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  • #1000194
    VoIPSmart
    Member
    • Total posts: 22

    Hi everyone,

    So I am new here but not really…I have come and gone over the years. Attempted to launch a few businesses, failed.

    Then I finally succeeded with one of my business, was getting a lot of orders, managed to quit work and focus on business full time, until I made a mistake that took the business down. Paid a lot of debts…

    Fast forward 3 years, Covid19 hits, and I thought to myself, there is no better time to start a new business, so here I am again!

    I’ll probably make more mistakes, but I am not ready to give up at 33.

    I have launched http://www.voipsmart.com.au in the last couple of weeks. My aim at this point is probably to grow the business organically (I have given too much money to google, Facebook etc over the years).

    #1223354
    RunicConvenience
    Member
    • Total posts: 186

    Always a good idea to get back on the horse good luck to your endeavours

    #1223355
    bb1
    Participant
    • Total posts: 4,472
    RunicConvenience, post: 269910, member: 112020 wrote:
    Always a good idea to get back on the horse good luck to your endeavours

    Is it, without knowing the full facts, you don’t know what trail of destruction has being left behind, there are many stories of people starting business’s, going broke, leaving huge debts for others to sort out.

    Not saying that has happened in this case, but some people just shouldnt be allowed to run their own business. I think there should be a 2 strikes and your out policy myself.

    #1223356
    MDS_2000
    Member
    • Total posts: 6
    VoIPSmart, post: 269905, member: 117957 wrote:
    Hi everyone,

    So I am new here but not really…I have come and gone over the years. Attempted to launch a few businesses, failed.

    Then I finally succeeded with one of my business, was getting a lot of orders, managed to quit work and focus on business full time, until I made a mistake that took the business down. Paid a lot of debts…

    Fast forward 3 years, Covid19 hits, and I thought to myself, there is no better time to start a new business, so here I am again!

    I’ll probably make more mistakes, but I am not ready to give up at 33.

    I have launched http://www.voipsmart.com.au in the last couple of weeks. My aim at this point is probably to grow the business organically (I have given too much money to google, Facebook etc over the years).

    All the best with the new venture. At the expense of sounding brash, could I please ask what the mistake was that led to you ceasing your previous business. Props for having the drive to go again.

    #1223357
    VoIPSmart
    Member
    • Total posts: 22
    MDS_2000, post: 269912, member: 117947 wrote:
    All the best with the new venture. At the expense of sounding brash, could I please ask what the mistake was that led to you ceasing your previous business. Props for having the drive to go again.

    Thank you. I had built a very strong relationship with a Chinese supplier, well so I thought….as we were working so well I had about 20 orders with them in the pipeline. I was always paying my orders upfront and likewise my clients were paying my 100% upfront (custom made products). Everything was going well until the supplier disappeared with about $50k of my money….

    I struggled to find a replacement, I had angry customers not wanting to wait and asking for refunds…it was a very stressful time of my life.

    So I thought I would salvage what there is left and sold the business for a generous $200k. My agreement was $20k upfront and then $2k per week. I got the down payment and a few weeks and then it stopped! Unfortunately I had not secured any assets as part of the sales agreement. However with my lawyer, managed to cancel the sale and collect damages.

    So lots of mistakes there!

    This is why I have gone down the path of selling a service rather than a product.

    #1223358
    Paul – FS Concierge
    Moderator
    • Total posts: 3,120

    Hi and welcome to Flying Solo.

    Talk about graduating from the school of hard knocks!

    I hope this business is a success and runs smoothly.

    Cheers

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