Millionaire Challenge

ElleWoods

LL - The Richard Templar books are great, really simple and straightforward to the point of being obvious, but full of good, inspirational advice. I've read The Rules of Money which was interesting reading, and The Rules of Life, but I only got halfway through it before t had to go back to the library. Obviously the first rule of life should be to read your books before they're due back. :rotfl:

Karmacat - please let us know when your cat site is live. I love cats so can't wait to see it.

I've been looking into starting an online retail business but quite honestly don't know where to start. It all seems so overwhelming. Does anyone have any advice, or can recommend any books on the subject? I'd struggle to hold stock at home as I rent and not sure how that would work, plus I don't have much space to store stock. The items I'm thinking of selling aren't very large but x100 or something would take up quite a bit of room. Any advice would be appreciated.

Listerbelle

SoftKittyWarmKitty wrote: »

LL - The Richard Templar books are great, really simple and straightforward to the point of being obvious, but full of good, inspirational advice. I've read The Rules of Money which was interesting reading, and The Rules of Life, but I only got halfway through it before t had to go back to the library. Obviously the first rule of life should be to read your books before they're due back. :rotfl:

Karmacat - please let us know when your cat site is live. I love cats so can't wait to see it.

I've been looking into starting an online retail business but quite honestly don't know where to start. It all seems so overwhelming. Does anyone have any advice, or can recommend any books on the subject? I'd struggle to hold stock at home as I rent and not sure how that would work, plus I don't have much space to store stock. The items I'm thinking of selling aren't very large but x100 or something would take up quite a bit of room. Any advice would be appreciated.

Don't hold stock at home. Google "drop shipping" for ideas.

Kayalana99

LL - Great news BTW sorry its abit late :-) Hopefully it all stays clear (y)

Interesting, I have to admit I picked up rules of work from a book shop and couldn't finish it...I hated it. I remember thinking this is one guys opinion of the 'perfect worker' and in a way..I guess I just didn't agree with some of the stuff he had put? lol (I havn't googled it to check but I'm 99% sure its the same guy your on about)

Will def give the tax guide a look :-)

KC - Wish you lots of luck on your cat site, it will probably take a while to get up depending how much time you spend on it but its the kind of thing I'd start and never finish (I have a few half blogs around hehe)

I'm swapped today, someone made a big order last night and I have them sitting on my desk ready to make but kids are being abit difficult. My 15month old woke up at 4am and has been in my bed wiggling and crying and losing his dummy etc etc ...just want to go back to bed lol

I've also posted a 'ad' offering a job for someone for cash in hand couple hours a week...so far I've had one reply off someone who (not that I'm racist FYI) can't even speak English properly.... she basically sent me one line
'Are all duties required only only' and if she can't be bothered to send me a proper message I ain't bothering to reply.

Soft Kitty - I don't have much advice really, I personally think its easy to start a online shop(using ebay I have to add) but if you don't know what to sell ...thats the hard part. I've been in this boat for many years... -.-, one thing I like to try and look for though is post box items..not everything needs alot of storage if you get the right thing to sell.

So...just going to say BAZINGA!

Dropshipping - As for the comment above its really hard to start a drop shipping business, 90% of the drop shipping sites are trying to sell you drop shipping companys (so its a middleman scam) and the other 9% that actually do drop shipping are already being used my loads of other ebayers and you just cant get the profit margin - plus theirs the hell if the item doesn't turn up etc....it would only be worth it if you REALLY do your research and find a very niche product no one else is using..but I really think its more effort/risk then its worth.

troglodyte

For useful advice on starting an online business etc try reading this:

I haven't tried it myself (starting that type of business I mean) but it's interesting reading and seems to have sound advice.

ElleWoods

Thanks for the suggestion of using a dropshipper - I've already considered that but I'm not keen on effectively handing control of packaging and posting etc over to another company, plus it would be another party that would need paying. I'll look into it a bit more but think I'd rather have that control - I'm a bit of a control freak!

I'm already registered on that site Troglodyte but thanks for the suggestion. It's quite an informative site but very American. Could do with a UK equivalent.

droopsnoot

lessonlearned wrote: »

This will be my stake for matched betting.

I was waiting for a payment and intended to do exactly the same as you did, but it didn't come and I've been dragging my heels. One day, one day. I know in my head that as time goes on, the opportunities decrease so I should get my finger out, but haven't yet.

I am doing a slot machine offer which has worked very well so far, having more than quadrupled my initial stake, but it's not properly "risk free", just "loss unlikely". I used a bit of cash I'd got from selling something that almost got thrown away, so effectively I've staked it for free. Not going to fund a lavish retirement, but I can't complain.

lessonlearned

Well done on your slot machine offer, especially as your stake was "free". This was my thinking. I am actually quite cautious about speculative ventures - well at my age I can't really afford to take any real financial risks or gambles. However the £200 was an unexpected windfall so I am happy enough to risk that.

Well my plans have been scuppered today. I have twisted my knee and wrenched my hip. I am having to keep my leg elevated and I can't drive.....Such a nuisance. Never mind I will just have to try and be productive from the sofa......

A DVD, some wine and chocolate might be needed - purely for medicinal purposes of course.....:rotfl: Oh and there's some Haagen Daas with my name on it in the freezer.

Karmacat

SoftKittyWarmKitty wrote: »

Karmacat - please let us know when your cat site is live. I love cats so can't wait to see it.

Will do! It won't be particularly cute, not all the time anyway, but I took to heart the advice you hear quite a bit of the time, to do what you love. I adore cats, with every fibre of my being, so a cat website is the way to go :j

Kayalana99 wrote: »

KC - Wish you lots of luck on your cat site, it will probably take a while to get up depending how much time you spend on it but its the kind of thing I'd start and never finish (I have a few half blogs around hehe)

Thank you! Erm, yes, there are a fair few blogs with my name on too :rotfl: whether personal, or a logical business idea that had no passion to it.

lessonlearned wrote: »

Well done on your slot machine offer, especially as your stake was "free". This was my thinking. I am actually quite cautious about speculative ventures - well at my age I can't really afford to take any real financial risks or gambles. However the £200 was an unexpected windfall so I am happy enough to risk that.

I hope you weren't offended by my offering tuppenny worth of advice on the matched betting, LL - I did it for around a year, thats all, I'm by no means an expert, but I did find a way to take a bit of the profit off the table for me

Well my plans have been scuppered today. I have twisted my knee and wrenched my hip. I am having to keep my leg elevated and I can't drive.....Such a nuisance. Never mind I will just have to try and be productive from the sofa......

Ouch! Thats tough - I know when I'm doing admin work, I'm forever off to find a bit of paper, or get rid of some stuff, or have a cuppa.

Just had the 2nd phone call in a week, from my spread bettor - first time, they tried to "sell" me a free subscription to Moneyweek if I added to my account and made 5 trades ... this time its about "keeping me informed about the market" - doh! I'm useless at taking in that sort of detailed financial information verbally, and told him so. And now I've accidentally given him the impression that I'm hedging my French mortgage by using a euro account :exclamati:eek::question: I don't have the least understanding of hedging, it makes my brain ache. And it kind of takes away the shine of the successful paper trade I did today - spot on the aim for when I trade for real, 20 points, it took 2 hours.

B******* him ... I'm not *going* to let it take the shine off. Will go for a walk round the block thinking :dance::dance::dance: all the time.

lessonlearned

Karmacat wrote: »

I hope you weren't offended by my offering tuppenny worth of advice on the matched betting, LL - I did it for around a year, thats all, I'm by no means an expert, but I did find a way to take a bit of the profit off the table for me

Of course I wasn't offended. I am a complete novice - I need all the help I can. get. I'm always happy to pick people's brains.

Tbh I probably won't get into it in any serious or meaningful way, I will be happy with a few extra shekels is all. It's just a bit on the side really.

As for trades, hedge funds etc .......That is waaay beyond me. As Winnie the Pooh says "I'm just a bear of small brain".

Although I did ok when I sold my Spanish property. I bought it at 1.49 Euros, when I sold it was 1.09 so, although I had to take a lower selling price than I would have liked, the shift in exchange rates did mitigate the loss.

This was nothing to do with me being clever though, it was just a little stroke of luck that worked in my favour.

Oddly enough my DS2 is teaching himself sharedealing. When he is proficient I'll give him some stake money and he can run with it on my behalf....

I might even give him a bit of commission:rotfl:

Karmacat

lessonlearned wrote: »

Of course I wasn't offended. I am a complete novice - I need all the help I can. get. I'm always happy to pick people's brains.

Good stuff then!

And ouch to the Spanish property, though I'm glad the movement in exchange rates helped.

I had a "lucky" escape with one foreign property - came across a really good deal, and a friend and I were going to go into it, and decided to check on the legality with a lawyer working in London. She said that although what they were planning was being done all the time, it was actually illegal. Friend still wanted to go ahead, and I pulled out, because whats the point of paying for advice if you're not going to follow it about something basic like illegality? Didn't stop me making a pig's ear of the purchase I *did* make, tho