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May 28, 2019 at 9:23 am #1217391Up::0
Wow! That’s amazing progress Burgo. Congratulations on everything so far and $25k plus the rest will surely go a long way to helping a lot of people who need it and keeping the centre open
Keep us posted and we’ll do all we can to spread the word.
Will be great to have you back around the place when you get a minute!!
PeterMay 11, 2019 at 6:35 am #1219923Up::0Hey Colin,
Welcome to Flying Solo and thanks for joining
Hopefully we can help you as you get things kicked off!
PeterMay 11, 2019 at 6:28 am #1219878Up::0Hi Nat,
Yes, the online marketplaces seem like the simplest way to get something back for the stock.
One other idea, I wonder if it could be worth reaching out to other businesses in the same space (selling similar items) and seeing if they want to buy the whole lot for a discount?
Cheers
PeterApril 15, 2019 at 1:43 am #1219564April 15, 2019 at 1:41 am #1219575Up::0kathiemt, post: 265013, member: 66 wrote:Can’t seem to get images to upload properly here – it’s a file above.Thanks Kathie, if you select ‘full image’ when uploading it will embed rather than attach. I’ve edited the post above.
Great pic! Would you mind if we shared this on social media? If so, what’s the best link or contact we would provide if people are interested in learning more? Keep up the great work!
April 12, 2019 at 7:03 am #1219572Up::0Congrats Kathie – the idea of local face-to-face groups seems to be making a comeback, especially given the onslaught of social media
Your group is proof of that too.
Maybe you could share a pic or two once day??April 12, 2019 at 7:00 am #1219579Up::0Hi Teabie,
Thanks for joining. This is a big and common question people have before starting a side hustle.
Unfortunately there is no easy answer, but there’s s stack written about this so I’d suggest starting with some wide reading and research. There is a ‘sweet spot’ tool that a lot of people find useful as well.
With the community-building idea, this is the sort of thing that would be a long-term project, so perhaps for that side of things you could start by contributing to existing communities in that space – writing, sharing, commenting, attending events etc to get a feel for how it works and what help is needed.
And there’s plenty written and discussed about this on Flying Solo solo so
Thanks again for being part of it and all the best with the planning.
Peter[ATTACH=full]1648[/ATTACH]
April 12, 2019 at 6:42 am #1219567Up::0Welcome to the forums.
Yes, the sweat equity v cash is a common balancing act.
It’s similar to the challenge around contra deals where services of different values are being exchanged.
I tend to agree with Paul that the first thing would be to define ideally how you’d see things operating before seeking to define this legally.
Things like this are often fine in the start, but once circumstances change, or indeed when real money starts to flow in, things can get complicated when distributing proceeds.
I think it would be important to put an agreed financial value on your time that is tracked clearly so that it can be fairly balanced against the cash from your partner. So, at any point in time you’ll be able to know exactly how much you have each invested.
Keep us posted, Peter
April 12, 2019 at 6:37 am #1219560Up::0Hi Michael,
Interesting question. The concepts of passion/purpose/mission has been around for eons of course, but it does seem to have been really popular over the last few years in particular, and has been discussed on the forums.
While I think passion/purpose is a really helpful tool to fuel motivation and energy especially early on in business, I don’t actually think it is essential and it will only take you so far.
Ultimately, for a business to be sustainable and achieve it’s objectives (whether they be social, financial or whatever) it does have to generate a profit, so it will always be that balance. That doesn’t mean that money and/or growth has to be the driving purpose, but it does need to be part of it.
Much like Kathie, my original intention was to find a business that allowed me the freedom to work from home with my (then) young kids. I chose, and enjoy, copywriting, but I think a number of products/services that I was less passionate about could still have helped me achieve this goal.
What am I saying in this rant Yes, passion/purpose/mission are brilliant things to have at the core of a business (and a great place to start when planning a new venture), but not the only approach. Sometimes work/business can simply fill the financial needs, and activities/hobbies/interests outside of this can fulfil other more emotional needs.
It’s a topic I really enjoy discussing.
Thanks for the post.
PeterMarch 24, 2019 at 6:47 am #1219334Up::0Hi Dean,
Thanks for joining and posting. The GST threshhold/registration is a very common query for business owners so you’re not alone there And thanks [USER=20176]@JacquiPryor[/USER] for the helpful responses as always.
Turnover is often also often referred to as revenue or sales – basically what money comes in from, typically, selling products and/or services. So it is separate to deductions/expenses. For GST the threshold is calculated over year-long periods so the fluctuations balance out over the year.
I would definitely recommend getting in touch with the ATO to get clarification on this https://www.ato.gov.au/About-ATO/Contact-us/ – we’ve dealt with them a lot over the years and you will find them exceptionally helpful and flexible when it comes to helping you set things up correctly. They are there to help so I wouldn’t worry about letting them know your situation and getting advice from them.
Ultimately if your business grows you will reach the GST threshold, so it’s worth getting clear on the next steps even if you’re not there just yet.
Congrats on the business.
PeterMarch 23, 2019 at 4:23 am #1219330Up::0Hey Caetlyn,
Welcome to Flying Solo and thanks for diving in. Web design is a popular topic so your input will be welcome
Cheers
PeterMarch 23, 2019 at 4:15 am #1219328Up::0Hi Amiru,
Thanks for joining and welcome to Flying Solo. Looks forward to seeing you around the discussions.
Cheers, Peter
And [USER=3997]@MatthewKeath[/USER] – I’ve been meaning to say hi Matt and that it’s great to have your familiar face back around the threads in the last little while
March 17, 2019 at 10:43 am #1217847Up::0Hi [USER=38207]@Greg_M[/USER]
Thanks so much for taking the time to share that experience and for all your contributions.What really stood out for me from your post was that what can feel like a failure or a lost pitch at the time can morph into something different/better down the track as it has for you.
I’m not saying you want to chase every rainbow, but even having done all the research, analysed pros can cons and done all the prep – at some point you do still need to ‘have a crack’, and it’s never going to be without risk. Sometimes the reality is that learning things the hard way is a great way to then apply those lessons to the next time.
Thanks again. Peter
March 17, 2019 at 2:09 am #1219278Up::0Hi Abently,
I’m not sure of the specific site you mention, but the Government (Federal and State) offer a huge amount of assistance for small business.A great starting point is Business.gov.au which is a good overview of all the tools, guides and services.
The registrations page has a lot of the legal assistance and there is also a templates area.
Others may have more specific tools and feel free to share what else you might find in your research.
Cheers, Peter
March 16, 2019 at 3:53 am #1219273Up::0Hi [USER=114083]@elliejones24[/USER]
Welcome to Flying Solo. As Bert mentioned there are some good discussions around this topic of fashion retail and suppliers.
If you enter some terms like fashion supplier or clothing wholesaler into the forum search you’ll find some good resources.
Also a couple of other things that might help:
- This article outline 7 fundamentals to consider when starting an online fashion business
- This article talks about how to find suppliers for a fashion business
- Plus, there is a relevant Flying Solo podcast, Starting a fashion business with fashion industry expert Elizabeth Formosa, in which she talks about some of the pitfalls to avoid
All the best with the business!
Peter -
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