What stops people

Kevicho

Ive listened to nearly all rich dad tapes and i absolutely trounced cashflow 101 pc game in my 3rd go, quite good fun and i learned a few things from it once i got ther hang on the game.

I think one thing he talks about on his tapes is other peoples money? Have you considered private investors?

What experience do you have in business, will your idea and system be profitable?

I dont think Robert advices people being reckless, far from it, the one main point he stresses over and over again is getting the right people in.

Look at the buisiness from a neutral perspective, who will you need staff and advice wise (ie accountants/lawyers etc?)

Also look at why you want to start a business, is it for a job, or enable you to invest and use the system to maximize your money.

I could go on all day really, im 2 months away from joining an LLP (stuck in a work contract at the mo) but i cant wait to go from the S to the B quadrant

Good luck

Ordinary_Joe

On the Rich Dad side of things I guess what I was trying to get at with this thread (and only now it becomes clear to me) is the following.

Rich Dad says that to say you can't afford something is a "cop out" for your mind. What we should be asking is "what can I do to afford it?" Because it forces us to become creative.

Now I'm not talking about being in debt and splashing out on something else we don't need (in fact the book talks about this being the root of the financial meltdown so many of us on here find ourselves in).

I'm talking about applying it to our debt situation. Rather than totally relying on "oh my god what am I going to do about that £x thousand pound debt that will take forever to resolve from my existing salary". Shouldn't we change that to "What can I do to bring additional money in consistently so I can pay that off as quickly as possible"

I've determined to change my thinking and I now feel much more confident. I'm working on something that I hope will change my financial future without holding another job down and without funding. Will it work? I don't know for sure because there is risk but because I've learned how to think I'm more confident that I'll succeed than fail because I know I'll find something because I've also learned how to spot opportunities and now I seem to be seeing so many I have to put them down in a book to stop me going mad.

I learned to spot opportunity having read an ebook where the person was looking for a cash injection. They saw it after visiting a car boot sale and essentially worked out they needed a field in a good location, an agreement with the farmer a few people to man it, car park space and some advertising. From there they worked out costs such as field hire and wages for the day and went for it. The pitch fees and visitors car parking covers the field rent and the wages and leaves profit. Quids in from week 2 she puts her mind to it and works out a way that she doesn't have to work there but justs collects the money.

This is a win on several fronts. She spots an opportunity and implements it with no start up money. In effect she has invented money because she got money almost from nothing. Secondly she quickly moved to not working there but the business still gives her money known as passive income (how cool is that) so she can either work on other opportunities or can simply sit back and watch the cash come in.

There's a bit more detail but the key bits are there. I didn't want to write the whole story because she sells an information product in which she recounts the whole story (you see more money here! - and yes it does sell), amongst others about making money and I don't want to damage that income stream as she's been good to me.

After reading that I just started looking and try to work out how I could make things happen for me.

And that was why I asked my question.

Dr.Shoe_2

lynzpower wrote:

Great idea BUT

1. setting up a business usually means getting into debt
2. it usually means laying out for something, even if its only PAYG credit
3. A lot of people have no sufficient skill to run own business _ me included!
4. running own business is what has brought a lot of people here in the first place, it aint a walk in the park

just my thoughts

Actually no. The whole point of Robert Kiwosaki's philosophy is that you "pull yourself up by your bootstraps" and build your business debt free.

There is a huge difference between self-employment and business ownership.

I can show you a business right now that you start for virtually nothing; £30 for licenses and first year's membership and an optional £40 to start your training. After this you incur no debts because the products are bought with 2 weeks credit but delivered immediately and your customers pay cash on delivery so you have the money when it's time to pay for your stock.

No stock holding,
Cash positive (you get paid before you have to pay out)
Full access to ongoing assistance and advice from other business owners.
No "skill" involved whatsoever.

Dr.Shoe_2

Ok here it is!

Most of you here are bleating about how "hard" it is to start your own business! "I don't have the time!" you whine, "Most businesses fail in their first 3 years!" you bleat. "I don't have the skills!" what skills do you need to start a business? Many millionaires can't even sign their own name!

Well, let me tell you something interesting:

We have 168 hours in a week, we spend only 40 of those at work (usually)-leaving 128.

We spend about 56 hours per week in bed- leaving 72 hours.

I'll give you 16 hours per week for meals and another 4 for toilet and washing requirements which leaves 52 hours per week.

Add shopping and hobby time (12 hours per week) and you have 40 hours left!

This is another full-time job! but after spending 4 hours per day watching telly and then going down the pub there aren't any hours left are there!


If a business fails what do you suppose the owner does next? Does he just sit down and whine about it? No. Most millionaires have at sometime been bankrupt or have gone out of business at some time, this doesn't mean that a bankrupt will become a millionaire though!

Just what skills do you need to go to a wholesaler, buy a load of stuff you know will sell and then take it to your customers? What skill do you need to provide a service to your friends and neighbours?




If you live in the London and area and genuinely want your own business, I will personally do everything I can to help you start a profitable business. If you do everything you're expected to, you will be financially independant in less than 5 years!

lynzpower

Dr.Shoe wrote:

Actually no. The whole point of Robert Kiwosaki's philosophy is that you "pull yourself up by your bootstraps" and build your business debt free.

There is a huge difference between self-employment and business ownership.

I can show you a business right now that you start for virtually nothing; £30 for licenses and first year's membership and an optional £40 to start your training. After this you incur no debts because the products are bought with 2 weeks credit but delivered immediately and your customers pay cash on delivery so you have the money when it's time to pay for your stock.

No stock holding,
Cash positive (you get paid before you have to pay out)
Full access to ongoing assistance and advice from other business owners.
No "skill" involved whatsoever.

go on then

shayshay

I'd be interested to hear about tghis business thats quick and easy to set up as well.

I am in debt to the tune of about £15k, have three kids under 5 and am a full time carer for my wife who is currently going through the worst with PND and I mean bad. But I have managed to set up two business one being a telemarketing business which is solely freelance and the other is a site that goes live in September which over a year will cost me £2k.

But for the very fact that I researched my business for the last 4 years and over the last 3 months have generated 18,000 subscribers to a site that is not live is down to hard work and long hours. Yes I could go to bed at 10pm eager for the kids to awake at 7am but then I would have no time to do any research.

Networking has helped me on both fronts and if someone has an idea and is not sure where to go, if I can help I will galdly thow my two pennies worth into it and if I can connect someone with a buddy, mentor or investor will do so. Sure setting up a business may cost money but my site went from a first quote of £7k down to £2k and other costs have also been reduced massively.

I do understand that for some being in debt does not eqate to starting a business just yet, but dont be put off researching a way round the obstacle just in case you can get help somewhere or for when your debt is gone. Putting yourself in the driving position doesn't mean you have to press the button, just making yourself better equipped.

Seraphim

Dr.Shoe wrote:

I can show you a business right now that you start for virtually nothing; £30 for licenses and first year's membership and an optional £40 to start your training. After this you incur no debts because the products are bought with 2 weeks credit but delivered immediately and your customers pay cash on delivery so you have the money when it's time to pay for your stock.

To you, £100 is nothing. I'm sure there are many on here to who £100 is a lot of money, particularly as any business may fail therefore cannot be a 100% cast-iron guarantee that the money will be made back.

However, I agree with your point as my company was setup with about £250 investment (forming the Ltd company etc). Luckily, I could afford this money, and so far it's been a good gamble (touch wood!). I'm aware that this could easily be eroded so I'm currently looking at diversifying.

I think Dr. Shoe makes an important point in that it's often a lot of work - I work full time, and setting up my company involved essentially working at a second full time job. It's been incredibly tiring, but worth it. Now, over and above my full-time job, I work a couple of hours a week, if that. Sometimes, I think it all just boils down to luck though!

lynsayjane

at the end of last year (oct/nov) i started trying to set up my own business selling items i was making. i was selling on ebay but some of the clothing items etc are things that need to be 'seen' properly to be appreciated and so didn't sell too well. at the time i was workign full time and playing housewife to my other half who did nothign round the flat (drove me sodding crazy). i ended up giving up when i found myself drinking on the kitchen floor in the afternoon of my day off work.

starting your own business is a difficult and stressful thing to do. you may have the talent/ability whatever, but if you have no financial backing to support you if you give up employment it's down right impossible.

fivemice

We currently run our own business but these are big downsides -

DH works 6 days a week usually 12+ hours per day which means family time is greatly reduce
No paternity pay, sick pay, holiday pay
You have to save for your tax bill - means having willpower!
Unreliable income - some invoices are paid upto 56 days late
Harder to get a mortgage or low rate credit (to transfer old high rate debts)

It's very stressful... it means our home life is also our business life and the two are difficult to separate. TBQH, knowing what we know know I'm not entirely sure that we would have gone down this route. Income is good and flexibility is better than being employed but the downsides are pretty big.

fivemice

Dr. Shoe - loving the sales pitch, but it really isn't fun earning all the money but having no time to spend with family and friends. Three years ago the idea of earning what we do now would have been a dream, but now the idea of having the time and security we did then is also a dream.

I guess you just can't have it all.