaven
post Aug 27 2015, 12:10 PM

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for me u take up the business and cont working in sg also.

i manage for u .. lets JV... haha

u take 60 i take 40 la...

u will be the major shareholder
TSh3ctor83
post Aug 27 2015, 12:14 PM

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Ya im sure hiring someone to manage would be better but will u trust ur biz especially during its beginning phase to someone else? Especially its fnb, its hard to track the money coming in.if the staff take rm50 everyday u also wont know...
munk3y
post Aug 27 2015, 12:17 PM

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in my opinion and based on my own experience, leaving my corporate world and getting into the F&B industry was the best decision i ever made in my whole life.
mooz
post Aug 27 2015, 12:20 PM

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Should ask your uncle how long is his contract with the university. Later you ganti and suddenly the uni gets a new caterer, die liao.
TSh3ctor83
post Aug 27 2015, 12:35 PM

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QUOTE(munk3y @ Aug 27 2015, 12:17 PM)
in my opinion and based on my own experience, leaving my corporate world and getting into the F&B industry was the best decision i ever made in my whole life.
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Glad to hear that!

Ive seen the contract. No expiry date. My uncle has been there for over 10yrs.

psyconutss
post Aug 27 2015, 01:15 PM

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QUOTE(h3ctor83 @ Aug 27 2015, 12:35 PM)
Glad to hear that!

Ive seen the contract. No expiry date. My uncle has been there for over 10yrs.
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More of a reason to properly run through every details/clause of the contract. What would breach the contract and stuff. Your uncle might know some insider that give him such luxury but who knows what happen after u took it over from him. Make sure to check on every small details even.
TSh3ctor83
post Aug 27 2015, 01:34 PM

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QUOTE(psyconutss @ Aug 27 2015, 01:15 PM)
More of a reason to properly run through every details/clause of the contract. What would breach the contract and stuff. Your uncle might know some insider that give him such luxury but who knows what happen after u took it over from him. Make sure to check on every small details even.
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Will do thank u!

thoyol
post Aug 27 2015, 02:22 PM

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taking over a stable business is better and easier compared to starting a new business. What you need is a transition period/hand-over from your uncle. Learn/ask all the necessary things from him.

I'll say go for it...
asipamn
post Aug 27 2015, 02:25 PM

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1stly you must consider the cost of everything. Secondly is that nett profit or gross profit?
TSh3ctor83
post Aug 27 2015, 05:23 PM

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Yah ill be following for few weeks to see everything hands on.

Those are gross profit. After deducting all the cost including staff pay..
SUSwct
post Aug 28 2015, 11:50 AM

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QUOTE(munk3y @ Aug 27 2015, 12:17 PM)
in my opinion and based on my own experience, leaving my corporate world and getting into the F&B industry was the best decision i ever made in my whole life.
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I am in the same situation, now preparing to venture into F&b industry.. hope for the best..
phenally
post Aug 28 2015, 01:38 PM

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go work for you uncle for a month to learn how he run the business and be on hand for the canteen operation... then decide whether it is worth while to leave your job in SG to take over the business
knwong
post Aug 28 2015, 03:24 PM

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QUOTE(h3ctor83 @ Aug 27 2015, 12:03 PM)
Hi guys. Im currently working in IT in singapore earning sgd4500.
My uncle who runs a canteen in a university is moving to Uk so hes asking if i wanna take over his business.
Ive seen him run the canteen. During semester break aka low season, the would still earn a profit of around rm1000 perday. On high season the profit could go up to rm3500 perday not including the catering orders.
I would only need to continue running the biz as the staff n all will still be there.
My question is, would it be wise to give up my job here in sg, moreover with th high exchange rate right now. Although th profit of the biz is higher compared to my salary here, ive to give up the confortable n safe life here.
Anyone especially running their own biz could advice?
*
That must be huge university with high volume of sales, even low season can get RM1k profit?!? I think the fact that your uncle can choose to retire in UK (a very expensive place to settle down) shows that his business is doing very well

Even with corporate tax, you will still earn a lot.
jk67
post Sep 1 2015, 05:04 PM

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Work your job & take your uncle business at the same time , No matter how , you still got earn 2 side .

Just work as multi tasking at 1st, after that is talk about management, then you become business man .
SSJBen
post Sep 1 2015, 05:17 PM

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QUOTE(h3ctor83 @ Aug 27 2015, 05:23 PM)
Yah ill be following for few weeks to see everything hands on.

Those are gross profit. After deducting all the cost including staff pay..
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Lessing all overheads = nett profit, not gross. If the gross is only 3.5k at peak season, your uncle's business would have bungkus long time ago.

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