Millionaire Challenge

lessonlearned

Glad to hear that you managed to get things sorted out.

Fingers crossed, they will be better soon.

Putting things on hold till the new year is no bad thing, gives you time to catch up with yourself and spend time planning your next move.

Kayalana99

lincroft1710 wrote: »

If you buy this machine, how long/how many items have to be sold before the machine is paid for?

Well, I was looking into this yesterday actually as I hadn't worked out the profit margin.

On the first product I want to make, I will make £2.50 an item...but its not a simple process at all...if I had this machine I could bang 12 out in one go (it takes about 3-5min to do one at a time where as the machine would do 12 in 5min etc) but it does take time to get them ready for the machine.

I've been doing loads and loads of research and I'm confident I can do it, but its a trial and error process and alot of products will go in the bin to start with.

If I brought the single machine (should be able to pick one up for £100) I could probably make 5-6 an hour (so thats over £10 an hour I guess so not that bad? )

With the big machine were looking at probably 12 an hour as theirs still all the before process to do... (Its so hard to explain without saying what it is but I hope you understand my discretion!!) but then the machine won't be limited to just this one product when I get all the attachments.

So say £2000 cost to get the main machine + extras (Oh yes I realised I need to buy a £600 printer as well even with the small machine! Hip hip hooray!) on just doing this one extra product I'd need to make...800 of them...trya see if I can get second hand atm.

Quite alot then!!!! On plus side I was looking at someones Ebay feedback today that does same thing and they have 2000 feedback this month alone on this one product! (Xmas sales have to be taken into account tho :-) )

Def a worth while business in the long run, just getting the intital funds together. My Dad would always be my first point of call for a business loan but he's just remortgaged one of his houses to put together with his savings so that he can try out building 2 houses himself. I have a feeling my grandad would lend me the money as he prefers income to actal money and is always looking to invest but I feel wrong asking him because I never see him and TBH I don't like him that much because I've heard things that he did in past to my Nan and he's a shrewed business man to say least...

lessonlearned wrote: »

Glad to hear that you managed to get things sorted out.

Fingers crossed, they will be better soon.

Putting things on hold till the new year is no bad thing, gives you time to catch up with yourself and spend time planning your next move.

I mentioned this to my partner after I wrote this on here and he got abit 'no you can't do that we can't afford it!' (Which is completely untrue because I don't actually take any money out of the business yet and were managing just fine but it was his way of convincing me to keep going.. lol)

Quite pleased actually because I thought he was getting fed up of me going on about it... decided just to see how it goes but I will close it if nothing is improving here as its unfair to them really.

cazmanian_minx

Kayalana99 wrote: »

Quite alot then!!!! On plus side I was looking at someones Ebay feedback today that does same thing and they have 2000 feedback this month alone on this one product! (Xmas sales have to be taken into account tho :-) )

If you want to take a closer look at their sales, try Terapeak.

http://www.terapeak.co.uk/

They do a 7-day free trial, I didn't have any problem cancelling when I took it up a few years ago, but ended up going back and subscribing because as a full-time eBay seller, it's just so, so useful.

Kayalana99

cazmanian_minx wrote: »

If you want to take a closer look at their sales, try Terapeak.

http://www.terapeak.co.uk/

They do a 7-day free trial, I didn't have any problem cancelling when I took it up a few years ago, but ended up going back and subscribing because as a full-time eBay seller, it's just so, so useful.

Thanks that might be really handy - must get set up on amazon soon as well!!!!

lessonlearned

Is it possible to lease the machine for a while.

Kayalana99

Afraid not it's a newish machine imported from china & as yet their are no 2nd hand ones and the few uk suppliers are quite big companies. It's annoying I have £500 in my business account but I really need a new laptop. Just feels like I'll be back at square one.

gothrockchic1

Hi all, college course is going well but quite busy. Out of six modules I have completed two, passed the first one. Module 3 is nearly complete once the report is written and handed in. Lectures have started for Module 4. So progress is getting there

Kayalana99

Congras your going well :-) I was doing my AAT but now I've started this business I dont seethe point...I might go back to it who knows but I need to sort that out as I will end up paying £120 in a renewal fee some time next year just can't forget..

Well I'm back !! Went in hosp Sunday night/monday(TWICE as I got sent home first time!) morning and got admitted (again) only just got back yesterday!

He did have broncolitus but he was really struggling so I had to close down after all, still not reopened wondering if I should do it now as its Friday (weekend sales an all) but I wanted to catch up first...Think I might do that now as OH will be off sat/sun so I will have time.

As for the machine I'm leaving it just now anyway, truth is I still have alot I can be doing with the product I am selling now, but at same time I have just got product number 2 ordered which I probably shouldn't of done but I guess I just want to start expanding :-) (This one doesn't actually need a machine at all :-) )

I've got serious plans in my head ... I can see this massive business in front of me and I can't see how it can fail but I havn't got the time/money to do it! (Thats not an excuse it just means its going to be a slow built thing not an overnight thing and so it should be really I guess?)

Don't know what you guys think but I've had alot of free thinking time lol being sat their in hospital and I got thinking I have no desire to spend money...I never have.. theirs a few things I want like new clothes etc but I rarely spend money on myself as I prefer to save...

I said to my partner that I want this big business in my head...I want my 10 houses (plan was to retire with 10 mortgage free houses) ...but thats it. Theirs no motivation to do it except thats what I want..its not about the money, I'm not saying I won't buy myself things but I am just not sitting here thinking I want that lotus or that massive house (I'd like a bigger house like one with an office instead of using my front room lol) but Id hate to have the mansion and be eating 'caviar' for dinner :-P

Does it make sense...?

fyi product 2 set me back £200, so I have £300+ something let for a new laptop ...thinking I might just get a cheap one and get a really good down the line when I just have the spare cash.

Camillia_Chubb

Kayalana99 wrote: »

fyi product 2 set me back £200, so I have £300+ something let for a new laptop ...thinking I might just get a cheap one and get a really good down the line when I just have the spare cash.

Another solution for a laptop is to go to one of the online catalogue stores and get one over 52 weeks interest free. That's what I've had to do. You may not get the best deal but there are some offers out there right now. I went to Littlew**ds. Hope this helps :-)

Kayalana99

Camillia_Chubb wrote: »

Another solution for a laptop is to go to one of the online catalogue stores and get one over 52 weeks interest free. That's what I've had to do. You may not get the best deal but there are some offers out there right now. I went to Littlew**ds. Hope this helps :-)

Thanks I had forgot about that I did see it advertised somewhere and then I found the laptop I wanted £100 cheaper elsewhere so I didn't see the point as I'd have the money together soon but that was before I wanted my machine & to save up. I'll think about it but it does seem more practical now.