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  • #995295
    Azyrus
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    • Total posts: 9
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    Hi everyone,

    I’m 30 years old, with a son and wife planning for our second (i.e. family needing security). I’ve been a Digital Marketer for 12 years. During my career it has evolved and developed studying at university IT, Marketing and Business Management. Currently I’m a Digital Marketing Manager for a trade and service company full-time earning roughly $85k gross + super. I’ve helped turn many startup businesses into multi-million dollar businesses (specialising in trades and services e.g. pest control, plumbing, electrical, fencing, pools, builders, bookkeepers, accountants e.t.c.). I’ve managed a trade and service business on my own for a year. I am grateful for my career and education however I’ve lost interest doing it for other people and I have a burning desire to start and run my own business just as I’ve assisted others in the past.

    This has lead me to partner with a Tradie (part-time). Over the last three years of many ups and downs we have turned it into a $400k turnover business which supplements me with $1000 per week gross. The partner want’s me to transition from my full-time job to our business to help it grow. My concern and problem is over the last 6 months nothing I have suggested has been implemented, he is aloof and very hard to contact, I leave messages I don’t receive replies or answers to at all.

    Another Tradie in the same field older with more experience approached me with a better deal doing the same thing with him.

    This has lead me to explore other opportunities.
    1. Digital Marketing Consultant (Freelance)
    2. Study Pest Control and start Pest/Termite Management business. (it takes under a year to become certified)
    3. Pursue an product idea I’ve come up with (decent potential).
    4. Startup another Trade and Service with the older more experienced Tradie.

    I feel like I’m drowning in options and can’t seem to focus or decide on one. I’m definitely stuck in analysis paralysis.

    My goal: To earn $150,000+ per annum working 40-50 hours a week running my own business, running the office employing staff to do the hands on.

    My question is, what would you do in my situation?

    #1200992
    James Millar
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    Perhaps rate each opportunity in terms of risk & reward. Risk elements being probability of overcoming the various challenges etc and reward being potential upside if things work to plan. You would generally select a project that yielded the highest reward for the lowest risk. Another way of looking at it is to conduct a simple SWOT analysis of each of those potential directions. Then select the one that you tick more boxes in.

    This is a relatively simple approach but it works because it makes you analyse and measure the various characteristics of each business opportunity (as opposed to a more arbitrary …this one looks better but I have no real basis for that decision).

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1200993
    Azyrus
    Member
    • Total posts: 9
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    Hi James, thanks for your advice! Great idea.

    #1200994
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi [USER=84874]@Azyrus[/USER],

    1) You just said you’re sick of doing it for other people, so 1 is out.
    2) My view is that you should capitalise on your strengths. Learning a new trade (pest control) is not likely the best use of your talents and energy.
    3) Speculative and doesn’t fit too well with your desire for security. Even if successful expect it to take longer than you think.
    4) This doubles down on what you’ve been doing successfully over the last 3 years, potentially in a better partnership. You know what you’re doing here, whereas in the other 3 options there is a large component that is ‘new’ and untested.

    Option 4 seems the best combination of your strengths and predictability of success.

    Hope that helps. :)

    Dave

    #1200995
    bb1
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    I agree with Dave go with 4,

    But, you need to explore your relationship with your current ”tradie” as well, you cant be running a business when one partner is like that, sure the additional income is good, but is it in the best interests to let it plod along like this. You need to have serious discussions with the other partner, with an aim at fixing the communications issues, or one or the other of you getting out, otherwise it will eventually turn upside down and you could be in a bad position.

    #1200996
    kciam14
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    • Total posts: 7
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    I would go to extremes to sit down and talk out a better deal for yourself with your current tradie… If that proves nonproductive

    No.4

    P.S Stop spending so much time in cr8ive land coming up with ideas to create new wealth when you obviously are on your way to your desired income with the path your on. It sounds like a winner :)

    #1200997
    imro
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    • Total posts: 1
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    Hi Azyrus,

    I think you should focus on what you are good at. As you have mentioned you’ve helped turn many startup businesses into multi-million dollar businesses. Why don’t you start a Digital Marketing business for any type of start-up business? You can start part-time while working on a full-time job and gradually expand.

    You’ll have to come up with a good price structure as majority of start-up businesses don’t have a big budget for marketing. I recently started a business and would definitely like to hear what you can offer.

    #1200998
    talart
    Member
    • Total posts: 68
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    There is no doubt of your capability. The ideas are no problem to create either. Dissatisfaction with a partnership and the breakdown of communication is the first sign to me of a problem that I either fix or end the working relationship. That came from my past experiences that were not good to have and the lesson has been learnt.

    So to me it is sort the issue with the other tradie and no matter what is the root cause of the problem it has to either be sorted out or you walk away. Then you have your other options as follows.
    1. Digital Marketing Consultant (Freelance)
    2. Study Pest Control and start Pest/Termite Management business. (it takes under a year to become certified)
    3. Pursue an product idea I’ve come up with (decent potential).
    4. Startup another Trade and Service with the older more experienced Tradie

    Number 1) you are self employed and the entire operation is yours.

    The other three Either number 4) or 3) pursue the new idea with the no income in the lead up and development time.

    #1200999
    Azyrus
    Member
    • Total posts: 9
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    Thank you all for your advice!

    [USER=49676]@Dave – FS Concierge[/USER]

    1) I should rephrase, I’m sick of making other business owners millions of dollars while I am making far less E.g. my direct employer is making $900k per year (his profit). I wouldn’t mind Digital Marketing for other businesses should I be fairly compensated for my work like I am in my tradie partnership. One client I did 3 months of SEO ($2500 at the time) and he has been #1 on Google for 6 years. He now owns a multi-acre property and spent $150k renovating it. He is a really nice guy and well deserving, due to his hard work. I feel as though I’ve studied and worked just as much if not more, these kind of success stories dishearten me. I really like the concept of a percentage of profits, I’m not sure if that’s viable for a business to charge like that. I guess franchise systems charge their 5-20% marketing fee?

    2) I probably haven’t provided enough information on this one. It’s an idea I’ve been toying with for a year or two, being inside for the best part of the day I like the idea of getting out once in a while. I was thinking of starting a Pest Control business, running it with my wife and then employing staff.

    3) I was quoted $20k to patent the idea. I don’t think it’s the best use of my savings at the moment.

    4) I agree with you, I’ve begun to learn everyone has their good and bad qualities especially in a partnership. In the long term I’d rather be a sole proprietor so I don’t have to deal with restraints when growing the business.

    [USER=53375]@bb1[/USER] Do you think it is fair to let the business run its course? While I pursue other alternatives?

    [USER=58614]@kciam14[/USER] Haha I definitely spend too much time in creative land (Think and grow rich comes to mind though. lol)

    [USER=85023]@imro[/USER] You’re right, almost all start-ups don’t have large budgets and certainly not enough for what they need to get going. What I did with my partner was a percentage of profits. It’s worked out we’ll for both of us. As he had very low upfront costs, the advertising budget paid for itself from the revenue and it is motivating for me to work as hard as I can to increase profits. As I mentioned to Dave I haven’t pursued the idea that businesses may be interested in this kind of deal. That said all the franchises I know of charge a solid marketing fee as a percentage.

    [USER=85074]@talart[/USER] I agree, it’s funny dealing with clients in the past I watched poor partnership relationships fall apart primarily to communication. I do want to come to a happy medium with my partner, perhaps this is the happy medium? He is happy with how things are and want’s to grow at his own pace with very little communication? I wonder if it’s in my best interests to back off trying to grow the business faster than he wants to and let it plod along as it has done for the past few years?

    #1201000
    bb1
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    Azyrus, post: 238476, member: 84874 wrote:
    1) I should rephrase, I’m sick of making other business owners millions of dollars while I am making far less E.g. my direct employer is making $900k per year (his profit). I wouldn’t mind Digital Marketing for other businesses should I be fairly compensated for my work like I am in my tradie partnership. One client I did 3 months of SEO ($2500 at the time) and he has been #1 on Google for 6 years. He now owns a multi-acre property and spent $150k renovating it. He is a really nice guy and well deserving, due to his hard work. I feel as though I’ve studied and worked just as much if not more, these kind of success stories dishearten me. I really like the concept of a percentage of profits, I’m not sure if that’s viable for a business to charge like that. I guess franchise systems charge their 5-20% marketing fee?

    Yeah it disheartening when you put in effort and they make all the profit. But lets be realistic here you marketing is only one small (very small) part of the journey for the owner, they have to setup the business, put in the $’s, take the risks, employ ungrateful staff, etc, etc, etc.

    Just because someone is number 1 on google it does not guarantee big or small profits, there is a heap of other things that the business owner does to make the business successful.

    Sure you would like a percentage of the take, but are you also willing to give a percentage of the loss if a business you work for makes a loss.

    A business owner large or small takes on a lot of risk, and employee’s just play a small part in that, but unfortunately they only see their little bit of the picture..

    #1201001
    Azyrus
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    [USER=53375]@bb1[/USER] I understand what you’re saying. Thank you for the comment.

    It’s not the case of being ungrateful or resentful towards those owners, I’m sorry that it may appear that way to you. However it’s quite the opposite, I’m grateful for the opportunities to learn and grow at the same time I’m disappointed in myself for not taking more risks sooner in my own endeavors when risk was less risky. I’m simply explaining my situation which helps to frame the question for advice from soloists like yourself on what I should do next. I’m happy for the hardworking business owners I’ve worked with in the past its been a very rewarding experience to be a part of and watch their businesses grow and provide for their families. Something I’d really like to do for my family now.

    As you say there are a heap of other things which make a business successful, this is why I didn’t stop studying at marketing and continued on to business management which my job at the time required me to do running a company with 17 staff. Management and marketing are both integral parts of running any successful business I suppose this is why they are the highest paid jobs in the world.

    The internet has changed business (especially in dense cities not so much rural areas) and having the right marketing plan, being number 1 or even on the first page can make or break a business in the same way setting up a brick and mortar store in the wrong or right location. I can have the best fish and chip shop in Australia with the freshest produce, best staff and an amazing fit-out, if I’m stuck in the middle of the desert I’ll go broke. The same if I’m in the middle of Sydney with old produce, poor staff and a dingy shop.

    Not all employees have such a narrow viewpoint, some employees are hardworking love what they do are loyal to the company they work for. Starting early finishing late, learning everything they can from a good employer, studying outside of work. I’m sure most people started working as an employee before they went out on their own. Which leads us back to my question.

    #1201002
    Azyrus
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    • Total posts: 9
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    Just a note for anyone reading this that’s interested, I received the very interesting Flying Solo newsletter “Can’t choose just one profession? You might be a multipotentialite” http://puttylike.com crazily enough it sounds just like me, in my situation. I’ve constantly sucked up everything I could learn about a subject, mastered it, and got bored as hell, then moved on. All the while criticizing myself each time for not being focused or “sticking to one thing” what I thought I should be doing (hence the reason for my original post). After reading some articles on that site, it makes perfect sense to me that I should just pick 2-3 of the things I’m interested in and most passionate about and just do it, rather than have the self limiting belief of “pick the thing you’re going to do forever next and don’t stuff up! Don’t pick the wrong one!” Whether or not “multipotentialites” are a real thing or not I don’t think matters, everyone could be one, no one could be one. What does matter is not limiting yourself unrealistically, progressing and moving forward.

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